MIRA INFORM REPORT
|
Report Date : |
26.10.2006 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
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Registered Office : |
7th Floor,
Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.07.1969 |
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Com. Reg. No.: |
11-14336 |
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CIN No.: [Company Identification No.] |
L24100MH1969PLC014336 |
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Legal Form : |
Public
Limited Liability Company. The
company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing and selling
of branded consumer products like adhesives, sealants, art material and
construction paint and chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Available information indicates high financial responsibility of the company. Financial position is good. Payments are always correct and as per commitments. The
concern can be considered good for normal business dealings at usual trade
terms and condition |
LOCATIONS
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Registered Office : |
7th Floor,
Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-22822708/28367085/7089 |
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Fax No.: |
91-22-22043969 |
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E-Mail : |
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Website : |
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Corporate Office: |
Ramkrishna Mandir Road,
Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059 |
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Factory : |
v
Plot No. A-22, M. I.
D. C. Mahad - 402309, Dist. Raigad, Maharashtra Tel. No. 91-2145-232043/44/45/46 Fax. No. 91-2145-232054/232048 v
Ramkrishna Mandir
Road, Off Mathuradas Vasanji Road, Andheri (East), Mumbai – 400 059,
Maharashtra Tel. No. 91-22-28367085 Fax. No. 91-22-28364565 v
Plot No. 78-79, G. I.
D. C. Industrial Estate, Vapi - 396 195, Dist. Valsad, Gujarat Tel. No. 91-2638-230215/230521 Fax. No. 91-2638-230199 v
Plot No. 23, G. I. D.
C. Industrial Estate, Vapi 396 195, Dist. Valsad, Gujarat Tel. No. 91-2638-230520/231517 Fax. No. 91-2638-231085 v
Plot No. 25,26,39,40
Jawahar Co-opeative Industrial Estate, Kamothe, Panvel - 410206, Dist.
Raigad, Maharashtra Tel. No. 91-22-27421021/27421856 Fax. No. 91-22-2742332 v
Plot No. 19, Taloja
Industrial Estate, Taloja, Dist. Raigad, Maharashtra Tel. No. 91-22-27410376/77 Fax. No. 91-22-27410376 v
Daman, Union Territory |
DIRECTORS
|
Name : |
Mr. B. K. Parekh |
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Designation : |
Chairman |
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Name : |
Mr. S. K. Parekh |
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Designation : |
Vice
Chairman |
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Name : |
Mr. M. B. Parekh |
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Designation : |
Managing
Director |
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Name : |
Mr. N. K. Parekh |
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Designation : |
Joint
Managing Director |
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Name : |
Mr. M. A. Pai |
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Designation : |
Director
(w.e.f. 06.08.2001) |
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Name : |
Mr. H. K. Parikh |
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Designation : |
Director |
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Name : |
Mr. R. M. Gandhi |
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Designation : |
Director |
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Name : |
Mr. N. J. Jhaveri |
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Designation : |
Director |
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Name : |
Mr. Bansi S. Mehta |
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Designation : |
Additional
Director (w.e.f. 25.07.2000) |
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Name : |
Mr. Ranjan Kapur |
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Designation : |
Additional
Director (w.e.f. 17.10.2000) |
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Name : |
Mr. Yash Mahajan |
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Designation : |
Additional
Director (w.e.f. 17.10.2000) |
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Name : |
Mr. A. B. Parekh |
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Designation : |
Whole
Time Director |
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Name : |
Mr.
A N Parekh |
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Designation : |
Whole
Time Director |
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Name : |
Mr.
Amit Roy |
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Designation : |
Whole
Time Director |
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Name : |
Mr. Santosh Kumar |
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Designation : |
Whole
Time Director |
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Name : |
Mr. S. T. Dave |
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Designation : |
Whole
Time Director |
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Other Personnel :- |
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Name : |
Mr. P. C. Patel |
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Designation : |
Senior
Vice President & Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
Percentage of Holding |
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Indian Promoters |
71.79 % |
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Indian Public and Bodies
Corporate |
15.45 % |
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FIIS & Foreign
Companies |
8.95 % |
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UTI, Mutual Funds, Bank
& Insurance Companies |
3.81 % |
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Total |
100 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling
of branded consumer products like adhesives, sealants, art material and
construction paint and chemicals. |
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Products : |
Item Code No. Product
Description 3506 Adhesives 3905 + 3906 Synthetic
Resins 3204 Organic Pigments and Preparations based on Organic Pigments |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Dyestuffs |
MT |
3900 |
2364 |
12347c |
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KL |
-- |
-- |
3178d |
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Chemicals |
MT |
232735 |
126920 |
81417e |
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KL |
31260 |
17904 |
21377f |
GENERAL INFORMATION
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No. of Employees : |
1600 |
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Bankers : |
·
Indian Overseas Bank,
Mumbai ·
Corporation Bank,
Mumbai ·
HDFC Bank, Mumbai |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
Haribhakti & Company Chartered
Accountants Wadia
Ghandy & Company Solicitors
& Advocates |
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Associates : |
·
Parekh Marketing
Limited ·
Vinyl Chemical (India)
Limited ·
Kalva Chemicals
Limited |
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Subsidiaries : |
Fevicol Company Limited |
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Memberships : |
Confederation of Indian
Industry |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27500000 |
Equity shares |
Rs. 10 each |
Rs. 275.000 millions |
|
2500000 |
Unclassified shares |
Rs. 10 each |
Rs. 25.000 millions |
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Total |
|
Rs. 300.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25239400 |
Equity shares |
Rs. 10 each |
Rs. 252.394 millions |
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Add: |
Bonus shares issue suspense
account |
|
Rs. 0.006 million |
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Total |
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Rs. 252.400 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1]
Share Capital |
252.400 |
252.400 |
252.400 |
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2]
Reserves & Surplus |
3871.056 |
3322.036 |
2844.573 |
NETWORTH
|
4123.456 |
3574.436 |
3096.973 |
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LOAN
FUNDS |
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1]
Secured Loans |
287.000 |
159.385 |
196.350 |
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2]
Unsecured Loans |
265.874 |
450.329 |
365.954 |
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TOTAL BORROWING |
552.874 |
609.714 |
562.304 |
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Deferred
Tax Liabilities |
304.876 |
287.854 |
300.893 |
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GRAND TOTAL
|
4981.206 |
4472.004 |
3960.170 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
2648.822 |
2248.486 |
2030.892 |
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Capital
work-in-progress |
257.527 |
319.069 |
137.726 |
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INVESTMENTS |
358.554 |
184.331 |
149.959 |
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories
(Quick Assets) |
1534.010 |
1299.487 |
1047.865 |
|
Sundry
Debtors |
1094.510 |
1083.727 |
971.953 |
|
Cash
& Bank Balances |
121.580 |
116.627 |
74.443 |
|
Other
Current Assets |
23.104 |
22.208 |
18.950 |
|
Loans
& Advances |
322.192 |
331.735 |
318.290 |
|
Total Current Assets |
3095.396 |
2853.784 |
2431.501 |
|
Less:
|
|
|
|
|
Current
Liabilities |
985.437 |
822.458 |
546.319 |
Provisions
|
398.516 |
318.498 |
253.309 |
Total Current Liabilities
|
1383.953 |
1140.956 |
799.628 |
|
Net Current
Assets |
1711.443 |
1712.828 |
1631.873 |
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|
|
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MISCELLANEOUS
EXPENSES |
4.860 |
7.290 |
9.720 |
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|
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GRAND TOTAL
|
4981.206 |
4472.004 |
3960.170 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
9250.004 |
7795.472 |
6627.939 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
1312.600 |
1061.700 |
915.746 |
Provision for Taxation
|
405.800 |
295.900 |
301.769 |
Profit/(Loss) After Tax
|
906.800 |
765.800 |
613.977 |
|
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|
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Export Value
|
646.097 |
600.996 |
408.812 |
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Import Value
|
1363.498 |
1178.319 |
946.697 |
|
|
|
|
|
Total Expenditure
|
1312.570 |
1061.690 |
5712.193 |
Quartered
|
PARTICULARS |
|
|
30.06.2006 (1st Quarter) |
|
Sales
Turnover |
|
|
2920.300 |
|
Other
Income |
|
|
22.000 |
|
Total
Income |
|
|
2942.300 |
|
Total
Expenditure |
|
|
2356.000 |
|
Operating
Profit |
|
|
586.300 |
|
Interest |
|
|
6.000 |
|
Gross
Profit |
|
|
580.300 |
|
Depreciation |
|
|
71.000 |
|
Tax |
|
|
133.500 |
|
Reported
PAT |
|
|
379.400 |
200606 Quarter
1 - Expenditure
Includes (Increase) / Decrease in Stock in Trade Rs. (20.500) million
Consumption of Raw Materials Rs. 1145.600 million Staff Cost Rs. 238.300
million Other Expenditure - Packing Material Consumption Rs 338.400 million -
Others Rs. 615.500 million Tax Includes Provision for Current Tax (Includes Fringe
Benefit Tax) Rs. 133.500 million Deferred Tax Rs. (3.600) million Extraordinary
Items Includes VRS Expenditure Rs. 0.600 million Donations Rs. 38.100 million
EPS is Basic & Diluted Status of Investor Complaints for the quarter ended
30.06.2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 02 Complaints disposed off during the quarter 02
Complaints unresolved at the end of the quarter Nil 1. The above results have
been reviewed by the Audit Committee and taken on record by the Board of
Directors at its meeting held on 25.07.2006. 2. In June 2006 Pidilite USA Inc,
Delware, a wholly owned subsidiary of the Company has acquired business and
assets relating to Art Materials and Car Care products from two existing
Companies in USA having combined annual sales turnover of approx. USD 19
million. 3. The equity shares of face value of Rs. 10 each were sub-divided
into ten equity shares of Re 1 each w.e.f. 27.09.2005. Accordingly, earning per
share for the quarter ended 30.06.2005 has been restated with respect to the
revised face value of equity shares, in accordance with AS-20 Earnings per
Share issued by the Institute of Chartered Accountants of India. 4. Previous
period's figures are regrouped wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
0.15 |
0.18 |
0.16 |
|
Long
Term Debt Equity Ratio |
0.09 |
0.09 |
0.10 |
|
Current
Ratio |
1.67 |
1.71 |
1.76 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.48 |
2.44 |
2.29 |
|
Inventory
|
7.37 |
7.58 |
8.00 |
|
Debtors |
9.59 |
8.66 |
8.72 |
|
Interest
Cover Ratio |
35.72 |
28.16 |
19.67 |
|
Operating
Profit Margin (%) |
15.56 |
15.41 |
17.75 |
|
Profit
Before Interest and Tax Margin (%) |
12.93 |
12.37 |
14.35 |
|
Cash
Profit Margin (%) |
11.12 |
11.23 |
12.36 |
|
Adjusted
Net Profit Margin (%) |
8.49 |
8.20 |
8.96 |
|
Return
on Capital Employed (%) |
30.52 |
28.13 |
30.78 |
|
Return
on Net Worth (%) |
23.03 |
21.87 |
22.29 |
STOCK PRICES
|
Face
Value |
Rs.
10/- |
|
High |
Rs.
109.20/- |
|
Low |
Rs.
107.20/- |
LOCAL AGENCY FURTHER INFORMATION
History
Subject
was established as a partnership firm under the name and style of “Parekh
Dyechem Industries”, in 1959 by Mr. B. K. Parekh and his two brothers, S. K.
Parekh and H. K. Parekh. It was
converted into a private limited company in 1969. A group company Kondivita Industries
was merged with the company in 1984.
Its name was changed to PDI Chemicals Limited in 1988. In 1989, another group company, Pidilite
Industries Limited was merged with PDI Chemicals, and the name of the merged
entity was changed to Pidilite Industries.
Triveni Chemicals, another group company, was also merged with Pidilite
in 1992. While the Fevicol brand,
launched in 1959, has been in existence for almost 40 years, the company’s
consumer products division was set up in 1984, when the company decided to
build up a strong distribution network.
The company has been a pioneer and market leader in the field of consumer and speciality chemicals in India, since its inception in 1959. The company’s proactive market – driven approach has given it a strong base between both consumer and industrial segments. The company has a wide range of products, which find application in construction, plastics, textiles, paper, leather, paints, engineering, nurtured over four decades. The company’s brand ‘Fevicol’ is a market leader in the synthetic adhesives market. The company has a diverse product range, a number of established brands and a large distribution network of dealers, retail outlets, offices and sales representatives spread throughout the country. The company has been awarded the status of Export House by the Government of India.
The
company acquired the brand “Ranipal” along with the goodwill of the business,
other assets and know-how from Indian Dyestuff Industries Limited in August
1999 for a consideration of Rs. 40 millions. Brands “M-Seal” and “Mr. Fixit”
along with adhesives and sealants business of Mahindra Engineering and Chemical
Products Limited, other assets and know-how were acquired in March 2000 for a
consideration of Rs. 320 millions. During the year 1999-2000, the company issued
bonus shares in ratio of 1:1.
During
the year 2001, the company extended Ranipal brand to products such as stain
removers and detergent enhances. The company had also plan to introduce a range
of products for waterproofing as well as repairs and maintenance of buildings
under the brand Dr. Fixit. The total capital expenditure incurred for
modernization and upgradation of its plants were Rs. 299.800 millions. It has
acquired the brands of Bullbond and Vitapon at a consideration of Rs. 66.400
millions from Parekh Marketing Limited. From the Kalva Chemicals Limited, the
company has acquired Kalvyl, Tracol and Parvyl brands of Adhesives/Resins for a
consideration of Rs. 16.900 millions.
Milestones
|
Year |
|
Achievements |
|
|
||
|
1959 |
|
Plants
commissioned for Acron brand of pigment emulsion |
|
1965 |
FEVICOL,
established as carpenter’s preferred choice of synthetic adhesive |
|
|
1973 |
First company
in India to start production of violet pigment |
|
|
1984 |
Consumer
Products Division is born. Plans to set up a nation-wide distribution chain |
|
|
1989 |
Fevicryl
acrylic colours transform fabric and multi-surface painting market |
|
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1993 |
Pidilite makes
a maiden public offering of equity shares |
|
|
1995 |
Plants in
Mumbai & Vapi acquire ISO 9001; plant at Mahad acquires ISO 9002
certification |
|
|
1997 |
Fevicol ranked
among the Top 15 Indian brands (by FE Brandwagon Year Book, 1997) |
|
|
1999 |
"Ranipal",
leading brand of optical whitener, acquired |
|
|
2000 |
"M-Seal",
leading brand of epoxy compounds, acquired |
|
|
2000 |
Fevikwik “fish”
commercial wins Golden ABBY for the best TV Commercial of the Century in
India |
|
|
2000 |
Fevicol
campaign wins Silver ABBY for the Campaign of the Century in India |
|
|
2001 |
Dr. Fixit range
of Construction Chemicals launched |
|
|
2002 |
"Steelgrip",
leading brand of PVC insulation tape in India, acquired |
|
|
2002 |
At the 2002
Cannes Awards, considered to be the Oscar of the advertising world, Fevicol
'Bus' TV commercial wins a Silver in the category for Household Maintenance
Products |
|
The
company’ s proactive market driven approach has given it a strong base among
both consumer and industrial segments. The company has a wide range of
products, which find application in construction, plastics, textiles, paper,
leather, paints, engineering, nurtured over four decades. The company’s brand,
Fevicol, is a market leader in synthetic adhesives market. The company has a
diverse product range, a number of established brands and a large distribution
network of dealers, retail outlets, offices and sales representatives spread
throughout the country.
Its product range
includes:
·
Fevicryl Exotica
·
Acrylic Colours (Fabric)
·
Fevicryl Fabric Glue
·
Window Colours
·
Acrylic Colours for
Canvas
·
Fevicryl Puff Ons
·
Fevicryl Silk Colours
The company has participated
in international exhibitions in Bangladesh, Singapore, USA, Spain and Germany
to enhance export of products.
The company exports its
products to Europe, USA, Canada, Latin America, Australia, New Zealand, South
East Asia, SAARC Countries and Africa.
The company's manufacturing
process include:-
·
Different polymerisation
techniques such as emulsion polymerisation, suspension polymerisation, solution
polymerisation.
·
A wide range of chemical
synthesis steps like nitration, reduction, ethylation, chlorination,
sulfonation and coupling-diazotization.
·
Specialised physical
process such as pigmentation, dispersion, size reduction, etc.
Awards
·
The Company won the
Special Gold Award for the Best Continuing Campaign.
·
The Fevicol “Pretender”
TV Commercial won ABBY Silver in the Homes/Décor/Leisure Category.
The company is in trade
terms with:
·
Alpack Paper Packaging
Private Limited
·
Bago Cans Private
Limited
·
Bharat Metal Industries
·
Shetty Plast Private
Limited
·
The Bharat Vijay Iron
Factory
·
Nova Plast Industries
Private Limited
·
Poonam Plastic
Industries
·
Jamuna Plast Private
Limited
·
Nayakem Organics Private
Limited
·
Vallabh Industries
·
Modern Packaging
The
company's fixed assets of important value include goodwill, freehold land,
leasehold land, buildings, plant & machinery, trademark, copyrights,
furniture & fixtures and vehicles.
Financial
Performance
For the first time, the Gross Turnover of
the Company crossed the Rs. 10000.000 Millions mark and recorded sales of Rs.
10442.400 Millions showing a growth of 17% over the previous year.
The Operating Profit for the year (before VRS payment of Rs. 2.400
Millions) at Rs. 1604.500 Millions, grew by 19%. Net Profit at Rs. 906.800
Millions, after Prior Year Tax provision written back of Rs. 20.200 Millions,
grew by 18%.
Income Tax for the current year is higher at Rs. 409.000 Millions (including
Rs. 22.500 Millions for Fringe Benefit Tax) as against Rs. 345.100 Millions in
the previous year.
The Credit Rating Information Services of India Ltd. (CRISIL) has
re-affirmed the 'P1+' rating to the Commercial Paper Programme of the Company
for Rs. 550.000 Millions.
Dividend
The Directors recommend the payment of a dividend of Rs. 1.25 per Equity Share
of Re 1 each previous year Rs. 10 per Equity Share of Rs. 10 each), amounting
to Rs. 315.500 Million year Rs. 252.400 Millions) out of the Current Year's
profit on 252.400 Millions Equity Shares of Re 1 each (previous year 25.240
Million Equity Shares of Rs. 10 each). The dividend for the current year will
be free of tax in the hands of Shareholders. The dividend payout amount has
grown at a CAGR of 19.5% during the last 5 years.
New Units in
Himachal Pradesh
Three units in Himachal Pradesh have become operational during the year for
manufacture of different types of adhesives and other products. The fourth unit
is likely to commence production in the third quarter of the current financial
year.
Current Year Outlook
Barring unforeseen circumstances, the Company expects to perform well
during the current year
Management
Discussion and Analysis
Pidilite Industries Limited achieved 17.4% growth in gross sales in
2005-2006. The Company achieved 23.6% growth in profit before tax, 26.1% growth
in profit after tax (before deferred tax and prior year tax write back) and
18.4% growth in profit after tax (after deferred tax and prior year tax write
back).
Performance by Industry Segment
Branded Consumer and Bazaar Products contributed to 75% of the total
sales of the Company and grew by 21.4% during the year.
Sales of Branded Adhesives and Sealants grew by 19.3% and contributed 55%
to the total sales of the Company. Construction and Paint Chemicals grew by
29%, and Art Materials and other products grew by 21.8%. Exports of Consumer
and Bazaar Products grew by 40.8% during the year.
Speciality Industrial Chemicals contributed 25% to the total sales of the
Company and grew by 6.8%. The low growth in this segment was mainly due to a
12.6% decline in exports. The Company plans to improve the growth rate of
exports of its Speciality Industrial Chemicals.
New Products
Several varieties of speciality industrial colorants and industrial
adhesives were launched during the year.
The Dr. Fixit range of construction chemicals was expanded with Krystalline (a
capillary waterproofing system for concrete), Damp free (an injection grout for
rising dampness) and other products.
M-Seal Wet Set, an M-Seal variant that cures on wet surfaces, and
Motomax, a premium range of car care products, were also introduced. The
Company's Hobby and Art Materials range continued to grow with the launch of
Fevicryl Ceramic Colours, Fevicry Fabric Pens, Fevicryl Creative Packs and
Fevicryl Suncatcher Kits.
International
Business and Exports
Exports of Consumer and Bazaar Products grew by 40.8%, to Rs. 318.500 Million.
Exports of Speciality Chemicals declined by 12.6% to Rs. 343.900 Million. In
order to achieve sustained growth in international business, the Company is
expanding its distribution network in various countries and also deploying additional
manpower. In addition to its overseas acquisition of Bamco in Thailand and
Jupiter Chemicals LLC in Dubai, the Company has established two direct
subsidiaries: one in the UAE (Pidilite Middle East Limited) and one in Brazil
(Pidilite Do Brasil Desenvolvimento De Negocios Limited). Pidilite
International Private Limited has established two step-down subsidiaries: one
in Indonesia (PT Pidilite Indonesia) and the other in Bangladesh (Pidilite
Speciality Chemicals Bangladesh Private Limited).
Pidilite Subsidiaries
Incorporate Company in Jakarta
Pidilite Industries Limited two whollyowned
subsidiaries have jointly incorporated a company in Indonesia, PT Pidilite
Indonesia (PTPI), for manufacturing synthetic resins, adhesives and chemicals
The subsidiaries, Singapore based Pidilite International Private Limited, would
hold a 99 per cent stake in PTPI, and UAE based Pidilite Middle East Limited
would hold the remaining 1 per cent, Pidilite Industries informed the stock
exchanges. PTPI, based in Jakarta, Indonesia, received approval from the
concerned ministry of Indonesia on 01.03.2006, and is incorporated from the
said date. PTI
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.93 |
|
UK
Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.57.34 |
SCORE & RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |