MIRA
INFORM REPORT
|
Report Date : |
22.08.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASHAPURA
VOLCLAY LIMITED |
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Registered Office : |
Jeevan
Udyog Building, 3rd Floor, 278, D. N. Road, Fort, Mumbai – 400001,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
15.04.1997 |
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Com. Reg. No.: |
11-107300 |
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CIN No.: [Company
Identification No.] |
U14108MH1997PTC107300 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA00057B |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Producer of Activated Bleaching Earth. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
650000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
has been promoted by Ashapura Minechem Limited and Volclay International,
U.S.A. Available
information indicates high financial responsibility of the company. Trade relations are fair. The company is expected to wipe out
previous losses in near future.
Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered / Corporate Office : |
Jeevan
Udyog Building, 3rd Floor, 278, D. N. Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66651700 |
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Fax No.: |
91-22-22079395
/ 22074452 |
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E-Mail : |
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Website : |
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Factory
: |
Village
Ler, Near Bhujodi, Off Anjar Bhuj Highway, Bhuj, Kutch – 370001, Gujarat |
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Tel.
No.: |
91-2832-240301/240302/242032-33 |
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Fax
No.: |
91-2832-240303 |
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E-Mail
: |
avlbhujad1@sancharnet.in |
DIRECTORS
|
Name : |
Mr.
Navnitlal Ratanji Shah |
|
Designation : |
Director
|
|
Address : |
131,
New Summer Ville, 13th Floor, Opposite National Garage, Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
17.08.1926 |
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Date of Appointment : |
15.04.1997 |
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|
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Name : |
Mr.
Chetan Navnitlal Shah |
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Designation : |
Director
|
|
Address : |
Wyoming
Cooperative Housing Society Limited, 4th Floor, Flat No. 4, 12A,
Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1955 |
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Date of Appointment : |
15.04.1997 |
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Name : |
Ms.
Anita Hormusji Burjor |
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Designation : |
Director
|
|
Address : |
72
Ocean View, D Omayne Road, Colaba Bus Depot, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
22.02.1933 |
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Date of Appointment : |
31.10.2000 |
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|
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Name : |
Mr.
Piyush Arun Vora |
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Designation : |
Director
|
|
Address : |
16,
Girnar Appartment, Doongershi Road, Malbar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1961 |
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Date of Appointment : |
15.03.1999 |
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Name : |
Mr.
Ashok Manilal Kadakia |
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Designation : |
Director |
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Address : |
211
Grand Paradi, Kempes Corner, Mumbai – 4000036, Maharashtra, India |
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Date of Birth/Age : |
07.06.1942 |
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Date of Appointment : |
31.10.2000 |
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Name
: |
Ms.
Larry Washow |
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Designation
: |
Director
|
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Address
: |
357
Old Shutto N. Road, Barrington, Illinois – 60010, U.S.A. |
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Date
of Birth/Age : |
15.09.1953 |
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Date
of Appointment : |
27.01.2000 |
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Name
: |
Mr.
Rayan McKendrick |
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Designation
: |
Director
|
|
Address
: |
1258,
Ashbury Wilmett, Ilinois – 60093, U.S.A. |
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Date
of Birth/Age : |
14.12.1951 |
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Date
of Appointment : |
25.07.2002 |
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Name
: |
Mr.
Gary Francesco Castagna |
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Designation
: |
Director |
|
Address
: |
198,
Sunnybrook Road, Glen Elly, Illinois – 60137 |
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Date
of Birth/Age : |
24.07.1961 |
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Date
of Appointment : |
24.09.2001 |
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Name
: |
Mr.
Gary Denzil Morrison |
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Designation
: |
Director |
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|
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Name
: |
Ms.
Mona N. Patel |
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Designation
: |
Company
Secretary |
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Name
: |
Ms.
Dipti Gohil |
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Designation
: |
Secretary
|
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Address
: |
Mangrol
Mansion, 4th Floor, Gunbow Street, Fort, Mumbai – 400001,
Maharashtra, India |
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Date
of Birth/Age : |
29.10.1974 |
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Date
of Appointment : |
02.05.2006 |
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Pan
No. : |
AEGPG1265D |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Ashapura
Minechem Limited |
|
8966590 |
|
Volclay
International Corporation |
|
8966590 |
BUSINESS DETAILS
|
Line of Business : |
Producer of Activated Bleaching Earth. |
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|
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Products : |
Bleaching
Earth |
PRODUCTION
STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Bleaching Earth |
|
MTs. |
30000 |
9861 |
GENERAL
INFORMATION
|
No. of Employees : |
About
1500 |
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|
Bankers : |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400023 |
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Banking Relations : |
Satisfactory
|
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Auditors : |
Sanghavi
& Company Chartered
Accountants, Bulbul,
1st Floor, Crescent Road, Bhavnagar – 364001, Gujarat |
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Tel. No.: |
91-278-2423434 |
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|
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Subsidiaries : |
Ashapura
Volclay Chemicals Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 200.000 millions |
|
10000 |
11%
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 1.000 millions |
|
|
TOTAL |
|
Rs. 201.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
17933180 |
Equity
Shares |
Rs. 10/- each |
Rs. 179.331 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
179.331 |
179.331 |
179.300 |
|
|
2] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
3] (Accumulated Losses) |
[16.923] |
[38.555] |
[18.500] |
|
|
NETWORTH |
162.408 |
140.776 |
160.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
257.074 |
267.331 |
254.200 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
5.600 |
|
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TOTAL BORROWING |
257.074 |
267.331 |
259.800 |
|
|
DEFERRED TAX LIABILITIES |
10.721 |
3.404 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
430.203 |
411.511 |
420.600 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
353.389 |
370.179 |
381.300 |
|
|
Capital work-in-progress |
2.134 |
1.132 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.437 |
16.401 |
|
|
|
Sundry Debtors |
48.662 |
32.829 |
|
|
|
Cash & Bank Balances |
5.840 |
2.362 |
57.200 |
|
|
Loans & Advances |
23.131 |
6.446 |
|
|
Total Current Assets |
97.070 |
58.038 |
57.200 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
35.076 |
30.649 |
27.800 |
|
Total Current Liabilities |
35.076 |
30.649 |
27.800 |
|
|
Net Current Assets |
61.994 |
27.389 |
29.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
12.686 |
12.811 |
9.800 |
|
|
|
|
|
|
|
|
TOTAL |
430.203 |
411.511 |
420.600 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
188.067 |
125.497 |
48.700 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
22.327 |
[19.623] |
[18.500] |
|
Provision
for Taxation |
0.760 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
21.567 |
[19.623] |
[18.500] |
|
|
|
|
|
|
Export
Value |
24.547 |
6.923 |
N.A. |
|
|
|
|
|
|
Total
Expenditure |
165.740 |
145.120 |
67.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
11.46
|
[15.63] |
[37.98] |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
11.87
|
[15.63] |
[37.98] |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
4.95
|
[4.58] |
[4.21] |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.13
|
[0.13] |
[0.11] |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.79
|
2.11 |
1.78 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.76
|
1.89 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
The
company’s plan to venture in to coal gas producer plant, acid dilution plant
and ammonium alum plant are important avenue for margin growth. The company is adding new clients on a
regular basis. The outlook for the current
year looks very promising.
Fixed
Assets
Ż
Building
Ż
Furniture
& fixtures
Ż
Plant
& machinery
Ż
Office
Equipments
Ż
Vehicles
|
Name of the company |
ASHAPURA VOLCLAY LIMITED |
|
Presented By |
Union Bank of India, Mumbai Samachar
Marg Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation [Foreign Currency Loan] dated : 19.07.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
US$ 2293479/- equivalent to approx. Rs. 105.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge in favour of the Bank ranking pari passu with IDBI on the company’s fixed assets lying at their premises at Village Ler, Bhuj, Kutch and/or in transit or wherever else they may be |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 550% points over LIBOR rate fixed at six monthly intervals with quarterly rests in US Dollars and/or at such other rests as may be prescribed by the bank from time to time The outstandings under FCL including principal, interest and costs repayable in US Dollars within 180 days from the date of disbursal of the FCL In case of borrower defaults to repay the FCL together with interest within 180 days, the bank shall at its option may convert the outstandings under the foreign currency loan into Indian Rupees at the rate of exchange prevailing on the 180th day or on the last day of extended period and the borrower shall accept his liability to repay the outstanding in Indian Rupees as informed by the bank and forthwith repay the same and till then outstanding under FCL shall stand secured and charged by the securities mentioned in column No. 3, above. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
|
Name of the company |
ASHAPURA VOLCLAY LIMITED |
||||||||||||
|
Presented By |
Union Bank of India, Mumbai Samachar
Marg Branch, Mumbai |
||||||||||||
|
1) Date and description of instrument creating the change |
Hypothecation agreement of goods, debts and assets dated : 12.07.2001 |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 69.500 millions |
||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge in favour of the Bank – [i] Raw materials, goods in process and finished goods belonging to the borrower and lying at their premises and godowns at Bhuj [Gujarat] and at other centres in the Union of India and all other places of storage [ii] The borrowers book-debts, outstandings, monies, receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security becoming due and owing to the borrower in the course of its business by any person or party including any Government or any local or public body or authority. [iii] Goods meant for export [iv] Plant and machinery acquired out of Term loan |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 2.75% / 3.50% p.a. above the prime lending rate for Demand Loans from time to time or at any rate as may from time to time be fixed by the bank and notified to the borrower for the various facilities aggregating to Rs. 69.500 millions granted by the bank to the company Margin : 25% against stocks and 40% against book debts |
||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023 |
||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Agreement of modification [foreign currency loan] Dated : 19.12.2003 |
||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge dated 12.07.2001 for Rs. 69.500 millions has been modified as under :- At the request of the borrower the bank has converted in part the rupee component of Rs. 20 millions into US$ 439850.45 out of the cash credit facility of Rs. 35 millions more particularly described in the table hereunder written which is secured by way of first charge against hypothecation of the borrowers raw materials, stock in process, finished goods, consumables, receivables
FCL of US$ 439850.45 repayable within 180 days with interest at 4.5% over LIBOR rate fixed at 6 monthly intervals. The outstanding under FCL credit facility including principal and interest repayable within 180 days from the date of disbursal of the loan under FCL credit facility. |
||||||||||||
WEBSITE DETAILS
Company Profile
Ashapura Volclay Limited (AVL), an Indo-American-Japanese joint venture,
has been established to set up a state-of-the-art plant to manufacture
Acid Activated Bleaching Earth in India. The joint venture is in technical
collaboration with Mizusawa Industrial Chemicals Ltd., the largest producer of
Activated Bleaching Earth in Japan. Till date, the product branded as GALLEON
was being manufactured only in Japan. The product is well known
internationally as the Galleon Brand, and is widely used as a refining and bleaching
agent for various vegetable oils, fatty acids, petroleum, lubricating oils and
waxes.
Ashapura Volclay
Limited - The Inception
With the opening up of the Indian economy, AMCOL International
Corporation of USA, the largest producer of value added Bentonite products
worldwide, was keen to establish its presence in India, preferably as a Joint
Venture. To pursue manufacturing and marketing of value added Bentonite
products and its applications in India, AMCOL found a strategic business
partner in Ashapura Minechem Limited (AML).
Volclay International (VI), as AMCOL's investment arm, entered into a
Joint Venture with Ashapura Minechem Limited (AML). Ashapura Voclay Limited
(AVL) was thus setup to reap the benefits of the combined resources of
both groups.
The Joint Venture is engaged in the following activities:
- Manufacture of
value added Bentonite products.
- Supply of high
quality, value added Bentonite products like acid activated
Bleaching Earth to various industries in India including developing and
promoting new applications for the products.
- Export of
Bentonite Products including Bleaching Earth.
This alliance has given AMCOL's international marketing expertise and
Mizusawa's technological inputs to the Indian business, helping it to produce
superior quality products to displace those currently being imported in India
by the end users.
Over the years, various new Bentonite products have been developed and
new end applications for these products have been identified. Bleaching Earth
is one of the main value added Bentonite products to be manufactured under the
umbrella of the Joint Venture. Bleaching Earth is widely used as a refining
agent for various animal and vegetable oils, fats, fatty acids, lubricating
oils and waxes.
The technology required for this product is available with very few
companies in the world. A Technology License Agreement has been entered into
with Mizusawa Industrial Chemicals Limited (MICL) of Japan for transfer of
filterless technology for the production of Bleaching Earth. MICL has permitted
use of its brand name, "Galleon" by Ashapura Volclay Limited.
Ashapura Volclay
Limited - GCL Division
Ashapura Volclay Limited (AVL), a joint venture between Ashapura
Minechem Limited (the flagship company of the Ashapura Group) and Volclay International
(the investment arm of AMCOL, USA) has set up India first geosynthetic clay
liners (GCL) plant in Bhuj, in Kutch district of Gujarat. AVL will manufacture
& market GCL under technological collaboration with Colloid Environmental
Technologies Company (CETCO), a subsidiary of AMCOL and a recognized world
leader in GCL technology. CETCOs expertise related to GCL spans three decades
across the globe. AVL lays claim to being India largest manufacturer of
bleaching clay & other value-added clays and also produces the world
renowned Galleon brand of bleaching clay. AVLs new state-of-the-art plant is
the only one of its kind to manufacture GCL product in India, said a company
press release. The unit will manufacture 6-7-mn sq. metres of GCL to meet the demands
of the vast Indian market. Commercial production has already commenced at the
plant, the release added.
The Stakeholders
Ashapura Minechem Limited (AML), a company incorporated in 1982, under
the Indian Companies Act, 1956, is listed on the Mumbai, Delhi, Chennai and
Ahmedabad Stock Exchanges. AML is the sixth largest producer and exporter of
Bentonite and Bentonite value added products in the world. AML is the flagship
company of the Ashapura Group, which owns large Bentonite mining reserves and mining
leases and has access to substantial reserves of Bentonite in India.
AML is the largest mine owner, organized producer & exporter of
Bentonite in India and has pioneered the production of Bentonite. Its
contribution in this field is best demonstrated by the fact that
"Ashapura" has become a synonym for Bentonite in India. The
operations started in 1960 as a partnership firm under the name, Ashapura
Minechem Industries. In 1982, this concern was converted into a limited
company.
Through continuous research & development, AML has produced a number
of value added Bentonite products which are used in various industries such as
oil well drilling, iron & steel foundry, oil bleaching, iron ore
pelletization, civil engineering, ceramics, agriculture feed, etc. AML's
products are exported to 23 countries in all continents and account for nearly
84% of the Bentonite product exports from India.
Volclay International (VI), is a company registered in Delaware, USA, as
a subsidiary of AMCOL and sister concern of American Colloid Company. VI was
incorporated in February 1996 to make investments outside U.S.A.
American Colloid Company (ACC), an AMCOL Group Company, is the world's
largest producer and exporter of Bentonite products. ACC produces and supplies
Bentonite products to all end use markets and possesses highly developed
technology to process and produce superior quality, value added Bentonite
products. The other operations of AMCOL Group include Bentonite-based
additives, environmental technology products and transportation. AMCOL group
has plants, mines and other facilities in U.S. A., Canada, U.K. and Australia.
AMCOL International is a supplier of specialty chemicals and minerals,
providing products and technologies for a wide range of industrial and consumer
related markets worldwide. The company's product range also includes Pet litter
and landfill liners.
Technical
Arrangement
Mizusawa Industrial Chemicals Limited, Japan, since the last 60 years,
is in the field of manufacturing Activated Bleaching Earth by using Filterless
Technology. This cost effective technology developed by MICL eliminates many
cumbersome stages and storage tanks normally associated with the filter
technology.
It must be mentioned that this is the first time Mizusawa has given
technology and use of its brand name anywhere outside Japan. MICL has also
permitted the use of Trademarks "Galleon Earth" and "Galleon
Brand" by Ashapura Volclay Limited.
Marketing
Arrangement
Mitsubishi Corporation of Japan has been retained as the selling agents
for the export of bleaching clay to be manufactured by Ashapura Volclay
Limited.
Traditionally classified as a general trading company, the Mitsubishi
Corporation of today is active in fields that extend well beyond the realm of
trade. Mitsubishi has persisted with the policy of complementing trading
capabilities with business investments to yield higher returns. Considerable
weight is given to capitalizing on emerging opportunities created by
deregulation, diversifying customer needs, social change, and other events. The
objective of these actions is to improve services for clients around the world
and meet the expectations of the investors.
Mitsubishi Corporation has a network of 188 overseas branches in
addition to the 50 domestic branches. The organisation comprises of the
following groups, each of which specializes in the respective field:
- Information
Systems and Services Group
- Fuels Group
- Metals Group
- Machinery Group
- Chemicals Group
- Foods, Textiles
and General Merchandise Group
A well diversified business and strong marketing network worldwide,
makes Mitsubishi Corporation the obvious choice as a partner for marketing the
GALLEON BRAND across the globe.
CONTACT US
GCL Division:
Mr. Anant Deshpande
- anant@ashapura.com
Direct: 91-22-6665 1773
Works:
Village Ler, Near Bhujodi, Off Anjar-Bhuj Highway, Bhuj-Kutch, Gujarat 370 001,
India.
Tel : 91-2832-240 301 / 302 / 242 032 / 033
Fax: 91-2832-240 303
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 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.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|