MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
WELSPUN SYNTEX LIMITED |
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Registered Office : |
Survey No. 394 (P), Village Saily, Silvassa, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
45 |
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CIN No.: [Company
Identification No.] |
U9999DN1992PLC000045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
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PAN No.: [Permanent
Account No.] |
AAACW0489L |
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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 : |
The Company is
engaged in Textiles Processing, Texturising, Draw twisting and Twisting of
Polyester yarns |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Financial
Position is moderate. Payments are reported as slow and delayed. Trade
relations are fair. The company can be
considered for moderate business dealings at usual trade terms and conditions
with some caution in view of unfavourable financial position. |
LOCATIONS
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Registered Office : |
Survey No. 394 (P), Village Saily, Silvassa, |
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Tel. No.: |
91-260-640599 / 640596 |
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Fax No.: |
91-260-640597 |
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E-Mail : |
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Website : |
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Corporate Office : |
Kamani Wadi, 1st
Floor, 542, Jagannath Shankar Sheth Road, Chira Bazar, Mumbai – 400 002. |
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E-Mail : |
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Factory 1 : |
Palghar Plant: Plot No.14/15,
Dewan Industrial Estate, Palghar, District Thane, |
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Tel. No.: |
91-2525-52772 /
52662 |
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Fax No.: |
91-2525-52988 |
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Factory 2 : |
Silvassa plant: Survey No. 394 (P), Village Saily, Silvassa, Dadra and |
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Tel. No.: |
91-260-640599 / 640596 |
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Fax No.: |
91-260-640597 |
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Branches : |
MARKETING AND ADMINISTRATIVE HEAD OFFICE: Kamaniwadi, 1st
Floor, 542, Jagannath Shankar Sheth Road, Chira Bazar, Mumbai – 400 002, Maharashtra,
India Fax No.: 91-22-2085305 E-Mail : welspun@vsnl.com Website : http://www.welspunsyntex.com 3001/3002, Jash
Textile Market, Fax No.: 91-261-612 604 |
DIRECTORS
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Name : |
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Designation : |
Managing Director |
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Name : |
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Designation : |
Chairman |
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Name : |
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Designation : |
Vice Chairman |
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Name : |
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Designation : |
Director (Finance) |
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Name : |
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Designation : |
Director (Operation) |
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Name : |
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Designation : |
Nominee IDBI |
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Name : |
Mr. G. |
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Designation : |
Nominee IFCI |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
The Company is
engaged in Textiles Processing, Texturising, Draw twisting and Twisting of
Polyester yarns |
GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
Ř
Bank
of Ř
State
Bank of |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M. G. Bhandari
and Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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106700000 |
Equity Shares |
Rs. 10.00 each |
Rs. 1067.000 Millions |
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3300000 |
Optionally
Convertible Cumulative Preference Shares |
Rs. 10.00 each |
Rs. 33.000 Millions |
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10000000 |
Redeemable
Preference Shares |
Rs. 10.00 each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94580109 |
Equity Shares |
Rs. 10.00 each |
Rs. 945.801 Millions |
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3203300 |
Optionally
Convertible Cumulative Preference Shares |
Rs. 10.00 each |
Rs. 32.033 Millions |
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10000000 |
Redeemable
Preference Shares |
Rs. 10.00 each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1071.200 |
1077.834 |
1077.834 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
197.600 |
144.876 |
142.451 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1268.800 |
1222.710 |
1220.285 |
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LOAN FUNDS |
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1] Secured Loans |
923.300 |
1033.897 |
1062.166 |
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2] Unsecured Loans |
0.000 |
0.000 |
50.000 |
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TOTAL BORROWING |
923.300 |
1033.897 |
1112.166 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2192.100 |
2256.607 |
2332.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1660.600 |
1813.683 |
1939.799 |
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Capital work-in-progress |
3.800 |
1.160 |
22.587 |
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INVESTMENT |
223.400 |
132.544 |
18.329 |
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DEFERREX TAX ASSETS |
0.000 |
88.607 |
94.326 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
322.200
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294.764
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364.791 |
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Sundry Debtors |
178.900
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195.296
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141.714 |
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Cash & Bank Balances |
120.500
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42.079
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85.043 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
92.000
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85.233
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72.875 |
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Total
Current Assets |
713.600
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617.372 |
664.423
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
385.200
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380.738
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398.238 |
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Provisions |
27.500
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21.014
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15.384 |
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Total
Current Liabilities |
412.700
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401.752 |
413.622
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Net Current Assets |
300.900
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215.620 |
250.801
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MISCELLANEOUS EXPENSES |
3.400 |
4.993 |
6.609 |
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TOTAL |
2192.100 |
2256.607 |
2332.451 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
3003.700 |
3168.200 |
3150.900 |
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Other Income |
116.900 |
150.300 |
19.600 |
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Stock Adjustments |
17.000 |
(26.000) |
(38.000) |
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Total Income |
3137.600 |
3292.500 |
3132.500 |
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Profit/(Loss) Before Tax |
146.200 |
8.200 |
12.900 |
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Provision for Taxation |
93.500 |
5.700 |
2.500 |
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Profit/(Loss) After Tax |
52.700 |
2.500 |
10.400 |
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Export Value |
NA |
462.492 |
361.559 |
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Import Value |
NA |
249.730 |
152.843 |
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Expenditures : |
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Raw Materials |
1757.600 |
1745.300 |
1466.500 |
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Excise Duty |
326.100 |
531.900 |
623.400 |
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Power and Fuel Cost |
198.300 |
213.200 |
215.100 |
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Other Manufacturing Expenses |
266.400 |
299.400 |
310.100 |
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Employee Cost |
81.000 |
97.700 |
97.700 |
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Selling and Administration Expenses |
111.800 |
132.700 |
118.200 |
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Miscellaneous Expenses |
12.900 |
13.500 |
30.600 |
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Interest and Financial Charges |
79.100 |
92.600 |
94.000 |
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Depreciation |
158.200 |
158.000 |
164.000 |
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Total Expenditure |
2991.400 |
3284.300 |
3119.600 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2007 (Full Year) |
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Sales Turnover |
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2669.900 |
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Other Income |
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10.200 |
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Total Income |
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2680.100 |
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Total Expenditure |
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3104.200 |
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Operating Profit |
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(424.100) |
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Interest |
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76.200 |
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Gross Profit |
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(500.300) |
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Depreciation |
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|
99.400 |
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Tax |
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|
0.700 |
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Reported PAT |
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(600.400) |
QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 (1st
Quarter) |
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Sales Turnover |
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666.400 |
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Other Income |
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5.300 |
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Total Income |
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671.700 |
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Total Expenditure |
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612.900 |
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Operating Profit |
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|
58.800 |
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Interest |
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|
24.100 |
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Gross Profit |
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|
34.700 |
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Depreciation |
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20.000 |
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Tax |
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|
0.200 |
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Reported PAT |
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14.500 |
200706 1st Quarter
Notes: 1. The above results were reviewed by the audit committee
and taken on record by the Board in its meeting held on 27.07.2007. 2.The
Company has not given impact of exchange gain of Rs.13.521 millions on
outstanding balance of Foreign Currency loans taken for acquiring assets from
abroad as required by revised AS 11 and to that extend the profit is under
stated. The effect of Gain / Loss will be considered at the end of the year. 3.
Depreciation on impaired assets is not provided with referenced to its residual
useful life of assets as per AS 28, resulting in understatement of depreciation
and loss thereof, amount unascertained. The Management is of the opinion that
the impairment of assets based on the report of value has not affected the
useful life of assets. 4. The Company has received 4 complaints from investor
during the first Quarter and all complaints were resolved during the quarter.
5. Previous year's figures are regrouped/rearranged wherever necessary. 6. The
Company has only one segment of activity viz. synthetic yarn. 7. The current
year tax / deferred tax accounting for the quarter ended 30th June, 2007 will
be reviewed on balance sheet date i.e.31.03.2008 and appropriate adjustment
will be made in annual accounts.
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
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0.79
|
0.88 |
1.00 |
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Long Term Debt-Equity Ratio |
|
0.65
|
0.72 |
0.87 |
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Current Ratio |
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1.17
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1.13 |
1.25 |
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TURNOVER RATIOS |
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Fixed Assets |
|
1.06
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1.12 |
1.14 |
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Inventory |
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9.74
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9.61 |
8.85 |
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Debtors |
|
16.05
|
18.80 |
18.72 |
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Interest Cover Ratio |
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1.64
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(0.15) |
1.06 |
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Operating Profit Margin |
(%) |
9.59
|
4.56 |
8.37 |
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Profit Before Interest And Tax
Margin |
(%) |
4.32
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(0.43) |
3.17 |
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Cash Profit Margin |
(%) |
5.87
|
1.64 |
5.35 |
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Adjusted Net Profit Margin |
(%) |
0.60
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(3.35) |
0.15 |
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Return On Capital Employed |
(%) |
5.85
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(0.59) |
4.11 |
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Return On Net Worth |
(%) |
1.61
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(9.75) |
0.43 |
STOCK PRICES
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Face Value |
Rs. 10.00 |
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High |
Rs. 7.05 |
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Low |
Rs. 6.30 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
incorporated on
Company was
incorporated on
The company is
engaged in texturising, draw twisting and twisting of polyester yarns. It set
up a texturising unit at Silvassa in 1988 at a capital outlay of Rs. 15.8
millions. Thereafter, more machines were added for twisting and draw twisting.
The company’s other unit is located at Palghar (Thane District),
For its expansion
cum diversification of polyester texturised yarn the company came into rights
issue of Rs. 67.8 millions in 1994.
The company has
expanded its activities by installing four texturising machines, three draw
twisting machines and a sizing machine at Silvassa. The texturising capacity
has been increased from 2500 to 6500 tpa.
The Speciality Polyester
Filament Yarn Project at Rakholi, Silvassa is under implementation. In addition
to this, 5 Texturising machines with an installed capacity of 3500 MTPA have
been installed.
The company has
taken up an expansion scheme to install 8 nos. Himson SDS 700 texturising
machines alongwith related utilities at a cost of Rs. 142.5 millions. Out of
these, 3 machines with utilities have come to the site and became operational.
The company developed Dope Dyed POY for Air Tex/Texturising Dope Dyed FDY for
Mill Sector.
BUSINESS
Subject is engaged
in textiles processing, texturising, and draw twisting and twisting of
polyester yarns.
The company is a
leading conglomerate in every sphere of its operations, be it Yarns, SAW pipes
or
The company has following Products:
1.
Polyester Partially Oriented Yarn (POY)
Ř
Full
Dull Raw White POY
Ř
Semi
Dull Raw White POY
Ř
Bright
Raw White POY
Ř
Dope
Dyed Black POY
Ř
Dope
Dyed Bright POY (Shade Card)
2.
Polyester Fully Drawn Yarns (FDY)
Ř
Full
Dull Raw White FDY
Ř
Semi
Dull Raw White FDY
Ř
Bright
Raw White FDY
Ř
Bright
Dope Dyed FDY (Shade Card)
3.
Polyester Filament Yarn (PFY)
Ř
Semi
Dull Raw White PFY
Ř
Bright
Raw White PFY
Ř
Semi
Dull Dope Dyed PFY
Ř
NSY
(Non-Sizeing Yarn With High Nips) PFY
4.
Polyester Draw Texturised Yarn (DTY / PTY)
Ř
Full
Dull Raw White PTY
Ř
Semi
Dull Raw White PTY
Ř
Semi
Dull Dope Dyed Black PTY
Ř
Bright
Dope Dyed PTY (Shade Card)
5.
Package / Yarn Dyed Polyester Filament Yarn
Ř
Full
Dull Dyed PTY
Ř
Semi
Dull Dyed PTY
Ř
Bright
Dyed PTY
Ř
Twisted
and Dyed PTY
Ř
Twisted
and Dyed Bright PFY
6.
Speciality Polyester Filament Yarns (SPFY)
Ř
Discat
Disperse and Cationic Dyeable Melange PTY
Ř
Black
and White Melange PTY
Ř
Micro
Denier PTY
Ř
EDY-Elastic
Drawn Yarn
Ř
Thick
and Thin Yarn
Ř
PSY –
Peach Skin Yarn
Ř
BI-Shrinkage
Yarn
Ř
Wool
Like Yarn
Ř
Non-Torque
Yarn
INFRASTRUCTURE
Today, company has
two state-of-the-art plants at Silvassa and Palghar.
Silvassa Plant
The location of
Silvassa plant is perfectly poised between the two most important Textiles
States of
The Silvassa plant
is equipped with the latest technology indigenously redesigned for optimum
production capacity and flexible manufacturing system to produce a very wide
product range in POY and processed polyester filament yarns which includes
Micro deniers, cationic dyeable, dope dyed, flame retardant, easy dyeable,
trilobal, octolobal, hollow, semidul and bright and many more Speciality yarns
which are continuously researched and upgraded into newer qualities.
Palghar Plant
It is from this
town that, Welspun started its first manufacturing activity. Today, Palghar
Plant houses one of the most advanced dyeing plants of polyester yarns in
Palghar plant
enjoys the advantages of ideal geographical location to efficiently handle all
the logistics to facilitate prompt shipments to the Indian and overseas
customers. The product range and process parameters are designed to optimize
the production capacity and minimize the cost of production without
compromising on quality and offer the best value for money.
It includes package
dyed polyester Texturized yarns, dyed and twisted bright trilobal polyester
filament flat yarns, polyester Texturized yarns twisted or untwisted on
perforated polyproplene dyeing tubes, twisted raw white\bright trilobal
polyester Texturized and flat yarns, shrunk wrapped dyeing tubes for
optimization of productivity of customers, small weights and precision wound
dyed yarns upto 500gms/bobbin etc.
FIXED ASSETS
System Software
Buildings
Plant and Machinery
Vehicles
Furniture and Fixture
Equipments
Computers
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PERFORMANCE
During
the year under review, sales / services and Gross Profit before Interest and
Depreciation were of Rs.2671.341 millions and Rs.369.326 millions respectively as
compared to Rs.2624.763 millions and Rs.245.137 millions respectively for the
previous year.
The Company continued its concentration on Speciality yarns, High quality and
developed new products during the year. Prices of raw material remain almost stable
throughout the year. Performance of the Company has therefore improved during
the year under review as compared to the previous year.
Exports during the financial year 2005-06 were of Rs.416.762 millions as
compared to Rs.509.340 millions during the previous year.
EXPANSION
The Company proposed to expand its unit at Rakholi by installing Texturising
Machinery and adding one more line for manufacturing Mono Filament Yarn at an
estimated project cost of Rs.291.9 millions.
The Company shall take Term Loans of Rs.220.000 millions from Banks and
the balance of Rs.71.900 millions shall be met from the internal accruals. Term
Loans of Rs.220.000 millions have already been sanctioned by banks. This will
add the installed capacity of production by 7463 tons p.a. and the margin on
profits is likely to be improved.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE, SCENARIO AND
DEVELOPMENT
Clothing demand in
Domestic Polyester Feed stock prices remain competitive inspite of higher crude
prices due to poor Polyester demand. However, reduced excise duty on Man Made
Fibre in union budget 2006-07 can lead to lower market prices, improving
domestic demand for Man Made Fibre. There were reductions in Custom duties as
well. All such duty reductions can lead to a better consumption of polyester
filaments yarns in near future. Further, VAT has been implemented in most of
the states, leading to a level playing field for Industry.
Currently,
Various new small sized plants have also commenced production of Specialty
yarns, which can create competition to company's' product line. The new
capacity of Dope Dyed FDY in
Currently, Anti Dumping Duty on POY and FDY is under review. If Anti Dumping
Duty is applied on POY and FDY, it can tilt the local demand towards domestic
consumption rather than imports.
As the Excise duty on Chips was made 16% on Polyester chips and 8% on yam, this
can lead to a balance of unutilized Excise duty due to higher duty on input and
lower value additions at the yarn stage.
On the Export front, there is a tough competition from
PRODUCT WISE PERFORMANCE
Company was able to match 95% efficiency in spinning (95% in 2004-05) and 82%
efficiency in Texturising (83% in 2004-05). Further, to offset the pressure of
competition from new players, company is focusing on New Specialty products
like SD Dope Dyed yarns, Easy Dyeable yarns,
The Company's sound business strategies, concentration on Specialty yarns, high
quality and constant development of new products will continue to strengthen
its position in domestic as well as international market.
OUTLOOK
With expected growth in Industrial, Agriculture and Service sector, overall
demand as well as per capita textiles consumption is likely to be improved.
Further rationalization in excise structure can improve the profitability of
the Company.
RISKS AND CONCERNS
Prices of raw materials fluctuate due to high volatility in Crude oil prices.
Further, additional capacities in the industry cause pressure on sales and
margins.
However, the company expects to mitigate the impact of risks and concerns
since the company concentrates on Specialty yarns, High quality and development
of new products constantly.
DISCUSSION ON
FINANCIAL PERFORMANCE
During the year, sales and services were of Rs.2671.341 millions as against
Rs.2624.763 millions in the previous year. The Company has earned net profit of
Rs.52.693 millions as against net profit of Rs.2.425 millions during the
previous year.
Website details attached:
Perfection
is what they stand for, and their financial results vouch for their
achievements. Subject is a leading conglomerate in every sphere of its
operations, be it Yarns, SAW pipes or Terry towels.
Each of their endeavor is committed,
keeping one thing in mind - what you wear is unequivocal identifier of what you
are. So, the next time when you make a fashion statement, consider the fact
that the attire may have come from a US$ 440 million business house with
customers in more than forty countries. If this is not enough, they furnish the
stylists with 200 new colours every month.
Spinning dreams into reality
vis-ŕ-vis yarns. Subject is relocating the fashion capital of the world. No wonder
subject is one of the largest exporters of Polyster Texturized Filament Yarn
from
They endeavor to reach the leadership position in each segment / sector of their product/ service.
They are committed to satisfy their Customers by providing such quality product/service, which gives highest value for money.
They believe the employees are their most important asset through which they can reach the top in each category of their product/service. Therefore, they will emphasize on their continuous improvement through upgradation of relevant knowledge and training.
They commit theirselves to continuous Growth, so as to fulfill the aspirations of Shareholders.
Vision
"The customer is like a mirror, reflecting what you do.
Give the customer the best and the best will come to you."
They, at Welspun, strongly believe in excelling in everything they do. At,
Welspun the effort and endeavor for growth is continuous and consistent.
No wonder their philosophy has propelled us to register exponential growth that
accounts for their current status in the market.
Quality Policy
They commit to provide their customers, internal and external, products
always conforming to mutually agreed quality and delivery requirements
fulfilling their needs and aspirations.
They commit to continuous improvement of their products, processes and
systems with the involvement of all employees and the upgradation of their
skills.
Quality objectives
- Consistently high
standards
- Excellent workability
on Machines.
- Contemporary handles
and feels in fabric from their yarns.
- Trendy and fashionable hues and
colours.
- Adhering to
international packaging to suit customers' needs.
- Always in time.
- Above all value for
money.
Their quality objectives are as dynamic as
the fashion trends worldwide and they always bank upon their core competence to
learn, adapt and deliver faster. In other words no compromise when it comes to
quality.
Research and Development
Subject research endeavors to transcend the refined techniques employed by the industry on the whole. Discovering the needs and likings from a milieu of populace spanning across 35 to 40 nations, they have geared up their processes to incorporate even the most trivial information gathered by their exhaustive explorations.
Infrastructure
An organization needs a well-consolidated infrastructure to access and share knowledge. The growth and productivity depends on it. Applying technology from around the world at strategic locations provides an edge to Welspun for controlling overheads.
Today Subject has two state-of-the-art plants at Silvassa
and Palghar. Take a virtual tour of their facilities at these plants.
Products
POLYESTER PARTIALLY ORIENTED YARN
(POY)
- FULL
DULL RAW WHITE POY
- SEMI
DULL RAW WHITE POY
- BRIGHT
RAW WHITE POY
- SUPER
BRIGHT RAW WHITE POY
- DOPE
DYED BLACK POY
- DOPE
DYED BRIGHT POY
POLYESTER FULLY DRAWN YARNS (FDY)
- FULL
DULL RAW WHITE FDY
- SEMIDULL
RAW WHITE FDY
- BRIGHT
RAW WHITE FDY
- SUPER
BRIGHT RAW WHITE FDY
- BRIGHT
DOPE DYED FDY
POLYESTER MONO FILAMENT YARNS (PMFY)
- SEMI
DULL RAW WHITE
- BRIGHT
TRILOBAL
- DOPE
DYED BLACK
POLYESTER FILAMENT YARN (PFY)
- SEMI
DULL RAW WHITE PFY
- BRIGHT
RAW WHITE PFY
- SUPER
BRIGHT RAW WHITE PFY
- SEMI
DULL DOPE DYED PFY
- NSY
(NON- SIZING YARN WITH HIGH NIPS) PFY
POLYESTER DRAW TEXTURISED YARN (
DTY/PTY)
- FULL
DULL RAW WHITE PTY
- SEMI
DULL RAW WHITE PTY
- SEMI
DULL DOPE DYED BLACK PTY
- BRIGHT
DOPE DYED PTY
AIR TEXTURED YARNS (PATY)
- SEMI
DULL RAW WHITE
- BRIGHT
TRILOBAL RAW WHITE
- DOPE
DYED SUPER BRIGHT
- MULTICOLOUR
FANCY YARN
- HEAVY
DENIER YARNS FROM 600 DENIER TO 2100 DENIER
SPECIALITY POLYESTER FILAMENT YARNS
(SPFY)
- DISCAT
DISPERSE and CATIONIC DYEABLE MELANGE PTY
- BLACK
AND WHITE MELANGE PTY
- MICRO
DENIER PTY
- THICK
AND THIN YARN
- PSY
- PEACH SKIN YARN
- BI-SHRINKAGE
YARN
NYLON YARNS
- DYED
YARNS
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.86 |
|
|
1 |
Rs. 81.62 |
|
Euro |
1 |
Rs. 55.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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. |
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 |
|