MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
GREENPLY
INDUSTRIES LIMITED |
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Formerly Known As : |
MITTAL LAMINATES
LIMITED |
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Registered Office : |
Makum Road,
Tinsukia – 786 125, Assam |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.11.1990 |
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Com. Reg. No.: |
3484 |
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CIN No.: [Company
Identification No.] |
L20211AS1990PLC003484 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SHLG00156C |
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Legal Form : |
A public limited
liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Sawing of Logs, Peeling of Logs, Plywood
and Windpower |
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 4300000 |
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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 company having satisfactory track records. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations fair. General financial position is good. Payments are usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Makum Road,
Tinsukia – 786 125, Assam, India |
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Tel. No.: |
91-33-22822175/8233/22422175
/ 22428233 / 22427940 |
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Fax No.: |
91-33-22420825 |
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E-Mail : |
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Website : |
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Corporate
Office : |
16-A Shakespeare Sarani, Kolkata – 700 001, West Bengal |
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Tel. No.: |
91-33-22822175 /
22828233 |
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Fax No.: |
91-33-22820825 |
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E-Mail : |
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Factory : |
Plywood & Allied Products • P.O. Tizit, Dist: Mon, Nagaland • Kriparampur, P.O. Sukhdevpur, Dist: 24 Parganas (South) West Bengal Laminate & Allied Products Plot no. E-/176-179 , Phase –II, RIICO Industrial Area,
P.O. Behror– 301701,
District Alwar, Rajasthan Ph: 91-1494-220701 / 702 Plywood & Particle Board Integrated Industrial Estate, Pantnagar, Udham Singh Nagar,
Uttarakhand Windpower Village: Seilanallur, Near Kayathar District Tirunelveli Kattabumman Tamilnadu |
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Marketing office : |
1501-1505, Narain Manzil, 23,
Barakhambha Road, New Delhi-1 (India) |
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Tel. No.: |
91-11-42791300 |
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Fax No.: |
91-11-52791330 |
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E-Mail : |
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Branches : |
Located at : Chandigarh, Jaipur, Lucknow, Patna, Guwahati, Bhubaneshwar, Hyderabad, Bangalore, Chennai, Kochi, Pune,
Mumbai, Ahmedabad, Indore, Nagpur,
Coimbatore, Raipur, Ranchi, Rudrapur, Singapore, Hong Kong, Indonesia |
DIRECTORS
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Name : |
Mr. S. P. Mittal |
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Designation : |
Chairman |
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Name : |
Mr. Rajesh Mittal |
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Designation : |
Managing Director |
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Name : |
Mr. M. Y. Konyak |
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Designation : |
Director |
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Name : |
Mr. K. C. Jain |
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Designation : |
Whole-time
Director |
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Name : |
Mr. D. P.
Chakrabarty |
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Designation : |
Director (IIBI) |
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Name : |
Mrs. L.
Kuchimanchi |
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Designation : |
Director (IDBI) |
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Name : |
Mr. Saurabh
Mittal |
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Designation : |
Whole-time Director |
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Name : |
Mr. P. K.
Chatterjee |
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Designation : |
Director |
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Name : |
Mrs. Janaki
Venkaramani |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. K. K. Agarwal |
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Designation : |
Company Secretary |
SHAREHOLDING
PATTERN
As on 30.06.2007
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shareholding of Promoter and Promoter Group |
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Indian |
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Individuals/ Hindu |
4318636 |
26.02 |
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Bodies Corporate |
4616010 |
27.81 |
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Public shareholding |
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Institutions |
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Mutual Funds/UTI |
809261 |
4.88 |
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Foreign Institutional |
1350684 |
8.14 |
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Non-Institutions |
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Bodies Corporate |
3295881 |
19.86 |
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Individuals- |
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i) Individual shareholders holding nominal
share capital up to Rs.0.100 Million |
1224640 |
7.38 |
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ii) Individual shareholders holding nominal share
capital in excess of Rs.0.100 Million |
982334 |
5.92 |
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Total |
16597446 |
100.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Sawing of Logs, Peeling of Logs, Plywood
and Windpower |
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Products : |
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Export to : |
Thailand, Indonesia, Taiwan, Canada, Baharain, Hongkong, Malaysia,
Singapore, Kenya, Dubai, Russia, Syria, USA, Australia , Mexico, Saudi
Arabia, China and Israel |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Decorative
Laminates |
Sheets |
3960000 |
4564631 |
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Prelaminated
Particle Board |
SQM |
2000000 |
361989.48 |
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Plywood |
SQM |
20100000 |
-- |
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Plywood and
Allied Products |
Cu. Mt. |
-- |
66264.540 |
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Windpower |
K.W. |
550 |
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Windpower |
Cu. Mt. |
-- |
541711 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
2445 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. Dhandaria and
Company Chartered
Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,20,00,000 |
Equity Shares |
Rs.5/- each |
Rs. 160.000 millions |
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5000000 |
Cumulative
Redeemable Preference Shares |
Rs.10/- each |
Rs.
50.000 millions |
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GRAND TOTAL |
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Rs. 210.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,64,52,446 |
Equity Shares |
Rs.5/- each |
Rs. 82.262 Millions |
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Option Money
against Convertible Warrants No. 1 |
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Rs. 1.653 Millions |
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Option Money
against Convertible Warrants No. 2 |
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Rs. 4.560 Millions |
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Total |
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Rs. 88.475 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
88.475 |
98.598 |
82.082 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
998.514 |
561.554 |
312.420 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1086.989 |
660.152 |
394.502 |
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LOAN FUNDS |
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1] Secured Loans |
1254.627 |
1037.680 |
661.803 |
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2] Unsecured Loans |
211.115 |
200.347 |
113.376 |
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TOTAL BORROWING |
1465.742 |
1238.027 |
775.179 |
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DEFERRED TAX LIABILITIES |
58.154 |
48.896 |
27.296 |
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TOTAL |
2610.885 |
1947.075 |
1196.977 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1349.797 |
680.471 |
411.879 |
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Capital work-in-progress |
128.885 |
331.538 |
9.367 |
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INVESTMENT |
11.317 |
1.056 |
1.053 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1128.751
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844.645 |
473.288
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Sundry Debtors |
725.008
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507.541 |
414.089
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Cash & Bank Balances |
147.498
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62.259 |
20.177
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
258.367
|
173.104 |
90.248
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Total
Current Assets |
2259.624
|
1587.549 |
997.802 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1138.738
|
653.545 |
223.136
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Provisions |
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Total
Current Liabilities |
1138.738
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653.545 |
223.136
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Net Current Assets |
1120.886
|
934.004 |
774.666
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
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TOTAL |
2610.885 |
1947.075 |
1196.977 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3921.995 |
2573.474 |
1892.997 |
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Other Income |
8.307 |
10.036 |
0.000 |
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Total Income |
3930.302 |
2583.510 |
1892.997 |
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Profit/(Loss) Before Tax |
265.689 |
165.444 |
77.055 |
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Provision for Taxation |
40.457 |
24.590 |
24.254 |
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Profit/(Loss) After Tax |
225.232 |
140.854 |
52.801 |
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Earnings in Foreign Currency : |
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Total Earnings |
336.807 |
268.101 |
NA |
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Imports : |
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Raw Materials |
1031.218 |
622.685 |
NA |
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Stores & Spares |
3.270 |
1.651 |
NA |
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Capital Goods |
33.458 |
27.105 |
NA |
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Total Imports |
1067.946 |
651.441 |
NA |
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Expenditures : |
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Purchase of
finished/traded goods |
18.164 |
7.563 |
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Raw Materials
Consumed |
2491.959 |
1623.191 |
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Manufacturing
Expenses |
211.586 |
134.911 |
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Payments & Other
Benefits to Employees |
291.291 |
147.301 |
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Administrative,
Selling, Distribution & Other Expenses |
581.508 |
375.661 |
1686.554 |
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Interest (Net) |
117.479 |
76.394 |
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Depreciation |
86.483 |
63.340 |
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Increase/Decrease) in Stocks |
[133.857] |
[10.295] |
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Total Expenditure |
3664.613 |
2418.066 |
1686.554 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
1271.800
|
1483.500
|
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Other Income |
|
17.300
|
23.000
|
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Total Income |
|
1289.100
|
1506.500
|
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Total Expediture |
|
1103.800
|
1267.300
|
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Operating Profit |
|
185.300
|
239.200
|
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Interest |
|
42.500
|
49.400
|
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Gross Profit |
|
142.800
|
189.800
|
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Depreciation |
|
28.700
|
33.400
|
|
Tax |
|
19.000
|
31.000
|
|
Reported PAT |
|
90.700
|
111.900
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.57 |
1.95 |
1.98 |
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Long Term Debt-Equity Ratio |
1.10 |
1.26 |
0.81 |
|
Current Ratio |
1.41 |
1.54 |
1.42 |
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TURNOVER RATIOS |
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|
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Fixed Assets |
3.22 |
3.41 |
2.88 |
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Inventory |
4.72 |
4.62 |
4.06 |
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Debtors |
7.55 |
6.61 |
4.46 |
|
Interest Cover Ratio |
3.14 |
2.91 |
2.14 |
|
Operating Profit Margin(%) |
10.23 |
10.37 |
10.10 |
|
Profit Before Interest And Tax Margin(%) |
8.37 |
8.29 |
7.84 |
|
Cash Profit Margin(%) |
6.70 |
6.71 |
5.12 |
|
Adjusted Net Profit Margin(%) |
4.84 |
4.63 |
2.86 |
|
Return On Capital Employed(%) |
17.63 |
16.59 |
13.38 |
|
Return On Net Worth(%) |
26.70 |
28.71 |
15.16 |
LOCAL AGENCY
FURTHER INFORMATION
Review
of operations:
The Directors are pleased to report that operations in the laminate and plywood
units recorded significant growth, which is evident in the financial figures of
the Company. During the year under review, various productivity initiatives
were undertaken for both the units and the result is also evident in the
figures of production, sales and capacity utilisation.
The Company's turnover increased from Rs.3082.209 Millions in 2005-06 to
Rs.4695.246 Millions during the year under review. Correspondingly, the net
profit rose to Rs. 225.232 Millions from Rs.140.854 Millions and
exports, excluding export incentives, reached Rs. 350.862 Millions from
Rs. 278.953 Millions.
The Directors are also pleased to inform that the Company's
new plywood and particle board unit in Pantnagar, Uttarakhand, started
commercial production of plywood and particle board from 2 May and 5 December
2006, respectively.
Outlook
and expansion:
In view of the positive trends in India's interior infrastructure segment and
the growing demand, performance in 2007-08 is expected to be significantly
better than in the past.
The Company's outlook remains favourable on account of its
product integration, growing popularity of its brand and continuous support
from its employees, shareholders, creditors, consumers, dealers and
lenders.
The Company is carrying out its expansion project at the
laminates unit in Behror, Rajasthan, and the unit is expected to commence
commercial production in August 2007.
The Directors are confident of achieving significantly better results in the
coming years.
Outlook:
According to a study by ASSOCHAM, the shortage of residential units in India
was around 22.5 million units in the Tenth Plan. The incremental demand for
office space in India is assessed to exceed 85 million sq. ft. between 2005 and
2008. The built-up mall area is likely to increase from 32.6 million sq. ft. in
2005 to 87.8 million sq. ft. in 2007; the number of malls is expected to
increase from 100 to 350. These developments are expected to result in a
growing demand for interior infrastructure products. The demand for these is
already reflected in the fact that plywood prices touched an eight-year high in
2005 - a development expected to positively impact the results of the domestic
plywood sector. Greenply will focus on realisations (value over volume) and
exports over the foreseeable future.
Industry
review:
Overview:
Greenply is engaged in the manufacture, marketing and branding of
laminates, plywood and particle board. These products constitute basic interior
building materials responsible for residential and commercial space
attractiveness, safety and security.
The Company's fortunes are closely linked with national economic growth.
India's GDP grew at 7.5 per cent in 2004-05, 8.4 per cent in 2005-06 and 9.4
per cent in 2006-07, represent some of the highest growth rates in the
country's history. Consequently, the interior infrastructure industry is
growing at higher-than-GDP rates. The Indian government expects GDP growth to
touch double-digits by the end of the eleventh Five-Year Plan, which will
further strengthen the demand for interior building products.
Fixed Assets
- Trademarks
- Freehold Land
- Leasehold
Land
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
- Office
Equipments
As Per
Website
Profile
Any business that integrates closely into the lives of
people and a nation assumes the role of critical infrastructure.
Over the years, core-building products like steel and cement have played a supporting
role in reinforcing India's infrastructure.
There is a greater realization now that plywood, particle boards and laminates
complement the responsible contribution of the other two building products;
they provide interior infrastructure solutions that make millions of homes and
offices robust, secure and attractive.
Greenply Industries Limited (GIL), a Rs. 4700 Millions, dynamic, professionally
managed, Interior Infrastructure Company, a leader in the plywood and laminate
industry in India. Greenply accounts for 25 per cent of its organized plywood
and 15 percent of its organized laminate market. The Chairman Mr. S P Mittal, a
self made industrialist, who with his determination and perseverance along with
a grassroots level experience has taken Green group to newer heights.
Incorporated on 9th August 1984, The Company over the years has grown as an
interior infrastructure solutions provider.
"At Greenply we are not merely banked on its existing profile of
successful products; it has continuously introduced futuristic products for the
benefit of its consumers" says Mr. Rajesh Mittal, Managing Director -
Greenply Industries Limited
Greenply Industries currently manufactures a host of renowned brands such as
Greenply Plywood ,Green Club Premium Ply which comes with a life time
Guarantee, Greenlam Laminates -, Green Decowood- "& Green Lamieboard-
Pre-laminated particle board and MDF. The product range comprises of all range
Plywood & boards, Flush doors, Decorative veneers, Decorative laminates and
Pre lam MDF and Particleboard.
The company's state-of-the-art manufacturing facilities are located in
Nagaland, West Bengal, Uttarakhand and Rajasthan. The company has also been
awarded with ISO 9001. ISO 14001 and OHSAS 18001 certifications.
The company has a pan India presences with 24 branches across the country with
a strong dealer/distributors/sub dealers and retailers network of more than
7000.
The Export contributed to around 22% of the total laminate turnover during year
ended 31st March 2007.
Products
Laminates
Introduction
The word Laminate has its roots in Latin and is a derivative of the word
"Laminae", which means a thin plate or scale. According to the
dictionary, laminate means to compress layers of material into a hard, durable substance
by means of heat and chemicals. Although technically correct, the dictionary
does not mention what a wonderful invention this is. What a lot of people do
not know is that laminate manufacturing consist mainly of paper. Paper of
different colours, thickness, types and textures.
A laminate is basically layers of kraft paper and a layer design paper which is
treated and fused together.
After all, if plywood gives form to furniture, then laminate are the spirits
that make it come alive. Available in a range of colours, thick nesses and
textures, every Laminate from Greenply Industries Limited can be depended upon
to breathe life into furniture that would otherwise remain dull.
Marketed under the brand name Greenlam Supertuf, Greenlam, Green touch and
Green Gloss, each product is tested to the limit so that when it reaches the
customer, it is of the highest quality possessing the ability to withstand the
harshest of conditions.
GREENLAM LAMINATES - HAVE TAKEN THE WORLD OF INTERIORS BY STORM
Greenlam laminates, which comes in 1.00mm thickness, is the flagship laminate
brand of Greenply Industries. Greenlam is an exceptionally varied range of
laminates. In array of stylish patterns, distinctive shades and exquisite
colors. A range that includes the exclusive design and exotic finishes like
-Technosteel, Raw Silk, Onda, Waves, Leather Finish, Ash, Vertical lines.
Greenlam is the only brand to have launched these laminates in India. Keeping
in mind the changing needs of the consumers, Greenply is constantly developing
and innovating products to satisfy customers expectation in terms of
technology, aesthetics, design and functionality. Robust and durable, The
Greenply range is set apart from other conventional brands due to intensive
research and development that goes into the making of each product.
Press
Release
Greenply
Industries Limited to acquire Gujarat based plywood units
Q2FY08
Net Sales at Rs 1356.300 Millions, increase of 40% PAT up by 135.57% to Rs
111.900 Millions
Editor’s Synopsis
Acquisition
To acquire two Gujarat based plywood units which will entail
an investment of Rs 200 Millions Access to large customer base Additional canpacity
of 3 mn sqm taking total capacity to 21 mn sqm. An increase of 16.6%
Q2FY08
Consolidated Revenues at Rs 1356.300 Millions, up by 39.53 %
from Rs 972 Millions PAT at Rs 111.900 Millions, up by 135.57% from Rs 47.500
Millions EBITDA (excluding Other Income) margin at 15.94% from 9.63% (at Rs
216.200 Millions, from Rs 93.700 Millions) up by 6.31%
New Delhi, October 23, 2007: Greenply Industries Limited (GIL) India’s
largest interior infrastructure company, manufacturer of plywood, particle
board, laminate and decorative veneer has decided to acquire two Gujarat based
plywood companies. The total investment on this account will be Rs. 200
Millions and is expected to enhance the topline of Greenply by about Rs
500 Millions.
After acquisition the total capacity of Greenply will be 21 million Sqm, from
18 million Sqm, an increase of 16.6%. This will help Greenply in maintaining
its No1 position in the segment.
Greenply industries will use a mix of internal accruals and debts for funding
the investment. The additional capacity is expected to be fully utilized in
Q2FY09.
Mr. Saurabh Mittal, JMD, Greenply Industries Limited, said “The
acquisition is in line with our growth strategy of acquiring good, operational
assets of strategic value . This acquisition enhances our presence in the
Western India markets thus saving on the logistical costs substantially.” He
added “After acquisition the total capacity of Greenply will be 21 million Sqm,
from 18 million Sqm, This will help in reconfirming Greenply’s leadership
position in the segment”
INVESTMENTS
The payment on account of 100% acquisition of shares will be Rs. 38.500
Millions. GIL will also make arrangements to repay the existing liabilities of
the unit subject to a maximum limit of Rs 20 Millions. GIL will also invest Rs.
60 Millions for new machinery and equipments. The Company will also invest Rs
80 Millions in working capital requirements of the units as and when required.
Q2FY08 Results
The industry leader, Greenply Industries recorded net revenues of Rs 1356.300
millions for Q2FY08, an increase of 39.53% as compared to Rs 972 Millions in
Q2FY08. The net profit was at Rs 111.900 Millions, an increase of 135.57% from
Rs 47.500 Millions in Q2FY07. EBIDTA (excluding other income) margin for
Q2FY08 stood at Rs 216.200 Millions as against Rs 93.700 Millions for Q2FY07
registering an increase of 6.31%.
Company declared an interim dividend of 30% (Rs. 1.50 per share).
Reflecting on the performance, Mr MIttal said, “ We are in sync with our
annual target and based on our current growth performance I am confident
that we are in the right direction in garnering a larger chunk of the market
share.”
About Greenply Industries Limited
Greenply Industries Limited (GIL), a Rs 4700 Millions, dynamic, professionally
managed Interior Infrastructure Company, is the leader in the plywood and
laminate industry in India. The company was incorporated in August 1984 as a
sawmill unit.
Greenply is a one-stop manufacturer of all products related to interior
infrastructure from plywood & boards, flush doors, decorative veneers,
decorative laminates to pre lam MDF and particleboard. The company accounts for
25 per cent of organized plywood and 15 per cent of organized laminate market.
The company has, over the years, grown as an interior infrastructure solutions
provider that currently manufactures a host of renowned brands such as Greenply
Plywood – ‘Chalta Rahe; Green Club Premium Ply, which comes with a life time
guarantee; Greenlam Laminates, ‘Dikhane Ka Jee Kare’; and Green Decowood,
‘Visibly Superior Veneers’.
The company has more than 25 branches across the country with a strong network
of over 7,100 dealers, distributors, sub-dealers and retailers. Exports
contribute to around 8% of the company’s total turnover. Greenply exports its
laminate products to more than 18 countries such as the US, Australia,
Malaysia, Singapore, the UAE, Russia, Israel, and New Zealand among others.
Pioneering the concept of branding for various products and brand building as its
core, the company’s track record is impeccable as a profit-making dividend
paying company over the last decade with 61% CAGR growth in bottom-line over
the last five years leading to 2006-7.
Another FII picks up stake in Greenply
Industries
New Delhi October 19, 2005: Funds are making a beeline for Greenply
Industries. In a significant development in the plywood and laminates sector,
leading foreign institutional investors (FII) – Morgan Stanley and Bear Stearns
Asset Management – along with domestic fund house Sundaram Mutual Fund have
picked up close to 8% stake in Greenply Industries Limited (GIL).
This is arguably the first time when foreign funds have taken such an interest
in the domestic plywood and laminates sector.
On Tuesday (October 18), Morgan Stanley (the full name) mopped up 0.400
Millions equity shares, representing 2.98 per cent of the merged equity of
Greenply Industries Limited and Worthy Plywoods Limited (WPL), a group company.
Simultaneously, Sundaram Mutual Fund acquired 0.200 Millions equity shares,
representing 1.49 per cent of the merged equity of GIL and WPL. This comes
close on the heels of Bear Stearns Asset Management (BSMA) acquiring
0.471Millions shares or 3.5 per cent equity stake in the company last month.
Confirming the development, Mr. Saurabh Mittal, Jt. Managing Director, Greenply
Industries Limited, said, “FIIs buying such a large stake in our company once
again affirms Greenply’s leadership position in the interior infrastructure
segment. What’s also important is the fact that FIIs and funds have picked up
stakes at the ruling market prices”.
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.39.56 |
|
UK Pound |
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|