MIRA
INFORM REPORT
|
Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VINERGY
INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Shivsagar Estate,
A Block, 1st Floor, South Wing Dr. Annie Besant Road, Worli, Mumbai
– 400018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.01.1991 |
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Com. Reg. No.: |
11-59979 |
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CIN No.: [Company
Identification No.] |
U24110MH1991PTC059979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS15051B |
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PAN No.: [Permanent
Account No.] |
AAACS5473J |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of Chemicals,
Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic Soda Lye |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 1000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having satisfactory track. Their trade
relations are fair. Financial position is good. Payments are correct and as
per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Factory: |
Shivsagar Nagar
Estate, ‘A’ Block, 1st Floor, South Wing, Dr. Annie Besant Road,
Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-66537171 /
81 / 222 |
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Fax No.: |
91-22-66537224 /
225 |
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E-Mail : |
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Administrative Office: |
403, Arun
Chambers, Tardes Main Road, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-66537222/20 |
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Fax No.: |
91-22-66537224/23515089 |
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E-Mail : |
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Website : |
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Marketing Office : |
C-83 A, 8th Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi – 110 001, India Tel : 91-11-4153 1153 / 54 Telefax : 91-11-4153 1153 E-mail: harkamal@vinergy.in
Mobile: 91-93749 86281 E-mail: rakesht@vinergy.in
Tel: 91-281-244 3721 / 247 8713 Fax: 91-281-247 1665 E-mail: kuldipsinh@vinergy.in |
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Depots : |
JNPT-
BPCL JNPT-BPCL Liquid Cargo, Jetty Project, JNPT Port, Nhava Sheva, Navi Mumbai – 400 707 Tel: 91-22-2724 2490 E-mail: bunkers@vinergy.in
Tel: 91-93753 56586 E-mail: babu@vinergy.in
Fax: 91-260-451 1295 E-mail: ali@vinergy.in |
DIRECTORS
|
Name : |
Mr. Sharda M
Agarwal |
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Designation : |
Director |
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Name : |
Ms. Suman M
Agarwal |
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Designation : |
Director |
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Name : |
Mr. Sureshchandra
P Mody |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ragini Chokshi
and Company |
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Designation : |
Company Secretary
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals,
Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic Soda Lye |
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Products : |
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GENERAL
INFORMATION
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Suppliers: |
· Aditya Birla Nuvo Limited. · Bharat Petroleum Corporation Limited. · Daurala Sugar Works (DCM Sriram Group) · Essar Oils Limited. · Gujarat Fluoro Chemicals · Indian Oil Corporation Limited. · National Rayon Corporation Limited. (Duncan Goenka Group) · Solaris Chemtech Limited. · SRF Limited. · Unimers India Limited. · United Phosphorous Limited |
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Customers : |
· Albright and Wilson India Limited · Alkem Labs Limited · Atlantic Shipping Private Limited · Bilag Industries · Cadbury India Limited · Essar Shipping · Gharda Chemicals Limited · Glenmark Pharmaceuticals · Hikal Limited · ICI Limited · Lupin Limited · Merck India Limited · Mukand Limited · NRC Limited · Oriental Aromatics Limited · Ranbaxy Laboratories Limited · Sandoz India Limited · United Phosphorous Limited · Welspun India Limited · Wockhardt Limited |
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No. of Employees : |
80 |
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Bankers : |
ICICI Bank
Limited Standard
Chartered Bank |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
P D Desai and
Associates Chartered
Accountant |
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Address : |
1, Radha
Apartment, 1st Floor, Telli Parte Road, Andheri (East), Mumbai –
400069 |
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Tel. No.: |
91-22-6824340 |
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Associates/Subsidiaries : |
Arkay Sales and
Services Private Limited CIN of Subsidiary
Company – U99999MH1999PTC118518 Fixwell
Developers Private Limited CIN of Subsidiary
Company – U70101MH1994PTC081842 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1277950 |
Equity Shares |
Rs. 10/- Each |
Rs. 12.779 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
12.685 |
3.148 |
3.148 |
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2] Share Application Money |
5.000 |
145.784 |
0.000 |
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3] Reserves & Surplus |
225.331 |
179.310 |
111.087 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
243.016 |
328.242 |
114.235 |
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LOAN FUNDS |
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1] Secured Loans |
271.033 |
93.811 |
125.409 |
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2] Unsecured Loans |
62.108 |
10.702 |
86.797 |
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TOTAL BORROWING |
333.141 |
104.513 |
212.206 |
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DEFERRED TAX LIABILITIES |
12.149 |
0.000 |
0.000 |
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TOTAL |
588.306 |
432.755 |
326.441 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.077 |
50.353 |
42.711 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.902 |
4.179 |
4.179 |
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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 |
4.596
|
21.762 |
6.471 |
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Sundry Debtors |
492.058
|
383.445 |
314.847 |
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Cash & Bank Balances |
22.305
|
11.317 |
3.984 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
74.633
|
51.217 |
30.525 |
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Total Current Assets |
593.592
|
467.741 |
355.827 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
85.373
|
66.152 |
76.276 |
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Provisions |
2.892
|
23.366 |
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Total Current Liabilities |
88.265
|
89.518 |
76.276 |
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Net Current Assets |
505.327
|
378.223 |
279.551 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
588.306 |
432.755 |
326.441 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
|
2717.503 |
1808.817 |
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Other Income |
|
0.000 |
0.000 |
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Total
Income |
|
2717.503 |
1808.817 |
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Profit/(Loss)
Before Tax |
|
87.368 |
45.852 |
|
Provision for
Taxation |
|
33.293 |
12.500 |
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Profit/(Loss)
After Tax |
|
54.075 |
33.352 |
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Import Value |
|
NA |
1.586 |
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Total Expenditure |
|
2646.930 |
1776.738 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
1.98 |
1.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.21 |
2.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
16.86 |
11.50 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.26 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
0.59 |
2.52 |
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Current Ratio (Current Asset/Current Liability) |
|
6.72 |
5.22 |
4.66 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
- Land
- Furniture and Fixtures
- Office Equipment
- Computer
- Vehicles
- Wind Energy Converted
- Hydro Gas Celinders
Company
Significantly Influenced
- Winflll Finvest Private Limited
- Fixwell Developers Private Limited
- Chemical Exchange Com (Bombay) Private
Limited
The company matto
is to synergise all energy potential. The directors therefore consider is
desirable that the company name is Funny Associated with the energy segment.
Accordingly it is proposed to change the name of the company to Vinergy
International Private Limited
Company Profile:
Founded in 1991, Vinergy International Private Limited (formerly known as Sumex Organics Private Limited) is a professionally managed, rapidly expanding Distribution and Marketing Organization. The name truly reflects the line of activities of the firm, viz. distribution of energy, power, fuels, chemicals, solvents and petrochemicals. It is headed under the dynamic leadership of Mr. Mukul Agarwal, who lays strong emphasis on utilization of modern technology for qualitative services and business efficiency towards complete customer satisfaction. Mr. Agarwal’s thinking reflects the winning strategies, which the firm wishes to formulate with their clients and stakeholders, so that it can meet the fast changing requirements and set very high standards to achieve “Customer Delight”.
The Company commenced the business in the year 1991 with the following
divisions, viz. Petroleum Products, Chloroalkali, Chloromethane, and
Benzyl-Derivatives. Subsequently, with the passage of time, the range of the
products expanded and as on date is extensively distributed to various
industries. Over the years, the firm has been assisted by an experienced,
aggressive and dedicated marketing team that has served the organization since
its inception. This has helped show better performance with increase in sales
through venture of new products.
Subject caters to a wide spectrum of industries viz., agro and pesticides,
fertilizers, pharmaceuticals, textiles, chemicals, paints, steel, cement and
many others. It renders excellent services to a spectrum of leading chemical
industries in India.
The firm operates on the following philosophies:
· Unique and extensive range of products.
· Outstanding customer service.
· High ethical standards.
· Continuous improvement and innovation.
· Growth through performance and acquisition of quality products.
MANAGEMENT
The Management at Subject comprises individuals who define and direct the business endeavours and have been a part of the organization for a long time, providing valuable contribution to the company and its clients.
Mukul Agarwal: Chief Executive Officer
He brings over 23 years of hands-on experience and has been responsible for leading the company and charting new opportunities for its success. His deep insight of the chemical industry allows him to build strong relations with various principals. His sharp business acumen and his vision for adopting technologies have created a new and highly efficient chemical distribution company.
He is assisted by a highly dedicated and motivated team of executives, who are
in charge of the products assigned to them.
Sharda Agarwal: Chairperson
A visionary and a motivator, she brings in over 2 decades of knowledge and insight to the company. Her business acumen and foresight is of immense help in decision-making processes. Her energy and enthusiasm is a guiding force behind the success of the company.
Suman Agarwal: Director
Suman is on the board of the company as a Director and is an adviser help to the Vinergy team with her knowledge of crisis management and experience in administrative affairs.
INDUSTRIES
Subject supplies a
wide rage of chemicals, petroleum products to the industries apart from
distributing power.
The industries which Subject caters to are as follows:
Steel
Most of the steel manufacturers require huge quantities of fuels for their
furnaces and DG sets. Leading companies such as Mukand Limited source their
fuels and chemicals from subject.
Chemicals and Fertilizers
The companies like
NRC, Dharamsi Morarjee amd MNC’s like Albright Wilson source their requirements
of fuels and chemicals like sulphur, caustic soda, etc from them.
Textiles
The textile industry has been growing at an accelerating rate. Owing to this
they cater to the requirement of fuels and chemicals of leading textile
manufacturers like Welspun India Limited and others.
Bunkering
The Bunkering division was established in the company in 2003 and is developing
a reputation as a supplier of clean bunker fuels where quality, safety and
service are the hallmark of service. It is their firm belief that progress and
growth must not come at the risk of harming the environment. Be it the
combustion system of the ship or the natural surroundings. The company is
firmly committed to the strict adherence of MARPOL 73/78 requirements for the
preservation of food quality.
History:
The
Company started business in the year 1991,working in the area of Industrial
Chemicals. Over the years, the firm has been assisted by an experienced,aggressive
and dedicated marketing team that has served the organization since its
inception. An unrelenting focus on customer satisfaction has helped the company
grow steadily.This has been reflected in a range of new products to meet
customer needs. Today the Company operates in a much wider spectrum of
activities covering many products distributed to a growing number of
industries.
Exponential Growth
In view of the continuous growth of the company, the company
could achieve the turnover of USD 150 million in the year ended 31.3.2007, up
from USD 8.90 million as on 31.3.2000.
The market for Heavy Industrial Chemicals, Fine Chemicals, Petroleum Products
is seeing a growth that is attributed to an overall demand across industrial
sectors.
The Vinergy Edge
The Account of the company has been rated `AAA’ by the
bankers indicating the highest rating considering the financial figures and
other parameters. Vinergy has been instrumental in developing competitively differentiated
methodologies in the context of distribution and marketing strategies. Its core
competence lies in supplying qualitative products through new and innovative
offerings. This belief has enabled us to always lead the way towards rapidly
changing market needs. The thoroughness and transparency of our distribution
methodology, integrity and fairness of our approach are important factors in
establishing and maintaining our credibility and customer relations.
High
performance products for roads
Subject is one of the fastest growing players in the field of Bitumen in
India. They are into development, manufacture, marketing and supply of Bitumen
and Bitumenous related products.
Their in-house knowledge and expertise is shared throughout
the company and made easily available to their valuable customers, making them
the only one point-stop for asphalting solutions.
Innovative techniques in critical areas like providing
technical back-up, quality commitment, rapid pace of operation makes them the
ideal partner for prestigious projects.
Subject Bitumen has a range of standard
specified and specialist products to meet national and international
performance parameters.
Product
Support
As part of the Vinergy Product offer, full technical support is available
before and after sales, from a team of product specialists dedicated to local
markets.
Value
Added Bitumen
Subject has committed itself to produce high performance value added bitumen to
be produced in the state-of-art production plants at five prime locations in
India so as to meet the huge upcoming demand in the future.
These plants would manufacture a wide gamut of products like
emulsions, polymer modified Bitumen and crumb rubber modified bitumen.
The list of specific products meeting international quality
standards would be
- CRMB 50/55/60
- PMB 40/70
Elastomers
- PMB 40/70
Plastomers
- Cut Back
Bitumen
- Rapid Setting
Emulsions
- Medium Setting
Emulsions
- Slow Setting
Emulsions
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|