MIRA
INFORM REPORT
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Report Date : |
30.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HINDUSTAN
COLAS LIMITED |
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Registered Office : |
Bitumen Emulsion Plant, D-500, TTC Industrial Area, MIDC, Opp. HPCL
Terminal, Turbhe, Navi Mumbai - 400 703, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.07.1995 |
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Com. Reg. No.: |
11-90671 |
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CIN No.: [Company
Identification No.] |
U23200MH1995PTC090671 |
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Legal Form : |
Closely held public limited liability
company |
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Line of Business : |
Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
850000 |
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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 Indo-French Joint Venture. The company is
progressing well. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments arte usually correct and as per commitments. Fundamentals
are strong and healthy. The
company can be considered normal for business dealings at usual trade terms
and conditions. The
company can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
Bitumen Emulsion
Plant, D-500, TTC Industrial Area, MIDC, Opposite HPCL Terminal, Turbhe, Navi
Mumbai - 400 703, Maharashtra, India |
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Tel. No.: |
91-22-27631942 |
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Fax No.: |
91-22-27613127/27631942 |
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E-Mail : |
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Website : |
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Administrative
Office : |
R & C Building, 5th Floor, Sir J. J. Road, Byculla, Mumbai - 400 008, Maharashtra |
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Tel.
No.: |
91-22-23713138 |
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Fax
No.: |
91-22-23741711 |
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E-Mail
: |
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Plants
: |
Bitumen Emulsion Plant D-500, TTC Industrial Area, MIDC, Opposite HPCL Terminal, Turbhe, Navi Mumbai - 400 703, Maharashtra Bahadurgarh Plant Near HPCL LPG Plant, Village Asauda, Bahadurgarh, District Jajjhar, Haryana Phone 91
- 1276 - 280015
91 - 1276 - 280016 Fax 91
- 1276 - 280016 Chennai Plant
& Office A-9,SIPCOT Industrial Park, Irungattukottai,
Tq- Sriperambudur, Dist. - Kancheepuram, Visakapatnam Plant
& Office Near HPCL Terminal B, Malkapuram,
Visakhapatnam, Andhra Pradesh - 530 011. Mangalore Plant
& Office Near HPCL POL Terminal, Village Bala, Via
Katipalla, Mangalore, Karnataka - 575 030 |
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Branches
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Delhi Office HPCL Uco Bank Building, 3rd Floor, Sansad Marg, New Delhi 110 001 Phone 91
- 11 - 23324091
91 - 11 - 23324094 Fax : 91 - 11 - 23324094 Savli Plant &
Office Plot No. 426- 430, GIDC Industrial Area,
Manjusar, Savli, Baroda, Gujarat |
DIRECTORS
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Name : |
Mr. Jacques Pastor |
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Designation : |
Chairman |
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Address : |
Salintra Condominium, 376/126-127, Rama 3rd Bangklo, Bangkorlaey, Bangkok, Thailand-10120 |
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Date of Birth/Age : |
26.06.1954 |
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Date of Appointment : |
21.12.1995 |
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Name : |
Mr. Alain Dupont |
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Designation : |
Director |
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Address : |
75,
Street Madame, Paris-75006, France |
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Date of Birth/Age : |
31.07.1940 |
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Date of Appointment : |
17.07.1995 |
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Name : |
Mr. C. Ramulu |
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Designation : |
Director |
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Address : |
Mumbai - 400 026, Maharashtra |
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Date of Appointment : |
04.11.1998 |
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Name : |
Mr. Somchit Sertthin |
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Designation : |
Director |
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Address : |
118/1, Rama 6 Road, Samsen Nai, Phyathai, Bangkok, Thailand-10400 |
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Date of Birth/Age : |
22.09.1952 |
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Date of Appointment : |
17.07.1995 |
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Name : |
Mr. Mahesh Bihari Lal |
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Designation : |
Director |
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Address : |
B 25,
Mayfair Garden, Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
12.03.1947 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mr. Arun Balakrishna |
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Designation : |
Director |
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Address : |
A 12, Mayfair Gardens, Malabar, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
25.07.1950 |
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Date of Appointment : |
12.06.2000 |
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Date of Ceasing : |
25.05.2004 |
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Name : |
Mr. Hugues de Champs |
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Designation : |
Alternate to Alain Dupont |
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Address : |
6/20, Pradhi Pat, SOI 15, Samsen Nai, PhyathaI, Bangkok, Thailand-10400 |
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Date of Birth/Age : |
16.03.1968 |
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Date of Appointment : |
18.12.2002 |
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Date of Ceasing : |
16.12.2004 |
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Name : |
Mr.
Chigulapalli Ramulu |
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Designation : |
Director |
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Address : |
6 HP,
Apartments, 45, Napean Sea Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
10.01.1948 |
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Date of Appointment : |
25.05.2004 |
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Name : |
Mr.
Subir Roy Chaoudhury |
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Designation : |
Director |
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Address : |
4 HP,
Apartments, 45, Napean Sea Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
01.01.1954 |
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Date of Appointment : |
25.05.2004 |
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Name : |
Mr.
Thierry Defrene |
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Designation : |
Director |
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Address : |
6/20,
Pradipat SOI, 15, Samsen Nai, Phyathai, Bangkok, Thailand-010400 |
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Date of Birth/Age : |
29.05.1970 |
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Date of Appointment : |
16.12.2004 |
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Name : |
Mr.
Yellipeddy Venkataveera Raghava |
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Designation : |
Manager |
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Address : |
4, Neel
Mahal, 25th road, TPS III, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
17.12.1961 |
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Date of Appointment : |
05.05.2005 |
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Name : |
Mr.
Hiralal Zutshi |
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Designation : |
Director |
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Address : |
B 25,
Mayfair Garden, Malabar Hill, Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
24.05.1942 |
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Date of Appointment : |
17.07.1995 |
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Date of Ceasing : |
31.05.2002 |
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Name : |
Mr.
Yves Labrosse |
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Designation : |
Director |
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Address : |
208,
Avenue De Versailles, Paris, France-75015 |
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Date of Birth/Age : |
28.03.1940 |
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Date of Appointment : |
17.07.1995 |
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Date of Ceasing : |
21.12.1995 |
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Name : |
Mr.
Ravinder Dhir |
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Designation : |
Managing
Director |
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Address : |
C 68,
NDSE II, New Delhi-110049 |
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Date of Birth/Age : |
25.05.1940 |
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Date of Appointment : |
21.08.1995 |
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Date of Ceasing : |
31.05.2000 |
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Name : |
Mr.
Thiru V. Narayanan |
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Designation : |
Manager |
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Address : |
3B, HP
Nagar East, Mahul Road, Chembur, Mumbai-400074, Maharashtra |
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Date of Birth/Age : |
27.07.1940 |
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Date of Appointment : |
10.11.1997 |
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Date of Ceasing : |
25.06.1998 |
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Name : |
Mr. P.
Rajendran |
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Designation : |
Manager |
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Address : |
2B, HP
Apartment, Menis, 45, Napean Sea Road, Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
19.08.1952 |
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Date of Appointment : |
01.06.2000 |
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Date of Ceasing : |
04.05.2005 |
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Name : |
Mr.
Shambhu Dayal Gupta |
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Designation : |
Director |
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Address : |
3,
Diamond Head, 46, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Appointment : |
17.07.1995 |
KEY EXECUTIVES
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Name
: |
Mr. Srinivas R. Raghavan |
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Designation
: |
Company Secretary |
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Address
: |
26/602,
HP Nagar East, Mahul Road, Vasi Naka, Chembur, Mumbai-400074, Maharashtra,
India |
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Date
of Birth/Age : |
21.06.1967 |
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Date
of Appointment : |
13.10.1998 |
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Name
: |
Mr.
Kumar Vivek Dungal |
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Designation
: |
Company
Secretary |
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Address
: |
36/203,
HP Nagar (East), Mahul road, Vasi Naka, Chembur, Mumbai-400074, Maharashtra |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr. Dhani Sahai Mathur |
100 |
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Mr. Shambu Dayal Gupta |
100 |
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Colas S.A. |
4724600 |
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Hughes Champs de |
100 |
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Mr. Somchit Sertthin |
100 |
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Jacques Pestor |
100 |
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Hindustan Petroleum Corporation Limited |
4724600 |
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Mr. Surinder Kumar Kapoor |
100 |
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Mr. Alain Dupont |
100 |
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Mr. Hiralal Zutshi |
100 |
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Arun Balakrishnan |
100 |
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Mr. Chigulpalli Ramulu |
100 |
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Mr. P. Rajendran |
100 |
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Mr. Deepak Thierry |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees |
240 |
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Bankers : |
v Standard Chartered Grindlays Bank Limited, Navi Mumbai, Maharashtra v Corporation Bank, Navi Mumbai, Maharashtra v Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400021, Maharashtra, India |
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Facilities : |
Secured Loan Amount
payable to Haryana Sales Tax Authorities towards IFST Deferral facility
availed – Rs. 15.743 millions (Securedc
by charge pm all fixed and movable
assets other than stocks) Unsecured Loans : Short
Term Loan from bank- payable witin one year
- Rs.50.000 millions Amount
payable to Tamilnadu Sales Tax Authorities towards IFST Deferral facility
availed - Rs.37.605 millions Total
– Rs.87.605 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Lovelock & Lewes Chartered Accountants 252,
Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India |
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Associates/Subsidiaries : |
Ø Hindustan Petroleum Corporation Limited, India Ø Colasie S.A., France |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity
Shares |
Rs.10/- each |
Rs.300.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
9450000 |
Equity
Shares |
Rs.10/- each |
Rs.94.500 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 |
94.500 |
94.500 |
94.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
120.869 |
92.526 |
75.584 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
215.369 |
187.026 |
170.084 |
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LOAN FUNDS |
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1] Secured Loans |
17.090 |
15.743 |
12.368 |
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2] Unsecured Loans |
129.475 |
87.605 |
37.605 |
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TOTAL BORROWING |
146.565 |
103.348 |
49.973 |
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DEFERRED TAX LIABILITIES |
0.000 |
35.429 |
26.828 |
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TOTAL |
361.934 |
325.803 |
246.885 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
298.131 |
296.467 |
188.461 |
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Capital work-in-progress |
4.437 |
2.611 |
19.283 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
57.801
|
44.005 |
27.448 |
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Sundry Debtors |
110.533
|
59.184 |
60.794 |
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Cash & Bank Balances |
57.068
|
11.341 |
100.786 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
64.924
|
68.697 |
24.374 |
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Total Current Assets |
290.326
|
183.227 |
213.402 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
208.154
|
139.775 |
155.810 |
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Provisions |
22.806
|
16.727 |
18.451 |
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Total Current Liabilities |
230.960
|
156.502 |
174.261 |
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Net Current Assets |
59.366
|
26.725 |
39.141 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
361.934 |
325.803 |
246.885 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
846.759 |
750.833 |
676.862 |
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Profit/(Loss)
Before Tax |
72.347 |
55.257 |
75.207 |
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Provision
for Taxation |
27.840 |
22.151 |
27.669 |
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Profit/(Loss)
After Tax |
44.507 |
33.106 |
47.538 |
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Import
Value |
NA |
36.850 |
0.234 |
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Total
Expenditure |
774.412 |
677.471 |
585.258 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.26
|
4.41 |
7.02 |
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Net
Profit Margin (PBT/Sales) |
(%) |
8.54
|
7.36 |
11.11 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
12.29
|
11.52 |
18.71 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.29 |
0.44 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.75
|
1.39 |
1.32 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.26
|
1.17 |
1.22 |
LOCAL AGENCY
FURTHER INFORMATION
The Company is a joint venture between HPCL and Colas, SA of France, with 50% participation each, formed for manufacturing and marketing of Beitumen emulsions. The performance of the company continues to be encouraging.
Subject is engaged in manufacturing of Bitumen Substances and Bitumen Emulsions of all types for all purposes.
It was incorporated with the main object to carry on the business of producers, refiners, processors, buyers, sellers, distributors, importers, exporters, traders, agents, stockists, stores and suppliers of all types of crude oils, petroleum and petroleum products.
The company is also in the process of setting up its third plant near Chennai, Tamilnadu with a view to consolidating its' position as market leader in manufacturing and marketing of bitumen emulsions.
Subject is a joint venture of Hindustan Petroleum Corporation Limited and Colas S.A., France.
It presently operates 4 manufacturing plants at Mumbai, Bahadurgarh, Chennai and Vadodara. A new plant at Visakhapatnam has been commissioned in the last week of May 2004. The Company is in the process of setting up new manufacturing facility at Mangalore.
The company's fixed assets of important value include leasehold land, building plant and machinery, furniture & fixtures and motor vehicles.
Form 8 Particular for creation or modification of
charges
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Name of the company |
HINDUSTAN
COALS LIMITED |
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Presented By |
R.S.
Raghavan, Finance Manager and Company Secretary |
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1) Date and description of instrument creating the change |
Credit Sanction Intimation of Corporation Bank, covering Sanction of fresh cash credit facility and Agreement Hypothecation of book bebts dated 16.03.2000 Hypothecation of Goods to secure demand cash credit dated 16.03.2000 (Both documents constitute single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all stocks and Receivabless of the company towards sanction of cash credit limit
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Limits Interest at PLR Margin@30% for stocks and 45% for Receivables Running account repayable on demand subject to annual |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Mumbai |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporation identity number or foreign company registrations number of the company |
U23200MH1995PTC090671 |
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Name of the company |
HINDUSTAN
COLAS LIMITED |
|
Address |
D-500,
TTC Industrial Area, MIDC, Opposite HPCL Terminal, Turbhe, Mumbai-400703,
Maharashtra, India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Book Debts Stock in Trade |
|
Particular of the charge holder |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India E-Mail : raghu.bangalorekar@kotak.com |
|
Nature or description of the instrument creating charge |
Deed of Hypothecation |
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Date of the instrument creating charge |
22.09.2006 |
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Amount Secure by the charge |
Rs.60.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 10% , interest rate has been arrived at on the basis of KMBL’s Benchmark Prime Lending Rate (PLR) Less 5% p.a. currently KMBL’s Benchmark PLR is 26%pa.a WCDL : 9.50% interest rate has been arrived at on the basis of KMBL’s Benchmark PLR Less 5.5% p.a. interest shall be debited to CC account on monthl;y basis Interest rate upon default : Amounts unpaid on due date shall attract interest @ 2% p.a. compounded monthly Terms of repayment : Cashg Credit : on demand WCDL – Automatic rollover at the end of 90 days subject to availability of drawing power. Interest to be collected on a monthly basis Margin : 25% on stock and 25% on book debts Extent and operation of the charge : Loan Limit : Cash Credit – Rs.60 millions Security : A First/exclusive charge by way of hypothecation over the movable assets of the borrower both present and future in favour of the bank Others : Purpose of Loan : Working Capital |
|
Modification charge Charge identification number of the charge to be modified |
U23200MH1995PTC090671 |
|
Particulars of the Property charged |
The whole of the borrower current assets, both present and future as stated in the second schedule to the deed of hypothecation. |
Physical
Performance :
In addition to the plants at Navi Mumbai, Bahadurgarh (Haryana), Irungattukottai (Near Chennai, Tamilnadu) and Savli (Near Vadodara, Gujarat), during the year, new plants were commissioned at Vishakhapattnam (Andhra Pradesh) and Mangalore (Karnataka).
Towards utilizing the spare production capacity, the company has pursuing the activity of manufacturing products for others on job work basis. During the year, 6724 MT was produced for others as against 951 MT in the previous year.
Sector
Review :
The National Highway Development Programme launched by the central government a few year ago had led to a significant increase in the major road projects across India. Major projects such as the GQ project connecting the four major metros, development of other major highways and improved connectivity of rural roads had resulted in a high level of activity on the Indian roads, the kind of which had not been witnessed for a very long time. This in turn had the consequential effect of driving the growth of blinders witnessed a double digit annual growth consistently for the past few years.
During the financial year 2004-05, the progress on road projects was not anticipated which resulted in a situation where the market for bitumen saw a negative growth of around 8% as compared to a positive growth of 15% in the earlier year. The company not being insular to the external developments was also affected with the growth during the year being lower than the targeted growth rate achieved in earlier years.
The directors feel that the road projects would gain momentum in the coming period and with the Indian Economy continuing to perform well, the need for a stronger infrastructure would be even more crucial and indication of such revival is already clearly visible, which augurs well for a better performance over the forthcoming years.
Performance
Analysis :
Despite an increased turnover during the current year, the profit for the year is lower compared to last year, primarily due to the following factors:
The sector, in which the company operates, continues to witness increasing competition over the past few years, consequent to which selling prices continue to be under pressure. As adjustments to selling prices in line with prices of inputs other than bitumen is not feasible, the margins during the year came under stress, on account of steep increase in the prices of solvents, steel drums used in packing etc. thus resulting in a reduced gross contribution of 16.9% for the current year as compared to 18.2% for the last year.
The reduction in other income, the increase in amounts incurred on upgrading facilities at plants along with the increased overheads and depreciation on the new plants have also resulted in the profits for the year being lower.
While the corporate tax for the year is lower, the deferred tax for the year is higher on account of the timing differences on account of depreciation on the new plants.
Future
Outlook :
With the road showing strong trends of revival, the growth opportunities for the year ahead appear brighter for the company, which in turn should facilitate improved capacity utilization. Moreover with the additional production facilities added during the year, the company is now in a position to serve the customer requirements in any part of the southern India.
The expansion of the company would now be structured towards improving the infrastructure to meet the demand for its products in North India and to gain foothold in the Eastern India market.
Website
Details :
Corporate
Hindustan Colas Limited is a Joint Venture Company of Hindustan Petroleum
Corporation Limited, With Colas S.A., France.
They are engaged in the business of manufacturing and
marketing of various Value Added Bitumenous Products.
Established with one plant in Navi Mumbai, in the year 1996.
Today they have six manufacturing plants at various cities located across the
country.
Their Vision
To use innovative technology in making available, Superior Quality products and
appropriate solutions to clients.
To render specialized technical support to Road Builders.
Their Resources
State-of-art manufacturing plants, all imported from COLAS SA, France (World
leaders in road construction and manufacture of bituminous products) at the
following locations
1. Vashi, Navi Mumbai
2. Bahadurgarh, near Delhi
3. Irungattukottai, near Chennai
4. Baroda, Gujarat
5. Visakapatnam, A.P.
6. Mangalore, Karnataka
Technology support from COLAS SA and marketing support from Hindustan Petroleum
Corporation Limited provides for high quality products, backed up by efficient
customer service.
Well equipped laboratories at all HINCOL plants supported by Central Research
Laboratory of COLAS SA at Paris, facilitates ensuring strict quality control
and to continuously carrying out improvements to quality, in line with latest
international developments.
Their Services
HINCOL ensures supply of their products conforming to the highest quality
standards.
Plants in all regions and the strong marketing network of Hindustan Petroleum
Corporation Limited ensure easy availability of HINCOL products across India.
Efficient technical support for use of HINCOL products.
Products
:
Hindustan Colas Limited
is a leading manufacturer of Bitumen Emulsions, Modified Bitumen and Other
value added bitumenous products in India, as a company they provide a single
roof solution for all road application related products except bitumen, their
wide product range is enlisted in three different fashions to enable you browse
through their products with ease. Click on the section heading to browse
through.
Road Applications and
Related Products
Mumbai Office Mumbai Plant
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|