MIRA
INFORM REPORT
|
Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT
SIDHEE CEMENT LIMITED |
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Registered Office : |
Sidheegram, Off. Veraval – Kodinar Highway, District Junagadh - 362
276, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.03.1973 |
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Com. Reg. No.: |
04-2245 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG00444D |
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PAN No.: [Permanent
Account No.] |
AAACG8057G |
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Legal Form : |
Public limited liability company. The company’s shares are listed on the
Stock Exchanges |
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Line of Business : |
Manufacturing of Cement |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Sick
Unit |
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Payment Behaviour : |
Slow
and Delayed |
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Litigation : |
-- |
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Comments : |
Subject
is an old company having moderate track. It is a sick unit and has been
referred to BIFR. Its
payments are reported as slow and delayed. The
company can be considered for any business dealings on fully safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Sidheegram, Off. Veraval – Kodinar Highway, District Junagadh - 362
276, Gujarat, India. |
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Tel. No.: |
91-2876-241911 / 12 / 13 / 14 / 15 / 286528 / 31 / 33 / 34 / 36 |
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Fax No.: |
91-2876-286540 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Agrima Business Centre, N. K. Mehta International House, 178, Backbay Reclamation, Mumbai – 400 020, Maharashtra, INDIA |
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Tel.
No.: |
91-22-2284 4888 / 2236 5444 / 2236 5466 /
2636 5444 |
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Fax
No.: |
91-22-2284 2899 / 2204 8122 / 2236 5445 /
5636 5445 |
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E-Mail
: |
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Plant
: |
Sidheegram Plant Off. Veeraval-Kodinar Highway,
Sidheegram 362 276, Dist. Junagadh, |
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Tel. No.: |
91-2876-286530/31/32/33/34 |
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Fax No.: |
91-2876-286540 |
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Marketing Office : |
Pelican, 7th Floor, Gujarat
Chambers of Commerce and Industry Compound, Ashram Road, Ahmedabad - 380 009.
(India) |
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Tel. No.: |
91-79-2658
0135/0137/91-79-2658 9353/ 91-79-2658 3858 |
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Fax No.: |
91-79-2658 7265/2657 5453 |
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E-Mail
: |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. M. N. Mehta |
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Designation : |
Chairman |
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Name : |
Mr. Jay Mehta |
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Designation : |
Executive Vice Chairman |
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Name : |
Mr. M. S. Gilotra |
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Designation : |
Managing Director |
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Name : |
Mr. Raj K. Poddar |
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Designation : |
Deputy Managing Director |
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Name : |
Mr. Sanat Mehta |
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Designation : |
Director – Nominee of The Mehta International Limited |
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Name : |
Mr. Jesper Horsholt |
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Designation : |
Director – Nominee of F.L.Smidth & Co. A/S, Denmark |
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Name : |
Mr. Erling Frandsen |
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Designation : |
Alternate Director to Mr. Jesper Horsholt |
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Name : |
Mr. Sampath Sridhar |
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Designation : |
Nominee Director of Industrialization Fund for Developing Countries Denmark |
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Name : |
Dr. N. R. Desai |
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Designation : |
Director – Nominee of GIIC Limited |
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Name : |
Mr. Vipin Malik |
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Designation : |
Alternate Director to Mr. M. N. Mehta |
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Name : |
Mr. K. Lalit |
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Designation : |
Director |
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Name : |
Mr. M. L. Tandon |
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Designation : |
Director |
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Name : |
Mr. S V S Raghavan |
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Designation : |
Director |
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Name : |
Mr. P. T. Thomas |
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Designation : |
Nominee Director of IDBI |
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Name : |
Mr. P. K. Behl |
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Designation : |
Nominee Director of LIC |
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Name : |
Mr. P. Niranjan |
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Designation : |
Nominee Director of SBI |
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Name : |
Mr. S. M. Kanwar |
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Designation : |
Special Director, BIFR |
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Name : |
Mr. G.C. Murmu |
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Designation : |
Nominee of GIIC Limited |
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Name : |
Mr. T.
M. N. Singh |
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Designation : |
Nominee
of SBI |
KEY EXECUTIVES
|
Name
: |
Mr. Gaurang Shah |
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Designation
: |
Company Secretary |
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Name
: |
Mr. Raj K. Poddar |
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Designation
: |
Deputy Managing Director (Finance) |
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Date
of Birth/Age : |
50 years |
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Qualification
: |
B.Com., FCA |
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Experience
: |
19 years |
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Other
Directorships : |
Executive Director – DCM Shriram Consolidated Limited |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Resident Indians & Bodies Corporate |
11748611 |
82.55 |
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NRIs |
1993205 |
1.39 |
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FIIs |
122100 |
0.08 |
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Financial Institutions |
1833011 |
1.28 |
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Banks |
5802881 |
4.07 |
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Mutual Fund |
183825 |
0.12 |
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Foreign Company |
12500000 |
8.78 |
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Overseas Corporate Bodies |
2467675 |
1.73 |
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Total |
142388808 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of Cement |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Cement |
MT |
|
1,200,000 |
930640 |
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Clinker |
MT |
|
-- |
330299 |
GENERAL
INFORMATION
|
Bankers : |
Ø State Bank of India Ø Dena Bank Ø State Bank of Travancore Ø State Bank of Bikaner & Jaipur Ø State Bank of Patiala Ø Union Bank of India Ø State Bank of Saurashtra |
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Facilities : |
Secured Loans
Term Loans from Banks and Financial Institutions (other than funded
interest term loans from banks) are secured by first mortgage ranking pari
passu on all movable and immovable assets of the Company, both present and
future (save &- except book debts and assets exclusively hypothecated to
other lenders), subject to charges created or to be created in favour of
Company's Bankers on inventories and book debts for working capital
borrowings. Further, such loans are secured by second charge ranking pari
passu on inventories and book debts charged in favour of banks. The loans are
also secured by the personal guarantee of two promoter directors. Funded Interest Term Loans from Banks included in Term Loan are
secured by way of second charge to be created ranking pari passu on all
immovable and movable assets of the Company, both present and future. The
loans are also secured by the personal guarantee of two promoter directors. Term Loan from Others being finance availed for purchase of vehicles
from banks and finance companies are secured by hypothecation of vehicle
financed by them. Interest free Infrastructural term loan from GIIC Limited is secured
by way of joint equitable mortgage on Company's immovable and movable
properties, both present and future, subject to prior charge of Financial
Institutions and Banks. Working Capital Loans from Banks are secured by hypothecation of
inventories and book debts as well as second charge on company's immovable
and movable properties, both present and future. These loans are also secured
by the personal guarantee of two promoter directors. Unsecured Loans
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Banking Relations : |
-- |
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Auditors : |
Manubhai & Company Chartered Accountants Ahmedabad, Gujarat, India |
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Associates/Subsidiaries : |
Ø
Saurashtra
Cement Limited Ø
Sumaraj Holding Private Limited Ø
Ria Holdings Limited Ø
Pranay Holdings Limited Ø
Reeti Investments Limited Ø
Prachit Holdings Limited Ø
Bromeliads Finvest Private Limited Ø
Sunnidhi Trading Private Limited Ø
Elian Finvest Private Limited Ø
Sameta Export Private Limited Ø
The Mehta International Limited Ø
Euro Investment Limited Ø
Exchange Management Limited Ø
Clarence Investments Limited Ø
Glenn Investments Limited Ø
Hopgood Investments Limited Ø
Gujarat Industrial Investment Corporation Limited Ø
The Industrialization Fund for Ø
Developing Countries Ø
F L Smidth A/S |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
170,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1700.000 millions |
Issued
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
142589475 |
Equity
Shares |
Rs.10/- each |
Rs.1425.895 millions |
Subscribed
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
142589125 |
Equity
Shares |
Rs.10/- each |
Rs.1425.891 millions |
Paid-up
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
127388808 |
Equity
Shares |
Rs.10/- each |
Rs.1393.888 millions |
|
|
Add:
Shares forfeiture Account |
|
Rs.0.530 millions |
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Total |
|
Rs.1394.418
millions |
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 |
|
|
|
|
|
1] Share Capital |
1394.418 |
1324.418 |
1264.400 |
|
|
2] Advance Call Money |
2.000 |
10.000 |
0.000 |
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|
3] Share Application Money |
22.266 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
2.695 |
2.695 |
(1931.400) |
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|
5] (Accumulated Losses) |
(2001.696) |
(2128.373) |
0.000 |
|
|
NETWORTH |
(580.317) |
(791.260) |
(667.000) |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
947.380 |
877.895 |
810.400 |
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2] Unsecured Loans |
1354.024 |
1641.496 |
1777.400 |
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TOTAL BORROWING |
2301.404 |
2519.391 |
2587.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1721.087 |
1728.131 |
1920.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
433.579 |
498.221 |
570.100 |
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Capital work-in-progress |
319.199 |
21.550 |
12.400 |
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INVESTMENT |
0.049 |
0.043 |
0.000 |
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DEFERREX TAX ASSETS |
939.901 |
1057.075 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
242.847
|
249.755 |
171.600 |
|
|
Sundry Debtors |
140.367
|
138.977 |
257.100 |
|
|
Cash & Bank Balances |
56.352
|
120.434 |
89.500 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
148.988
|
134.846 |
1328.900 |
|
Total Current Assets |
588.554
|
644.012 |
1847.100 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
493.700 |
|
|
Provisions |
|
|
15.100 |
|
Total Current Liabilities |
560.195
|
492.770 |
508.800 |
|
|
Net Current Assets |
28.359
|
151.242 |
1338.300 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1721.087 |
1728.131 |
1920.800 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
2893.471 |
1829.351 |
1689.900 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
247.227 |
(201.400) |
(244.600) |
|
Provision
for Taxation |
120.550 |
(395.712) |
(84.600) |
|
Profit/(Loss)
After Tax |
126.677 |
(194.312) |
(160.000) |
|
|
|
|
|
|
Export
Value |
1296.065 |
662.448 |
NA |
|
|
|
|
|
|
Import
Value |
157.998 |
72.115 |
NA |
|
|
|
|
|
|
Total
Expenditure |
2557.387 |
1939.498 |
1934.500 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 (1st Quarter) |
30.09.2006 (2nd Quarter) |
|
Sales Turnover |
|
938.800 |
894.400 |
|
Other Income |
|
6.000 |
4.900 |
|
Total Income |
|
944.800 |
899.300 |
|
Total
Expenditure |
|
736.200 |
735.900 |
|
Operating
Profit |
|
208.600 |
163.400 |
|
Interest |
|
46.600 |
22.600 |
|
Gross Profit |
|
162.000 |
140.800 |
|
Depreciation |
|
22.000 |
24.400 |
|
Tax |
|
0.300 |
0.600 |
|
Reported PAT |
|
92.600 |
86.300 |
200606 Quarter 1
Notes
EPS is Basic and
Diluted Status of Investor Complaints for the quarter ended 30.06.2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 22 Complaints disposed off during the quarter 22 Complaints
unresolved at the end of the quarter Nil 1. The Company has only one business
segment Cement/Clinker as primary segment. 2. The above unaudited Financial
Results for the first quarter ended 30.06.2006 were reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on
27.07.2006.
200609 Quarter 2
Notes
EPS is Basic &
Diluted Status of Investor Complaints for the quarter ended 30.09.2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 22 Complaints disposed off during the quarter 22 Complaints
unresolved at the end of the quarter Nil 1. Pursuant to the Accounting Standard
As 15 (revised) on 'Employees Benefits' issued by the Institute of Charted
Accountants of India being mandatory with effect form April 01, 2006, the
Company has charged in the accounts for the quarter ended 30.09.2006 an amount
of Rs 7.719 million based on actuarial valuation of employee benefits for the
period ended 30.09.2006. 2. The Company has only one business segment
'Cement/Clinker' as primary segment. 3. The above unaudited Financial Results
for the second quarter and half year ended 30.09.2006 were reviewed by the
Audit Committee and approved by the Board of Directors at their meeting held on
30.10.2006.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
2.59 |
3.16 |
3.71 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.67 |
1.06 |
0.87 |
|
Inventory |
12.68 |
9.40 |
10.16 |
|
Debtors |
22.36 |
10.00 |
6.96 |
|
Interest Cover Ratio |
3.72 |
(1.66) |
(2.79) |
|
Operating Profit Margin(%) |
13.67 |
(1.75) |
(5.26) |
|
Profit Before Interest And Tax Margin(%) |
10.82 |
(6.35) |
(11.08) |
|
Cash Profit Margin(%) |
6.90 |
(5.20) |
(4.02) |
|
Adjusted Net Profit Margin(%) |
4.06 |
(9.81) |
(9.85) |
|
Return On Capital Employed(%) |
12.48 |
0.00 |
0.00 |
|
Return On Net Worth(%) |
42.53 |
0.00 |
0.00 |
STOCK PRICES
|
Face
Value |
Rs.10.00/- |
|
High |
Rs.23.25 |
|
Low |
Rs.22.20 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated in 1973, as Cement Corporation of Gujarat, a wholly-owned subsidiary of the Gujarat Industrial Investment Corporation (GIIC), subject was promoted by GIIC and the Mehta group. The company got its present name in January, 1994.
Subject undertook a project to manufacture 1 mtpa of portland cement on 344
hectares land obtained at Junagadh District, Gujarat. The mining lease of 254
hectares is awaited. Subject is a sick company registered with the BIFR since
July, 1990.
Due to differences between the two promoters and the following prolonged litigation, GIIC decided to disinvest part of its holding in the company, in favour of the Mehta's. The Mehta group with a 38% equity stake, now exercises control over the company.
The company came out with its first rights issue in January, 1990, followed by
a second one in July, 1994 to pay off loans, add balancing equipment and raise
its capacity from 1 mtpa to 1.2 mtpa. This increased the equity to Rs 1190.8
millions.
Subject has been awarded the coveted Certificate under ISO-9002 by TUV Private
Limited, a subsidiary of RWTUV of Germany for excellence in quality
management.
Over the last three years, the company has been showing signs of recovery, with
higher capacity utilisation each year. GSCL received a Certificate of Merit for
1995-96 from CAPEXIL for its export performance.
The company is also planning to install a captive power plant, construct a
captive jetty close to the plant along with other modernisation jobs in its
plant.
The company is planning to go for modernisation of its raw mill, preheater and
clinker cooler systems.
Company’s
fixed assets include Land Free hold and Lease hold, Buildings, Plant and
Machinery, Furniture, Fixtures and Office Equipments, Vehicles and Railway
siding.
Cement consumption on
an All India basis increased by 10.14% i.e. from 123.08 million tones to 135.56
million tones and installed capacity increased from 151.61 million tones
to 157.15million tones during the year 2005-2006.
Cement consumption in Gujarat increased by about 0.41
million tones to 9.12 million tones for the year ended March 2006 as
against 8.71 million tones in the previous year. Exports of cement increased to
4.72 million tones as against 3.08 million tones in the previous year.
PERFORMANCE REVIEW
Production and Despatches
Cement production during the year was 0.93 million
tones as against 0.55 million tones in the previous year, an increase of 69%.
Clinker production during the year was 1.21 million tones as against 1.07
million tones in the previous year.
Cement sales during the year in domestic market was
0.71 million tones as against 0.55 million tones in the previous year. The
Company exported 0.39 million tones of cement during the year as against nil
export in previous year.
The Company exported 0.30 million tones of clinker and
sold 0.13 million tones in the local market, as compared to 0.55 million tones
and 0.18 million tones respectively in the previous year.
The Company continued to use indigenously available
pet coke mixed with imported coal to the extent of 48% of fuel used, thereby
offsetting the high cost of imported coal. However, during the year, the cost
of raw materials, coal, pet coke and fuel increased substantially resulting in
lower contribution. The inward and outward freight also increased due to
substantial hike in prices of petroleum products and restriction on loading of
material on trucks
Marketing and Exports
During the year under review, the total sales
including exports, were 1.53 million tones as against 1.28 million tones, an
increase of about 19.5% over the previous year. Out of the total sales, about
45.5% were sold in the international market.
The Company exported 0.69 million metric tones of
cement and clinker during the year under review as against 0.55 million metric
tones in the previous year. There has been a continued growth in demand for
cement and clinker in the Gulf region. It is expected that the growth in
consumption of cement in the Gulf region shall continue. The significant aspect
of the exports during the year was a shift to cement exports from clinker
exports.
Rehabilitation
Members are aware that the Company's net worth had
been eroded and was referred to The
Board of Industrial and Financial Reconstruction (B1FR). A Revival
Scheme was sanctioned by the Honorable Appellate Authority for Industrial and
Financial Reconstruction (AA1FR) in November 2002 envisaging setting up of a
captive Power Plant and construction of Jetty with mechanized loading and
unloading facilities near the factory, with necessary relief and concessions
from the Banks / Financial Institutions &- Government of Gujarat and
infusion of further equity by the promoter group.
Further, the sanctioned Rehabilitation Scheme
interalia also provided for restructuring of debts, grant of fresh loans and subscription
to share capital for financing the cost of the scheme.
As per the Order of Honorable AAIFR, the payment of
interest and repayment of principal amount to Banks &- Financial
Institutions was to commence w.e.f 1.4.2004. The Company had requested for
extending the period of moratorium which was agreed in principle by the banks and financial
institutions, subject to the approval of relevant authorities and Honorable
BIFR.
The Government of Gujarat filed a Writ Petition in the
Gujarat High Court challenging the order of the Honorable AAIFR contending that
the parity in sacrifice should be observed in absolute amounts and not in terms
of percentage of outstanding. The same was however, dismissed by the Gujarat
High Court. The Government of Gujarat has filed a Letters Patent Appeal in the
Gujarat High Court against the dismissal of the writ and the appeal is pending
for admission.
The Company is making regular payment of the dues of
the Government of Gujarat and has paid off Rs. 272.8 millions during the year
under report.
Jetty & D.G. Sets
As per the Rehabilitation Scheme, the Company has
initiated the steps to have own captive jetty. The State Government has already
approved the allotment of land for jetty site and installation of storage and
handling facilities. The Company has paid for the land and taken possession.
However, in view of the withholding of the loans from financial institutions,
further progress on the jetty project is delayed. The D.G. Sets are installed
at the plant and are under commissioning.
Future Outlook
During the year 2005-2006, the Indian economy achieved
an impressive GDP growth of 8%. In the current year, considering a satisfactory
monsoon throughout the country, the tempo of GDP growth is likely to be
maintained which is expected to result in growth in demand of cement.
Long term prospects of the cement industry in India as
well as in Gujarat continue to remain bright. The growth in the infrastructure
sector especially roads and irrigation, is expected to result in increase in
demand for cement. Moreover,
the construction boom in the U.A.E. and other Gulf countries will help the
plants in Gujarat to export their surplus production, ensuring full capacity
utilization.
The areas of concern, however, are the high cost of
energy, fuel and transport and competition from new capacities being added in
the country by existing and new entrants.
Website Details :
Subject was originally set up as a joint venture
between the Gujarat Industrial Investment Corporation and The Mehta Group.
GSCL's plant is located at Sidheegram in Sutrapada Taluka, District Junagadh,
Gujrat State, India.
Subject’s plant uses the latest Dry Process
Pre-calcination technology comparable to international standards. The
state-of-the art plant makes use of machinery which is sourced from reputed
international companies. The plant, operating at over 100% capacity, is also
one of India's cost effective cement producers.
Because of its proximity to the Porbandar and Pipavav ports, it has competitive
access to the large export markets in the Middle East countries, Sri Lanka and
Bangladesh by the economical sea route.
Subject has got national and international
recognition:
Ø India’s
first 53 grade Cement
Ø Thrice
winner of National Productivity
Ø India’s
highest exporter of cement clinker
Ø Gujarat’s
first cement company to get ISO 9002 (RWTUV, Germany)
Ø Got ISO
14001 certification for Environmental Management Systems (RWTUV, Germany)
Subject markets cement under the brand name
"Sidhee". GSCL product range includes Ordinary Portland Cement (OPC)
53 Grade and 43 Grade, Pozzolana Portland Cement (PPC).
Subject's range of products (i.e. various grades of
cements) are with long lasting strength and suited for all applications that
are requiring high compressive strengths. Following table indicates compressive
strength chart for GSCL 53 Grade cement.
|
Compressive Strength Chart |
||
|
53 Grade Cement |
||
|
Compressive Strength (Kg/Cm2) |
As per
IS:12269 1987 |
Sidhee
Cement |
|
3 days |
270 |
430 |
|
7 days |
370 |
550 |
|
28 days |
530 |
630 |
Product
OPC 43 Grade OPC
53 Grade PPC
Applications
Ø Residential
Complexes
Ø Commercial
Complexes
Ø Structural
Components
Ø Concrete
Roads
Ø Flooring
Tiles
Ø Masonry
Works
Ø Mass
Concrete Works
Ø Repairing
Works
Ø Asbestos
Cement Products
Ø Marine
Structures
Ø Building
near Seacoast
Ø Foundations
Ø Effluent
Treatment Plants
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.44.11 |
|
UK
Pound |
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.57.04 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
10 |
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 |
|