MIRA
INFORM REPORT
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Report Date : |
14.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
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Formerly
Known As : |
ENPAC
(INDIA) PRIVATE LIMITED |
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Registered
Office : |
98, Jolly Maker Chambers No. 2, 225
Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
11-78296 |
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CIN
No.: [Company
Identification No.] |
U74952MH1994FLC078296 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUME04200A |
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PAN
No.: [Permanent
Account No.] |
AAACP2836Q |
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Legal Form : |
Closely Held Public
Limited Liability Company |
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Line of Business : |
Manufacturer and
sale of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium
Foil, Plastic Metallished film and Rotogravure Printing Cylinders. |
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 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory
track. The company has wiped out its previous losses and registered
substantial profit. Trade relations are fair. Payments are usually 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 : |
98, Jolly Maker Chambers No. 2, 225
Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22837206 (5 lines) |
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Fax No.: |
91-22-22023774 |
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E-Mail : |
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Website : |
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Factory 1 : |
Flexible Packaging Division Village Ransai, Km. 16, Khopoli -Pen Road, P.B No. 37, Taluka Khalapur, Khopoli - 410203, India |
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Tel. No.: |
91-2192-391300 to 391309 |
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Fax No.: |
91-2192-391510 |
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E-Mail: |
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Website : |
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Factory 2 : |
Rotogravure Printing Cylinder
DivisionPlot No. V-26, MIDC, Taloja Industrial area, Taluka Panvel, District
Raigad, Maharashtra-410203 |
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Factory 3 : |
Metallising Div : Plot No .L-19,
MIDC, Taloja Industrial Areas, Taluka- Panvel, Dist. Raigad,
Maharashtra-410208 |
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Overseas Office : |
3rd
Floor, 116 Baker Street, London, W IU6TS, United Kingdom |
DIRECTORS
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Name
: |
Mr. N. P. Kirpalani |
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Designation
: |
Chairman |
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Name
: |
Mr. A. S. Lakhani |
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Designation
: |
Vice Chairman |
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Name
: |
Mr. L. Ramkrishnan |
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Designation
: |
Managing Director and Chief Executive
Officer |
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Name
: |
Mr .Y. V. Rao |
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Designation
: |
Managing Director |
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Name
: |
Mr. C. H. Laxminarayan |
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Designation
: |
Wholetime Director |
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Address
: |
2/295, Fairview, 5th Road,
Chembur, Mumbai – 400071, Maharashtra, India |
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Date
of Birth/Age : |
22.10.1957 |
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Date
of Appointment : |
26.09.2002 |
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Name
: |
Mr .R. Krishnamurthy |
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Designation
: |
Wholetime Director |
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Address
: |
No 5, Rohini, Plot Number 29-30,
Sector 9-A, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Date
of Birth/Age : |
08.06.1960 |
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Date
of Appointment : |
02.03.2001 |
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Name
: |
Mr. Pranesh M. Kankanwadi |
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Designation
: |
Wholetime Director |
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Address
: |
B-34, Sudarshan Co-Operative Housing
Society, Plot No. 38, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
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Date
of Birth/Age : |
11.01.1965 |
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Date
of Appointment : |
26.09.2002 |
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Name
: |
Mr. N. Ganga Ram |
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Designation
: |
Director |
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Address
: |
703, Golden Castle, Sundarnagr
Kalina, Mumbai – 400098, Maharashtra, India |
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Date
of Birth/Age : |
22.09.1934 |
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Date
of Appointment : |
21.05.1996 |
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Name
: |
Mr. Ajit Chakrabarti |
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Designation
: |
Director |
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Address
: |
2B, 11, Neptune Apartments, Juhu Tara
Road, Mumbai – 4000449, Maharashtra, India |
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Date
of Birth/Age : |
21.08.1934 |
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Date
of Appointment : |
20.12.1996 |
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Name
: |
Mr. Anil K. Kale |
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Designation
: |
Wholetime Director |
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Address
: |
F, Wing, 205, Sumer Castle, LBS Marg,
Thane – 400601, Maharashtra, India |
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Date
of Birth/Age : |
01.12.1958 |
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Date
of Appointment : |
25.12.2003 |
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Name
: |
Mr. K. N Patel |
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Designation
: |
Wholetime Director |
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Date
of Appointment : |
19.05.2004 |
KEY EXECUTIVES
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Name : |
Mr Anil
Krishnaji Kale |
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Designation
: |
Secretary |
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Address
: |
F, Wing, 205, Sumer Castle, LBS Marg,
Thane – 400601, Maharashtra, India |
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Date
of Birth/Age : |
01.12.1958 |
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Qualification
: |
26.09.2002 |
MAJOR
SHAREHOLDERS
|
Names of Equity Shareholders |
No.
of Shares |
|
Kirti V Sanghi |
36 |
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Far East Holdings Ltd (Mauritius) |
29455791 |
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Chitoor H Laxminarayan |
36 |
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Mr. Naraindas P. Kirpalani |
10500 |
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Mr. Ashok S. Lakhani |
4470 |
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Total |
29470833 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer and
sale of multi layered laminated and printed films for packaging based on BOPP/Polyester Films, Paper, Aluminium
Foil, Plastic Metallished film and Rotogravure Printing Cylinders. |
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Generic Name With Principal Products are |
Item Code No. : 48, 38, 399 & 84 |
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Multi-layered Laminated & Printed
Films for Packaging based on BOPP/Polyester Films, Paper and Aluminium Foil,
Plastic Metallished film and Rotogravure Printing Cylinders. |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Laminates |
Matrix
Tones |
31.03.2005
– 16500 31.03.2004
- 9600 |
31.03.2005
– 10614 31.03.2004
– 8742 |
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Rotogravure Printing Cylinders |
Numbers |
31.03.2005
– 21600 31.03.2004
- 18000 |
31.03.2005
– 18293* 31.03.2004
– 15082* |
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Metallised Film |
Matrix
Tones |
31.03.2005
– 4200 31.03.2004
– 4200 |
31.03.2005
– 3890** 31.03.2004
– 2773** |
(Includes inter divisional transfers of 5975 Numbers
(Previous year 4190 Numbers)) *
(Includes inter divisional transfers of 1134 Matrix Tones
(Previous year 818 Matrix Tones) and third party processing of 2618 Matrix
Tones (Previous year 1671 Matrix Tones) * *
GENERAL
INFORMATION
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No. of Employees : |
180 |
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Bankers : |
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Facilities
: |
[The company enjoys
Cash Credit facility from State Bank of India against Hypothecation of Stocks
of Raw Materials, Work-in-Progress, Finished Goods, Consumable, Stores &
Spares, etc. The company also
enjoys Overdraft facility from Union Bank of India against Foreign Currency
(Non-Resident) deposit provided by the Promoters]
Notes 1. Term Loan from
state bank of India are secured by equitable mortgage of title deeds of the
company’s immovable properties situated at MIDC Taloja, Panvel and at village
Ransai, taluka Khalapur, District Raigad, in the state of Maharashtra, by
hypothecation of movable assets of the company and personal guarantee of two
directors. 2. Short term
Loans, external commercial borrowings and overdraft facilities are secured
against security arranged by one of the directors. 3. Cash Credit
facility is secured by hypothecation of stocks and book debts, second charge
on fixed assets of the company and personal guarantee of two directors. 4. Vehicle loan is
ecured by hypothecation of the vehicles.
Notes : The company has
availed of an interest free sales tax incentive from the government of
Maharashtra, for the establishment of a manufacturing facility at village
Ransai, Taluka Khalapur. In accordance with the scheme, the payment of sales
tax incentive for the expansion at the same location for a perod of 5 year
from 14.10.2005 |
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Banking
Relations : |
Good |
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Auditors : |
Arun Arora & Company Chartered Accountants |
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Address : |
304, Marine Chambers, New Marine
Lines, Mumbai – 400 020,
Maharashtra |
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Tel. No.: |
91-22-22055858 /
22014121 |
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Fax No.: |
91-22-22004139 |
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E-Mail : |
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Associates : |
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CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
3,00,00,000 |
Equity Shares |
Rs
10/- each |
Rs.
300.000 millions |
|
11,00,000 |
Preference Shares |
Rs
100/- each |
Rs.110.000
millions |
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Total |
|
Rs. 410.000 millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,94,70,833 |
Equity Shares |
Rs
10/- each |
Rs.
294.708 millions |
|
10,91,085 |
12% Optionally
Convertible Cumulative Redeemable Preference Shares |
Rs
100/- each |
Rs.
109.109 millions |
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Total |
|
Rs. 403.817 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
403.817 |
403.817 |
397.187 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
133.121 |
80.693 |
0.000 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(30.856) |
NETWORTH
|
536.938 |
484.510 |
366.331
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
1212.542 |
808.550 |
386.238 |
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2] Unsecured Loans |
119.938 |
113.989 |
159.600 |
TOTAL BORROWING
|
1332.480 |
922.539 |
545.836 |
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Deferred Tax
Liability
|
30.000 |
23.000 |
0.000 |
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TOTAL
|
1899.418 |
1430.049 |
912.169 |
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APPLICATION OF
FUNDS
|
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FIXED ASSETS [Net
Block]
|
1117.023 |
757.017 |
462.611 |
Capital
work-in-progress
|
180.566 |
129.374
|
113.299 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
DEFERREX TAX
ASSETS
|
0.000 |
0.000 |
13.900 |
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CURRENT ASSETS,
LOANS & ADVANCES
|
|
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Inventories
|
355.119
|
275.062
|
183.967 |
Sundry Debtors
|
490.517
|
439.014
|
223.404 |
Cash & Bank
Balances
|
11.021
|
19.382
|
4.637 |
Loans &
Advances
|
150.566
|
111.855
|
84.139 |
Total
Current Assets
|
1007.223
|
845.313
|
496.147 |
Less : CURRENT LIABILITIES & PROVISIONS
|
|
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|
Current
Liabilities
|
405.622
|
302.047
|
174.168 |
Provisions
|
|||
Total
Current Liabilities
|
405.622
|
302.047
|
174.168 |
Net Current Assets
|
601.601
|
543.266
|
321.979 |
|
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MISCELLANEOUS EXPENSES
|
0.228 |
0.392 |
0.380 |
|
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TOTAL
|
1899.418 |
1430.049 |
912.169 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover
[including other income]
|
2271.236 |
1844.324 |
1185.779 |
|
|
|
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|
Profit/(Loss)
Before Tax
|
83.945 |
148.077 |
4.808 |
Provision for
Taxation
|
31.517 |
13.094 |
2.842 |
Profit/(Loss)
After Tax
|
52.428 |
134.983 |
1.966 |
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Export Value
|
1009.511 |
896.999 |
660.829 |
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Imports :
|
|
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Capital Goods
|
456.930 |
145.185 |
221.170 |
Raw Materials
|
354.381 |
265.390 |
134.710 |
Components &
Spare Parts
|
25.479 |
20.363 |
6.227 |
Total
Imports
|
836.790 |
430.938 |
362.107 |
|
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Expenditure
|
|
|
|
Interest
|
0.000 |
32.791 |
32.104 |
Depreciation
|
215.929 |
152.118 |
212.691 |
Other Expenditures
|
1971.362 |
1511.338 |
936.176 |
Total Expenditures
|
2187.291 |
1696.247 |
1180.971 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
2.30
|
7.32
|
0.16 |
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|
Net Profit Margin
(PBT/Sales) |
(%) |
3.70
|
8.02
|
0.40 |
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|
Return on Total
Assets
(PBT/Total Assets} |
(%) |
2.46
|
8.55
|
0.44 |
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|
Return on
Investment (ROI)
(PBT/Networth) |
|
0.10
|
0.30
|
0.01 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
3.23 |
1.67
|
1.47 |
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Current Ratio
(Current Asset/Current Liability) |
|
2.48
|
2.79
|
2.84 |
LOCAL
AGENCY FURTHER INFORMATION
The U.K. office has
been set up to largest business from Western Europe and to widen the customer
base. Steps are also being taken to appoint selling agents in more countries.
It is hoped that the new arrangements will help in minimizing the pressure and
difficulty being faced presently in passing on raw material cost increases to
customers.
Overall, the flexible
packaging industry, has considerable potential for growth but in a competitive
environment.
The company’s fixed assets of important value includes
Freehold Land, Building, Plant & Machinery, Electrical Installation,
Factory & other Equipments, Motor Cars and Furniture & Fixtures.
Website details
attached:
About us
Positive Packaging is a division of Enpac (India) Pvt. Ltd. and part of The
Enpee Group, an international conglomerate having diverse manufacturing
activities in India & Nigeria and offices at London & Abidjan. Based
near Mumbai, the commercial capital of India, Positive Packaging specializes in
the conversion of printed and laminated, barrier-grade flexible packaging
materials, using state-of-the-art technology.
Certified under ISO 9001:2000 and BRC/IOP
Packaging Technical Standard (British Retail Consortium / Institute of
Packaging, UK).
Equipment
The factory houses the most advanced packaging
technology with 'Force Draft
Ventilation
System' and 'Good Manufacturing Practices' in place
Capabilities
Gravure Printing Lines from Cerutti, Italy - upto 10 colours
- Presstech Auto Registration Control
System
- Futec Print Inspection System
- Cold Seal / PVDC Coating Facility
- In-house Ink Blending and Shade
Matching System
European Duplex & Triplex Laminators
- Solvent based and Solvent less
lamination facility
- Dry and wet adhesive lamination
- Cold Seal Facility
Extrusion Coating / Lamination Lines
Multi-layer European Blown Film PE Lines
- Backward integration into polyethylene
film manufacturing
- High performance sealant layers
- Minimum thickness 15
- Capable of handling specialty polymers
Top-of-the-line European Slitters
- Precise Winding Tension Control System
- Suitable for films, papers and laminate
- Finished reel diameter upto 900 mm
Pouching Machines
- For supplies of center-seal, three-side
seal, stand up, zip lock,
gusseted & valve pouches
Quality Control
Well Equipped Laboratory
- With Gas Chromatography & Organoleptic
Tests too
- MVTR / OTR Tests
- Full Traceability System with counter samples
retained for 9 months
- Adhering to internationally accepted norms
- QA Certificate with every supply
Customers
- BASF
- Frito-lay
- Novartis
- Rallis
- Bayer
- Godrej
Sara Lee
- Pepsi
- Syngenta
- Britannia
(Danone)
·
Golden Wonder
- Perfetti
- Tata
Tetley
- Cadbury
- Heinz
- Pfizer
- Tesco
- Cheminova
- ITC
- Procter
& Gamble
- Unilever
Group
- Colgate
Palmolive
- L'oreal
- Promasidor
/ FPI
- United
Biscuits
- Dow
Agro-Sciences
- Nestle
- PZ
Cussons
- Wrigleys
Performance
The company is
professionally managed and follows good corporate governance and ethical
policies. It has been growing steadily and operates today from various
locations in India and abroad. With a view to enhance its corporate image,
achieve significantly large growth and also ensure continued good corporate
governance, the company has chosen to be converted into a Public Limited
Company.
“Positive Packaging”
has today established itself as a brand that is synonymous with quality,
service and reliability. Over the years customers and suppliers have associated
the company with the name “Positive Packaging”. In order to retain this Brand
Equity the company has stored its original name “Positive Packaging Industries
Limited”
Operating
Results and Profitability
During the year, the
company recorded a net income of Rs 2271 million as against Rs 1844 million
during the previous year, a growth of 23%. Exports registered a 12% growth to
RS 1068 million as against Rs 951 million during the previous year. However net
profit after tax for the year declined to Rs 52 million as against Rs 135
million during the previous year. The drop in profits is mainly due to the
higher interest charges and depreciation provision on account of expansion in
production capacity. The input costs and depreciation provision on account of
expansion in production capacity. The input costs or raw materials have also
increased due to general escalation in crude oil prices. The benefits of the
capacity expansion are expected to accrue in the coming years.
Performance of Divisions and Outlook
Packaging has been
gaining importance due to the increasing number of branded products in the
market place and because of the competition amongst them. Whilst the role of
aesthetics for brand recall is of vital importance, developments in polymers
have enhanced the barrier properties of flexible packaging materials resulting
in an increase in the end user categories. Packaging managers are seeking
converters capable of developing new laminate structures that would balance the
dual objective of quality and economy in packaging. The requirements of
state-of-the-art manufacturing facilities and practices are fast gaining
importance with the introduction of more stringent quality standards in food
grade packaging. In this regard, the flexible packaging division has recently
been successfully audited by the AIB(American Institute of Bankers). This is an
addition to the BRC (British Retail Consortium / Institute of Packaging, UK)
certification obtained earlier. As on the date, Positive Packaging is India’s
first and only converter having approval from both these organizations.
The company’s
investment in creating the infrastructure with emphasis on quality standards
and service has enabled it become a “Perfect Global supplier”. Althogh this
high investment cost puts short term margins under pressure, company is
optimistic that this will yield positive results in the long run.
Commencement of
sullies to Nestle’s and Unilever’s plants in various countries, Tesco, UK and others
have justified the company’s decision to establish a 100% Export Oriented Unit
and branch office in the UK.
The 100% Export
Orineted Unit a Khopoli commenced commercial production in September, 2004. the
formal inauguration in January, 2005 was well attended by customers, suppliers
and well wishers. The company’s continued commitment to creation of world-class
manufacturing facilities received wide appreciation. The cylinder division at
Taloja completed its expansion program during the year.
Further expansion of
the company’s manufacturing facilities at Khopoli and Taloja are in process.
The company’s new cylinder manufacturing facility in Bangalore is at an
advanced stage of completion production is expected to commence shortly.
The flexible Packaging
industry has High potential for growth but margins are expected to remain under
pressure in an intense competitive environment.
The individual
performance of the Divisions can be briefly reviewed as under :
Flexible Packaging – Positive Packaging
The flexible
Packaging Divisions continued to consolidate in the domestic and international
markets. The turnover of the divisions has been Rs 2050 million as compared to
Rs 1639 millions during the previous year, a growth of 25%.
Rotogravure Printing Cylinders – Acuprint Systems
The division achieved
a turnover of Rs 139 million as against Rs 122 million during the previous year
an increase of 14%
Metallised Film – Positive Packaging Europe
The division achieved
a turnover of Rs 70 million, marginally lower than Rs 76 million during the
previous year.
U K Branch – Positive Packaging Europe
Global consumers of
flexible packaging prefer suppliers having good manufacturing facilities in
cost competitive countries along with warehousing and technical support
facilities closer to their home base. The setting up of the UK branch in
January 2004 was intended to tap this potential business from West European
customers. The experienced till date indicated that although the potential is
immense, the business would develop gradually overtime and accordingly, profits
may not accrue in the immediate future. The presence of the branch is essential
as it helps continued interaction with customers. The company’s reach is being
widened with the establishment of more branches and appointment of selling
agents in other countries.
Fixed Assets
- Goodwill
- Land – Leasehold
- Land – Freehold
- Building – Factory
- Building
– Office
- Plant
and Machinery
- Computers
- Furniture
and Fixtures
- Office
Equipment
- Air
Conditioners
- Vehicles
|
This form
is for |
Creation
of Charges |
|
Charge
identification number of the charge to be modified |
10013106 |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of
the company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
98, Jolly Maker
Chambers No. 2, 225 Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Particular
of charge holder |
Standard Chartered Bank 90, Mahatma Gandhi Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount
secured by the charge |
Rs.
300.000 Millions |
|
This form
is for |
Creation
of Charges |
|
Charge
identification number of the charge to be modified |
10016490 |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of
the company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
98, Jolly Maker
Chambers No. 2, 225 Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Particular
of charge holder |
HDFC Bank
Limited HDFC Bank
House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra,
India |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount
secured by the charge |
Rs.
250.000 Millions |
|
This form
is for |
Creation
of Charges |
|
Corporate
identity number of the company |
U74952MH1994PLC078296 |
|
Name of
the company |
POSITIVE
PACKAGING INDUSTRIES LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
98, Jolly Maker
Chambers No. 2, 225 Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Type of
charge |
Hypothecation
of Plant and
Machinery Stock in
trade Book
Debts |
|
Particular
of charge holder |
Standard
Chartered Bank 90, Mahatma
Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint deed of hypothecation of stocks, book debts and plant and machinery dated 11.08.2006 |
|
Date of
instrument Creating the charge |
11.08.2006 |
|
Amount
secured by the charge |
Rs.
300.000 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Working
Capital Facilities of Rs 150.000 Millions Term Loan
of Rs 150.000 Millions Interest
for working capital facilities at the rate as negotiated with and agreed by
the bank Interest
for term loan at the rate negotiated with and agreed by the bank, payable
monthly in arreas or at maturity of the tenor whichever is earlier. |
|
Short particulars
of the property charged |
All the specific movable plant and machinery now stored at
or being stored or which may hereafter be brought into or stored at present
installed at any of the borrower’s premises / properties / godwons anywhere
in India belonging to or which may at any time hereafter, belong to or be at
its disposal or be in course of transit or awaiting transit by any mode of
transport to borrower’s said factory or premises. All the stock and book
debts as per the joint deed hypothecation. |
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.44.09 |
|
UK Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
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 |