MIRA INFORM
REPORT
|
Report
Date : |
11.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 62P, 62a, 62B and 43SE, Hoskote Industrial Area, |
|
|
|
|
Country
: |
|
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
30.05.1994 |
|
|
|
|
Com.
Reg. No.: |
08 - 024968 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U24115MH1994PTC078669 |
|
|
|
|
TAN
No.: (Tax Deduction
& Collection Account No.) |
BLRA05028C |
|
|
|
|
PAN
No.: (Permanent
Account No.) |
AAACC5072B |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Manufacturers of Paints, powder, marine and Protective Coatings. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
400000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject
is a wholly owned subsidiary of AKZO Noble Holding B.V., The Netherlands (formerly
Courtaulds Holding B V). The
company has substantial accumulated losses.
However, its payments are usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions with
slight caution. |
LOCATIONS
|
Registered
Office/ Head Office : |
Plot No. 62P, 62a, 62B and 43SE, Hoskote Industrial Area, |
|
Tel
No.: |
91 – 80- 2289 5000 |
|
Fax
No.: |
91 – 80- 2289 5500 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Corporate
Office : |
Village: Jetpura, Via-Merda- Adaraj, Taluka: Kadi, Dist:
Mehsana, |
|
Tel.
No.: |
91-2764 –
285656, 91- 2764-285119 |
|
Fax
No.: |
91- 2764-
285370, 91- 79-26843909 |
|
|
|
|
Overseas
Office: |
v
Akzo Nobel Non-Stick Coating v
521 Santa Rosa Dr. v
Akzo Nobel Coating Spa. Via Emila, 2 v
Akzo
Nobel Non-Stick Coating Dalingshan Science and v
Akzo
Nobel – Decorative Coatings Rodovia Raposo Tavares, Km 18,5 |
|
|
|
|
Factory
1 : |
Plot No.
62P, Hoskote Industrial Area, Hoskote, |
|
Tel.
No.: |
91-80-27971502
– 5/ 27971036/ 2715025 |
|
Fax
No.: |
91-80-27971305/ 2713005 |
|
E-Mail
: |
Abhishek.t@internationalpaint.com,
harvinderkalsi@ameyaindia.com |
|
Area : |
80,000sq.fts. (Owned) |
|
Location : |
Owned |
|
|
|
|
Factory
2 : |
A-1, |
|
Tel.
No.: |
91-265-2336141-3/ 3095139-40 |
|
Fax
No.: |
91-265-2331494 |
|
|
|
|
Branch: |
Mumbai: 201, Shilpin Centre, 40 G D Ambedkar Marg,
Wadala (East), Mumbai – 400 031, |
|
Tel
No.: |
91 – 22-24103340, 24124219 |
|
Fax
No.: |
91-22-24104359 |
DIRECTORS
|
Name : |
Mr. C. M.
Maniar |
|
Designation
: |
Chairman |
|
Address
: |
Garden House, |
|
Date
of Birth/Age : |
04.12.1935 |
|
Date
of Appointment : |
07.06.1994 |
|
|
|
|
Name : |
Mr. S. Ishwar |
|
Designation
: |
Managing
Director |
|
Address
: |
403, I Cross, 6th Main HAL II Stage,
Indiranagar, |
|
Date
of Birth/Age : |
19.02.1960 |
|
Date
of Appointment : |
11.03.2004 |
|
|
|
|
Name : |
Mr. Ashok
Dayal |
|
Designation
: |
Director |
|
Address
: |
1/28,
Shanthi Niketan, Rao Tula Ram Marg, |
|
Date
of Birth/Age : |
02.06.1937 |
|
Date
of Appointment : |
10.05.1996 |
|
|
|
|
Name : |
Mr. Faroukh Kavarana |
|
Designation
: |
Director |
|
Address
: |
Tata Sons, 24 |
|
Date
of Birth/Age : |
17.03.1944 |
|
Date
of Appointment : |
01.10.2001 |
|
|
|
|
Name : |
Mr. Colin
Tan |
|
Designation
: |
Director |
|
Address
: |
399, |
|
Date
of Birth/Age : |
18.01.1955 |
|
Date
of Appointment : |
20.03.2001 |
|
|
|
|
Name : |
Mr. Paresh Dobariya |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Edward H. Hoerster |
|
Designation
: |
Director |
|
Address
: |
1915, |
|
Date
of Birth/Age : |
10.12.1941 |
|
Director w.e.f: |
11.11.1999 |
|
|
|
|
Name : |
Mr.
Mahmad Joamun |
|
Designation
: |
Director |
|
Address
: |
Via Pinerolo, 74, A20151 |
|
Date
of Birth/Age : |
12.12.1948 |
|
Director w.e.f: |
11.11.1999 |
|
|
|
|
Name : |
Mr.
Vincentius Jeroen henk |
|
Designation
: |
Director |
|
Address
: |
Geerdink Vleermuislaan, 13, NL-6705, Waegemnger OK, |
|
Date
of Birth/Age : |
26.08.1956 |
|
Director w.e.f: |
24.08.2001 |
|
|
|
|
Name : |
Mr. David
harod Dodd [US.] |
|
Designation
: |
Director |
|
Address
: |
521, |
|
Director w.e.f: |
12.05.2005 |
|
|
|
|
Name : |
Dr. MARK
Yen Shiung Su [Taiwanese] |
|
Designation
: |
Director |
|
Address
: |
No.21, Kon 6th Road, Lin Kou 2nd
Indus Park Lin Kou, Taipie-244, Taiwan |
|
Date
of Birth/Age : |
|
|
Director w.e.f: |
12.05.2005 |
|
|
|
|
Name : |
Mr. Kauli V. Gandhi –[NRI-US.] |
|
Designation
: |
Director |
|
Address
: |
330, |
|
Date
of Birth/Age : |
11.08.1960 |
|
Date
of Appointment : |
01.05.1999 to 24.08.2001 |
|
|
|
|
Name : |
Mr.
Frederik Hugo Woodhoek Hegt. [Taiwanese] |
|
Designation
: |
Director |
|
Address
: |
70, |
|
Date
of Appointment : |
12.05.2005 |
|
|
|
|
Name : |
Mr.
VINCENTIUS JEROEN HENK [Dutch.] |
|
Designation
: |
Director |
|
Address
: |
Geerdink Vleermuislaan, 13, NL-6705,
Waegemnger OK, |
|
Date
of Birth/Age : |
26.08.1956 |
|
Date of
Appointment : |
24.08.2001 |
|
|
|
|
Name : |
Ms. Angela Choong |
|
Designation : |
Director |
|
Address : |
48A, |
|
Date of Birth/Age : |
23.09.2002 |
KEY
EXECUTIVES
|
Name : |
Mr. S. Narayana Raju |
|
Designation
: |
Company Secretary |
|
|
|
|
Name : |
Mr. Harvinder Kalsi |
|
Designation
: |
Manager |
|
|
|
|
Name : |
Mr. Abhishek T |
|
Designation
: |
Area Sales Manager |
|
|
|
|
Name : |
Mr. Gopichand Rohra, BAFCS MICA |
|
Designation
: |
Practising Company Secretary |
|
Address: |
10, AG’s Colony, Anand Nagar, |
|
Tel
No.: |
91 – 80-23332584, 23330084 |
|
E-Mail: |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Akzo
Nobel |
765625 |
|
Mr. S
Ishwar |
30 |
|
Mrs. Nina Rajiv Gandhi |
400 |
|
Mr. Rajiv Dinesh Gandhi |
100 |
|
Mr. Darayur N. Lakadawala |
100 |
|
Mr. Sanjiv Dinesh Gandhi |
100 |
|
Mr. Goran Janssan- [Swedish] |
200 |
|
Mr. Vincent Goeratink, [ Dutch] |
200 |
As on 31.03.2006
Foreign holdings: 100%
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers of
Paints, Varnishes, Sealants and Resins. |
|
|
|
|
Brand
Names : |
“International” |
|
|
|
|
Imports
from : |
|
|
|
|
|
Exports
to : |
|
|
|
|
|
Terms
: |
|
|
Selling : |
Cash & Credit 45-Days maximum |
|
|
|
|
Purchasing : |
L/c. Cash & Credit 60-Days maximum |
PRODUCTION STATUS
The
company's production status as on 31st March, 2002 was as under:
|
Products (In
Litres/Millions) |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Industrial Coatings-marine |
-- |
|
2.40 |
0.72 |
|
Protective
Coatings |
-- |
|
1.44 |
0.77 |
|
Packaging |
-- |
|
1.39 |
0.55 |
|
Car
Refinish |
-- |
|
2.00 |
0.13 |
|
Powders |
-- |
|
2.64 |
1.04 |
|
Non-aqueous paints and aqueous paints |
Liters. p.a |
150,000 |
288,000 |
-- |
|
Water
Based Coatings |
Kg. |
|
|
152,106 |
|
Solvent
Based Coatings |
Kg. |
|
|
66,535 |
GENERAL
INFORMATION
|
No. of
Employees : |
550 |
|
|
|
|
Bankers
: |
·
Deutsche Bank AG, ·
Deutsche Bank, Hazarimal Somani Marg, Fort, ·
·
Deutsche Bank, ·
ABN Amro Bank ·
Bank of ·
State Bank of ·
Hatton national Bank, |
|
|
|
|
Facilities : |
Secured Loans are from Banks: Rs.0.125
millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
BSR and
Company Chartered
Accountants Address: Maruthi Info-Tech Centre, 11-12/1, Tel No.: 91 – 80- 41766000 Fax No.: 91 – 80- 41766999 Shah
Narielwala and Company Chartered Accountants 608, SHITIRATNA, PANCHVATI, ELLISBRIDGE, AHMEDABAD-380 006 Phone :
91-79-26446030/26564605 Fax :
91-79-26445217 |
|
|
|
|
Associates/Subsidiaries
: |
v v Greece v v v v v Belgium v New Zealand/Australia v v Hong Kong v Others Akzo Nobel Car Refinishes, Akzo Nobel Chang Cheng Limited, Akzo Nobel Coatings Limited, Akzo Nobel Coatings SPA, Akzo Nobel Powder Coatings Akzo Nobel Powder Coatings
Limited, France Akzo Nobel Rep Off International Paint Inc., International Paint Limited, International Paint Limited, Private International Coatings, |
|
|
|
|
Holding
Company: |
Akzo Nobel Coatings
International |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
42000000 |
Equity Shares |
Rs. 10/- each |
Rs. 420.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
765655 |
Equity Shares |
Rs. 10/- each |
Rs. 7.656 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
7.657 |
7.657 |
7.657 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
94.620 |
0.000 |
26.131 |
|
|
4]
(Accumulated Losses) |
0.000 |
(13.907) |
(12.197) |
|
NETWORTH
|
102.277 |
(6.250) |
21.591 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
5.932 |
|
|
2]
Unsecured Loans |
605.297 |
702.539 |
572.274 |
|
TOTAL
BORROWING
|
605.297 |
702.539 |
578.206 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
707.574 |
696.289 |
599.797 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
294.362 |
314.381 |
407.334 |
|
Capital work-in-progress
|
1.887 |
0.000 |
0.105 |
|
|
|
|
|
|
|
INVESTMENT
|
0.005 |
0.005 |
0.005 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
205.875 |
323.905 |
154.972 |
|
|
Sundry Debtors
|
365.209 |
302.517 |
230.868 |
|
|
Cash & Bank Balances
|
18.190 |
31.327 |
8.426 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
55.313 |
40.927 |
44.186 |
Total Current Assets
|
644.587 |
698.676 |
438.452 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
227.885 |
307.372 |
239.280 |
|
|
Provisions
|
5.382 |
9.401 |
6.819 |
Total Current Liabilities
|
233.267 |
316.773 |
246.099 |
|
Net
Current Assets
|
411.320 |
381.903 |
192.353 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
707.574 |
696.289 |
599.797 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
||
|
Sales
Turnover |
1479.291 |
1167.945 |
747.702 |
||
|
Other Income |
14.293 |
9.915 |
11.043 |
||
|
Total
Income |
1493.584 |
1177.860 |
758.745 |
||
|
|
|
|
|
||
|
Profit/(Loss) Before Tax |
124.584 |
3.228 |
25.367 |
||
|
Provision for Taxation |
16.057 |
4.938 |
2.041 |
||
|
Profit/(Loss) After Tax |
108.527 |
(1.710) |
23.326 |
||
|
|
|
|
|
||
|
Earnings
in Foreign Currency : |
|
|
|
||
|
|
Export Earnings |
210.648 |
177.914 |
162.243 |
|
|
|
Commission Earnings |
1.065 |
0.000 |
2.056 |
|
|
Total
Earnings |
211.713 |
177.914 |
164.299 |
||
|
|
|
|
|
||
|
Imports
: |
|
|
|
||
|
|
Raw materials |
262.179 |
389.587 |
130.749 |
|
|
|
Capital Goods |
3.801 |
0.092 |
1.888 |
|
|
|
Traded Goods |
142.230 |
152.193 |
11.051 |
|
|
|
Stores and Spares |
0.055 |
0.097 |
0.032 |
|
|
Total
Imports |
408.265 |
541.969 |
143.720 |
||
|
|
|
|
|
||
|
Expenditures : |
|
|
|
||
|
|
Cost of goods sold |
1001.166 |
797.481 |
493.999 |
|
|
|
Employee Costs |
103.774 |
92.126 |
69.961 |
|
|
|
Operating Expenses |
182.492 |
168.624 |
134.396 |
|
|
|
Financial Charges |
37.019 |
35.788 |
33.838 |
|
|
|
Depreciation |
44.549 |
21.430 |
27.315 |
|
|
|
Less: Prior period Item |
0.000 |
59.183 |
0.000 |
|
|
|
Written Back from Capital Reserve |
0.000 |
0.000 |
26.131 |
|
|
Total
Expenditure |
1287.432 |
1058.231 |
698.356 |
||
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
7.27 |
(0.15) |
3.07 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
8.42 |
0.28 |
3.39 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
13.27 |
0.32 |
3.00 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
1.22 |
0.52 |
1.17 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
8.20 |
(163.09) |
38.18 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.76 |
2.20 |
1.78 |
LOCAL
AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 30.05.1994 as “Courtaulds Coatings and
Sealants (
The name of the company was changed to Akzo Nobel Coatings India Private Limited
on 11.12.1998 following a worldwide acquisition of the Courtaulds group by the
Akzo Nobel group.
The subject company is engaged in business of manufacturing protective
and specialist coatings for the shipping oil, gas and chemical industries (under
the brand Name ‘International’)
The subject is also manufacturing powder coatings (under the brand name
‘Interpon’) for domestic appliances, automotive components, architectural
extrusions, internal and external lacquers for metal cans and closures and other
industrial products, coatings and sealant for the aerospace industry.
COMPANY INFORMATION
1989 : first entry into non-stick coatings market in
1997 : Akzo Nobel, Largest supplier of non-stick coating in
1998 : Akzo Nobel acquires Lambda fully integrating
non-stick production activities with commercial sales division
1777 : the beginning of Akzo
1994 : Akzo and Nobel merge creating Akzo Nobel
1983 : Company focuses 100 % on non-stick coating
1997 : Chief Executive – 2nd largest supplier of
non-stick coating in
1946 : CCC formed
1996 : Constructs facility in
1998 : Moves to larger facility in
COMPANY INFORMATION
Akzo Nobel Non-Stick Coatings is one
of the top 3 global non-stick manufacturers with facilities in the
By
combining the dynamic entrepreneurial style of an independent strategic sub
business unit with the formidable resources of a global Fortune 500 entity,
Akzo Nobel Non-Stick Coatings is well positioned to fully meet the changing
needs of a global economy. Our focus is to provide Non-Stick/High heat coatings
solutions for the House wares industry (cookware, bake ware, and electrical
appliances) and for a wide range of industrial applications (such as automotive
pistons, gaskets, mufflers, copier rollers, tubes and electrical conduits.
Custom Solutions
Subject will always manufacture a coating system to fit the specific needs. You
will never have to sacrifice the requirements to fit a defined list of
products, as is the case with the other non-stick coatings suppliers. They will
tailor our technology to fit the exact needs.
All of our coatings are produced under a series of process
and quality controls which monitor key product characteristics throughout
manufacturing. In addition, our research and development scientists are
constantly forging ahead with new product innovations to ensure that our
customers remain on the cutting edge of technology. Each member of our
technical staff shares this commitment as part of Akzo Nobel's focus on total
product quality.
WORLDWIDE LEADERSHIP
By pursuing an
ideal combination of these principles they can assure our clients that they
will always get the best product for their needs.
Akzo Nobel welcomes the opportunity to show you how over a century years of
coatings experience can lead to increased cost savings and success for the
company.
Akzo Nobel Non-Stick Coatings Ltd.-
An International and
Multinational Private company
Jetpura, Kadi, Mehsana
-
Line of Business:
Manufacturing: Production of industrial coatings.
Non-Stick Coatings
Non-Stick Coating is a
business segment of powder coatings have facility in
About Akzo Nobel Group
Subject’s
long history of growth owes its success to the careful integration of a large
diversity of companies, incorporating their specific cultures and technical
excellence into ever- larger entities. The
oldest are Det Holmbladske Selskab in
Akzo’s
roots go back a long way: to Ketjen (1835), Noury and Van der lande (1838),
Vereinigte Glanzstoff Fabriken (1899), Nederlandse Kunstzijdefabriek Enka
(1911)
In 1929,
Vereinigte Glanzstoff Fabriken and Enka amalgamated to form Algemene Kunstzijde
Unie (AKU). Koninkiijke Zout-Ketjen and Koninklijke Zwanenberg Organon
amalgamated to form Koninklijke Zout Organon in 1967 and in 1969, Akzo was
formed as a result of a merger of Koninklijke Zout Organon and AKU.
Nobel
Industries was founded in 1984 through the merger of KemaNobel (established in
1871) and Bofors, which was founded in 1646 but is no longer part of the
company. After the merger, other companieswere acquired and in 1991, a major
financial reconstruction took place with state-owned Securum becoming the
principal shareholder.
Early in
1994, Akzo Nobel was formed through subject’s acquisition of the Nobel shares
owned by Securum and through a successful bid for the remaining shares.
In July
1998, subject acquired Courtaulds, the international chemical company which had
leading positions in high-tech industrial coatings and man-made fibers.
Courtaulds
which was founded in 1816 as a silk weaving company, pioneered the global
man-made fiber industry at the beginning pf the 20th century. In the 1960s, Courtaulds acquired
International paint and Pinchin Johnson.
Together with fibers, these formed the basis of the acquired company,
which dates from the demerger of Courtaulds Textiles in 1990. In 1999, subject sold its fibers business, to
CVC Capital Partners and the veterinary business unit Intervet acquired Hoechst
Roussel Vet. In 2001 Pharma business units Chefaro and the diagnostics business
of Organon Teknika were divested.
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
AKZO NOBEL COATINGS INDIA PRIVATE LIMITED |
|
Presented By |
DEUTSCHE BANK AG, |
|
1) Date
and description of instrument creating the change |
20.12.1997 Deed and hypothecation of stocks and book debts |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.710.000 millions |
|
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 the whole of the present and future stock
in trade consisting of raw materials, goods in process, semi finished and
finished goods, stores, spares parts and all book debts, outstanding, monies,
receivable, claims, bills etc. belonging to the company. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest and margin as applicable from time to time Repayable on demand. |
|
5) Name
and Address and description of the person entitled to the charge. |
Deutsche Bank AG |
|
6)
Date and brief description of
instrument modifying the charge |
04.01.2002 First supplemental deed of hypothecation of stocks and
book debts |
|
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. |
Limit reduved from Rs.710.000 millions to Rs.350.000
millions All other terms and conditions to continue. |
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from various
sources including but not limited to: The Courts,
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.40.41 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.54.98 |
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 |