MIRA
INFORM REPORT
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Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
AMINES AND PLASTICIZERS LIMITED |
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Registered Office : |
Noonmati, Guwahati-781020, Assam |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.09.1973 |
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Com. Reg. No.: |
1446 |
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CIN No.: [Company
Identification No.] |
L24229AS1973PLC001446 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18981E |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
Stock Exchanges. |
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Line of Business : |
Manufacturers of Basic Organic Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Noonmati, Guwahati-781020, Assam, India |
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Tel. No.: |
91-361-2550289/ 90 |
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Fax No.: |
91-361-2550313 |
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E-Mail : |
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Website : |
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Corporate/ Head Office : |
D Building, Shivsagar Estate, Dr. A B Road, Worli, Mumbai-400018,
Maharashtra, India |
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Tel. No.: |
91-22-24935282/ 87/88 |
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Fax No.: |
91-22-24938162 |
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Plant 1 : |
Chemical Plant
(Unit No.1) Thane-Belapur Road, Turbhe, Navi Mumbai-400705, Maharashtra, India |
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Plant 2 : |
APL Industrial
Gases Plant (Unit No.2) Survey No.49, Village Vadval-420020, Taluka Khalapur, District Raigad |
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Plant 2 : |
D 21/21A, TTC Industrial Area, Turbhe, Thane Belapur Road, Navi
Mumbai-400075, Maharashtra, India |
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Tel. No.: |
91-22-27681350/ 27681321/ 27681342/ 27687367 |
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Fax No.: |
91-22-27681332 |
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E-Mail : |
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Branches : |
Located at : v New Delhi v Kolkata v Guwahati v Hyderabad |
DIRECTORS
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Name : |
Mr. Hemant Kumar Ruia |
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Designation : |
Chairman and Managing Director |
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Name : |
K K Seksaria |
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Designation : |
Director |
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Name : |
Mr. Nirmal Suchanti |
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Designation : |
Director |
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Name : |
Dr. M K Sinha |
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Designation : |
Director |
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Name : |
Dr. P H Vaidya |
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Designation : |
Director |
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Name : |
Mr. Arun Shanker Nagar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ajay Puranik |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Shareholding Pattern as on 31.03.2006
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Category of
shareholder |
Total No. of
shares |
Percentage of
Holding |
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Shareholding of Promoter and Promoter and Group 2 |
449893 |
12.85 |
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Individuals/Hindu Undivided Family |
111105 |
3.17 |
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Bodies Corporate |
1464477 |
41.82 |
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SUB TOTAL |
2025475 |
57.84 |
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Total Shareholding of Promoter and Promoter Group |
2025475 |
57.84 |
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Financial Institutions/Banks |
1000 |
0.03 |
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Insurance Companies |
200 |
0.00 |
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Sub-Total |
1200 |
0.03 |
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Bodies Corporate |
812954 |
23.21 |
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Individuals |
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i) Individual shareholers holding nominal share Capital up to Rs.1
lakh |
601078 |
17.16 |
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ii) Individual shareholders holding nominal share capital in excess of
Rs.1lakh |
61133 |
1.75 |
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Any other
(Specify) Individual (Non-Resident
individuals/Foreign Individuals) |
160 |
0.00 |
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Sub-Total |
1475325 |
42.13 |
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Total Public Shareholding |
1476525 |
42.16 |
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GRAND TOTAL |
3502000 |
100.00 |
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Hemant Kumar Ruia |
449893 |
12.85 |
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Shalini Ruia |
111105 |
3.17 |
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Multiwyn Investments & Holdings Private Limited |
956477 |
27.31 |
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Chefair Investment Pvt. Limited. |
508000 |
14.51 |
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Total |
2025475 |
57.84 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Basic Organic Chemicals. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Ethanolamines |
M.T. |
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10000 |
7631.433 |
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Phthalate- Plasticizers |
M.T. |
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8000 |
51.990 |
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Morpholine and derivatives |
M.T. |
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600 |
343.170 |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
State Bank of India |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. Basu & Company Chartered Accountants Lodha & Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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50000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.5.000 millions |
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Total |
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Rs.55.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3502000 |
Equity Shares |
Rs.10/- each |
Rs.35.020
millions |
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19385 |
14% Redeemable Cumulative Preference Shares |
Rs.100/-
each |
Rs.1.938
millions |
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Total |
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Rs.36.958 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 |
36.958 |
36.958 |
36.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.919 |
29.503 |
14.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.877 |
66.461 |
51.500 |
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LOAN FUNDS |
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1] Secured Loans |
46.376 |
51.629 |
37.200 |
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2] Unsecured Loans |
4.436 |
16.585 |
38.400 |
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TOTAL BORROWING |
50.812 |
68.214 |
75.600 |
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DEFERRED STATUTORY DUES |
15.399 |
21.290 |
0.000 |
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DEFERRED TAX LIABILITIES |
4.413 |
3.716 |
0.000 |
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TOTAL |
158.501 |
159.681 |
127.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.386 |
43.956 |
42.000 |
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Capital work-in-progress |
7.991 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
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 |
124.344
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3.067 |
97.400 |
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Sundry Debtors |
87.909
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136.040 |
75.000 |
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Cash & Bank Balances |
14.801
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7.573 |
16.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
50.144
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38.214 |
28.000 |
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Total
Current Assets |
277.199
|
291.363 |
216.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
160.165
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167.811 |
124.500 |
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Provisions |
16.912
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7.829 |
6.800 |
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Total
Current Liabilities |
177.077
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175.640 |
131.300 |
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Net Current Assets |
100.122
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115.723 |
85.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
158.501 |
159.681 |
127.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
840.598 |
844.226 |
635.500 |
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Other Income |
26.084 |
7.541 |
28.200 |
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Total Income |
866.682 |
851.767 |
663.700 |
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Profit/(Loss) Before Tax |
36.524 |
20.717 |
29.400 |
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Provision for Taxation |
14.633 |
6.690 |
9.200 |
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Profit/(Loss) After Tax |
21.891 |
14.027 |
20.200 |
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Total Earnings |
308.341 |
335.189 |
NA |
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Imports : |
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Raw Materials |
9.228 |
16.255 |
NA |
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Stores & Spares |
126.575 |
70.688 |
NA |
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Capital Goods |
0.154 |
0.108 |
NA |
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Total Imports |
135.957 |
87.051 |
NA |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
234.266 |
242.019 |
23.300 |
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Administrative Expenses |
NA |
NA |
76.400 |
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Raw Material Consumed |
414.942 |
472.736 |
353.700 |
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Purchases made for re-sale |
177.092 |
112.884 |
NA |
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Miscellaneous Expenses |
NA |
NA |
16.600 |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
43.400 |
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Interest |
NA |
NA |
16.500 |
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Power & Fuel |
NA |
NA |
41.900 |
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Depreciation & Amortization |
3.858 |
3.411 |
3.400 |
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Other Expenditure |
NA |
NA |
59.100 |
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Total Expenditure |
830.158 |
831.050 |
634.300 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2006 (1st
Qtr.) |
30.09.2006 (2nd
Qtr.) |
31.12.2006 (3rd
Qtr.) |
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Sales Turnover |
161.300 |
246.200 |
247.900 |
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Other Income |
00.800 |
0.900 |
0.800 |
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Total Income |
162.100 |
247.100 |
248.700 |
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Total Expenditure |
153.400 |
227.300 |
225.400 |
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Operating Profit |
8.700 |
19.800 |
23.300 |
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Interest |
5.700 |
7.600 |
6.600 |
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Gross Profit |
3.000 |
12.200 |
16.700 |
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Depreciation |
1.000 |
1.200 |
1.200 |
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Tax |
0.900 |
3.900 |
5.500 |
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Reported PAT |
1.100 |
7.100 |
10.000 |
200606 Quarter 1
Notes
Expenditure Includes (Increase) / Decrease in Stocks Rs
6.212 million Raw Materials Consumed, Purchase for resale and repacking Rs
109.591 million Power & Fuel Rs 9.862 million Staff Cost Rs 10.178 million
Others Rs 17.588 million Tax Includes Provision for Taxation (including
Deferred Tax) Rs 0.675 million Fringe Benefit Tax Rs 0.225 million Status of
Investor Complaints for the quarter ended June 20, 2006 Complaints Pending at
the beginning of the quarter Nil Complaints Received during the quarter 05 Complaints
disposed off during the quarter 05 Complaints unresolved at the end of the
quarter Nil 1. Previous period results have been re-grouped wherever necessary.
2. The Company is engaged in manufacturing Chemicals as a Primary Segment and
there are no other reportable segments as defined by accounting Standard 17. 3.
Income from Operations for the year ending March 31, 2006 include Rs 247 being
export benefits received under Target Plus Scheme in respect of exports made
during 2004-05 4. The above results for the Quarter ended June 30, 2006 have
been reviewed by the Audit Committee and approved by the Board of Directors in
the meeting held on July 24, 2006
200609 Quarter 2
Notes:
Expenditure Includes (Increase) / Decrease in Stocks Rs (3.030)million Raw Materials Consumed, Purchase for resale and repacking Rs 178.975 million Power & Fuel Rs 16.045 million Staff Cost Rs 10.443 million Others Rs 24.913 million Tax includes Current Tax including Deferred Tax Rs 3.711 million Fringe Benefit Tax Rs 0.225 million Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter Nil Complaints disposed off during the quarter Nil Complaints unresolved at the end of the quarter Nil 1. The Company is engaged in manufacturing Chemicals as a Primary Segment and there are no other reportable segments as defined by accounting Standard 17. 2. The above results for the Quarter / half year ended September 30, 2006, which are subjected to Limited review by the Auditors of the Company has been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on October 31, 2006. 3. Previous period results have been re-grouped wherever necessary. 4. The Company's subsidiary Aditya Internet Services Limited., is still in the process of commissioning its software development project. Hence, there is no impact of its operation on the above results.
200612 Quarter 3
Notes
Status of Investor Complaints for the quarter ended December
31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. The Company is engaged
in manufacturing Chemicals as a Primary Segment and there are no other
reportable segment as defined by accounting Standard 17. 2. The above results
for the Quarter / nine months ended December 30, 2006, which are subjected to
Limited review by the Auditors of the Company have been reviewed by the Audit
Committee and approved by the Board of Directors in their meeting held on
January 30, 2007. 3. Previous period results have been re-grouped wherever
necessary. 4. Income from Operations for the quarter ended as on December 31,
2005 include Rs 24.70 million being export benefits received under Target Plus
Scheme in respect of exports made during 2004-2005. 5. The Company's subsidiary
APL infotech Limited (formerly known as Aditya Internet Services Limited) is
still in the process of commissioning its software development project. Hence,
there is no impact of its operations on the above results.
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
1.28 |
1.95 |
5.49 |
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Long Term Debt-Equity Ratio |
0.63 |
0.93 |
2.69 |
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Current Ratio |
1.29 |
1.28 |
1.16 |
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TURNOVER RATIOS |
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Fixed Assets |
5.89 |
6.29 |
4.61 |
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Inventory |
7.55 |
8.71 |
6.69 |
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Debtors |
7.88 |
8.54 |
7.71 |
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Interest Cover Ratio |
2.51 |
1.90 |
2.78 |
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Operating Profit Margin(%) |
7.31 |
5.23 |
7.76 |
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Profit Before Interest And Tax Margin(%) |
6.87 |
4.85 |
7.22 |
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Cash Profit Margin(%) |
2.92 |
1.93 |
3.71 |
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Adjusted Net Profit Margin(%) |
2.48 |
1.55 |
3.18 |
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Return On Capital Employed(%) |
43.63 |
34.66 |
40.78 |
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Return On Net Worth(%) |
37.02 |
33.61 |
68.24 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.(0.01) |
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Low |
Rs.(0.01) |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS AND FUTURE
PROSPECTS:
During the year under review, the total income earned by the Company is
Rs.866.7 Millions as compared to Rs.851.8 Millions earned during the previous
year. The Profit before tax stood at Rs.36.5 Millions as compared to Rs.20.7
Millions, earned during the previous year.
During the year under review, the income of the Company was only
marginally higher as compared to last year, due to stiff competition for sale
of products in the international market as well as competition from the international
manufacturers in the local market. The profitability of the Company's operation
was mainly affected due to increase in prices of major raw materials, fuel
costs and increase in the financial costs.
The Company has received an incentive of Rs.24.7 Millions under the
Target Plus Scheme launched by the Government which has added substantially to
the profit of the year under review. In view of un-remurterative production and
sales of plasticizers, the plasticizers plant was revamped, so as to produce Morpholine
derivatives, thereby increasing the company's production capacity
substantially. Sales for the additional capacity have already been tied up with
the various users worldwide.
The effect of this expansion and utilization of both plasticizers plant
and morpholine derivatives plant together will help the company in achieving
better results in the coming years.
The Company is in the active stage of finalization for putting up
additional Plant and Machinery for augmenting its production capacity for various
products.
EXPORTS:
The export revenue of the Company was at Rs. 308.3 Millions as compared
to Rs. 335.2 Millions earned during the previous year. The Company was thus
able to maintain its position in the international market even amidst stiff competition.
EAP INDUSTRIES
LIMITED:
The petition filed by the workmen of EAP Industries Limited & the
company against the Order of BIFR before the Hon'ble AAIFR have been dismissed.
The Workers of EAP Industries Limited. have filed an appeal before the Hon'ble
High Court, Kolkata against the said Order.
There is no change in the status of EAP Industries case before the
Hon'ble DRT as reported last year and the Company still awaits release of its
Corporate Guarantees.
SICK INDUSTRIAL
COMPANIES (SPECIAL PROVISIONS) ACT, 1985:
During the year under review, the Company has complied with the
re-payment schedule and other directives as provided in the sanctioned
Rehabilitation Scheme and all dues were paid in time as per the prescribed
schedule. As per the directives, the Company has set up a Management Committee
which meets every month and reviews
all compliances. Also the Auditors appointed by the Hon'ble BIFR, has
conducted the periodical Audit as prescribed and submitted its report to BIFR.
Company’s fixed assets include Freehold Land, Leasehold Land,
Development of Leasehold Land, Buildings, Plant and Machinery, Borewell,
Furniture and Fittings, Equipment, Vehicle, R&D Equipment and Effulent
Treatment Plant
Amines & PLasticizers (APL), a sick company, manufactures
ethanolomines and a wide range of plasticizers used in PVC compounding. It also
pioneered the manufacture of morpholine and its derivatives, which find
extensive use in the chemical industry. In 1995-96, it entered into an
agreement with one of the major manufacturers of gases for de-bulking of
oxygen/nitrogen.
The company exports some of its products to the Gulf countries. During 1996-97,
company has successfully executed turnkey contract for seeting up of Nitrous
Oxide plant for a client in India.
In 1999-2000, the company has entered into an MOU with a leading Engineering
Consultancy Company in UK for supply of their technology to third
countries.
The company has been declared Sick by the BIFR and ICICI Limited was appointed
Operating Agency. The BIFR has agreed for the rehabilitation scheme and final
sanction of the scheme is still awaited. The company is in finalisation of
Agreement with a Consultancy Company in UK for marketing of its technologies.
Website
Details :
APL will build and sustain a customer oriented, innovative
and quality-friendly organization that puts a premium on planning and
excellence in every operation. This APL has proved by exporting their products
and services to more than 35 countries throughout the world.
At APL, where growth maintaining service and quality are a way of life, they
constantly look forward to expanding their operations, both within India and
abroad with suitable two-way transfer of technology and products.
Corporate
Profile
Amines & Plasticizers Limited (APL) was incorporated in
1973 as a Public Limited Company, registered under the Indian Companies Act of
1956 and is the pioneer and largest producer of Ethanolamines, Alkyl
Alkanolamines, Plasticizers, Morpholine, Alkyl Morpholines and Gas Treating
Solvents in India.
APL was set up in Technical Collaboration with the erstwhile Napthachemie,
France (now a part of British Petroleum) and Plant Engineering was done by
Ralph M. Parsons, USA. APL is an
ISO-9001:2000 certified company and is a global supplier of organic chemicals
used in Oil Refineries, Natural Gas Plants, Ammonia Plants, Petrochemical
Plants, Pharmaceuticals, Agrochemicals etc. meeting customers demands to their
utmost satisfaction in keeping with APL's Quality Policy.
In the field of Ethanolamines and Alkyl Alkanolamines APL is serving
approximately 75-80% of the total demand of the Indian Market and is regularly
exporting material to over 35 countries globally including USA, Canada,
Germany, Korea, Japan, Australia, New Zealand, the Middle East, etc.
It has also pioneered the manufacture of the Methyl Diethanolamine (MDEA), an
Ethylene Oxide derivative and is constantly striving to develop new products
through its R&D efforts so as to expand its current product range to meet
customer requirements.
APL has been awarded the highest award by the Government of India for
"Import Substitution And Technical Development" for pioneering the
manufacture of Methyl Diethanolamine in 1991.
APL has entered into a strategic alliance with the Dow Chemical Company USA for
Technology, Products & Services provided by its Specialty Amines Group to
cater to the total sour gas treatment requirements of Refineries, Ammonia
Plants etc. and has offered the technology for the first time in India. APL has
a dedicated team of engineers / chemists providing a range of Gas Treating
Technologies / Services to Refineries, Natural Gas Plants, Ammonia Plants etc
in India and overseas.
APL is committed to Total Customer Satisfaction by delivering quality products
and services worldwide and this has helped them to become one of the worlds
leading manufacturers of Amines .
In the field of Plasticizers, APL manufactures a wide range of products which
include Phthalates, Sebacates, Trimellitates, Acetates, Maleates, etc. APL can
also custom manufacture a range of Esters / Plasticizers to cater to specific
customers needs.
APL has also pioneered the manufacture of Morpholine & Alkyl Morpholines in
India. It is the worlds third largest producer of N-Methy Morpholine Oxide,
which is the preferred solvent used for the manufacture of Viscose Staple Fibre
by the Solvent Spun Process. APL's range of Alkyl Morpholines include Lauryl,
Methyl, Ethyl, Hydroxy Ethyl Morpholines etc.
APL diversified into the manufacture of the Industrial Gases, namely, Oxygen,
Nitrogen and Acetylene in the year 1984 at its facilities in Khopoli, 80 Kms.
from Mumbai.
APL also offers consultancy services for setting up plants for the manufacture
of the Ethanolamines and Plasticizers on a case to case basis and its range of
services extend for technology transfer, designing, procurement of equipment,
erection, testing and commissioning of plant and training of plant personnel.
APL has also set-up Plasticizer plants in India and in Pakistan and is
currently executing a turnkey project for a Viscose Rayon manufacturer for the
recovery, regeneration and purification of solvent in the new "Solvent
Spun Process".
At APL, where growth maintaining service and quality are a way of life, they
constantly look forward to expanding their operations, both within India and
abroad with suitable two way transfer of technology and product.
APL firmly believes that it is people who are responsible for making a Company
what it is, and it's team of young enthusiastic professionals - experience rich
in all the functional areas of the management, is a living proof of this.
TECHNICAL
SERVICES OFFERED
They offer the following Technical & Analytical Services
along-with Speciality Solvent supplies :
Simulation
Services
They provide ongoing simulation service support to all users
of their products. Free simulation support is provided for one year after
initial / make-up solvent purchases.
Ongoing
Technical Support
They provide ongoing support to all users of their products.
Phone consultation and technical services and visits by their engineers [at
their standard services rates] are a standard part of the service package
offered along-with Product purchases.
Analytical
Laboratory Services
v Amine
concentration by titration.
v %
Amine by Gas Chromatography.
v Metals
by ICP (Fe, Cu, Na, Cr, Ni, K etc.).
v Foam
Test.
v CO2
and H2S lean loadings.
v Amine
degradation products by Gas Chromatography.
v Heat
Stable Salt Test.
v pH
test.
v Solution
corrosivity. (whenever required)
v Anions
by ion Chromatography (whenever required)
Analytical
Frequency
v Free
sample analysis, once per quarter, for one year after initial purchase.
v Free
sample analysis, once per quarter, in each year for which make-up solvent is
purchased.
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] 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.43.39 |
|
UK Pound |
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.57.60 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|