MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
NAGARJUNA AGRICHEM LIMITED |
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Registered Office : |
Plot No. 61, Nagarjuna Hills, Punjagutta, Hyderabad – 500 082, Andhra Pradesh, India |
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Financial as on : |
31.03.2007 |
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Date of Incorporation : |
11.11.1986 |
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Com. Reg. No.: |
16607 |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and marketing of Pesticides Technical and Formulations (i.e. Liquids & Wettables). |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 8090000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company having fine track. Trade relations are fair. Financial position is good. Payments are usually correct and as per
commitments. The Company can be considered good for any normal business dealing at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
Plot No. 61, Nagarjuna Hills, Punjagutta, Hyderabad – 500 082, Andhra Pradesh, India |
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Tel. No.: |
91-40-2335 8217 / 2335 0235 |
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Fax No.: |
91-40-2335 0234 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 177, P.O. Allinagaram, Arinama Akkivalasa, Etcherla Mandal, Srikakaulam – 532403, Andhra Pradesh, India |
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Factory 2 : |
N.H.5, Ravulapalem Mandal, Ethakota – 533238, East Godwari, Andhra Pradesh, India |
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Factory 3 : |
Near Ganti Village, Gannavaram Road, Ravulapalme Mandal, Ethakota – 533238, East Godwari, Andhra Pradesh, India |
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Factory 4 : |
Survey No. 1710&1711, Antireddyguda Road, Kottur Mandal, Nandigaon – 509223, Mahaboobnagar, Andhra Pradesh, India |
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Branches : |
1st Floor, Auto Plaza Road No. 3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
DIRECTORS
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Name : |
Dr. Nitish K. Sen Gupta |
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Designation : |
Chairman |
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Address : |
135 Pocket, 40 Chitaranjan
Park, New Delhi – 110 019, India |
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Date of Birth/Age : |
70 years |
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Name : |
Mr. G. S. Raju |
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Designation : |
Managing Director |
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Address : |
Plot No. 936,
Road No. 47, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Graduate Engineer |
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Name : |
Mr. Sukhendu Ray |
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Designation : |
Director |
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Address : |
6B Solanki
Apartments, 8/2, Alipore ParkRoad, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
72 Years |
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Qualification : |
Chartered
Accountants |
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Name : |
Mr. K. Rahul Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot
No.933 A, Road No. 47, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh,
India |
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Date of Birth/Age : |
28 Years |
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Qualification : |
B.Com (Hons) |
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Name : |
Mr. K. S. Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot
No.933 A, Road No. 47, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh,
India |
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Date of Birth/Age : |
54 Years |
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Qualification : |
Mechanical
Engineer |
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Name : |
Mr. D. Ranga Raju |
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Designation : |
Director |
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Address : |
A Block, 201
Paradise Apartments, Seethammadhara, Visakhapatnam, Andhra Pradesh, India |
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Date of Birth/Age : |
70 Years |
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Qualification : |
B.Com |
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Name : |
Mr. K. Lakshmi Raju |
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Designation : |
Director |
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Address : |
Digvijam’ Plot
No.933 A, Road No. 47, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh,
India |
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Date of Birth/Age : |
30 Years |
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Qualification : |
M.B.A. |
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Name : |
Mr. Prashant Kumar Mallik |
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Designation : |
Director |
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Address : |
6B Solani
Apartments, 8/2, Alipore Park Road, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
73 Years |
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Qualification : |
Chartered
Accountants |
KEY EXECUTIVES
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Name : |
Mr. A. S. Pardha Saradhi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters Holding |
11664186 |
78.29 |
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Institutional Investors |
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1. Mutual Funds and UTI |
100 |
0.01 |
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2. Banks, Financial
Institutions, Insurance Companies |
500 |
0.01 |
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Others |
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Private Corporate Bodies |
878180 |
5.89 |
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Indian Public |
2315224 |
15.53 |
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NRIs |
39967 |
0.24 |
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Total |
14898157 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
marketing of Pesticides Technicals and Formulations (i.e. Liquids &
Wettables). |
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Product : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Technical |
MT p.a. |
5240 |
3676 |
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Liquids / Wettables / Granules |
KL/ MT p.a. |
27100 |
16736 |
GENERAL
INFORMATION
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Suppliers : |
Ø Agarwal Packing Private Limited Ø Akkireddy Agencies Ø Arihant Polypack Industries Ø Ashok Engineers Ø Baba Container Manufacturers Ø Bullion Flexi Pack Private Limited Ø Canle Valves Private Limited Ø Coastal Cartoons Private Limited Ø Domino Printech India Private Limited Ø Eagle Metal Printers Private Limited Ø Emmennar Pharma Containers Private Limited Ø Essae Teraoka Limited Ø Globe Scientific Glass Industries Ø Hitech Plastics Ø Hychem Laboratories Ø Industrial Sales Corporation Ø Industrial Solvents & Chemicals Ø Jalaram Plastic Industries Ø Kranti Metals Private Limited Ø Manasa Printers Ø Manjushree Stretch Film Private Limited |
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No. of Employees : |
About 200 |
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Bankers : |
Ø State Bank of India Ø HDFC Bank Limited Ø Punjab National Bank Ø IDBI Bank Limited Ø State Bank of Mysore Industrial Finance Branch, P. O. Box No. 125, Myhome Jupally, Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India Ø ICICI Bank Limited Level 1, West Wing, 1-11-256, Street No. 1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India Ø Indian Overseas Bank Main Branch, Bank Street, Hyderabad – 500 195, Andhra Pradesh, India Ø Bank of Baroda Industrial Finance Branch, Basheerbagh, Hyderabad – 500 029, Andhra Pradesh, India |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
M. Bhaskara Rao & Company Chartered Accountants |
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Address : |
5-D, Kautilya, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
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Associates : |
Ø Nagarjuna International [Vietnam] Limited Ø Jaiprakash Engineering and Steel Company Limited Ø Nagarjuna Holding [Vietnam] Pte Limited Ø Nagarjuna Oil Corporation Limited Ø Nagarjuna Power Corporation Limited Ø Nagarjuna Information Systems Limited Ø Ikisan Limited Ø Nagarjuna Corporation Limited Ø Nagarjuna Haifa India Limited Ø Nagarjuna Electric Generating Company Limited Ø Nagarjuna Foundation Ø Paschim Holdings Private Limited Ø Corporate Securities and Holdings Private Limited Ø Nagarjuna Management Services Private Limited Ø K.V.K. Raju International Leadership Academy Ø Nagarjuna Agricultural and Research Development Institute Ø Biz Softcom Solutions Private Limited Ø Manga Infotech Private Limited Ø Bijam Biosciences Limited Ø Dakshin Hydro Energy Limited Ø Bhagiratha Chemicals Company Limited Ø Vijayalakshmi Insecticides & Pesticides Limited Ø Nagarjuna Fertilizers & Chemicals Limited Ø Nagarjuna Investor Services Limited Ø Nagarjuna Impex Limited Ø Nagarjuna Aqua Exports Limited Ø Nagarjuna Finance Limited |
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Subsidiaries : |
Nagarjuna Agrichem (Australia) Private Limited |
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Group : |
> Nagarjuna
Group The group is truly
an enterprise on the move. Technocrat entrepreneur Mr. K. V. K. Raju laid the
foundation of the group over two decades ago. He started with an initial
investment of US $ 1.20 millions and showed the seeds of what is now one of
the fastest growing industrial houses in India. In addition to
Agribusiness, the group has made significant investment in core sectors like
petroleum refining, power generations, life sciences and information technology.
Today, the asset base of the group is over US $ 580 millions and is projected
to touch US $ 2500 millions by the year 2003, when the project, which are
currently under the implementation are completed. The group has a strong
and growing presence in the Agribusiness, Energy, Petroleum, Life Sciences
and Information Technology. The agribusiness
division of the group is committed to enhancing the availability of quality
food supply for the future by developing producing products and services that
contribute to increasing farm productivity. Towards achieving
this objective, the group has made investments and acquired significant
presence in: ·
Plant
Nutrition ·
Crop
Protection ·
Seeds The group provides
a complete range of agricultural inputs cost – effectively. Its products and
services enjoy nation-wide reputation among the farming community due to
their consistent high quality. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14898157 |
Equity Shares |
Rs. 10/- each |
Rs. 148.981 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
149.000 |
149.000 |
149.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
778.000 |
634.500 |
388.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
927.000 |
783.500 |
537.500 |
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LOAN FUNDS |
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1] Secured Loans |
797.200 |
962.600 |
296.700 |
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2] Unsecured Loans |
299.000 |
320.400 |
71.600 |
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TOTAL BORROWING |
1096.200 |
1283.000 |
368.300 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
2023.200 |
2066.500 |
905.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1408.800 |
834.200 |
708.300 |
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Capital work-in-progress |
25.800 |
101.800 |
16.900 |
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INVESTMENT |
0.000 |
0.500 |
0.500 |
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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 |
812.700
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864.700 |
665.900 |
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Sundry Debtors |
679.100
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693.300 |
447.300 |
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Cash & Bank Balances |
44.600
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353.600 |
128.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
104.900
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139.100 |
91.300 |
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Total
Current Assets |
1641.300
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2050.700 |
1332.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
973.400
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843.500 |
1074.800 |
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Provisions |
79.300
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77.200 |
77.900 |
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Total
Current Liabilities |
1052.700
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920.700 |
1152.700 |
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Net Current Assets |
588.600
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1130.000 |
180.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2023.200 |
2066.500 |
905.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3923.100 |
4018.300 |
3381.200 |
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Other Income |
114.800 |
81.100 |
51.700 |
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Total Income |
4037.900 |
4099.400 |
3432.900 |
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Profit/(Loss) Before Tax |
327.100 |
418.300 |
397.300 |
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Provision for Taxation |
114.800 |
138.400 |
152.100 |
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Profit/(Loss) After Tax |
212.300 |
279.900 |
245.200 |
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Expenditures : |
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Raw Materials |
2102.400
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2364.300
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1926.700
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Excise Duty |
456.000
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522.100
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495.300
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Power & Fuel Cost |
109.600
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91.400
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94.600
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Other Manufacturing Expenses |
222.500
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202.100
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169.800
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Employee Cost |
182.100
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159.500
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139.900
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Selling and Administration Expenses |
271.000
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297.800
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256.200
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Miscellaneous Expenses |
36.600
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27.200
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19.100
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Interest & Financial Charges |
133.900
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118.300
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71.500
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Depreciation |
117.100
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76.900
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45.200
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Stock Adjustment |
79.600 |
[178.500] |
[182.700] |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
3710.800 |
3681.100 |
3035.600 |
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QUARTERLY RESULTS
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PARTICULARS |
|
30.06.2007 |
30.09.2007 |
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Type |
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1 Quarter |
2 Quarter |
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Sales Turnover |
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866.200
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1272.900
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Other Income |
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47.400
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10.500
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Total Income |
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913.600
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1283.400
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Total Expenditure |
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763.700
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1057.700
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Operating Profit |
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149.900
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225.700
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Interest |
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35.500
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41.900
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Gross Profit |
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114.400
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183.800
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Depreciation |
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36.700
|
38.000
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Tax |
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29.500
|
38.300
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Reported PAT |
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47.800
|
107.500
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
1.39 |
1.25 |
0.57 |
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Long Term Debt-Equity Ratio |
0.64 |
0.62 |
0.31 |
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Current Ratio |
1.13 |
1.17 |
0.98 |
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Fixed Assets |
2.65 |
3.88 |
4.38 |
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Inventory |
4.68 |
5.25 |
6.98 |
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Debtors |
5.72 |
7.05 |
10.37 |
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Interest Cover Ratio |
3.44 |
4.54 |
6.56 |
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Operating Profit Margin(%) |
14.74 |
15.27 |
15.20 |
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Profit Before Interest And Tax Margin(%) |
11.75 |
13.35 |
13.86 |
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Cash Profit Margin(%) |
8.40 |
8.88 |
8.59 |
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Adjusted Net Profit Margin(%) |
5.41 |
6.97 |
7.25 |
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Return On Capital Employed(%) |
22.54 |
36.11 |
68.72 |
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Return On Net Worth(%) |
24.82 |
42.38 |
56.56 |
LOCAL AGENCY
FURTHER INFORMATION
History :
The company was incorporated on 11th November, 1986 at Hyderabad in Andhra Pradesh having Company Registration Number 16607.
The company was originally incorporated under the name and style of Chemagro International Limited and was changed to the present in October 1996.
The company is an associate of Nagarjuna Fertilisers and Chemicals, NSL and Nagarjuna Financé. It is a part of the Nagarjuna Group and managed by Chairman Mr. Nitish K. Sen Gupta.
In October 1994 it came out with a public issue of 2.370 million shares at a premium of Rs. 5/- aggregating Rs. 35.60 millions, to part finance a Rs. 240 millions project to manufacture monocrotophos (MCP) technicals and MCP formulations. MCP is an organo-phosphorous Pesticide. The company supplies 50% of MCP to Nagarjuna Fertilizers, a group company and the remaining 505 was used in formulations. MCP has eco-friendly characteristics and is a fast acting pesticide useful against a wide range of pests. The company has entered into an agreement with Nagarjuna Fertilizers and Chemicals for marketing MCP formulations under the Nagarjuna brand name.
The company has also commenced commercial production of Acephate with certain additions to the existing plant. It has also identified three new projects viz. DDVP, Atrazine and Profenofos. Of these, commercial production of Atrazine and Profenofos is expected to commence by end of 1999.
Due to fast changing international business scenario the company has enhanced its Research and Development activities and also plans to introduce two new fungicides, Tricyclazole and Propiconazole. These products are currently imported and sold in India. Introduction of new products involves expenditure on research activities and installation of various new equipments. Funding’s are done by way of borrowed funds.
Business :
It is in trade terms with:
· Cores and Containers Private Limited
· Caps & Containers Industries
· Hitech Plastics
· Mipak Plastics
· Manjushree Strech Films Private Limited
· Silver Prints
· Sri Sai Sindura Poly Products
· Sannidhi Industries
· Tejeswi Packing Private Limited
· Core Chemicals Private Limited
· Eureka Chemicals
· Intermediates & Chemicals
· Piyush Chemicals
· Spak Chemicals
Performance:
During
the year under review, Sales were Rs 3440 Millions compared to Rs.3520 Millions
during the previous year. The Profit after Tax for the year under review was
Rs. 210 Millions compared to Rs.280 Millions for the previous year.
High capital investments have resulted in higher interest costs and increased
levels of non-cash expenditures such as depreciation and deferred taxation. The
cash profits for the year under review were Rs.387.700 Millions compared to
Rs.386.500 Millions during the previous year.
New
Projects/Expansions:
Based on the fundamental belief that manufacturing plants
are the most valuable strategic assets of the company, they continue to
aggressively invest in building new plants, as well as, to update older plants
to meet the best international operational standards. During the year under
review, they have invested almost Rs.650 Millions into the manufacturing plants
to maximize the business opportunities of the company for the future. This
investment of Rs. 650 Millions is the largest that they have made in any single
year since the start of the company.
Environmental Protection:
The Company is committed to improve the environment around
its area of operations at Srikakulam. It continues to nurture and expand the
vast green belt around its factory. It has also participated in various
community welfare activities in the neighbouring areas.
Financial
Performance:
During the year under review, there was a slight increase in
domestic sales and a corresponding drop in export sales. Due to increased
capital investments in the manufacturing plants, depreciation and interest
costs were higher resulting in a drop in profits. However, after adding back
non-cash expenses such as Depreciation and deferred taxation, Cash profits were
marginally higher than the previous year at Rs.392.100 Millions.
Outlook
The business fortunes of the Company in India are weather
related. The domestic market has not increased significantly in both either
2005 or 2006. Barring some unforeseen development, we expect the size of the
domestic market to remain the same as in the previous two years. In a stagnant
market, Price competition among generic agrochemical companies continues to be
a source of concern.
Biotechnology will continue to play a greater role in the farming sector in the
future. Increased adoption of biotechnology-based seeds by the farmers will
adversely impact agrochemical sales.
As exports become a larger portion of the total sales of the
Company, they are unlikely-to grow at the same rate as before. The company is
among the top five exporters of agrochemicals out of India and should be able
to maintain reasonable sales growth in the future.
The Company's research wing is constantly examining new
products and innovations to foster growth and combat obsolescence and
competition.
As per Website Details :
Their Profile :
Nagarjuna Agrichem Limited (NACL)
NACL was established in 1994 with an
investment of US $ 7 million for producing Monocrotophos Technical. NACL has
since grown substantially and now manufactures a comprehensive range of
pesticide technicals, formulations and custom manufactured fine chemicals. All
the manufactured products conform to international quality standards and
specifications.
They have adequate capacities,
state-of-the-art infrastructure, skilled and experienced manpower, technical
absorption capabilities. In fact, Custom Synthesis and manufacturing
are one of NACL's inherent capabilities. The production lines are designed
for a quick change over. They also undertake Custom Synthesis and
Toll Manufacturing Which caters to the requirement of reputed overseas
customers.
NACL has one of the largest
Dealer Network spread across India, with marketing and sales offices in
addition to an extensive Warehousing & Logistics Infrastructure
to handle operations in 19 Indian States. NACL has has tie-ups with large
Indian Agrochemical Majors and MNC's for the domestic and export markets.
The current annual turn over of the Organization is US $ 50 million.
They
are the largest sellers of High Performance Speciality Fertilizers in India.
These Fertilizers are sourced through an exclusive tie-up with HAIFA Chemicals, Israel.
They operate one of the most modern and
comprehensive Technical Agrochemical manufacturing plants, situated in
Srikakulam district of Andhra Pradesh, India.
The following technical products are
manufactured in the Srikakulam Unit :
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In addition to
the above, they also custom synthesis several Fine Chemicals for reputed
customers.
NACL
formulates its formulations in a modern Formulation Plant situated in the East
Godavari District of Andhra Pradesh. This location is situated in the scenic
rice growing area on India's East Coast. This Unit is one of the few to have in
a single location, integrated multi-line facilities capable of producing a
variety of pesticide formulations such as liquids, wettable powders and
granules simultaneously. This unit has the formulation technology to produce
dry flowables and water based emulsions.
The category wise annual capacities are :
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10 million
liters |
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: |
3600 MT |
|
: |
10000 MT |
NACL has an
impressive range of formulations in the categories of Insecticides,
Fungicides and Herbicides. In addition to catering to the entire Indian
subcontinent, they exports pesticide technicals and formulations to
some countries in Asia, Middle East Europe, South America, Australia, Africa
etc.,
Manufacturing and R
& D
NACL
has adequate capacities, state-of-the-art infrastructure, skilled experienced
manpower and technology absorption capabilities. The production lines are
designed for quick change over to also undertake Toll manufacturing adhering to
the highest international standards and specifications.
The Technical Grade Pesticides manufactured by
them are :
|
The process Development Skills of NACL are comparable to the Best Indian
Companies. It is their belief that the R & D / Process Development Department
of NACL is the second largest of any Indian Agrochemical Company in terms of
size and scope of operation
R&D plays a critical role in Nagarjuna's activities in
Agribusiness. In recognition of this, Nagarjuna established Nagarjuna
Agricultural Research and Development Institute (NARDI) in 1995 to focus
research on crop protection, crop production and crop improvement. NARDI today
has a 100 acre dedicated farm and is staffed by nationally renowned scientists
and other support staff. NARDI has also established research collaboration with
leading international institutes such as IRRI, ICRISAT, CIMMYT, ACRDC and ICAR.
In addition, NACL has a specialised R&D division
where work on relevant application research, custom
synthesis etc., is taken up. Some of the area's are synthesis routes for
generic products and improvement in operational efficiencies in exisiting
operations. Efforts are also on to develop Bio-pesticides and Fermentation
metabolites.
The infrastructure in these R&D divisions consists of the
latest analytical equipment including pilot plants to scale up processes to
commercial levels. The research in these R&D divisions is integrated
through the centralized support networking of NARDI.
Fixed Assets
Ø
Goodwill
Ø
Land
Ø
Buildings
Ø
Plant & machinery
Ø
Electrical installations
Ø
Furniture & fixtures
Ø
Office equipments
Ø
Vehicles
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. 39.77 |
|
UK Pound |
1 |
Rs. 82.45 |
|
Euro |
1 |
Rs. 58.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|