MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BOROSIL GLASS WORKS
LIMITED |
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Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
14.12.1962 |
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Com. Reg. No.: |
11-12538 |
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CIN No.: [Company
Identification No.] |
L99999MH1962PLC012538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB00740F/MUMB11821F |
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PAN No.: [Permanent
Account No.] |
AAACB5484G |
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Legal Form : |
A public limited liability
company. The company’s shares are
listed on the Stock Exchanges |
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Line of Business : |
Manufacturer of Borosilicate Glassware for
Scientific and Laboratory Purpose,
Industrial Glassware, Consumer
Glassware and also trading in consumer
Glassware. |
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 3100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –
established company having fine track records. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be
considered good for normal business dealings at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, Maharashtra, India |
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Tel. No.: |
91-22-24930362 / 24930366 / 67406300 |
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Fax No.: |
91-22-24950561 |
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E-Mail : |
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Website : |
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Head Office : |
410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai –
400 025, Mahartashtra, India |
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Tel. No.: |
91-22-24320779 / 24309539 / 24303436 |
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E-Mail : |
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Factory 1 : |
Marol-Maroshi Road, Off
Military Road, Andheri, Mumbai 400 059, Maharashtra, India |
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Tel. No.: |
91-22-2850 8990 |
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Fax No.: |
91-22-2850 6685 |
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Factory 2 : |
A1F, Industrial Complex, Marai
Malai Nagar - 603 209, Tamil Nadu, India |
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Sales Office : |
·
Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century
Bazar, Prabhadevi, Mumbai - 400025 Tel. No : 91-22-2437 4501 / 2437 4703 Fax. No. 91-22-5660 3601 Email :mumbaisales@borosil.com ·
19/90, Connaught Circus (Madras Hotel Block), New Delhi- 110001 Tel. No. :91-11-2334 3897/2374 2136/2374
3772 Fax No. :91-11-2374 6689 Email : delhi@borosil.com ·
No.22, Wheat Croft Road, Ist Floor, Nungambakkam, Chennai- 600 034 Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com ·
Dabriwala House , 4th Floor, 10 Middleton Row, Kolkatta- 700071 Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com ·
161, Anna Salai, Chennai
600 002, Tamil Nadu, India |
DIRECTORS
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Name : |
Mr. B. L. Kheruka |
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Designation : |
Chairman |
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Name : |
Mr. P. K. Kheruka |
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Designation : |
Vice Chairman and
Managing Director |
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Name : |
Mr. V. N. Nadkarni |
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Designation : |
Director |
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Name : |
Mr. A.C. Dalal |
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Designation : |
Director |
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Date of Birth/Age : |
28.08.1989 |
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Experience |
50 years |
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Date of Appointment : |
28.08.1898 |
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Previous Employment |
·
Director with
Sutlej Industries Limited ·
Pilani Investments and
Industries Limited ·
Vidula Chemicals and
Manufacturing Industries Limited ·
Birla Global Finance
Limited ·
Century Textiles and Industries
Limited ·
Birla Securities Limited |
|
Chairman/Member |
·
Century Textiles and
Industries Limited – Audit Committee Member ·
Sutlej Industries Limited
- Audit Committee Member |
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Name : |
Mr S. Bagai |
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Designation : |
Director |
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Date of Birth/Age : |
07.03.1956 |
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Experience : |
Advocate with rich
Experience |
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Date of Appointment : |
29.06.2002 |
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Previous Employment |
Director with C. Net
Telecon (India) Limited Prime Proteins Limited |
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Name : |
Mr. R. Mehra |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
54years |
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Qualification : |
B.Sc., H.N. C.
Loughborough (UK) |
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Experience : |
31 years |
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Date of Appointment : |
03.10.1981 |
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Previous Employment |
Head of Engineering &
Quality Control Department – Crompton Graves Limited |
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Name : |
Mr. K V Krishnamurthy |
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Designation : |
Director |
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Name : |
Mr. V Ramaswami |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Ms. Krupa Anandpara |
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Designation : |
Company Sectary |
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Name : |
Mr. Shreevar Kheruka |
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Designation : |
Vice President and Chief
Executive Officer |
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Name : |
Mr. C Baptista |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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Individuals |
612973 |
16.99 |
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Mutual funds and
Axis |
400 |
0.01 |
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Promoters |
1824300 |
50.56 |
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Banks, Financial Institutions,
Insurance companies (Central/State Govt. Institutions/Non Govt. Institutions) |
111892 |
3.09 |
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Private Corporate
Bodies |
470268 |
13.03 |
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Non Resident
Individuals |
20573 |
0.57 |
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Foreign Institutional Investors and Foreign Companies |
564209 |
15.64 |
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Any Other – Shares in
transit |
2778 |
0.08 |
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Foreign Nationals |
975 |
0.03 |
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Trusts |
100 |
0.00 |
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Total |
3608468 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Borosilicate
Glassware for Scientific and Laboratory Purpose, Industrial Glassware,
Consumer Glassware and also
trading in consumer Glassware. |
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Products : |
The company’s product
range includes the following: ·
Domestic glassware ·
Artware ·
Barware / restaurant ·
Bowls ·
Cookware ·
Decanters ·
Drinking glasses ·
Giftware ·
Jugs ·
Kitchenware ·
Mugs ·
Tableware ·
Tumblers ·
Over ware ·
Lighting glassware ·
Lamp-chimney ·
Well glass ·
Tubing, vials, ampoules
tubing ·
Pipes and fittings ·
Rods ·
Tubes ·
Washing machine covers
microware platter ·
Scientific lab and
medical glassware ·
Apparatus ·
Beakers ·
Bottles and jars ·
Capillary tubes ·
Chemical (general) ·
Medical glassware ·
Pipettes ·
Test tubes ·
Tubes ·
Volumetric glassware |
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Exports : |
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Countries : |
·
Australia ·
Botswana ·
Tunisia ·
Greece ·
Denmark |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Glass melted |
Tons |
- |
12900 |
- |
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Scientific Apparatus and Laboratory ware |
Pieces |
- |
- |
19779095 |
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Consumer ware |
Pieces |
- |
- |
5485102 |
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Others |
Pieces |
- |
- |
37853 |
GENERAL
INFORMATION
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No. of Employees : |
850 |
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Bankers : |
·
Bank of Baroda ·
Union Bank of India ·
ICICI Bank Limited ·
The Zoroastrian
Co-operative Bank Limited ·
IndusInd Bank Limited |
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Facilities : |
Note : Amount repayable within one year Rs.192.278 millions (Previous year
Rs.108.767 millions. Guaranteed by a Director in this personal capacity. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Associates/Subsidiaries : |
·
Window Glass Limited E-2/3, Netaji Subhash Road, Calcutta - 700 001, West Bengal Established in the year 1963 ·
Gujarat Fusion Glass
Limited Fennel Investment & Finance Private Limited SUBSIDIARIES ·
Gujarat Borosil Limited Established in the year 1994. ·
Swapan Properties Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3608468 |
Equity Shares |
Rs.10/- each |
Rs.36.085
millions |
Notes :
1. Of the above:
·
883563 Equity Shares were allotted as fully
paid up pursuant to contracts without payments being received in cash.
·
748031 Equity Shares were allotted as fully
paid up Bonus shares by way of capitalization of General Reserve.
·
1184984 748031 Equity Shares were allotted as
fully paid up on Conversion of Debentures.
2. Share Warrant holders have a right to apply for equal numer of Equity
Shares, in respect of 355460 Share Warrants issued on Preferencial basis,
within 18 months from the date of allotment of Warrants. Amount, received
against the Warrants are shown as Share Warrants in the Balance Sheet, pending
exercise thereof.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.085 |
36.085 |
34.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
583.542 |
578.183 |
437.300 |
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4] Share Warrants |
9.828 |
9.828 |
0.000 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
629.455 |
624.096 |
471.600 |
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LOAN FUNDS |
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|
1] Secured Loans |
119.117 |
147.103 |
166.900 |
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2] Unsecured Loans |
196.594 |
124.421 |
77.100 |
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TOTAL BORROWING |
315.711 |
271.524 |
244.000 |
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DEFERRED TAX LIABILITIES |
16.860 |
31.841 |
0.000 |
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TOTAL |
962.026 |
927.461 |
715.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
446.532 |
483.753 |
417.800 |
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Capital work-in-progress |
35.712 |
24.855 |
22.900 |
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INVESTMENT |
196.076 |
196.076 |
129.400 |
|
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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 |
279.690
|
245.810 |
196.100 |
|
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Sundry Debtors |
141.858
|
148.670 |
122.500 |
|
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Cash & Bank Balances |
5.158
|
5.317 |
8.000 |
|
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Other Current Assets |
0.056
|
0.074 |
0.000 |
|
|
Loans & Advances |
69.252
|
53.085 |
45.000 |
|
Total
Current Assets |
496.014
|
452.956 |
371.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
158.153
|
156.295 |
189.000 |
|
|
Provisions |
54.155
|
73.884 |
37.100 |
|
Total
Current Liabilities |
212.308
|
230.179 |
226.100 |
|
|
Net Current Assets |
283.706
|
222.777 |
145.500 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
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TOTAL |
962.026 |
927.461 |
715.600 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
716.155 |
682.595 |
701.300 |
|
|
Other Income |
24.548 |
29.133 |
59.400 |
|
|
Total Income |
740.703 |
711.728 |
760.700 |
|
|
|
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|
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|
Profit/(Loss) Before Tax |
8.602 |
131.915 |
57.500 |
|
|
Provision for Taxation |
3.243 |
21.657 |
17.400 |
|
|
Profit/(Loss) After Tax |
5.359 |
110.258 |
40.100 |
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Earnings in Foreign Currency : |
|
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|
|
|
|
Export of goods on FOB basis |
43.609 |
66.548 |
0.000 |
|
Total Earnings |
43.609 |
66.548 |
0.000 |
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Imports : |
|
|
|
|
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|
Raw Materials |
11.231 |
12.596 |
0.000 |
|
|
Stores & Spares |
4.461 |
3.385 |
0.000 |
|
|
Capital Goods |
2.314 |
3.428 |
0.000 |
|
|
Finished Goods |
64.664 |
65.993 |
0.000 |
|
Total Imports |
82.670 |
85.402 |
0.000 |
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
558.877 |
479.267 |
72.800 |
|
|
Administrative Expenses |
0.000 |
0.000 |
77.400 |
|
|
Raw Material Consumed |
30.639 |
29.464 |
122.600 |
|
|
Purchases made for re-sale |
102.373 |
115.090 |
0.000 |
|
|
Excise Duty |
0.000 |
0.000 |
55.400 |
|
|
Increase/(Decrease) in Finished Goods |
(30.752) |
(46.655) |
3.400 |
|
|
Employee Cost |
0.000 |
0.000 |
146.700 |
|
|
Interest |
31.571 |
29.242 |
31.900 |
|
|
Extra Ordinary Items |
0.000 |
(66.683) |
0.000 |
|
|
Power and Fuel Cost |
0.000 |
0.000 |
95.100 |
|
|
Depreciation & Amortization |
39.393 |
40.088 |
39.800 |
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
58.100 |
|
Total Expenditure |
732.101 |
579.813 |
703.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2008 |
|
|
1st
Quarter |
|
Sales
Turnover |
92.800 |
|
Other
Income |
1.200 |
|
Total
Income |
94.000 |
|
Total
Expenditure |
161.500 |
|
Operating
Profit |
(67.500) |
|
Interest |
8.200 |
|
Gross
Profit |
(75.700) |
|
Depreciation |
7.800 |
|
Tax |
0.500 |
|
Reported
PAT |
(81.000) |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.78 |
0.85 |
1.34 |
|
Long Term Debt-Equity Ratio |
0.09 |
0.25 |
0.61 |
|
Current Ratio |
0.92 |
0.96 |
1.01 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed Assets |
1.14 |
1.17 |
1.23 |
|
Inventory |
2.95 |
3.34 |
3.28 |
|
Debtors |
5.34 |
5.44 |
6.34 |
|
Interest Cover Ratio |
1.25 |
3.06 |
2.8 |
|
Operating Profit Margin(%) |
10.48 |
18.63 |
18.42 |
|
Profit Before Interest And Tax
Margin(%) |
5.4 |
13.19 |
12.75 |
|
Cash Profit Margin(%) |
5.76 |
12.81 |
11.39 |
|
Adjusted Net Profit Margin(%) |
0.68 |
7.37 |
5.72 |
|
Return On Capital Employed(%) |
6.24 |
17.31 |
17.66 |
|
Return On Net Worth(%) |
1.4 |
17.88 |
18.55 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was formed in Dec.'62 mainly to acquire the
undertaking of the Industrial and Engineering Apparatus Company Private Limited
In Jun.'90, the company came out with a rights issue.
Subject manufactures borosilicate tyre neutral and heat-resistant tubing and
rods, scientific apparatus, laboratory glassware, etc. Its plants are located
in Tamilnadu and Maharashtra. In 1963, a technical collaboration agreement was
entered into with Corning Glass Works, New York. The company has subsidiary,
namely Gujarat Borosil.
In 1995-96, the company has come out with a modernisation programme as well as
a diversification programme. As part of the modernisation programme, it
proposes to manufacture borosilicate glass tubings in the Marol plant. As part
of its diversification programme, the company has envisaged a new project at
its Marai Malai Nagar plant for the manufacture of heat resistant borosilicate
opal tableware.
The sale of imported consumerware under the brand name Borosil International
and Boromoili Rocco have performed well during 2000-2001. Gujarat Borosil
Limited ceased to be a subsidiary of the company from 30th March 2002. In
2002-03 the company entered into a contract with Amercian Consultant for supply
of designs,drawings,equipments and technical know-how for upgradation of
furnace No 1 by enhancing its capacity from 12 MT to 22 MT per day. To finance
the above project the company is taking steps to tie up with Banks/Institutions
etc. The company is also proposing for a rights issue of shares with the prior
approval from Shareholders at the ensuing AGM.
PERFORMANCE
During the year, the Company had to confront various challenges. At the beginning
of the year, electricity charges were sharply increased by about 70%. Supply of
natural gas was suddenly reduced drastically, causing the use of LPG, which is
four times more expensive. These factors caused a huge surge in energy cost.
Moreover, in view of aging of furnace crown and failure of forehearth
electrodes, operations at Marol have become unviable. As a result, the Company
decided to shift its cold-end operations from Marol, Mumbai to Village - Dumala
Boridra of District-Bharuch in Gujarat andhave transferred the workmen
connected with that Department. The said transfers have been challenged by the
Workers Union. However, Industrial Court has rejected their application for
stay of said transfers. The Union has appealed before the High Court of Bombay
and the outcome is awaited. The work on new manufacturing unit as been kept in
abeyance in view of changing industrial climate in Uttarakhand.
The sales during the year were higher at Rs.775.749 millions as compared to
Rs.737.145 millions in the previous year. However, owing to various factors, as
compared to last year, the expenses have gone up by Rs 79.600 millions, as
follows:
Power and Fuel : Rs. 36.400 millions
Staff Cost : Rs. 13.600 millions
Job Charges : Rs. 16.000
millions
Other Expenses : Rs. 13.600
millions
Consequently, profit after tax has declined to Rs.5.359 millions. Exports
during the year were lower at Rs.43.609 millions as compared to Rs.66.548
millions in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
A. Industry Structure and
Developments
The Company is the sole manufacturer in India of low expansion borosilicate
glass which it uses to manufacture a wide variety of scientific, industrial,
lighting, pharmaceutical and consumerware glass items.
The Company supplies tubing and other products which are used by the small
scale down stream processing units to manufacture various finished products
like burettes, pipettes, flasks, condensers, ground joints and jointed items,
reaction, distillation and extractors units etc. The entire Research and
Development, Industry, Education and Health segments of the market are major
users of scientific and industrial products. Consumerware items cater to the
need of the household sector.
B. Opportunities and Threats
- Opportunities
* With the increased grants by the Government of India both in Research
and Education segments of the markets and faster growth particularly in the
Research and Development as well as Pharma and Biotechnology segments in the
private sector, there is good opportunity for the Company to increase its
presence in these areas.
* So far as consumer ware items such as drinking glasses and microwave
glassware etc. are concerned, there is continuous scope of growth in these
areas in view of growing disposable income, particularly among the middle class
in India. The Company will continue to strengthen its position in marketing
these products.
- Threats
* Less availability of appratusware and drinking glasses in view of supply
constraints * With the increased energy and other operational costs as
mentioned above, the profitability in the Marol plant is coming under
increasing pressure and the Company is finding it extremely difficult to
continue operations there.
* Unrestricted import and dumping of scientific and industrial products
by importers from various countries. * Availability of significant quantities
of spurious goods bearing Company's brand name. * Usage of plastics and
instruments in laboratories as substitute for glassware. * Entry of
international/domestic business houses in trading of Scientific glassware with
their own well established brands (sourced mainly from small and cottage scale
Indian fabricators).
C. Segmentwise or Productionwise
Performance
- Scientific and Industrial
Product Division
The domestic sales improved marginally by nearly 1.36 % .However, profitability
has come under pressure in view of increasing costs. There were significant
pending orders in respect of Apparatus items, which owing to capacity
constraints, could not be met by the end of the year. Otherwise, the
performance of this division would have been significantly better.
- Consumerware Division
During the year, the turnover of the consumerware division rose by over 13%,
whereon the profitability was maintained in-spite of fierce competition and
inflationary pressure on consumers. The Company further consolidated its
position in the drinking glasses and microwave glassware segment.
D. Outlook
Scientific and Industrial
Products:
There has been constant growth in the Research & Development, Pharma and
Biotech segments in the private sector.
The shift of such activities to reputed Indian Companies by global
organizations continues.
Further, there has been an increase in contract research activities in the
country coupled with increased allocations by the Government in the Education
and Research segments of the market. The process is likely to continue.
Consumerware Products:
The Company sells its product under brands namely Borosilr, Borosil
International and Napoli. The Company imports a range of products from various
international manufacturers and sells these in the domestic market along with
its own manufactured products. With the rise of consumerism in India, there is
continuous scope of growth in the consumerware segment. However, supply side
constraint could be a dampner in the Company's efforts.
FIXED ASSETS
·
Land (freehold and
leasehold)
·
Buildings
·
Plant, Machinery and Equipment
·
Furniture, Fixture and Office Equipments
·
Vehicles
·
Intangible Assets
CONTINGENT
LIABILITIES
|
|
As
at 31.03.2008 (Rs.
In Millions) |
|
(i) Disputed liabilities in appeal: |
|
|
|
|
|
a. Income Tax (The Income – Tax assessment of the company have been completed up to
Assessment Year 2005-2006. Based on the decisions of the other Appellate authorities and the
interpretations of the other relevant provisions, the Company has been
legally advised that the demand is likely to be either deleted or
substantially reduced and accordingly no provision has been made). |
0.253 |
|
b. Sales Tax (No cash outflow is expected in the near future.) |
8.834 |
|
c. Cenvat credit/Service Tax (No cash outflow is expected in the near future.) |
5.654 |
|
d. Others (No cash outflow is expected in the near future.) |
2.775 |
|
|
|
|
(ii) Bank Guarantee (Bank Guarantees are provided under contractual/legal obligation. No
cash outflow is expected.) |
1.781 |
|
|
|
|
(iii) Guarantee to a bank against Letter of Credit Facility to third
party |
0.000 |
|
|
|
|
(iv) Letter of Credit |
|
|
Inland |
0.830 |
|
Foreign |
2.076 |
|
(Cash outflow expected on the basis of payment terms mentioned in Letter
of Credit.) |
|
The company is in trade terms with: -
·
Apala Minichem
·
Eros Minerals
·
Adinath Minichem Industries
·
Krishna Packaging
·
Surya Packaging
·
Paper Pack Industries
·
Sterling Packaging
·
Advance packaging
·
Jose Davis
·
Jay Industris
·
Indian Reed Industries
·
Suraj Paper Industries
·
National Bakelite
·
Maulik Plastic
·
Shobha Rubber Industries
·
Glassage Industries
·
Shingadia Engineering
·
Vivek Art
·
Spencer Prints
·
Morefloun Industries
·
Solar Paper Corporation
·
K-2 Packaging
COMPANY PROFILE
Subject was established in December 1962 in collaboration with Corning Glass
Works of U.S.A. to manufacture borosilicate low expansion glass - a type of
glass so special that it requires melting temperatures as high as 1625°C and a
technology so sophisticated that even today very few countries in the world
possess it. In December 1988, Corning divested its share holdings to the
Kheruka group who have been a leading manufacturer of sheet glass in India
since 1961 .
Today, Subject manufactures
extremely high quality Tubing, Blown ware and Press ware using state of the art
equipment. All manufacturing processes of the glass manufacturing such as
melting, forming, shaping etc. are carried out in-house, enabling built-in
quality checks at every stage. The spirit of growth and technical upgradation
is a continuous process making Subject a world leader in specialty glass with
exports covering several countries in America , The British Isles, Eastern
Europe , Africa , Middle East and South Asia .
The ISO 9001:2000
certification is a proof of the high and consistent standards of quality
maintained by the company. Subject has found use in over 2000 different
products and applications, in areas as diverse as Microbiology, Biotechnology,
Photo Printing, Laboratory ware, Solar Collectors, Process Systems, Lighting
and Consumer ware.
In the Indian
laboratory ware segment, Subject services the Research and Development,
Industrial, Healthcare and the Educational segments of the market and almost all
leading Research and QC laboratories, Institutions, Industrial and Healthcare
laboratories are using company brand products.
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|