MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAILY ENGINEERING PLASTIC LIMITED |
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Registered Office : |
51, Dariyasthan Street,ground Floor, Vadgadi, Mumbai-400003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.04.1980 |
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Com. Reg. No.: |
11-22531 |
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CIN No.: [Company
Identification No.] |
L51900MH1980PLC022531 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01847G |
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Legal Form : |
Subject is a Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and Selling of Engineering Plastic Components and Mouldings. |
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 130000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as 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 : |
51, Dariyasthan STGR Floor, Vadgadi, Mumbai – 400003, Maharashtra, India |
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Tel. No.: |
91-22-23424724 / 23436666 |
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Fax No.: |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Leased |
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Corporate Office : |
8, J. P. Nagar, Opposite GEB Colony, Old Padra Road, Baroda – 390015, Gujarat, India |
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Tel. No.: |
91-265-2330674 / 2332723 |
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Fax No.: |
91-265-2332723 |
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E-Mail : |
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Factory 1 : |
Plot No. 706, 707, 708 GIDC, Halol – 389 350, District Panchmahals, Gujarat |
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Tel. No.: |
91-2676-221569 / 222913 / 14 |
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Fax No.: |
91-2676-220183 |
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E-Mail : |
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Area : |
20001 Sq. Mtrs |
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Location : |
Leased |
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Factory 2 : |
Survey No. 364 & 366, At Post Rania – 391 780, Taluka Savli, District Baroda, Gujarat, India |
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Tel. No.: |
91-2667-244307 / 244361 / 244348 |
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Fax No.: |
91-2667-244372 |
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Area : |
2226 Sq. Mtrs |
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Location : |
Leased |
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Factory 3 : |
Survey No. 364/1-2(A), At Post Rania – 391 780, Taluka
Savli, District Baroda, Gujarat |
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Area : |
4571 Sq. Mtrs. |
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Overseas Office : |
Industrial Design Consultancy, The Portland Business Centre Manor House Lane, Datchet, Slough Berkshire SL3 9EG UK |
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Tel. No.: |
44 (0) 1753-547610 |
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Fax No.: |
44 (0) 1753-549224 |
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E-Mail : |
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Website : |
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Branches : |
Located at : v
Gujarat v
Mumbai v
USA v
UK |
DIRECTORS
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Chairman |
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Date of Birth/Age : |
04.10.1934 |
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Name : |
Mr. Mahendra B. Sanghvi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
22.02.1948 |
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Qualification : |
B.Sc. (Chemical), B.S. Chemical Engineering |
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Experience : |
35 years |
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Date of Appointment : |
30.12.1985 |
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Previous Employment : |
GB Book Plastic Company, Canada |
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Name : |
Mrs. Tilottama Sanghvi |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
28.10.1948 |
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Name : |
Mr. Laxman B. Sanghvi |
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Designation : |
Executive Director |
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Date of Birth/Age : |
02.07.1956 |
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Qualification : |
Chartered Accountant, Law Graduate |
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Experience : |
30 years |
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Date of Appointment : |
30.12.1985 |
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Previous Employment : |
Practicing Chartered Accountant |
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Name : |
Mr. Jayesh Mohanlal Shah |
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Designation : |
Director |
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Date of Birth/Age : |
16.09.1956 |
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Name : |
Mr. Bharat B. Sanghvi |
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Designation : |
Director |
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Address : |
45, Winter Mute Bvide, Scarborough, Ontario M1w3M7, Canada |
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Date of Birth/Age : |
08.10.1951 |
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Name : |
Mr. Sarup Chowdhary |
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Designation : |
Director |
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Name : |
Mr. Nilesh Bansilal Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
24.04.1962 |
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Name : |
Mr. A. S. Anandkumar |
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Designation : |
Director |
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Name : |
Mr. V. B. Buch |
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Designation : |
Additional Director |
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Name : |
Mr. Michael Woodhall |
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Designation : |
Director |
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Name : |
Mr. William Sean Sovak |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Shalini Mehta |
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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 |
4290430 |
73.74 |
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Mutual Funds |
108600 |
01.87 |
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Banks FIs and Insurance Companies |
Nil |
Nil |
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Foreign Institutional Investors |
Nil |
Nil |
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Private Bodies Corporate |
209600 |
3.60 |
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Indian Public |
1171730 |
20.12 |
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NRI/OCBs |
39250 |
0.67 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Engineering Plastic Components and Mouldings. |
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Products : |
Item Code
No.: 39269009 Products : Other Articles of Plastics and Articles of
other manufacturing material v Components
and other articles of plastics v Moulds
v Mould
design, consultancy and repairing |
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Exports : |
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Products : |
Knobs |
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Countries : |
v USA v Europe v Far East
Asia |
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Imports : |
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Products : |
Raw materials |
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Countries : |
v Canada v Far
East Asia v Germany v The
Netherlands v Japan v Taiwan
v USA |
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Terms : |
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Purchasing : |
L/C terms |
PRODUCTION STATUS (As on 31.03.2008)
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Particulars |
Unit |
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Actual
Production |
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Components and Articles of plastics Moulds |
Qty. |
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170054042 |
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Moulds |
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1 |
GENERAL
INFORMATION
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Suppliers : |
v
Aashirwad
Poly-Plast v
Adroit
Polymers v
Aeropack
Products v
Akvira
Arts v
Apte
& Apte Organic Coating v
Arav Enterprises v
B R
Engineering Works v
Bharat
Hardware Industries v
Bharti
Enterprises v
Blue
Stare Metal & Engineering Works v
C K
Industries v
Careprint v
D P
Polymers Products v
Dwarika
Plastic Industries v
Efficient
Engineering v
Eknath
Industries v
Elegant
Coating Private Limited v
Golden
Plastics Industries v
Heliflex
Hydraulics & Engg Co v
jasmin
Enterprises v
Jay
Ambe Plastic & Engineering v
Kalyanin
engineering Works v
Kamal
Industries v
Kantilal
Chhotalal & Co v
Kinnari
Printing Technologies Private Limited v
Kinnari
Pad Flex v
Multipack
Industries v
Maruti
Plastics v
Mech
Cad Services v
Meet
Enterprises v
Modern
Engineering & spring Co v
Om
Sai Decoplast Private Limited v
P P
Plasrtics v
Pagar
& Sons v
Patson
Machine Tools v
Pioneer
Engineering Corporation v
Prabhat
Tech Mark Consultant v
Prabhat
Udyog v
Precision
Spring Works v
Raviraj
Industries v
Romil
Industries v
R S
Engineers v
Shiv
Om Brass Manufactures v
Shree
Tulja Industries v
Shreenathji
Engineers v
Smit
Printers v
Solar
Industries v
Sterling
Electrical Products v
Supreme
Lamp v
Shree
Kuldevi Polymers v
Super
Metal Industries v
Technocomp v
Trushna
Engineering v
Turn
O Precision v
Udvadia
Engineering Works v
Unichem
Metal works v
Unifab
Engineers v
Unitrade
India v
Vaishnav
Fastners v
Vibhuti
Consultants Designers v
Viksan
Industries |
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Customers : |
v
Panax
Appliances Private Limited v
Shaily-IDC
India Private Limited v
Stallion
Textiles Limited v
Stanford
Leasing & Fin. Limited v
SunidoTextile
Limited |
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No. of Employees : |
524 |
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Bankers : |
v State Bank of India Halol Branch, District Panchmahals, Gujarat
v ICICI Bank Limited Land Mark, Race Course, Baroda – 390 007, Gujarat
v
The Citizen Co-operative Bank Limited, Baroda, Gujarat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Sanghvi and Company Chartered Accountants |
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Memberships : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
v Panax Appliances Private Limited. v Shaily-IDC India Private Limited. v SunidoTextilesLimited v StallionTextilesLimited v Stanford Leasing and Finance Limited v Shah
Kanji Raichand and Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7600000 |
Equity Shares |
Rs.10/- each |
Rs.76.000 millions |
|
1500000 |
7% Participatory Cumulative Preference Shares |
Rs.56/- each |
Rs.84.000 millions |
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Total |
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Rs.160.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5818610 |
Equity Shares |
Rs.10/- each |
Rs.58.186
millions |
|
1499820 |
7% Participatory Cumulative Preference Shares |
Rs.56/- each |
Rs.83.990 millions |
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Total |
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Rs.142.176
millions |
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 |
142.176 |
58.186 |
58.186 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.125 |
80.113 |
65.215 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.301 |
138.299 |
123.401 |
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LOAN FUNDS |
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1] Secured Loans |
335.032 |
225.598 |
155.129 |
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2] Unsecured Loans |
32.167 |
41.268 |
44.647 |
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TOTAL BORROWING |
367.199 |
266.866 |
199.776 |
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DEFERRED TAX LIABILITIES |
12.958 |
9.664 |
7.278 |
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TOTAL |
606.458 |
414.829 |
330.455 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
311.348 |
204.209 |
156.045 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
80.825 |
8.056 |
8.056 |
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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 |
78.900
|
65.088 |
41.148 |
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Sundry Debtors |
140.870
|
165.868 |
141.943 |
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Cash & Bank Balances |
35.654
|
20.151 |
9.104 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
68.429
|
44.162 |
28.394 |
|
Total
Current Assets |
323.853
|
295.269 |
220.589 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
91.187
|
76.017 |
44.200 |
|
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Provisions |
23.095
|
17.177 |
11.493 |
|
Total
Current Liabilities |
114.282
|
93.194 |
55.693 |
|
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Net Current Assets |
209.571
|
202.075 |
164.896 |
|
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MISCELLANEOUS EXPENSES |
4.714 |
0.489 |
1.458 |
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TOTAL |
606.458 |
414.829 |
330.455 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
594.450 |
498.207 |
376.260 |
|
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Other Income |
7.100 |
1.597 |
2.149 |
|
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Total Income |
601.550 |
499.804 |
378.409 |
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Profit/(Loss) Before Tax |
20.126 |
32.400 |
26.552 |
|
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Provision for Taxation |
7.534 |
10.587 |
8.791 |
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|
Profit/(Loss) After Tax |
12.592 |
21.813 |
17.761 |
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|
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Total Earnings |
66.368 |
91.361 |
82.633 |
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Imports : |
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Raw Materials |
89.588 |
31.404 |
43.084 |
|
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Others |
41.897 |
32.389 |
15.655 |
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Total Imports |
131.485 |
63.793 |
58.739 |
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Expenditures : |
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Manufacturing Expenses |
124.267 |
106.466 |
81.829 |
|
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Raw Material Consumed |
338.453 |
262.137 |
178.332 |
|
|
Salaries, Wages, Bonus, etc. |
64.514 |
58.078 |
47.396 |
|
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Interest |
28.274 |
22.679 |
15.706 |
|
|
Depreciation & Amortization |
32.933 |
30.571 |
28.593 |
|
|
Increase/(Decrease) in Finished Goods |
(7.016) |
(12.527) |
0.000 |
|
Total Expenditure |
581.424 |
467.404 |
351.857 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 (1st
Quarter) |
30.09.2008 (2nd
Quarter) |
|
|
|
|
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Sales Turnover |
|
165.800 |
174.300 |
|
Other Income |
|
1.800 |
8.500 |
|
Total Income |
|
167.600 |
182.800 |
|
Total Expenditure |
|
163.600 |
164.600 |
|
Operating Profit |
|
4.000 |
18.200 |
|
Interest |
|
8.700 |
9.300 |
|
Gross Profit |
|
(4.700) |
8.900 |
|
Depreciation |
|
10.600 |
6.200 |
|
Tax |
|
0.100 |
0.100 |
|
Reported PAT |
|
(15.400) |
2.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.09
|
4.36 |
4.69 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.39
|
6.50 |
7.06 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.17
|
6.49 |
7.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.23 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.13
|
2.60 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
3.17 |
3.96 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 13th December, 1985
at Halol in Gujarat as a Public Limited Liability Company having Company
Registration Number 8354.
The group was formed in 1987 to provide service excellence
in plastic technologies.
Subject was set up at Halol by Mr. Mike Sanghvi, a Plastic
Technologist with over 20 years of experience in the North American Plastic
Industry.
Subject became closely held public limited liability company
with effect from 07.04.1994.
BUSINESS
Subject is engaged in manufacturing and selling of
Engineering Plastic Components and Mouldings.
Subject is a market leader in the field of injection moulded precision
components and subassemblies.
The company has expanded its Injection Moulding Division in
the form of a new plant at Rania. This division manufactures precision moulded
plastic components, moulds and dies for various OEM requirements viz.
electronics, electrical, automotive, horological, consumer electronics,
telecommunications, etc.
Subject has 50:50 joint ventures with a premier European
Design House (Industrial Design Consultancy, UK) in the name of Shaily IDC
(India) Private Limited.
REVIEW
OF OPERATIONS:
The Company achieved turnover of Rs 666.531 Millions as compared to Rs.569.261 Millions registering a growth of 17.09%.
In terms of Net profit the Company has earned a net profit of Rs.12.592
Millions this year as compared to Rs. 2181.300 Millions of last year having a
fall of 42.21%, this fall is due to fluctuation on account of foreign exchange
and lower turnover then projected.
NEW
PROJECTS
During 2007-08 the Company expanded its EOU/Rania plants substantially.
Currently the Company is in the process of setting up of a new plant in
Dehradun in the state of Uttrakhand.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
Subject has been at the forefront of bringing about major changes in its
technologies and processes and is certainly on the move now, with quality
standards as the prime mover and shaker of growth, at company, they are
obligation to create more efficiency and quality in products for customer
satisfaction. Company’s initiatives over the years have led to undergoing a
transformation process and sustained growth in the past 5 years, which has
entailed
v Consolidation
of business
v Setting
up of new capacities
v Improving
efficiencies and utilisation
INDUSTRY STRUCTURE
India, the fourth largest economy globally, in terms of size as measured by GDP
has emerged as one of the fastest growing economies in the world. India is
hailed by international agencies like, The World Bank and IMF as one of the
economies predicted to play a key role in shaping the global economic landscape
in the coming years. The Indian economy is expected to grow consistently above
8%.
The Indian Plastics Industry has been growing at a phenomenal rate of 15% over
the years and with its true potential harnessed, it is all set to reach the
12.5 MIVIT consumption mark, making India the 3rd largest consumer of plastics
by 2010.
Worldwide concern for fuel conservation, has led to use of more and more number
of lightweight plastics components in automobile and packaging plastics.
Plastic Packaging conveys the image of high quality, freshness and convenience.
It is more cost effective than any other packaging material and is the largest
single market for plastic resin consumption. Whereas 56% of all plastics
produced are used for packaging and the thrust on the same could be more
evident.
Subject caters to a wide range of high growth industries like, switchgear
components, auto components, medical equipment, electronics and domestic
appliances power tools and packaging of high-end consumer durables.
Subject also manufactures Health Care products. India is at the threshold of
major explosion on health care with increasing growth in medical tourism,
diagnostic & clinical trials, outsourcing R&D and not to forget the
burgeoning population.
Healthcare has emerged as one of the largest service sectors in India.
Healthcare spending in India is expected to rise by 12 percent per annum
through 2005-09 (in rupee terms) and scale up to about 5.5 percent of GDP, or
US$ 60.9 billion, by 2009. Other estimates suggest that by 2012, healthcare
spending could contribute 8 percent of GDP and employ around 9 million
people.
The potential for export of plastic components from India is also quite huge.
Since the advantage, which India offers, is
v Low
cost manufacturing base
v High
technical skills
v Ability
to understand and assimilate best manufacturing practices.
Outsourcing of manufacturing activities has started and the potential for India
is quite huge. Subject is uniquely poised to take advantage of this
opportunity. The advantages for subject are:
v Experience
of working with demanding customers for the past more than 8 years in the
US;
v Understanding
of logistic requirements of overseas customers and having established a
presence in the US, Europe and Africa
in addition to technical strength already available with company;
v Highly
skilled employees with wide experience in plastics sector.
SEPL STRENGTHS
Subject believe that its strength lies in the product portfolio, which are
innovative and cater to growing segments of global economy allowing improving
and maintaining company’s presence in the market in which it is established.
Company’s consolidated technology platform, allows to develop new products and
improving existing products with new technology and support them by providing
total solution for customer's need (s) and problems.
Company focuses on maintaining and establishing long-term relationships with
the customers and believe that they have ability to address the varied and
expanding requirements of the customers.
Subject have quality certificates like ISO 9001: 2001, ISO TS 16949.
The sourcing ability - Polymers comprise the major part of the product costs
and polymers experience volatility in pricing. Over the years we have developed
understanding of polymer price and market trends and have built relationships
with polymer suppliers in India and overseas. The size of operation and
experience in polymer business enables in sourcing the inputs at appropriate
times and at competitive prices
Positioned as Total Solution Provider - Subject has a long-term strategy of
developing long-term relationships instead of being mere suppliers. Subject
associates itself with the client at all the stages i.e. product design,
development, cost reduction, value addition, production etc. Subject has
positioned itself to be a 'Total Solution Provider' to its clients. This helps
in eliminating competition, which does not have the integrated capabilities
possessed by company.
Integrated facilities help in lowering response time - Subject is able to
design moulds for better life due to its in-house expertise in intricate
designs and knowledge of materials. It has competitive advantage in terms of
time required to develop the moulds and to manufacture these mould in house as
well as source it overseas from South East Asia. SEPL has helped many customers
with its ability to crash time frame for development of new components.
FOCUS OF SEPL:
v Sophisticated
and world-class higher capacity machines;
v Enhanced
design capabilities, moulds, tools and dies and technological know-how; >
Increasing use of intelligent manufacturing to improve productivity and asset
utilization;
v Global
practices in manufacturing excellence, quality management and design; and
v Development
of new products and applications.
Overall we at SEPL look forward for a substantial growth of
the Company in near future.
OUTLOOK ON OPPORTUNITIES
The per capita consumption of plastics is expected to reach a level of 12 kgs.
In 2011-12, as compare to 4.1 kg in 2004-05.
Experts have predicted that India's market for finished plastic goods will
reach US $300 billion by 2012, while exports are expected to top US $200
billion in the same period.
The Electronics, Packaging, Healthcare, Consumer Durables and Telecommunication
are fast growing sectors of Indian economy offering growth for plastic
consumption, subject also provides services for these sectors.
There is enormous scope for expansion and development in the Indian Plastics
Industry. The processing industry in fact offers a huge potential for up gradation
in terms of innovative technological advances.
OUTLOOK ON THREATS, RISK AND
CONCERNS
The Company's business depends on customer requirements as the Company is OEM
supplier and any fluctuation in the customers demand can affect the Company's performance.
The Company is also exposed to project risks due to delays in project
implementation/cost escalation, risks on account of fluctuation and in FOREX
rates and fluctuation in raw material prices.
SEGMENT-WISE PERFORMANCE
The Company is exclusively into manufacturing moulded plastics components &
moulds etc.
FINANCIAL PERFORMANCE
The Company achieved net turnover of Rs 652.415 Millions as compared to Rs.
555.137 Millions registering a growth of 17.32%.
In terms of Net profit the Company has earned a net profit of Rs.12.592
Millions this year as compared to Rs. 21.813 Millions of last year having a
fall of 42.21%, this fall is due to fluctuation on account of foreign exchange
and lower turnover then projected.
FIXED ASSETS:
- Land/ Site Development (Freehold)
- Building
- Plant and Machinery
- Electrical Installation
- Tools and Equipments
- Furniture and fixtures
- Vehicles
- Office Equipments
- Computers
- Software and Capita work in progress
WEBSITE DETAILS:
PROFILE:
Subject had humble beginning in 1987. When Mr. Mike Sanghvi
(A plastics technologist with over 20 Years of rich experience in demanding
north American Plastics Industries) started Halol plant to provide service
excellence in plastics Injection Molding. Mr. Laxman Sanghvi a Chartered
Accountant and Lawyer continues to provide financial acumen to the company.
Mr. Hasmukh Shah is the Chairman of the company and hardly
needs an introduction. Mr. Hasmukh Shah (Ex. Chairman & Managing Director of
IPCL) has been the guiding spirit behind plastics age in India: and continues
to provide direction to the Board of subject.
Subject’s corporate goal is to provide total plastics
solutions incorporating principles of
v
Product Design
v
Mould Design
v
Optimum Material Selection
v
Mould Procurement
v
Product Testing.
At subject they have been putting lots of emphasis on
application development and have demonstrated cost effective solutions to their
valued partners.
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 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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|