MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
6/10, Kishkant Hind Co-Operative Housing Society, Duncan Causeway
Road, Chunabhatti, Mumbai – 400 022, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
09.02.1989 |
|
|
|
|
Com. Reg. No.: |
11-50629 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24200MH1989PTC050629 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16475E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACP2252Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Unsaturated Polyster Resin, Accelerators etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vijay P Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9324255434 |
|
Date : |
17.12.2008 |
LOCATIONS
|
Registered Office : |
6/10, Kishkant Hind Co-Operative Housing Society, Duncan Causeway Road,
Chunabhatti, Mumbai – 400 022, Maharashtra, India |
|
Mobile No.: |
91-9324255433 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
7000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Plot No.W-78, Phase-II, MIDC, Dombivili (E), Dist:Thane-421203,
Maharashtra, India |
|
Tel. No.: |
91-251-2871078 |
|
Mobile No.: |
91-9324255435 / 433 |
|
Fax No.: |
91-251-2873498 |
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
A/681, T T C Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400
705, Maharashtra, India |
|
Tel. No.: |
91-22-27780742 / 29202870 / 29252090 |
|
Mobile No.: |
91-9820078238 |
DIRECTORS
|
Name : |
Mr. Vijay Popatlal Shah |
|
Designation : |
Director |
|
Address : |
6/10, Kishkant Vrindavan Society, Chunabhatti, Sion (East), Mumbai –
400 022, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1968 |
|
Qualification : |
SSC |
|
Date of Appointment : |
09.02.1989 |
|
|
|
|
Name : |
Mr. Girish Popatlal Shah |
|
Designation : |
Director |
|
Address : |
6/10, Kishkant Vrindavan Society, Chunabhatti, Sion (East), Mumbai –
400 022, Maharashtra, India |
|
Date of Birth/Age : |
20.07.1962 |
|
Qualification : |
SSC |
|
Date of Appointment : |
09.02.1989 |
|
|
|
|
Name : |
Mr. Pradeep Popatlal Shah |
|
Designation : |
Director |
|
Address : |
B/5, Jivan Vihar, Ground Floor, 5 Manav Mandir Road, Malabar Hill,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1956 |
|
Qualification : |
SSC |
|
Date of Appointment : |
15.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Girish Popatlal Shah |
35729 |
|
Vijay Popatlal Shah |
8534 |
|
Varsha Popatlal Shah |
3225 |
|
Pradeep Popatlal Shah HUF |
230 |
|
Bhumika Pradeep Shah |
2010 |
|
Pradeep Popatlal Shah |
17880 |
|
Popatlal Jadhavji Shah HUF |
1380 |
|
Popatlal Jadhavji Shah |
915 |
|
Master Priten Ashok Shah |
1447 |
|
Neena Girish Shah |
11000 |
|
Girish Popatlal Shah HUF |
11500 |
|
Ashok Popatlal Shah |
30 |
|
Ashok Popatlal Shah HUF |
30 |
|
Bhavan Ashok Shah |
30 |
|
Vijay P Shah HUF |
30 |
|
Pinky Vijay Shah |
30 |
|
|
|
|
Total |
94000 |
Equity share breakup
(percentage of total equity)
(As on
29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Unsaturated Polyster Resin, Accelerators etc. |
||||
|
|
|
||||
|
Products : |
· Unsaturated Polyester Resin · Acclerators Promotors and Catalyst · Bisphenol and Vinyl Ester Resin · Acclerators, Promotors and Catalyst · Chemical Corrosion Resistance Chart · Epoxy Resin · Epoxy Reactive Diluents · Epoxy Curing Agents · Metallic Putties
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
·
China ·
Russia |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Purchasing : |
Cash and Credit (90 days) |
GENERAL
INFORMATION
|
No. of Employees : |
20 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
State Bank of India Dombivli Industrial Estate Branch, MIDC, Industrial Estate, Dombivli (East),
Mumbai – 421 203, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Mahendra Doshi and Associates Chartered Accountants |
|
Address : |
45, Bhagwan Bhuwan, 4th Floor, 196/198, Samuel Street,
Masjid Bunder Road, Mumbai – 400 009, Maharashtra, India |
|
Tel. No.: |
91-22-23465683 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
94000 |
Equity Shares |
Rs.100/- each |
Rs.9.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.400 |
9.400 |
9.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.751 |
11.304 |
7.614 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25.151 |
20.704 |
17.014 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.723 |
25.561 |
16.265 |
|
|
2] Unsecured Loans |
10.201 |
11.271 |
7.161 |
|
|
TOTAL BORROWING |
31.924 |
36.832 |
23.426 |
|
|
DEFERRED TAX LIABILITIES |
0.130 |
0.380 |
0.415 |
|
|
|
|
|
|
|
|
TOTAL |
57.205 |
57.916 |
40.855 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.292 |
8.530 |
5.291 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.016
|
7.081 |
15.731 |
|
|
Sundry Debtors |
55.502
|
50.861 |
43.180 |
|
|
Cash & Bank Balances |
0.446
|
0.447 |
0.933 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.603
|
10.866 |
10.437 |
|
Total
Current Assets |
73.567
|
69.255 |
70.281 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.202
|
19.869 |
31.773 |
|
|
Provisions |
0.452
|
0.000 |
2.944 |
|
Total
Current Liabilities |
24.654
|
19.869 |
34.717 |
|
|
Net Current Assets |
48.913
|
49.386 |
35.564 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.205 |
57.916 |
40.855 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
106.636 |
111.805 |
120.527 |
|
|
Other Income |
0.000 |
1.453 |
0.291 |
|
|
Total Income |
106.636 |
113.258 |
120.818 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
6.618 |
5.884 |
4.872 |
|
|
Provision for Taxation |
2.420 |
2.152 |
1.752 |
|
|
Profit/(Loss) After Tax |
4.198 |
3.732 |
3.120 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
NA |
US $ 4905 |
NA |
|
|
|
|
|
|
|
|
Imports : |
US $ 216884.27 |
US $ 173610 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases |
|
77.587 |
95.480 |
|
|
Manufacturing Expenses |
|
11.404 |
19.191 |
|
|
Payment to and Provision for employees |
|
3.779 |
2.921 |
|
|
Administrative and Other Operating Expenses |
|
3.340 |
4.683 |
|
|
Loss in sale of car |
|
0.013 |
0.008 |
|
|
Increase/(Decrease) in Finished Goods |
|
8.650 |
(8.535) |
|
|
Interest |
|
1.588 |
1.547 |
|
|
Depreciation & Amortization |
|
1.013 |
0.651 |
|
Total Expenditure |
100.018 |
107.374 |
115.946 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.94
|
3.30 |
2.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.21
|
5.26 |
4.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.08
|
7.56 |
6.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.25
|
2.74 |
3.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.98
|
3.49 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Suvarna Fibrotech Private Limited, Pune
·
Sonal Engineering Works, Alibaugh
Form No. 8
|
Name of the company |
PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED |
|
Presented By |
The Manager ,
State Bank of India, Dombivli Industrial Estate Branch |
|
1) Date and description of instrument creating the change |
General Agreement
for the grant of Small Industrial Advances and Hypothecation of movable debts
and other assets dated 20.12.1989 Ancillary Agreement No. 1 and 3 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.700 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all
present and future goods such as raw materials, semi finished and finished
goods, book dents, outstanding moneys, receivables, claims, bills, invoices,
documents, contracts, engagement, securities, investments and other movable
assets of the borrower including documents to title to goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.25%
below SBAR minimum of 15.25% p.a. or such other rate as may be prescribed by
the bank from time to time. Margin : Raw Material
– 25%, finished goods – 33.33%, Book debts – 20% Repayable on
demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Dombivli Industrial Estate Branch, MIDC, Industrial Estate, Dombivli
(East), Mumbai – 421 203, Maharashtra, India
|
|
6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement for the grant of small industrial advances and
Hypothecation of goods, book debts and other assets dated 12.08.2005.
Ancillary Agreement No. 1, 4 and 6 dated 12.08.2005 (All documents create
single charge) |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Original
charge dated 20.12.1989 for Rs.0.700 million was modified on 26.12.1990
enhancing the limit from Rs.0.700 million to Rs.1.000 million. Further
modified on 24.03.1991 providing additional security by creating equitable
mortgage. Further modified on 31.05.193 enhancing the limit from Rs.1.000
million to Rs.1.500 millions. Further modified on 12.06.95 enhancing the
limit from Rs.1.500 million to Rs.3.825 millions. Further modified on
16.08.95 extending the mortgage to secure enhanced credit facilities. Further
modified on 30.04.97 enhancing the limit from Rs.3.825 millions to Rs.6.400
millions. Further modified on 30.04.97 extending the mortgage to secure
enhanced credit facilities to the extent of Rs.6.400 millions. Further
modified on 28.03.2002 enhancing the facilities from Rs.6.400 millions to
Rs.7.500 millions by way of additional limit of Rs.1.100 millions. Further
modified on 05.03.2004 enhancing the facilities from Rs.7.500 millions to
Rs.15.000 millions consisting of CC Rs.12.500 millions and LC Rs.2.500
millions. Now further
modified on 12.08.2005 enhancing the total facilities from Rs.15.000 millions
to Rs.25.000 millions consisting of CC Rs.12.500 millions, SME Credit plus
scheme Rs.2.500 millions and LC Rs.10.000 millions Interest @ 2%v over SBAR minimum o 12.25%
p.a. for CC and SME. |
|
Corporate
identity number of the company |
U24200MH1989PTC050629 |
|
Name of the
company |
PLIOGRIP RESINS AND CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6/10, Kishkant Hind Co-Operative Housing Society, Duncan Causeway
Road, Chunabhatti, Mumbai – 400 022, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others o
Stocks,
goods, products, Movables, Machineries etc. |
|
Particular of
charge holder |
State Bank of India Dombivli Industrial Estate Branch, MIDC, Industrial Estate, Dombivli
(East), Mumbai – 421 203, Maharashtra, India
|
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan – Cum _ Hypothecation |
|
Date of
instrument Creating the charge |
15.11.2006 |
|
Amount secured by
the charge |
Rs.45.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest for CC @13% p.a. ·
Term of
repayment On demand ·
Margin As per sanctioned terms ·
Extent and
operation of the charge As per sanctioned terms |
|
Particulars of
the property charged |
Hypothecation of
all present and future goods such as raw materials, semi finished and
finished goods, book debts, outstanding moneys, receivables, claims, bills,
invoices, documents, contracts, engagement, securities, investments and other
movable assets of the borrower including documents to title to goods and
machineries |
Fixed Assets
·
Plant and Machinery
·
Factory Buildings
·
Scale
·
Furniture
·
Motor Car
·
Bycycle
·
Laboratory
·
Typewriter
·
Computer
·
Air Conditioner
·
Refregerator
·
Vessels
·
Air Cooler
·
Mobile Phone
·
Tata Tempo
·
Fax Machine
·
Generator
Web Details
Profile
Incorporated in the year 1989, Subject, commenced the manufacturing of Unsaturated Polyester Resins in all grades. Thereafter, as the market grew and the applications became more and more demanding in terms of performance, the company started the manufacturing of Vinyl Ester Resins in the year 1993 and Epoxy Resin Systems in the year 1998.
The company has all the necessary manufacturing and testing facilities for the production of these resins. The R and D, headed by highly qualified and experienced professionals, is constantly engaged in developing new products and evaluating new product applications. The product range is accordingly updated continuously. Treating customers as their partners in their development programme, the company works closely with fabricators and engineers at all the stages.
The fibre reinforced plastics (FRP) produced using Pliogrip RESINS, are being used in several different chemical environments. For the chemicals, where resistance data is not available or if the customer is using FRP for the first time in such chemical environment, the R and D carries out the testing, using a small unreinforced laminate, "COUPON", in that chemical environment. The data in terms of deterioration of physical properties, loss of gloss, change in colour, apperance of cracks / blisters and fibre prominence are reported to the customer. Coupons are also sent to the customer for independent evaluation at their end.
General Properties of FRP Composites:
It has now been
acknowledged that glass fiber has the strength much higher than that of steel
and therefore can withstand higher stresses. However, they being brittle can
not be used as they are or even with clustering them together. Therefore, a
suitable matrix, capable of binding glass fiber, may not be as strong as glass
fiber, but capale of transmitting stresses without causing failure to the glass
fiber, is necessary, if their strength has to be utilized fully. It would be an
additional advantage if the matrix that binds glass fiber and surfaces the
composite can offer resistance to the attacking chemicals in its environment.
Thermosetting
resins that fulfill all these requirements would naturally stand to qualify as
the best partners of glass fibers in FRP composites. Such type of thermosetting
resins, depending on their reactive functional group, have been broadly
classified into three different categories, viz; Polyester resins, Vinyl ester
resins and Epoxy resins. Pliogrip manufacture all the types of resins for FRP
applications and data related to Unsaturated polyester resins, Bisphenol resin,
Vinyl ester resins and Epoxy resins has been presented
The following
properties of thermosetting resins, however, are general and apply to all of
them
High strength to weight ratio: - The specific gravity of FRP is lower
(about 1.8 to 2) where compared with that of steel of comparable strength
(about 7.8). The light weight of FRP would obviously) mean lower transportation
costs and an ease of equipment installation.
Easy to fabricate complex shapes: - Several fabrication techniques have been
developed which allow fabrication of intricate and complex shapes required for
wide variety of designs.
Good thermal and electrical properties: Lower thermal conductivity and good
electrical insulation properties are the unique characteristics of FRP when
compared with metals.
Chemical resistance: The resins rich surface of the composite, which is
in contact with the hostile chemical environment of the processing equipment,
offers much better corrosion resistance than many alloys, which in many cases
are very expensive. In many cases, FRP has lasted longer without having
required the maintenance.
Transparency: FRP composites are often translucent. In some
cases of applications, this could be advantageous from the point of view of
manufacturing and for service.
PLIOGRIP
UNSTATURATED POLYESTER RESIN
Pliogrip range of
Unsaturated polyester Resins includes Orthophthalic, Isophthalic and Bisphenol
Fumeric Resins
Orthophthalic Resin : PLIOGRIP ORTHOPHTHALIC RESIN are based on
Phthalic anhydride and are used to make end products used in ordinary indoor /
outdoor application these resin are used for making products of light weight
and durability like house hold furniture boats, marine equipment and
construction panels. This class of resins also includes Roof light resins, Fire
retardant resins and Gelcoate resins.
Isophthalic Resin: PLIOGRIPO ISOPHTHALIC RESINS are noted for
their excellent physical strength and very good corrosion resistance
properties, which makes it an ideal choice for all kinds of corrosion
applications under mild conditions and at moderate temperatures. These resins
are available in different reactivities and viscosity range to cater to
different processing requirements. Application in which PLIOGRIP ISOPHTHALIC
RESIN successfully used are marine Craft, Boat Lining, Pultrusion Filament
Winding, SMC / DMC and food storage applications.
Bisphenol Fumeric Resins: - PLIOGRIP BISPHENOL FUMERIC RESINS are specially designed to suit to the specific requirement of handling corrosive chemicals at elevated temperatures in the chemicals process industry
PLIOGRIP VINYL ESTER RESINS FOR FIBRE REINFORCED
PLASTICS
It was more than
40 years ago that FRP was being acknowledged as a cost effective solution to
corrosion problems in chemical processing. The methodology of fabrication was
also much the same; layering resins wetted glass fiber or carbon fiber.
However, there was limitation on selection of resins. The polyester based
resins that were available were not good enough for the demanded higher
performance of possessing equipment in hostile chemical environment at elevated
temperatures, at higher stresses and under cyclic loading.
Intensive research
in USA led to the production of Vinyl ester resins which were much superior in
performance compared to the then available polyester resins.
Vinyl ester
resins are produced by reacting methacrylic acid with epoxide and dissolving
the resultant product in styrene monomer. They exhibit superior thermal,
mechanical and chemical resistance properties imparted by epoxides with
processing ease of unsaturated polyester resin; especially excellent ambient
temperature cure.
Subject produce a
series of vinyl ester resins catering to the requirements of chemicals process
equipment manufacturers all over the country. Subject general purpose vinyl
ester resin P-111, based on Bisphenol-A epoxy backbone, is now the workhorse of
Indian process equipment industry. Subject P-222 and P-223 are Superior vinyl
ester resins based on epoxy novolac backbone. They are used where resistance to
severe corrosive conditions at elevated temperatures is required. Subject
P-121, Brominated vinyl ester resin based on brominated epoxy backbone finds
applications where the process requires fire retardancy in addition to
mechanical strength and chemical resistance. Further to it, optimum ignition
resistance is achieved by adding antimony compounds to the Brominated vinyl
ester resins. Subject P-122 is based on brominated vinyl ester and antimony
compound; specially formulated for military marine applications.
Subject vinyl ester resins have now found applications in mining, pulp and paper, chemical processing, water treatment, power generation, air pollution control, petrochemical, transportation, entertainment, steel and many other industries. compression moulding, resin transfer / infusion moulding and pultrusion
Formulation, Processing and Cure:
Subject vinyl ester resins are formulated and processed the same way as unsaturated polyester resins. Free radical reaction initiated by peroxide causes crosslinking and cure. Cobalt promoters and amine accelerators are used to enhance the cure rate. Retarders are used to extend the gel time. Fillers, thixotropic agents, wetting agents and internal mould release are the other additives used in formulations. These formulated resins and fibre are processed to fabricate composite using several techniques such as, hand lay-up, spray up, filament winding, compression moulding, resin transfer / infusion moulding and pultrusion.
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.47.33 |
|
UK Pound |
1 |
Rs.73.93 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|