MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAI ICHI KARKARIA LIMITED |
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Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020,
Maharashtra, |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.05.1960 |
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Com. Reg. No.: |
011681 |
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CIN No.: [Company
Identification No.] |
L24100MH1960PLC11681 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED 01751B |
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Legal Form : |
Public limited liability company.
The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and marketing of speciality and oil fields chemicals,
synthetic polymers and surface active agents |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2093372 |
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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 and reputed company having fine track.
Directors are reported as experienced, respectable and having satisfactory means
of their own. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020,
Maharashtra, India |
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Tel. No.: |
91-22-22015895/22017130 |
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Fax No.: |
91-22-22082113/22096976 |
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Telex |
011-83222 DHUN |
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Gram |
NONIONIC |
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E-Mail : |
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Website : |
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Plants : |
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Address 1 : |
105th Milestone, Mumbai – Pune Marg, P. O. Kasarwadi, Pune – 411 034, Maharashtra, India |
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Fax No.: |
91-20-27125233 |
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Email: |
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Address 2 : |
Plot No. D-13, MIDC, Kurkumbh Industrial Area, Village Kurkumbh, Tal. Daund, Dist. Pune, Maharashtra, India |
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Address 3 : |
Dai-Ichi Laboratories, Plot No. 28-A, Opp. Laxmi Starch Limited, Industrial Development Area, Nacharam, Hyderabad – 500076, Andhra Pradesh, INDIA |
DIRECTORS
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Name : |
Mr. D. M. Neterwala |
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Designation : |
Chairman |
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Name : |
Mrs. S. F. Vakil |
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Designation : |
Vice –Chairperson and Managing Director |
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Date of Birth/Age : |
50 years |
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Qualification : |
M.A. (Hons.), M.B.A. (U.S.A.) |
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Experience : |
26 years |
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Date of Appointment : |
01.10.1980 |
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Previous Employment |
Universal Ferro and Allied Chemicals Limited |
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Name : |
Mr. Dr. K. H. Gharda |
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Designation : |
Director |
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Name : |
Mr. Dr. H. E. Eduljee |
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Designation : |
Director |
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Name : |
Mr. J. H. C. Jehangir |
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Designation : |
Director |
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Name : |
Mr. A. H. Jehangir |
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Designation : |
Director |
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Name : |
Dr. K. R. Bharucha |
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Designation : |
Director |
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Name : |
Dr. S. P. Adarkar |
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Designation : |
Director |
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Name : |
Mr. K. D. Patel |
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Designation : |
Director |
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Name : |
Mr. H. J. Gazdar |
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Designation : |
Works Director |
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Date of Birth/Age : |
59 years |
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Qualification : |
M. Tech. |
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Experience : |
34 years |
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Date of Appointment : |
17.05.1967 |
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Name : |
Mr. Anil M. Naik |
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Designation : |
Director |
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Name : |
Mrs. Dossu Nalladaru |
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Designation : |
Chairman |
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Name : |
Mr. F. A. Vakil |
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Designation : |
Managing Director |
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Name : |
Ms. Meher F. Vakil |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. H. H. Bhesania |
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Designation : |
Company Secretary |
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Name : |
Mrs. Kavita Thadeshwar |
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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' Holdings |
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Indian Promoters |
3823533 |
50.27 |
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Foreign Promoters |
- |
- |
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Persons acting in concert |
686717 |
09.03 |
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Non promoter's
Holdings |
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Mutual Funds and Axis |
- |
- |
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Banks Financial Institutions Insurance Companies |
500 |
0.00 |
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FIIS |
- |
- |
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Any Other |
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Private Corporate Bodies |
302177 |
3.97 |
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Indian Public |
2675616 |
35.18 |
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NRIs / OCBs |
114632 |
1.51 |
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Any Other (Clearing Members) |
3225 |
0.42 |
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Total |
7606400 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of speciality and oil fields
chemicals, synthetic polymers and surface active agents |
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Products : |
· Oil Field Chemicals · Textile Auxiliaries · Surface Action Agents · Flocculants · Bulk Drugs · Intermediates
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Speciality Chemicals |
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16150 |
4481 |
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Bulk Drugs |
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- |
- |
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Formulation (nos.) |
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- |
- |
GENERAL
INFORMATION
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No. of Employees : |
275 |
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Bankers : |
· Bank of India, Mumbai · The Shamrao Vithal Co-operative Bank Limited, Mumbai · The Saraswat Co-operative Bank Limited, Mumbai · The Zoroastrian Co-operative Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. C. Hansotia and Company Chartered Accountants |
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Address : |
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Joint Venture
Company: |
Performance Polymers and Chemicals Private Limited |
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Country of
incorporation: |
India |
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Principle
activities: |
Manufacturer of Chemicals |
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Ownership
Interest: |
49% |
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Original Cost of
Investment: |
Rs.0.049 Millions |
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Associates: |
· Universal Ferro and Allied Chemicals Limited · Haliburton Oil Field Service Limited · Dai-Ichi Gosai Chemicals (India) Limited · Uni Campine Limited · Uni Ferro International Limited · Uni Klinger Limited · Chemicals and Ferro Alloys Limited · Universal Ferro and Allied Chemicals Limited · Anosh Finance and Investment · Indian Oxides and Chemicals Limited · Uni Abex Alloy Products Limited · Uni Deritend Limited · SDN Company · Network Chemicals Private Limited · Rose Investments Limited · Performance Polymers and Chemicals Private Limited · Inogent Laboratories Private Limited |
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Subsidiaries : |
· Baker Oil Treating (India) Limited · Dai-Ichi Gosei Chemicals (India) Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7606400 |
Equity shares |
Rs.10/- each |
Rs.76.064 Millions |
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Equity shares have been allotted by way of fully paid bonus shares by capitalising:
General reserve
Rs.29.500 Millions
Revaluation reserve
Rs;.20.800 Millions
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
76.064 |
76.066 |
76.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
447.279 |
445.916 |
374.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
523.343 |
521.982 |
450.100 |
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LOAN FUNDS |
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1] Secured Loans |
50.520 |
43.058 |
107.500 |
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2] Unsecured Loans |
25.704 |
36.649 |
44.400 |
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TOTAL BORROWING |
76.224 |
79.707 |
151.900 |
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DEFERRED TAX LIABILITIES |
11.219 |
23.649 |
0.000 |
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TOTAL |
610.786 |
625.338 |
602.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
155.675 |
165.243 |
361.600 |
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Capital work-in-progress |
0.773 |
0.231 |
23.100 |
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INVESTMENT |
32.822 |
28.822 |
11.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
62.578 |
67.908 |
104.900 |
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Sundry Debtors |
131.170 |
140.878 |
175.900 |
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Cash & Bank Balances |
24.355 |
48.753 |
22.700 |
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Other Current Assets |
19.863 |
3.414 |
0.000 |
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Loans & Advances |
320.282 |
316.586 |
80.900 |
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Total
Current Assets |
558.248
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577.539 |
384.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
122.542 |
130.594 |
185.300 |
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Provisions |
14.190 |
17.346 |
0.000 |
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Total
Current Liabilities |
136.732 |
147.940 |
185.300 |
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Net Current Assets |
421.516 |
429.599 |
199.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.442 |
7.200 |
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TOTAL |
610.786 |
625.338 |
602.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
406.468 |
468.938 |
528.100 |
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Other Income |
44.081 |
55.363 |
23.600 |
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Total Income |
450.549 |
524.301 |
551.700 |
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Profit/(Loss) Before Tax |
16.259 |
103.688 |
(10.300) |
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Provision for Taxation |
(0.215) |
13.390 |
4.100 |
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Profit/(Loss) After Tax |
16.474 |
90.298 |
(14.400) |
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Earnings in Foreign Currency : |
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Export Earnings |
14.681 |
68.312 |
N.A. |
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Commission Earnings |
3.950 |
0.917 |
N.A. |
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Other Earnings |
0.000 |
1.081 |
N.A. |
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Total Earnings |
18.631 |
70.310 |
N.A. |
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Imports : |
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Raw Materials |
54.331 |
66.248 |
N.A. |
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Stores & Spares |
0.156 |
0.000 |
N.A. |
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Capital Goods |
0.000 |
0.045 |
N.A. |
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Others |
0.000 |
0.000 |
N.A. |
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Total Imports |
54.487 |
66.293 |
N.A. |
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Expenditures : |
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Materials |
284.921 |
319.621 |
292.000 |
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Employee remuneration and benefits |
60.740 |
69.669 |
62.700 |
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Excise |
(0.119) |
1.365 |
27.400 |
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Other Expenses |
76.235 |
125.965 |
11.000 |
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Interest |
7.930 |
11.918 |
74.300 |
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Depreciation |
8.974 |
15.354 |
142.400 |
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Total Expenditure |
438.681 |
543.892 |
609.800 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
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Sales Turnover |
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114.900 |
108.600 |
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Other Income |
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9.400 |
12.800 |
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Total Income |
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124.300 |
121.400 |
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Total
Expenditure |
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109.300 |
110.200 |
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Operating Profit |
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15.000 |
11.200 |
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Interest |
|
1.800 |
1.700 |
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Gross Profit |
|
13.200 |
9.500 |
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Depreciation |
|
2.100 |
2.100 |
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Tax |
|
3.100 |
2.900 |
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Reported PAT |
|
8.000 |
4.500 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.16 |
0.26 |
0.38 |
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Long Term Debt -Equity Ratio |
0.07 |
0.12 |
0.15 |
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Current Ratio |
2.74 |
1.98 |
1.39 |
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TURNOVER RATIOS |
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Fixed Assets |
1.11 |
0.94 |
0.74 |
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Inventory |
7.15 |
6.16 |
5.02 |
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Debtors |
3.43 |
3.36 |
2.75 |
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Interest Cover Ratio |
2.40 |
(2.25) |
0.54 |
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Operating Profit Margin (%) |
7.81 |
(3.81) |
6.36 |
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Profit Before Interest and Tax Margin (%) |
5.88 |
(6.71) |
2.29 |
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Cash Profit Margin (%) |
5.47 |
(1.43) |
1.34 |
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Adjusted Net Profit Margin (%) |
3.54 |
(4.32) |
(2.73) |
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Return On Capital Employed (%) |
4.91 |
(6.45) |
2.17 |
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Return on Net Worth (%) |
3.43 |
(5.21) |
(3.50) |
LOCAL AGENCY
FURTHER INFORMATION
History:
The company is engaged in manufacturing and marketing of specialty and oil fields chemicals, synthetic polymers and surface active agents. Specialty chemicals belong to a class of products which are tailor made and function specific. These chemicals find use in a wide range of industries. The management claims that the company was the first company in the country to produce ethylene oxide derived surfactants and has pioneered development of wide range of specialty chemicals for transportation of crude oil and several other specialty high value added products.
The company manufactures Spin Finishes, which are used for imparting lubrication and anti-static properties to textile filaments and yarns. It is now expanding its production capacity from 750 tpa to 3000 tpa.
The company set up a unit to manufacture of certain bulk drugs Omeprazole, Menadione and Calcium Pentothenate, the last two will be manufactured in India for the first time. It also setting up a unit to manufacture 600 tpa of Polyacrylamide-based Flocculent which are used for solid-liquid seperation.
In the year 1999-2000 the company successfully introduced eight new products in therapeutic areas of Cardiovascular Antihistaminic, Analgesics, Anxiolytic, Antidepressant and Anticonsulgants.
The diversification programme which was taken up by the company is focusing in the three major areas are ETP, Paper and Alumina Industry.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENT: OPPORTUNITIES AND
THREATS, RISKS AND CONCERNS.
·
Economic
Trends:
With record growth rates in the Indian economy, there is a
strong surge in the manufacturing sector. This growth is seen in areas such as
Textiles, Paints, Paper, Construction and other industrial sectors serviced by
the company. With these key markets expanding considerably the company looks
forward to a steady increase in these businesses. The 10.6% growth in the
Industrial Sector in the last 3 Quarters .of-the year has been the highest
since 1995.
The Indian-Textile Sector has shown growth of 9/25%.
With-the-opening of-the-quota regime, exports have surged by 21%', due
to-increased global off take of apparels,- home textiles etc. Textile Houses
have" made huge investments in modern continuous-machinery, requiring
specialized auxiliaries.
The Coating Industry expects serious growth from the
Construction and .Housing, Sectors, as well as the Auto mobile Sector, this
surge "in demand is resulting in good growth prospects for "bur
current and newly developed additives.
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Paper:
Though the Industry remains fragmented the Company has
focused on the major paper mills, who are currently expanding capacities. With
growth rates of over, 10%.expected, the Company has targeted significant market
share in this area.
·
Construction:
With Infrastructural investments poised to rise
substantially .over the next 3 years, the Company is focusing on new
developments’ in this area.. Several global companies .have brought- in, newer
construction techniques and the increased need for specialized products.
The Company plans to capture A 11 the growth opportunities
thrown open by the strong economic development in the country, through its
continued focus on customer specific projects, specifically, in the Textile,
Coatings, Paper, Petroleum and Construction Sectors.
Economic growth’ coupled. with: high-fuel prices has put a
lot of pressure on the Company to improve efficiencies and examine alternate
strategies to reduce costs. In addition, intense competition from the
unorganized - sector. in the domestic(1industry-along with cheap imports from
China and. other-low cost countries poses a ask. on margins.
Progressively-reduced import tariffs resulted, in intense competitive,
activity. In addition, the business faced challenges on the cost front due to
higher crude oil and R. M.-Griggs, for three years in a row. Crude prices
continued to. be extremely volatile influencing the paces of basic R. M.S.
However, better capacity utilization and effective cost
cutting, has resulted In, improvement in earnings this year. In addition, the
Company expects to be able to pass on higher R. M. costs more fully than in
past due to a vibrant market and the
newer product portfolio.
·
Functional
and Specialty Products
The company, roadmap for growth is based on the-strategic
Marketing-initiative that preempts the, Business Planning Process. The
Company's abilitv,t6-effectiyely-identify individual customer needs provides
the basis for development of new market aligned solutions. These solutions are
offered based on acquired, knowledge of the customers' businesses and processes
The emphasis’s innovation in product, development and commercial models. The
bottom line remains at capturing growth through honing glut development and
businesses that are adequately linked to their proprietary technology and
focused on high-value markets. Though the Company has" failed capture the full commercial rewards of its R and D effort this year 'there
are several products in the pipeline, which should bring increased revenues in
the present year.
The company policy to constantly innovate and renovate its products and create long term value for itself and customers, has resulted in a reasonable incfeaselin turnover from newly developed products. The company continues-to-work towards acquiring critical mass, to compete in a globalizing market. Constant up gradation of Product Portfolios and focus on upstream intermediates, Will result larger volume business in the coming year
New Products specifically-in the Textile segment will contribute
significantly to the volume and hold good potential for the future.
The Company will also continue its thrust in the development of new range polymers and resins for the oil field
and lubricant sector.
Financial:
The company has achieved a gross income of Rs.510.000
Millions for the current year. There has been a "growth of over 13% in
all-industrial segments like Paint, Textiles, Paper, Polymers, etc. However due
to aggressive -competition from Japanese exports the-Company has lost-some
business in the Spin Finish area. Though this has not had much impact on
the-bottom line it has affected the turnover of the Company. On the other hand,
EBIT increased due to a serious reduction in costs of Rs.17.000 Millions (27%).
The Company successfully achieved significant cost savings through process
improvements, fuel cost reductions and operational efficiencies.
Having gone through the restructuring and active cost
cutting phase, the company is poised to enter a period of optimization.
Market shares in major categories showed encouraging
positive movements, particularly in intensely competitive categories of anionic
and nonionic business. In a market "driven by acute price pressure and
aggressive competition, the company has maintained its presence in a strong
quality niche, in the Specialty Chemical business.
After the company's spin-off of the pharma business, subject
plans to face the future with a sleeker and trimmer portfolio. Focusing and
targeting on business" areas-where the Company can use its technical and
technological expertise to advance higher value added business, e.g. Polymer
Technology in the Petroleum and Refinery additive business In addition, other
functional chemicals and surfactants for the Coating and Construction Industry
are also on the anvil.
The focus will continue to be on development of new process
intensive technologies that subvert the need for large scale manufacture,
whilst allowing-the new process-to be competitive "and manufacture
efficiently in smaller batch processes.
The challenge continues to be to find ways of reducing
variable cost, whilst maintaining quality standards.
INTERNAL
CONTROL SYSTEMS AND THEJR ADEQUACY:
The company has an adequate system of internal controls in
all business spheres of its activities which are commensurate with the size and
the nature of its business. It ensures adequate protection of the company's
resources, provision of accurate and speedy financial statements and reports,
and compliance with the company policies and procedures and other statutory and
legal obligations". The internal control is ' supplemented by effective
internal audit being carried out by reputed external firms of Chartered
Accountants, who are independent of the Statutory Auditors. The Management regularly
reviews the findings of the Internal Auditors and effective steps to implement
any suggestion's/observations of-the Internal Auditors are taken and mentioned
regularly. In addition, the Audit Committee of the Board regularly addresses
significant issues raised-by the Internal and the Statutory Auditors.
MATERIAL
DEVELOPMENTS ON HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT, INCLUDING
NO. OF
PEOPLE EMPLOYED:
The company believes that motivated employees are the most
important resource, if the company has to attain business-growth and retain its
customers. Development and harmonization of the knowledge and skills of the
employees of the Company have gone a long way in fulfilling the organizational
goal of delivering the best value to the Customers and honouring the mission of
optimizing the "performance of their customers' processes time and time
again.
Cordial relations were maintained through out the year. The
company has initiated some steps in. the career and personality development of
the employees belonging to different departments. The employees attended
various seminars/workshops to enhance their skills and knowledge.
Notes to the accounts
Contingent Liabilities not provided for:
|
Product performance claim disputed, referred to arbitration and
secured by bank. guarantee |
Rs.24.230 Millions |
|
Guarantees issued to others by Bank secured by counter guarantee of
the company and by charge on the fixed assets, inventories and book debts of
the company and personal guarantee of the Chairman of the company |
Rs.11.853 Millions |
|
Guarantee issued by a Bank in favour of Mumbai High court-secured by
pledge of fixed-deposit and personal guarantee -of the Chairman of the company.(released
subsequent to year end) |
- |
|
Guarantee given to Bank of Baroda, for credit facilities extended v- .
to Subsidiary company Baker Oil Treating,-.(-India) Limited.. |
Rs.15.000 Millions |
|
Customs duty bonds |
Rs.51.709 Millions |
Claims against the company not acknowledged as debts relating to:
|
Central Excise |
Rs.0.110 Million |
|
Octroi |
Rs.15.272 Millions |
|
Labour Matters |
Rs.1.847 Millions |
|
Product Performance |
Rs.2.936 Millions |
Fixed Assets:
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Laboratory, Office and Factory Equipment and
Air conditioner
·
Vehicles
·
Building
Website details:
·
Company
Profile:
The company commenced commercial production in 1963, in
technical collaboration with the world renowned Dai-Ichi Kogyo Seiyaku Company
limited., Japan.
The company has access to relevant and innovative technology, together with 42
years of experience in the development and manufacture of high performance
specialty chemicals for different applications.
The company has built a reputation on innovation and quality. Consistent
quality standards are maintained and upgraded continuously in line with
customer expectations.
Continuing the tradition established by their Chairman
Dhunjishaw Neterwala, they promote and support the highest standards of
integrity and social responsibility to theiremployees and the environment
around them.
Partnerships and
Alliances
·
Dai-Ichi Kogyo Seiyaku Company Limited, Japan
·
Matsumoto Yushi Seiyaku Company LimitedJapan
·
Baker Petrolite, USA
·
Inogent Laboratories Private Limited India
(The GVK Group)
·
Vission:
They aim to be the preferred partner for the supply of quality
performance chemicals to their varied customer base.
·
Mission:
Subject is committed to contribute to the Specialty Chemicals Industry
as a long-term player and pioneer of value-added technologies in the country.
In their endear their to stay ahead in the business, they provide their
customers, employees and stakeholders a stable and proficient base, placing
quality and reputation before short-term gains.
Plant and
Facilities:
Subject has its manufacturing facilities at Pune and
Kurkumbh
Pune
Plant
·
Multipurpose plant designed to allow high degree of flexibility
essential to meet varied and stringent needs of customers
· Equipped with stainless steel and glass lined reactors of Capacity from 100 - 7000 liters
Kurkumbh Plant
·
Equipped with Specially designed Photo Polymerizing Belt reactor to manufacture
Non-ionic, Anionic, Cationic polyelectrolytes for use as Flocculants and in
agricultural applications.
·
Equipped with stainless steel and glass lined reactors of Capacity from
100 - 7000 liters
Reaction Capabilities
·
Ethoxylation / Propoxylation
·
Esterification / Transesterification
·
Polymerisation
·
Sulfonation / Sulfosuccination
·
Quaternisation
·
Emulsification
·
Phosphorylation
·
Capable of carrying out reactions at temperatures from 0 -
260°C and pressures from 4 mm Hg - 8 kg/cm2
·
Most reactors equipped with Condensers and Receivers.
Group
Companies:
Metallurgy
·
Universal Ferro and Allied Chemicals Limited
·
Uni Abex Alloy
Products Limited
Specialty Chemicals
·
Indian Oxides and
Chemicals Limited
Oil and Gas
·
Oil Field
Instrumentation (Iindia) Limited
IT and Software
·
Oil Field
Instrumentation (Iindia) Limited
·
Neterson
Technologies Private Limited
Engineering
Environment
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.29 |
|
UK Pound |
1 |
Rs.77.02 |
|
Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|