MIRA
INFORM REPORT
|
Report Date : |
21.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHEELA FOAMS
PRIVATE LIMITED |
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Registered
Office : |
C-55, Preet
Vihar, First Floor, Vikas Marg, Delhi – 110 092 |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
18.06.1971 |
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Com. Reg. No.: |
55-5679 |
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CIN No.: [Company
Identification No.] |
U74899DL1971PTC005679 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
DELS21008B |
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PAN No.: [Permanent
Account No.] |
AAACS0189B |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Manufacturers of Flexible
Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed Cushions
and Covers. |
RATING &
COMMENTS
|
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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||
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Maximum Credit
Limit : |
USD 3427724 |
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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 records. Directors are reported as experienced,
respectable and resourceful industrialists.
Their trade relations are reported as fair. Financial position of the company is good. Payments are reported as correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
C-55, Preet
Vihar, First Floor, Vikas Marg, Delhi – 110 092, India |
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Tel. No.: |
91-11-22467764/22222722 |
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Fax No.: |
91-11-22220624 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Plot No. 37/2,
Site IV, Sahibabad Industrial Area, District Ghaziabad - 201010, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2770045/2770087/2775425/2770539/
2770087 |
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Fax No.: |
91-120-2770366/2775427 |
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E-Mail : |
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Factory 1 : |
·
Sahibabad,
Uttar Pradesh ·
51-A, Udyog
Vihar, Greater Noida, Uttar Pradesh ·
Sarajpur,
Uttar Pradesh ·
Hyderabad,
Andhra Pradesh ·
Plot No.
37/2, Site IV, Sahibabad Industrial Area, District Ghaziabad - 201010, Uttar
Pradesh Tel. No. 91-120-270045/2770087/2775425 Fax No. 91-120-2770366/2775427 ·
Survey No.
261/1/2/3, Saily Umar Kui Road, Silvassa – 396230, Union Territory of Dadra
and Nagar Haveli ·
Pondicherry ·
Rampo,
Sikkim ·
A-10, Sector
8, Noida – 201,301, District Gautam Budh Nagar, Uttar Pradesh ·
Main Dadri
Noida Road, Village Habibpur, District Gautam Budh Nagar, West Bengal ·
Plot No. 102/1,
Madhuban Dam Road, Village Rakholi, Silvassa, Union Territory of Dadra &
Nagar Haveli |
DIRECTORS
|
Name : |
Mr. Rahul Gautam |
|
Designation : |
Managing Director
|
|
Address : |
D – 2, Diwanshree
Apartment, 30, Ferozesaha Road, New Delhi – 110001, India |
|
Date of
Birth/Age : |
18.11.1952 |
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Qualification
: |
B. Tech. M.S. (Chemical Engineering) MS (USA) |
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Date of
Appointment : |
01.04.1996 |
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Other
Directorships |
Core Moulding(Private) Limited Feather foam Enterprises Limited Soft Foam Industries Private Limited Pallavai Foam Industries Private Limited |
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|
|
|
Name : |
Mrs. Sheela
Gautam |
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Designation : |
Chairman |
|
Address : |
D – 2, Diwanshree
Apartment, 30, Ferozesaha Road, New Delhi – 110001, India |
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Date of
Birth/Age : |
15.11.1931 |
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Date of
Appointment : |
18.06.1971 |
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|
Name : |
Mr. Praduman
Patel |
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Designation : |
Managing Director |
|
Address : |
C-2, Greater Kailash
Part I, New Delhi – 110 048, India |
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Date of
Birth/Age : |
30.08.1954 |
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Date of
Appointment : |
01.04.1996 |
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Name : |
Ms. Namita Gautam
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Designation : |
Director |
|
Address : |
D – 2, Diwanshree
Apartment, 30, Ferozesaha Road, New Delhi – 110001, India |
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Date of
Birth/Age : |
17.07.1953 |
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Date of
Appointment : |
14.11.2003 |
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Name : |
Mr. Ravindra Kumar Sharma |
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Designation : |
Director |
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Address : |
289 – A, Road No.
12, MLA Colony, Banjara Hills - 500034, Hyderabad, India |
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Date of
Birth/Age : |
03.01.1957 |
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Date of
Appointment : |
14.11.2003 |
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|
Name : |
Mr. Rakesh Chahar |
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Designation : |
Whole Time
Director |
|
Address : |
12 -7, Nehru Enclave,
Kalkaji Extension, New Delhi – 110049, India |
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Date of
Birth/Age : |
15.12.1964 |
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Date of
Appointment : |
14.11.2003 |
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|
Name : |
Mr. Satish Sethi |
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Designation : |
Director |
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Address : |
B – 41, Cozy Home
Apartment, 251, Pali Hill Road, Bandra, Mumbai, Maharashtra |
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Date of
Birth/Age : |
25.11.1950 |
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Date of
Appointment : |
14.11.2003 |
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Date of
Ceasing : |
25.11.2003 |
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|
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|
Name : |
Mr. Tushaar
Gautam |
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Designation : |
Director |
|
Address : |
603 Ashadeep – 9,
Hailey Road, New Delhi – 110001, India |
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Date of
Birth/Age : |
21.05.1978 |
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Date of
Appointment : |
01.04.2007 |
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Email : |
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|
Name : |
Mr. Ravi Gupta |
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Designation : |
Director |
|
Address : |
C – 5/91, Yamuna
Vihar, Delhi – 110053 |
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Date of Birth
: |
08.04.1978 |
|
Date of
Appointment : |
06.01.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Secretary |
|
Address : |
2139, Block – B,
Pocket – 2, Vasant Kunj, New Delhi |
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Date of
Appointment : |
01.05.2003 |
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Date of
Ceasing : |
01.10.2003 |
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|
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|
Name : |
Mr. Rajneesh
Kumar Tripathi |
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Designation : |
Secretary |
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Address : |
2, 1st
Floor, West Mukherjee Nagar, Delhi – 110009 |
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Date of
Appointment : |
01.10.2003 |
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Date of
Ceasing : |
01.01.2004 |
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|
Name : |
Mr. Ravi Gupta |
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Designation : |
Secretary |
|
Address : |
C – 5/91, Yamuna Vihar,
Delhi – 110053 |
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Date of Birth
: |
08.04.1978 |
|
Date of
Appointment : |
06.01.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
|
|
|
Mrs. Sheela
Gautam |
5853960 |
|
Mr. Rahul Gautam |
3293160 |
|
Ms. Namita Gautam |
1893240 |
|
Mr. Tushaar
Gautam |
662640 |
|
Mr. Praduman
Patel |
1908360 |
|
Mr. Kartik Patel |
1426080 |
|
Mr. Himanshu
Patel |
1463520 |
|
Ms. Urmila Patel |
1052400 |
|
Ms. Chaya
Mukherjee |
120 |
|
Ms. Kalpna Shrish
Amin |
240 |
|
Mr. Anil Tandon |
120 |
|
Mr. Siya Ram
Sharma |
240 |
|
Mr. K. K. Gautam |
240 |
|
Ms. Sunita Sharma |
240 |
|
Polyflex
Marketing Private Limited |
4488000 |
|
Serta India
Private Limited |
1620000 |
|
Starlite India
Private Limited |
330000 |
|
Ms. Alpana Verma and
Mr. Aseem Verma |
120 |
|
Ms. Shama Kapoor
and Mr. Sunit Kapoor |
240 |
|
Mr. J. K. Sharma |
120 |
|
Mr. Arvind Kumar |
240 |
|
Ms. Padma &
Mr. Prateek Gautam |
480 |
|
Rajesh Neena
& Arpita Sharma |
240 |
|
Mr. Asha Kapoor |
120 |
|
Mr. Kusum Gautam |
120 |
|
Ms. Sneh Lata
Jain & Sarika Jain |
120 |
|
Ms. Shobha
Jagdish Amin |
240 |
|
Janubi Devendra
& Rajul Devendra |
240 |
|
Uma Gautam &
Vidyawati Gautam |
240 |
|
Kanak Lata Sharma
& Tushant Sharma |
120 |
|
Ravi Dhariwal
& Rashmi Dhariwal |
360 |
|
Lok Chand Kapoor
& Ravi Kapoor |
240 |
|
Ashish Sharma
& J. K. Sharma |
240 |
|
Mr. Rakesh Chahar |
120 |
|
Mr. Ravindra
Sharma |
120 |
|
Mr. Amitabh
Devendra |
120 |
|
Ms. Versha H.
Patel |
1200 |
|
Ms. Meenakshi
Patel |
1200 |
|
Ms. Renu Patel |
1200 |
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TOTAL |
24000000 |
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|
Category |
Percentage |
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|
Bodies Corporate
(not mentioned above) |
27.12 |
|
Directors or
relatives of directors |
72.87 |
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Other top fifty
shareholders (other than listed above) |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of
Flexible Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed
Cushions and Covers. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash, Contract,
Others, L/C or Credit (30/60 days) |
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Purchasing : |
Cash, Contract, L/C
or Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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|
Licensed Capacity |
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|
Polyurethane Foam
and allied production |
Mt. |
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|
15000 Mt/p. a. |
|
Polyurethane Foam
and Coir Sandwitch mattresses |
Pcs. |
|
|
150000 Pcs./p.a. |
GENERAL
INFORMATION
|
Suppliers : |
152, Beach Road, 37-00, The Gateway East, Singapore – 189721 (TDI and
Polyol Supplier)
260, Orchard Road, 18-01, The Heeren, Singapore – 238855 (TDI and
Polyol Supplier) |
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Customers : |
Some of its’
major customers are :-
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No. of
Employees : |
500 |
|
|
|
|
Bankers : |
Parliament
Street, New Delhi – 110 00, India
Narain Manzil,
23, Barakhamba Road, New Delhi – 110001, India
|
|
|
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|
Facilities : |
Hypothecation of
Plant and Machinery: Rs. 19.400 millions Term Loan: Rs. 2.700 millions Cash Credit: Rs. 39.400 millions |
|
Banking Relations : |
Satisfactory |
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|
Auditors : |
Gupta and Gupta Chartered
Accountants |
|
Address: |
4/8, Asaf Ali
Road, New Delhi – 110 002, India |
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Tel. No.: |
91-11-23279527/23276456 |
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Fax No.: |
91-11-23280660 |
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Associates/Subsidiaries
: |
Subsidiaries:
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24095200 |
Equity Shares |
Rs. 100/- each |
Rs 240.952 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 |
240.952 |
240.952 |
240.000 |
|
|
2] Share
Application Money |
0.000 |
57.095 |
99.740 |
|
|
3] Reserves &
Surplus |
615.979 |
498.783 |
386.752 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
856.931 |
796.830 |
726.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
465.435 |
274.843 |
246.919 |
|
|
2] Unsecured
Loans |
137.188 |
121.585 |
134.755 |
|
TOTAL BORROWING
|
602.623 |
396.428 |
381.674 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
1459.554 |
1193.258 |
1108.166 |
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
554.137 |
417.734 |
430.479 |
|
Capital work-in-progress
|
10.347 |
29.256 |
6.952 |
|
|
|
|
|
|
|
INVESTMENT
|
170.287 |
105.707 |
4.532 |
|
DEFERREX TAX ASSETS
|
11.958 |
12.510 |
11.797 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
224.544 |
260.833 |
422.655 |
|
|
Sundry Debtors
|
462.543 |
379.081 |
415.192 |
|
|
Cash & Bank Balances
|
31.083 |
26.037 |
29.106 |
|
|
Other Current Assets
|
14.034 |
16.747 |
9.312 |
|
|
Loans & Advances
|
249.738 |
181.911 |
92.984 |
Total Current Assets
|
981.942
|
864.609 |
969.249 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
223.472 |
232.240 |
286.759 |
|
|
Provisions
|
93.232 |
52.047 |
29.571 |
Total Current Liabilities
|
316.704
|
284.287 |
316.33 |
|
Net Current Assets
|
665.238 |
580.322 |
652.919 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
47.587 |
47.729 |
1.487 |
|
|
|
|
|
|
|
TOTAL
|
1459.554 |
1193.258 |
1108.166 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3248.700 |
2648.783 |
2402.069 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
3248.700 |
2648.783 |
2402.069 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
151.500 |
101.333 |
51.776 |
|
|
Provision for Taxation |
54.000 |
22.534 |
6.245 |
|
|
Profit/(Loss) After Tax |
97.500 |
78.799 |
45.531 |
|
|
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|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
30.900 |
35.301 |
28.741 |
|
|
Depreciation |
51.900 |
131.283 |
132.855 |
|
|
Other Expenditure |
3014.400 |
2380.866 |
2188.697 |
|
Total Expenditure |
3097.200 |
2547.450 |
2350.293 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
3.00 |
2.97 |
1.89 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
4.66 |
3.82 |
2.15 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
9.86 |
7.90 |
3.69 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.18 |
0.12 |
0.07 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.07 |
0.35 |
0.43 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
3.10 |
3.04 |
3.06 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
The company has
been accredited with ISO 9001:2000 Certification.
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1971PTC005679 |
|
Name of the company |
SHEELA FOAMS
PRIVATE LIMITED |
|
Address |
C-55, Preet Vihar,
First Floor, Vikas Marg, Delhi – 110 092, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
Standard Chartered Bank Narain Manzil, 23, Barakhamba Road, New Delhi – 110001, India E-mail : gkjain1234@rediffmail.com |
|
Nature or description of the instrument creating charge |
Agreement of hypothecation of machinery |
|
Date of the instrument creating charge |
17.07.2006 |
|
Amount Secure by the charge |
Rs. 110.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest as may be determined by the Bank from time to time |
|
Description of the property charge whether it is a charge on |
Plant and machinery Furniture and Fixture |
|
Particulars of the Property charged
|
Hypothecation by way of pari passu charge over the whole of the fixed assets
of the borrower situated at company’s godowns, premises, factories or
wherever else situated, including its movable plant and machinery, machinery
spares, tools and accessories and other movables, both present and future
[except assets specifically charge to SCB] whether installed or not and
whether now lying loose or in cases or which are now lying or stored in or
open or shall hereafter from time to time during the continuance of the
security of these present be brought in to and or upon or to be stored or to
be in or about all the borrower’s factories, premises and godowns or wherever
else the same will be or shall be held any party to the order or disposition
of the borrowers or in the course of transit
or on high seas or on order or delivery howsoever and whosesoever in
the possession of the borrowers. |
|
Name of the
company |
SHEELA FOAM
PRIVATE LIMITED |
|
Presented By |
Sheela Foam Private Limited, New Delhi |
|
1) Date and
description of instrument creating the change |
22.11.2005 Copy
of recital 22.11.2005
Article of Agreement |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 200.000
millions |
|
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 |
1st
charge over net block assets of the company. Present and future [excluding
factory land and building of Sikkim and Greater Noida Unit], and 2nd
charge on Greater Noida unit including equitable mortgage of properties
situated at following locations : - 1. Land and
building at Survey No. 102/1, at village Rakholi, Union Territory of Dadra
and Nagar Haveli and Silvassa [village pachayat No. 213, Rakholi Gram,
Panchayat] 2. Land and
building at Survey No. 261/1/2/3 village Saily, Silvassa Union Territory of
Dadra and Nagar Haveli 3. Land and
Building at 37/2 site – 4, Sahibabad industrial area, Gaziabad, UP 4. Land and
building at Main Dadri Road, Village Habibpur, Suraj Pur, Distrit Gautam Budh
Nagar, UP 5. Land and
building at Survey No. 852, of Medchal village and Mandal, Ranga ready
district Andhra Pradesh 6. Land and
building at R 3 No. 131/1, 131/2, 131/3 and 128/1 at Thiruvandarkoil,
Pondicherry 7. Land and building
at survey no. 257, village syali, UT of Dadra and Nagar Haveli 8. Land and
building at 51A, Udyog Vihar, Greater Noida, UP 9. Negative lien
on office building at C – 55 Preet Vihar, Vikas Marg, New Delhi 10. Land and
building at survey no. 851, of Medchal village and Mandal, Ranga ready
district Andhra Padesh The above
properties provided to secure the total credit limits of Rs. 585.500 millions FUND BASED Amount in Rs. Millions 1. CC [hyp.] /
WCDL Rs. 110.000 3. OD-Book
Debts Rs. 139.000 5. IBP/IBD Rs. 1.000 6. Term
loan-Sikkim proj. Rs. 5.500 7. Term
loan-New Rs. 200.000
-----------------------------
Rs. 455.500
------------------------------ NON FUND BASED Amount in Rs. Millions 1. Letter of
Credit Rs.
100.000 2. Bank
Guarantee Rs. 10.000
3. LC for
DA/DP]
Rs. 20.000
-----------------------------
Rs. 130.000 ----------------------------- Grand Total Rs. 585.500
----------------------------- |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
ROI: BPLR – 3% [minimum 8%] p.a. on monthly rests. Repayment I 5 years in 20 quarterly installments after moratorium of
one year Personal Guarantee of following directors to cover the fresh term loan
exposure :-
|
|
5) Name and
Address and description of the person entitled to the charge. |
Central Bank of India Parliament Street, New Delhi |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
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. |
N.A. |
As Per Web Site:
Company,
pioneered the manufacturing of P.U. Foam in India. Today they are ranked
amongst the top 5 manufacturers of Slab stock P.U. Foam in South East Asia with
a footprint in India and Australia.
This has been achieved by their relentless focus on quality, innovation and
continual improvement. Over the last 30 years they have made giant strides not
only in manufacturing capabilities but also in their methods of testing and
ensuring quality.
In India, they have 10 manufacturing units using the state-of-the-art
technology at strategic locations across the country. They serve a wide
spectrum of customers in a fast and economical manner through a distribution
network of over 50 distributors and 3000 dealers. A combination of manufacturing
excellence and distribution network has enabled them to get over 40% of the
Indian P.U. Foam market share.
In Australia they have 5 manufacturing units. These are located in five major
cities i.e. Adelaide, Brisbane, Melbourne, Perth and Sydney which enables them
to service the Australian market effectively.
Sheela Foam’s Sleepwell and Feather Foam brands are home comfort
products and industrial foam respectively in India. In Australia, the name of
Joyce also signifies quality and is a reputed brand.
In addition to standard P.U. Foam they manufacture a wide variety of Technical
Foams i.e. Memory, Fire Retardant, High Resilience, Reticulated, etc.
Subject takes its social responsibility seriously, which is addressed through its
'Sleepwell Foundation'. This Foundation conducts and sponsors various workshops
and promotes sleep through various means. It also works on welfare schemes for
the underprivileged.
As a leader in the P.U. Foam industry in India, the
corporate sights of subject are set far beyond the borders of the country.
Today, subject is busy looking at issues from a global perspective - busy
assimilating and amalgamating new opportunities for collaborations /
partnerships and acquisitions worldwide, busy with the task of ushering for the
country and the future generations, a quality of life they’d love to cherish.
Busy with a mission and a crusade.
And that’s something an industry leader, subject is quite used to putting into
practice.
1972 : Founded as a small unit by Mrs. Sheela
Gautam, Chairperson.
1985 : Extended operations to NOIDA, a
Satellite town of Delhi.
Till 1991 : Growth was slow but steady as Government
of India controlled imports of raw material.
1991 : The first "State-of-the-Art"
Maxfoam plant was set up near Delhi.
1993 onwards : Process of liberalization started in the
country and Sheela Group began rapid expansion.
1994 : Acquisition of a full fledged Plant near
Delhi.
1994 : "Sleepwell" brand
launched.
1996 - 97 : Two more units added -At Silvassa, near Mumbai
and Hyderabad in Andhra Pradesh
1997 - 98 : Introduced Rubberized Coir products
under "Starlite" Brand.
1998 - 99 : Tie - ups with Serta, US and Dunlopillo,
UK for manufacturing mattresses.
2001 : Set - up India's Largest P.U. Foam
producing plant at Greater Noida.
2001 : Merged "Starlite" and
“Sleepwell" brands to have all comfort products under one brand.
2002 : Expanded operations in North from a
plant at Rajpura, Punjab.
2003 : Set - up a manufacturing Unit at Sikkim.
2004 : Set - up a Plant for Production of
Rubberized Coir in North India.
2005 : Acquired Polyurethane and Polystyrene
business of Joyce, Australia
2006 : Entered into a Joint Venture with
Woodbridge Group, Canada for manufacture of moulded
P.U. Foam.
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|