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MIRA
INFORM REPORT
|
Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PLASTRO
PLASSON INDUSTRIES (INDIA) LIMITED |
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|
|
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Formerly Known As : |
FINOLEX
PLASTRO PLASSON LIMITED |
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Registered Office : |
Block D1 Plot No
10 MIDC Chinchwad, Pune 410506, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.07.1992 |
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Com. Reg. No.: |
11-67896 |
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CIN No.: [Company
Identification No.] |
U41000MH1992PTC067896 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00451D PNEP08045C |
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PAN No.: [Permanent
Account No.] |
AABCP1939K |
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Legal Form : |
A Closely Held Public
Limited Liability Company. |
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Line of Business : |
Manufacturing and
marketing of sophisticated drip irrigation system, water conservation and
water management devices, fertilisation equipments, pipe and fittings and other
accessories required for the system. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 875565 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
company having satisfactory track. Trade relations are fair. General
financial position is satisfactory. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Block D1 Plot No
10 MIDC Chinchwad, Pune 410506, Maharashtra, India. |
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E-Mail : |
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Website : |
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Head
Office/Factory : |
Plot No. 399,
Village URSE, Taluka Maval, Pune-410 506, Maharashtra, India. |
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Tel. No.: |
91-2114-225273/237045/46/47/48/225273/237045/8 |
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Fax No.: |
91-2114-223770/237044 |
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E-Mail : |
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Area : |
80,000 sq. fts |
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Premises : |
Owned |
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Branches: |
Ahmedabad Bangalore
Tel.: 91-265- 2251623 Telfax: 91-265- 2788243 Email - plastrobaroda@yahoo.co.in
Coimbatore Nashik Tel: 91-253-228439 Email - sptalele@sanchrnet.in New Delhi
Mobile No:91-9818764126 / 9335551615 Tel: 91-120- 2512814 Email - finoplas_delhi@rediffmail.com Secunderbad Tarnaka, Secunderabad - 500 017 Tel: 91-40- 55286260, Fax: 91-40- 27015680 Email - plastroap@sify.com |
DIRECTORS
|
Name : |
Mr. Prahlad
Parasram Chhabria |
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Designation : |
Chairman |
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Address : |
9, ICS Colony, Ganeshkhind Road, Pune - 411 007, Maharashtra, India |
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Date of Birth: |
12.03.1930 |
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Age |
73 Years |
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Qualification
: |
Bsc. (Engineering) |
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Experience : |
48 Years |
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Date of
Appointment : |
27.07.1992 |
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|
Name : |
Mr. Tsvi Tsur |
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Designation : |
Director |
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Address : |
Kibbutz Gvat, Israel – 30050 |
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Date of Birth
: |
01.08.1951 |
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Date of
Appointment : |
23.02.1993 |
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|
Name : |
Ms. Tova Hnkin
Posner |
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Designation : |
Director |
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Address : |
Maagan Michael, D. N. Menashe, Israel – 37805 |
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Date of Birth
: |
19.02.1946 |
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Date of Appointment
: |
16.09.1998 |
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Name : |
Mr. Mukesh
Dolumal Katara |
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Designation : |
Director |
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Address : |
Katara Dentals Private Limited, Apurva Complex, Pune University Road,
Near Sindh Housing Society, Aundh, Pune - 411 007, Maharashtra, India |
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Date of Birth
: |
10.07.1957 |
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Date of
Appointment : |
27.07.1992 |
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Name : |
Mr. Praveen
Balkrishna Parasnis |
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Designation : |
Director |
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Address : |
Bungalow 52, Buena Monte, NCL Co-operative Housing Society, 37/3, Pashan,
Pune - 411 008, Maharashtra, India |
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Date of Birth
: |
01.06.1957 |
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Date of
Appointment : |
16.09.1998 |
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|
Name : |
Mr. Sanjay K.
Asher |
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Designation : |
Director |
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Address : |
32, Modi Street, Fort, Mumbai – 400 001, Maharashtra |
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Date of Birth
: |
26.11.1964 |
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Date of
Appointment : |
20.09.2003 |
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|
Name : |
Mr. Avishay
Halperin |
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Designation : |
Director (Marketing) |
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Address : |
Flat No. B-4, Liberty, North Main Road,Koregaon Park, Pune - 411001,
Maharashtra, India |
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Date of Birth
: |
30.03.1967 |
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Date of
Appointment : |
01.04.2002 |
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Date of
Ceasing : |
31.12.2005 |
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Name : |
Mr. Satish Shriram Ghatpande |
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Designation : |
Whole Time Director |
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Address : |
Vishwas Bungalow, 257/4/14, Baner, Behind Anand Park, Aundh, Pune –
411 007. |
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Date of Birth
: |
18.03.1953 |
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Date of
Appointment : |
15.02.2003 |
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Email: |
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Name : |
Dr. Ilan Tessler |
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Designation : |
Director |
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Name : |
Mr. Eitan Ajchenbaum |
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Designation : |
Director |
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Address : |
A 6, Burla Street, Rishon Lezion, Israel |
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Date of Birth
: |
07.04.1962 |
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Date of
Appointment : |
22.02.2006 |
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|
Name : |
Mr. Vijay Kishan Chhabria |
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Designation : |
Director |
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Address : |
472 A, Hare Krishna Mandir Path, Pune - 411 007, Maharashtra, India |
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Date of
Appointment : |
20/07/1993 |
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|
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|
Name : |
Mr. Shaul Ashkanazi |
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Designation : |
Director |
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Address : |
Maagan Michael, D. N. Menashe, Israel – 37805 |
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Date of Birth
: |
01.11.1941 |
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Date of
Appointment : |
16.09.1998 |
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|
Name : |
Mr. Ramchandra Shridhar Pendse |
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Designation : |
Company Secretary |
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Address : |
1,Shanti Garden, Sinhagad Road, Anand Nagar (West), Pune - 411 051,
Maharashtra, India |
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Date of Birth
: |
11.04.1954 |
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Date of
Appointment : |
26.09.2001 |
KEY EXECUTIVES
|
Name : |
Mr. R. S. Pendse |
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Designation : |
Company Secretary |
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Name : |
Mr. K. R. Medhekar |
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Designation : |
VP Finance |
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Email: |
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Name : |
Mr. Dr. N. B. Rane |
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Designation : |
Sr. General Manager - Marketing |
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Email: |
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Name : |
Mr. Rajeev Deshmukh |
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Designation : |
Asst. General Manager - Marketing (South India) |
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Email: |
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Name : |
Mr. B.P.Chavan |
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Designation : |
Asst. General Manager - Technical and Market Support |
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Email: |
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Name : |
Mr. C.V. Shirwaikar |
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Designation : |
Sr. General Managers - Works |
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Email: |
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Name : |
Mr. P.V. Khandekar |
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Designation : |
General Manager - HRD and Logistics |
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Email: |
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Name : |
Mr. A. K. Srivastava |
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Designation : |
Manager Purchase |
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Email: |
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Name : |
Mr. S.M.Dighe |
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Designation : |
Dy. Manager QA and Product Development |
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Email: |
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Name : |
Mr. V. S. V. Kumar |
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Designation : |
Dy. Manager Production and Maintenance |
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Email: |
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Name : |
Mr. Sunil Patil |
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Designation : |
Design Manager |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Prahlad
Parasram Chhabria |
|
20 |
|
Mr. Mukesh
Dolumal Katara |
|
20 |
|
Mr. Kishan
Parasram Chhabria |
|
20 |
|
Mr. Vijay Kishan
Chhabria |
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20 |
|
Mr. Subhas
Surendra Sanzgiri |
|
20020 |
|
Coated Fabrics
Private Limited |
|
214940 |
|
Majesty
Investment Private Limited |
|
275010 |
|
Plastro Gvat |
|
1635000 |
|
Finolex
Industries Limited |
|
1500000 |
|
Finolex Finance
Limited |
|
489950 |
|
Plaschin Limited |
|
865000 |
|
TOTAL: |
|
5000000 |
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|
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
49.60 |
|
Other |
|
0.40 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
marketing of sophisticated drip irrigation system, water conservation and
water management devices, fertilisation equipments, pipe and fittings and
other accessories required for the system. |
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Products : |
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Exports : |
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Countries : |
Israel |
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Imports : |
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Countries : |
Israel, USA and
France |
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Terms : |
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Selling : |
L/C, Cash or
Credit [30-90 days] |
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Purchasing : |
L/C, Cash or Credit
[30-180 days] |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Drip Irrigation Systems and Parts :- |
|
|
|
|
|
Moulded Goods |
MT |
|
62 |
41 |
|
Extrusion
Products |
MT |
|
2400 |
1906 |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
250 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
C – 401, Fourth Floor, Panchshil Tech Park, Yerwda, Pune – 411006,
Maharashtra, India |
|
|
|
|
Associates : |
·
Finolex
Industries Limited ·
Finolex
Cables Limited ·
Finolex
Machines Limited ·
Royale
Extrustion Systems Limited ·
Finolex
Software Services Limited ·
Plaschin
limited, Israel ·
Plastro
Irrigation Systems Limited, Israel |
|
|
|
|
Holding
Company : |
Plastro Gvat,
Israel Kibbutz, Gvat,
Israel |
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|
|
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Membership : |
Engineering Export
Promotion Council |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12750000 |
Equity Shares |
Rs.10/- each |
Rs.127.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 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 |
100.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.113 |
49.392 |
34.616 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
175.113 |
99.392 |
84.616 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
109.110 |
88.994 |
45.687 |
|
|
2] Unsecured Loans |
27.779 |
26.724 |
26.723 |
|
|
TOTAL BORROWING |
136.889 |
115.718 |
72.410 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.917 |
1.306 |
|
|
|
|
|
|
|
|
TOTAL |
312.002 |
217.027 |
158.332 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
64.730 |
62.582 |
38.673 |
|
|
Capital work-in-progress |
6.167 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
4.814 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
177.826
|
114.045 |
82.958 |
|
|
Sundry Debtors |
305.760
|
210.034 |
103.685 |
|
|
Cash & Bank Balances |
32.262
|
12.712 |
19.791 |
|
|
Other Current Assets |
0.319
|
0.336 |
0.226 |
|
|
Loans & Advances |
15.221
|
13.047 |
16.624 |
|
Total
Current Assets |
531.388
|
350.174 |
223.284 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
259.921
|
175.380 |
87.103 |
|
|
Provisions |
35.201
|
20.374 |
16.547 |
|
Total
Current Liabilities |
295.122
|
195.754 |
103.650 |
|
|
Net Current Assets |
236.266
|
154.420 |
119.634 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
312.002 |
217.027 |
158.332 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
886.740 |
529.886 |
360.086 |
|
|
Other Income |
0.000 |
3.617 |
1.318 |
|
|
Total Income |
886.740 |
533.503 |
361.404 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
43.270 |
37.934 |
20.182 |
|
|
Provision for Taxation |
0.000 |
14.690 |
7.716 |
|
|
Profit/(Loss) After Tax |
43.270 |
23.244 |
12.466 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
7.048 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
95.653 |
79.434 |
|
|
Others |
NA |
27.839 |
0.000 |
|
Total Imports |
NA |
123.492 |
79.434 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Materials |
0.000 |
349.574 |
237.641 |
|
|
Personnel Expenses |
0.000 |
40.625 |
35.939 |
|
|
Operating and Other Expenses |
0.000 |
84.241 |
52.048 |
|
|
Financial Charges |
19.760 |
12.622 |
9.677 |
|
|
Depreciation & Amortization |
9.930 |
8.507 |
5.918 |
|
|
Other Expenditure |
813.780 |
0.000 |
0.000 |
|
Total Expenditure |
843.470 |
495.569 |
341.223 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.88
|
4.36 |
3.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.88
|
7.16 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.26
|
9.19 |
7.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.38 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
3.13 |
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.79 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY :
The company was
promoted by Finolex Group in collaboration with Plastro GVAT of Israel. This is
first ever Indo-Isarel joint venture.
The company is a joint
venture between the Finolex group of companies of India and Plastro Gvat of
Israel and is in existence since 1992.
Plaschin Limited,
Israel a wholly owned subsidiary of Plasson Limited, Israel has agreed to
acquire shareholding in the company. Further, Plasson Limited has entered into
technical and collaboration agreement with the company. Plasson Limited is a
world leader in pipe fittings, speciality jointing and electrofusion joints and
is now in the process of launching their products in India through the company.
The company to Plastro Plasson Industries (India) Limited and again changed its
name from "Plastro Irrigation Systems (India) Limited to present, to
reflect the participation of all three major shareholders viz. Finolex Group of
Companies of India and Plastro Gvat and Plasson Limited of Israel w. e. f.
27/11/1998
Business :
The company is also
engaged in manufacturers, dealers in high and low pressure pipes, tubes, hoses
either armoured or reinforced or otherwise required for ducting and for
conveyance of water and other liquids, fluids and gases and required for
ducting for industrial, commercial, educational and household requirements and
made out of plastic synthetic rubber or natural rubber or in combination of the
said materials.
Subject is in
trade terms with the following:
v Sahara India Commercial Corporation Limited
Horticulture Department,
Sahara Lake City, Amby Vally, Ambavani Village, Taluka- Mulshi,
District-Pune
v Dhirubhai Ambani Knowledge City
Thane-Belapur Road, Kopar
Khairane, Navi Mumbai
v Mr. Raosaheb Bargude
Tel: 91-94223-65073 /
91-20-22965107
v Mr. H. S. Bedekar
Tel.: 91-22-31049289
v Bha Ba Engineering Works
v Kelba Agro Engineers Private Limited
v Jade Rubber Products Private Limited
v Yogeeta Rubbers Products
v Anupama Rubber Company
v Jainson Steel Industries
v Vishal Plastic & Rubber Industries
v Morya Packaging Industries
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
||||||||
|
Presented By |
R.S. Pendse, Company Secretary |
||||||||
|
1) Date and
description of instrument creating the change |
Joint Deed of
Hypothecation dated 8th June, 2005 for Securing Term Loan. |
||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 88.400
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 |
Stock of Raw
Materials, Semi Finished goodsand Finished Goods, consumable stores and
spares, Bills receivables and Book Debts of the company. |
||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
First charge by
way of hypothecation of the Current Assets of the company ranking pari passu
interest amongst the member banks of the Bank of Baroda Consortium,
interalia, as other terms and conditions contained in the joint Deed of
Hypothecation. |
||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
|
||||||||
|
6) Date and brief
description of instrument modifying the charge |
First
Supplemental Joint deed of Hypothecation for current Assets to secure
enhanced previous fund and non – fund based facilities dated 10.09.2005 |
||||||||
|
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. |
|
|
Name of the company |
PLASTRO PLASSON INDUSTRIES (INDIA) LIMITED |
||||||||
|
Presented By |
R.S. Pendse, Company Secretary |
||||||||
|
1) Date and
description of instrument creating the change |
a)
03.06.1996 Memorandum of
Entry regarding deposit of title deeds by way of equitable mortgageROC
receipt No. 129264 dated 05.08.1996 b)
Modified on
24.07.1998 by Supplemental Memorandum
of deposit of Title Deeds extending equitable Mortgage. Registered under
S.No. 56 dated 19.08.1999. |
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|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 88.400
Millions |
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|
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 |
All the piece and
parcel of land bearing gat no. 399,
Village: Urse, Tal, Maval, Dist. Pune, Maharashtra together with Building and
Structures. |
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|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge covers
various facilities granted by together with interest, costs, charges and
together monies payable in request thereof. |
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|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda Pimri, Pune – 411 018 Central Bank of
India Pimri, Pune – 411 018 The Sarawat
Co-operative Bank Limited Pimri – Chinchwad, Pune – 411 019 |
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|
6) Date and brief
description of instrument modifying the charge |
Third Supplemental Memorandum of deposit of
Title Deeds extending Equitable Mortgage to Secure various fund and non fund
based facilities dated 24.09.2005 |
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|
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. |
|
Fixed Assets
- Freehold Land
- Factory Building
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Electrical Installations
- Vehicles
AS PER WEBSITE:
Company Profile:
Subject is an Indo Israel Joint
Venture Company, established in 1992. Subject
an ISO 9001:2000 company, is today a leader in the field of Micro
Irrigation in India.
Subject offers a wide range of
products and solutions in the field of precise Irrigation and Intensive
agriculture cultivation.
Their solutions includes complete
tailored Drip and Micro irrigation systems and Turn-Key projects for All
Agriculture sectors such as Row Crops, Horticulture, Green Houses, Plantations,
Orchards, Nurseries and more.
Subject’s services includes Survey,
Planning and Design facilities for Drip, Mini and Micro Sprinklers, Foggers,
Misters, Fertigation equipments, etc. for various field crops, horticulture
crops, plantations, landscape, Greenhouse and Poly-house Irrigation systems.
Having technical agreement with
world's leading manufacturers, Subject has exclusive Distributorship for
marketing of various other Irrigation Equipments like Filters, PVC Ball Valves,
Plastic Fittings, Control Valves, Automation Devices, Central Control Systems
etc.
To complete their " All Under
One Roof" services for Agriculture, Subject has introduced range of
various grades of Water Soluble Fertilizers imported from Belgium and Israel.
Along with its advanced systems,
Subject also provide comprehensive Agronomic Guidance and Knowledge Transfer
Programs on Irrigation, Fertigation and all parts of cultivation. Their goal is
to maximize the user's benefit from PPIIL systems.
The Company has around 250
qualified professionals, which includes, Production Experts, Surveyors,
application Engineers, Agronomists, Soil Scientists, and Sales Engineers to
meet the growing marketing requirement.
Subject has a wide spread network
of distributors all over India for the sales and services of all products and
projects.
Subject is well-known for its
quality products and quality services.
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.47.18 |
|
UK Pound |
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.60.89 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|