MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL CUSHION
VINYL PRODUCTS LIMITED |
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Registered
Office : |
60 CD “Shlok” Government Industrial Estate, Charkop, Kandivli (West),
Mumbai – 400 067, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
21.11.1983 |
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Com. Reg. No.: |
11-31395 |
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CIN No.: [Company Identification No.] |
U24110MH1983PTC031395 |
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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 selling of floor coverings and other Poly Vinyl Chloride and/or polyurethane products. |
RATING &
COMMENTS
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MIRA’s Rating
: |
C |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment
Behaviour : |
Delayed /
Defaulter |
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Litigation : |
Exist |
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Comments : |
The company in
particular and the group in general faces acute liquidity problem The entire net
worth of the company has been eroded. The company can be considered for any
business dealings on fully safe and secured trade terms and conditions, only.
The company has been referred to the Board for Industrial and Financial
Reconstruction (BIFR) under Sec.
15(1) of the Sick Industrial companies (Special Provisions) Act 1985 and BIFR
vide their letter dated 14.06.2000 has registered the said reference. |
LOCATIONS
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Registered
Office : |
60 CD “Shlok” Government Industrial Estate, Charkop, Kandivli (West),
Mumbai – 400 067, Maharashtra, India |
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Tel. No. : |
91-22-32655828 /
32655829 / 32566596 / 32567081 |
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Fax No. : |
91-22-28603565 |
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E-Mail : |
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Website : |
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Corporate Office : |
Shree Kamdhenu Estate, 4th Floor, Near Tangent Furniture
Showroom, Off Link Road, Chincholi Bunder, Malad (East), Mumbai – 400 064,
Maharashtra, India |
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Tel. No. : |
91-22-40039110 /
40039111 / 32566596 |
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Fax No. : |
91-22-28773591 |
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Factory 1 : |
Plot No. 319, Baska Village, Taluka Halol, Dist. Panchmahal, Gujarat, India |
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Factory 2 : |
Plot No. 55,
Village Garadhia Taluka, Savli, Dist. Vadodara – 391 520, Gujarat, India |
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Tel. No. : |
91-2667-251674 /
73 |
DIRECTORS
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Name : |
Mr. M. K. Shah |
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Designation : |
Chairman and Managing Director |
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Qualification
: |
M.Sc. |
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Name : |
Mr. V. K. Shah |
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Designation : |
Executive Director |
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Name : |
Mr. A. V. Motasha |
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Designation : |
Director |
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Name : |
Mr. D. A. Motasha |
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Designation : |
Director |
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Name : |
Mr. M. A. Motasha |
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Designation : |
Executive Director |
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Name : |
Mr. J. A. Motasha |
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Designation : |
Director |
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Name : |
Mr. V. M. Dahake |
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Designation : |
Nominee I.D.B.I, (till 23.12.2004) |
KEY EXECUTIVES
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Name : |
Mr. H K Bijlani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
(As on 31.03.2008)
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters (Including Foreign Promoters) |
7240769 |
60.00 |
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Mutual Fund and UTI |
5400 |
0.04 |
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Banks, Financial Institutions, etc. |
1576730 |
13.07 |
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Private Corporate Bodies |
414048 |
3.43 |
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NRIs |
46153 |
0.38 |
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Indian Public |
2784112 |
23.08 |
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Grand
Total |
12067212 |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturing and selling of floor coverings and other Poly Vinyl Chloride and/or polyurethane products. |
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Products : |
Item Code No. (ITC Code) Product
Description 39181000 Cushion
Vinyl Flooring 39204100 PVC
Rigid Films 59031000 PVC
Leathercloth 39209929 PVC Laminated Sheet · Residential Flooring · Transport Flooring ·
Contract Flooring |
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Brand Names : |
"Royal
House". |
PRODUCTION STATUS
(As on 31.03.2008)
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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Floor Covering |
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Lac. Sqm. |
220.00 |
0.00 |
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PVC Flooring |
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Lac. Sqm. |
109.00 |
108.51 |
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PVC Regid Film |
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MT |
10000 |
- |
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Leather Cloth |
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Lac. LM |
30.00 |
0.30 |
GENERAL
INFORMATION
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No. of
Employees : |
1100 |
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Bankers : |
·
Union Bank Of India ·
Global Trust Bank Limited ·
Standard Chartered Bank ·
Oriental Bank of Commerce ·
Bank of India ·
The Saraswat Co-op. Bank Limited |
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Facilities : |
Note Term Loans from
Industrial Development Bank of India, Bank of India, Saraswat Co-operative
Bank and Exim Bank are secured by way of first charge ranking pari-passu on all
movable and immovable properties, present and future subject to the prior
charge on specified movable created / to be created in favour of Bankers, by
way of security for borrowings for working capital and further secured by
personal guarantees of Promoters / Directors. Other Secured
Term Loans (including fire purchase loan) from Banks / Institutions are
secured by hypothecation of respective machineries, equipments / vehicles and
collateral security and personal guarantee of the Directors, wherever required
as per the letter of sanction. Working Capital
Loans from banks are secured by hypothecation of Raw material, Semi –
Finished and Finished Goods and personal guarantees of Promoters / Directors and
Collaterally secured by way of second charge ranking Pari – Passu with the
other consortium Banks, over the entire Fixed Assets of the company.
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Banking Relations : |
Poor |
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Auditors : |
Chandrakant and Sevantilal and J. K. Shah and Company Chartered
Accountants |
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Address : |
301, Lalita Tower, Near Hotel Rajpath, Station - Akota Road, Vadodara
– 390 007, Gujarat, India |
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Tel. No.: |
91-265-2353043 / 2353470 |
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Associates : |
·
National
Leather Cloth Manufacturing Company Address : Akruli, Kandivli (East) Mumbai - 400 101, Maharashtra Line of Business : Manufacturers of ‘Royal Touch’ brand synthetic Leathers ·
Royal
Knitting Private Limited ·
Vinyroyal
Plasticoats Private Limited ·
Auto
Interiors India Private Limited ·
Vijayjyot
Seats Private Limited ·
Royal Spinwell
Private Limited ·
Royal Jerfeb
Private Limited ·
Bharat Motor
Accessories ·
Nityanand
Overseas Trading ·
Royal
Wellknit Private Limited ·
Shreedha
Trading Consultancy Private Limited ·
Trilokesh
Trading Private Limited ·
Shreeshah
Trading Company Private Limited ·
Vishwamurthy
Trading Company Private Limited ·
Sumukh
Trading and Consultancy Services Private Limited ·
M V Trust
Properties ·
Vijay
Knitting Private Limited |
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Subsidiaries : |
·
Euro Royal
Floors Limited ·
Prebend House,
72 London Road, Leicester, UK |
CAPITAL STRUCTURE
(As on 31.03.2008)
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 |
|
12067212 |
Equity Shares |
Rs.10/- each |
Rs.120.672
millions |
Note :
·
259072 Equity Shares of Rs.10/- each are
allotted as fully paid, without payments being received in cash;
·
4600000 Equity Shares of Rs.10/- each are
allotted as fully paid up by way of bonus shares by capitalization of
General Reserve
Rs.15.799 millions
Share Premium :
Rs.10.169 millions
Capital Reserve :
Rs.5.737 millions
And balance in
Profit and Loss
Account : Rs.14.295 millions
·
Out of 259072 equity shares 7212 shares are
allotted as fully paid up pursuant to the scheme of amalgamation.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
120.672 |
120.672 |
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2] Share Application Money |
|
78.915 |
62.315 |
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3] Reserves & Surplus |
|
728.408 |
728.408 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
927.995 |
911.395 |
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LOAN FUNDS |
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1] Secured Loans |
|
1870.323 |
1869.972 |
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2] Unsecured Loans |
|
497.499 |
483.961 |
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TOTAL BORROWING |
|
2367.822 |
2353.933 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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3295.817 |
3265.328 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
836.130 |
853.575 |
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Capital work-in-progress |
|
0.000 |
33.900 |
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INVESTMENT |
|
2.085 |
1.986 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
169.771
|
187.063 |
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Sundry Debtors |
|
64.692
|
26.665 |
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Cash & Bank Balances |
|
12.978
|
9.781 |
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Other Current Assets |
|
0.365
|
9.390 |
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Loans & Advances |
|
67.463
|
41.487 |
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Total
Current Assets |
|
315.269
|
274.386 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1190.126
|
1096.773 |
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Provisions |
|
545.613
|
507.970 |
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Total
Current Liabilities |
|
1735.739
|
1604.743 |
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Net Current Assets |
|
(1420.470)
|
(1330.357) |
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MISCELLANEOUS EXPENSES |
|
17.422 |
14.362 |
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Profit and Loss Account |
|
3860.650 |
3691.862 |
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TOTAL |
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3295.817 |
3265.328 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
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Sales Turnover |
|
692.297 |
614.131 |
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Other Income |
|
30.900 |
24.485 |
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Total Income |
|
723.197 |
638.616 |
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Profit/(Loss) Before Tax |
|
(162.698) |
(499.736) |
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Provision for Taxation |
|
0.844 |
0.957 |
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Profit/(Loss) After Tax |
|
(163.542) |
(500.693) |
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Imports : |
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Raw Materials |
|
192.758 |
268.820 |
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Stores & Spares |
|
4.947 |
4.094 |
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Total Imports |
|
197.705 |
272.914 |
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Expenditures : |
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Manufacturing Expenses |
|
98.377 |
119.782 |
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Administrative Expenses |
|
58.319 |
59.984 |
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Raw Material Consumed |
|
461.230 |
498.146 |
|
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Employee Cost |
|
48.531 |
45.536 |
|
|
Increase/(Decrease) in Finished Goods |
|
20.796 |
(31.158) |
|
|
Finance and Bank charges |
|
118.457 |
366.802 |
|
|
Interest |
|
0.000 |
0.000 |
|
|
Miscellaneous Expenses |
|
0.000 |
0.000 |
|
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Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
80.185 |
79.260 |
|
Total Expenditure |
|
885.895 |
1138.352 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2008 |
|
Type |
1st
Quarter |
|
Sales
Turnover |
15.24 |
|
Other
Income |
0.20 |
|
Total
Income |
15.44 |
|
Total
Expenditure |
14.96 |
|
Operating
Profit |
0.48 |
|
Interest |
2.85 |
|
Gross
Profit |
(2.37) |
|
Depreciation |
2.03 |
|
Tax |
0.00 |
|
Reported
PAT |
(4.40) |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.00 |
|
Current Ratio |
0.14 |
0.16 |
|
TURNOVER
RATIOS |
|
|
|
Fixed Assets |
0.43 |
0.38 |
|
Inventory |
4.26 |
3.55 |
|
Debtors |
16.63 |
15.63 |
|
Interest Cover Ratio |
(0.42) |
(0.46) |
|
Operating Profit Margin(%) |
4.05 |
(13.25) |
|
Profit Before Interest And Tax
Margin(%) |
(6.50) |
(25.25) |
|
Cash Profit Margin(%) |
(11.65) |
(68.90) |
|
Adjusted Net Profit Margin(%) |
(22.20) |
(80.89) |
|
Return On Capital Employed(%) |
0.00 |
0.00 |
|
Return On Net Worth(%) |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated on 21 Nov.'83, Subject was promoted by the Shah
and Motasha families. The company's factory at Baska (Halol), Gujarat,
manufactures and markets cushion vinyl floorings with emphasis on multi-colour
combinations, contemporary designs and additional properties like sound
insulation, and varying thicknesses for temperature differentiation.
The company's expansion of production capacity from 44 lac sq mtr to 88 lac sq
mtr pa (cost: 8 cr) commenced operations from Sep'95. Its diversification into
the manufacture of PVC calender products (cost: Rs 540 millions) has started
operations. It comprises 2 calender lines, both with different configurations,
to produce versatile quality PVC calender products with a capacity of 10,000
tpa for each line.
The company made a rights issue of zero-interest FCDs for cash at par in May
'95 to augment the long-term working capital for the calender line at Savli and
the printing line at the Halol project. The company obtained ISO-9002
certification in 1997 for its plant for manufacturing 2 metre width Cushion
Vinyl Flooring (CVF). Company installed and Commissioned new machineries, which
was imported from Germany for producing 3-4 Mtr. Cushion Vinyl Flooring (CVF)
at Garadhia.
In view of the accumulated losses the company made a reference to the BIFR for
determining the measures to be adopted for revival of the company. The Board
has appointed IDBI as the operating agency and the appraisal in progress. Since
the future for this very bright the company is planning to double the
production for export market.
PERFORMANCE
The company has
achieved turnover of Rs.671.501 millions as against Rs. 645.289 millions in
previous year. This improvement is mainly due to sale of high value products to
transport and railway sector.
ARCIL has taken
over the debts from IDBI, BOI and Exim Bank. The Company has submitted modified
scheme to ARCIL and the discussion is on. Further, the Company has submitted
DRS to various bankers and the negotiation with these are in advantage stage.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is primarily engaged in
manufacturing of Vinyl floorings, which are used in households and commercial
offices, showrooms, Railway and transport sector.
The Company has developed high value added
products in for transport application. With the growth in infrastructure, the
passenger carriers have registered a growth of nearly 33%. Vinyl flooring has
been mainly used in passenger buses for flooring. The Company’s turnover has
been increased in this segment in the current year to Rs.60.800 millions, last
year it was Rs.36.800 millions. The Company has been shortlisted for the
business with Marcopolo (Tata’s JV) and already supplying to Tata, Ashok
Leyland and Volvo.
The Railway has upgraded the quality of vinyl
flooring and since September 2007, the supply to Railway started. Due to
opening up of these new business area the company’s performance is improved in
later half of the year. They expect the trend to increase in coming year and
company therefore should have a better performance.
OPPORTUNITIES AND
THREATS
The Company is a market leader in Vinyl
Flooring segment particularly in high product for Transport and Railway. The consumption
of vinyl flooring in Transport and Railway is increased with higher percentage
growth. The Company has all geared up to meet these challenges and continue to
be a leader in this sector.
The Company has already developed products
for commercial areas for high traffic and safety flooring. Due to lack of
working capital, the Company is not in a position to launch these products. The
Company is only running at approximately 55 to 60% of the installed capacity.
The lower end of vinyl flooring market has a
tough competition from cheaper imports including local market players. Hence
the company is giving more focus on high value added products.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
The Company's prime business is manufacture
of PVC floorings and therefore, there are no separate segments.
OUTLOOK
With the
introduction of high value added products for the transport and railway
segment, the Company is optimistic about its growth in the coming years.
STATUS WITH BIFR
As reported in the
earlier Annual Reports, the Company has been registered with BIFR in September,
2002. The IDBI, BOI and Exim Bank have transferred their debt to ARCIL and
Company have negotiated and agreement for settling their dues. The company has
already settled entire dues of UBI under one time settlement and has initiated
negotiation with rest of banks for One Time Settlement. On finalization of
above, a Draft Rehabilitation Scheme (DRS) for the company will be recommended
for approval to the Hon’ble BIFR. The matter is actively followed up.
Shri. Arvind V
Motasha and Shri Deepak A Motasha, Directors of the Company retire by rotation
at the ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment. The Directors recommend their reappointment. (Details are
furnished under Corporate Governance).
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF
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|
(As on 31.03.2008) (Rs. In Millions) |
|
Refer note below |
|
Refer note below |
|
15.342 |
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Note : Not ascertained by the Company as the relevant details are not received
from the Banks.
BIFR STATUS AND ADVANCE SHARE APPLICATION MONEY
The Company has been registered
with Board for Industrial and Financial Reconstruction (BIFR) since September,
2002. Assets Reconstruction Company India Limited (ARCIL) vide letter dated
12.09.2006, has agreed to restructure the debts acquired by them from IDBI,
Exim Bank and Bank of India. The Company has submitted a Draft rehabilitation
schemes (DRS) dated 05.10.2007 to BIFR and others and has initiated negotiation
with other bankers for one time settlement. As per restructuring package the
Company has to pay to ARCIL an amount aggregating to Rs.377.500 millions by
September, 28th 2009. Out of this company has paid Rs.20.000
millions till 31.03.2008. The promoters of the Company is also required to
bring addition fund. Accordingly the promoters have started contributing fund as
advance share application money and unsecured Loan. The shares shall be issued
in the manner approved by BIFR and subject to and other approval that may be
required. As the IDBI, BOI and Exim Bank have transferred their debts to ARCIL.
No provision for interest has been made for Rs.270.806 millions on outstanding
balance of Loan of the said banks.
The operation of Unit – III
of the Company for manufacture of 4 Metre Floor Covering has been discounted
from 2001-02, expect few trial run carried out by the Company. The Company has
not carried out assessment of assets particularly plant and machinery having
book value of Rs.288.554 millions as on 31.03.2008 and ascertained recoverable
amount of assets of the above Unit – III and accordingly has not ascertained
impairment loss. The same would be carried out in the ensuing financial years
and imperment loss, is any will be accounted in that year.
FIXED ASSETS
·
Land (Freehold)
·
Buildings
·
Factory/Office/Canteen
·
Guest House
·
Internal Roads and Tube Well
·
Plant and Machineries
·
Vehicles
·
Furniture and Fixtures
·
Office
·
Guest House
·
Office and Other Equipments
AS PER WEBSITE
Subject has two plants
spread across 130 acres of land, at Garadia, Halol, Gujarat, for manufacturing
of Vinyl Floorings of different types for various end-users and Rigid Films. Subject caters to customers in over 40
countries worldwide.
Export
Subject exports 50% of its
production to developing countries with its major markets in Sudan, Ethiopia,
Kenya, Tanzania, Saudi Arabia, Mombasa, Nigeria, etc.
The Product Differentiators can
be defined as:
·
Design Innovation / Attractive Colors
·
Quality Consistency
·
Brand Image
·
Gloss Level
On testing the product along with other international
manufacturers’ products on the gloss meter, the results have shown that
subject’s products can be produced at a gloss level of 7% to 30% higher than
that of any other International brand in the world.
In other words the U.S.P
is :
Innovative Designs with Highest Gloss Levels compared to any
other product available in the world.
Why
Vinyl Flooring
Of the many
invalid accusations hurled at vinyl the following are the top four myths of
which some people are reluctant to let go.
Myth 1: Vinyl
Flooring Emits Toxic Fumes and Poses a Health/Safety Risk
They've all heard the tale that vinyl poses some kind of health or
safety risk simply because it's synthetic. The truth is, according to a 1999
study completed by the U.S. Department of Commerce's National Institute of
Standards and Technology, the manufacture, installation, transportation and
even the daily use of vinyl flooring emits less toxic chemicals than most other
floors - including linoleum - vastly outperforming them in virtually all
measures of indoor air quality (IAQ). In fact, some heterogeneous sheet vinyl
floors were found to emit 10 times less volatile organic compounds (VOC) and/or
aldehydes than linoleum flooring, and roughly 50 percent less VOC than recycled
rubber flooring.
But most damaging
of all to the myth of vinyl's un safety is the fact that - even when burning,
vinyl flooring releases no more phosgene, cyanide, hydrochloric acid, carbon
monoxide or other toxic chemicals than most other flooring materials. based on
studies by the Vinyl Institute - a research and testing arm of the American
Plastics Council - In fact, vinyl's tendency to stop burning when an external
flame-source is removed has led some to describe it as "self-extinguishing,"
vastly increasing its overall safety versus most other forms of flooring.
Myth 2: Vinyl is a Low-Class, Unstylish Flooring Option With Low Market
Appeal
A quick,
unscientific poll of architects and interior designers will generally reveal
one thing with regard to vinyl flooring: the design community thinks of vinyl
as a low-end, bargain basement, unchic, practical surface. Indeed, though 52
percent of interior designers and installers cite the durability of a flooring
product as a primary motivator in making purchasing decisions, and 36 percent
cite the simplicity of its installation and/or maintenance as a leading
motivator, the fact that a majority of designers surveyed cite the design-style
of a product as the chief motivator of their purchasing / specifying decisions
is a clear indication that the design community longs for more than just
practicality. What many designers and installers don't know is that they can
have their cake and eat it too - they can have durability and simplicity of
installation / maintenance and exciting designs.
Many designers
aren't aware that vinyl's material composition actually facilitates the
creation of unique-cut geometric patterns and flooring designs. Furthermore,
while often realistically replicating the look of a variety of hard surfaces
such as tile, cork, and especially wood, heterogeneous vinyl floors feature a
layered structure that preserves the beauty of the floor's designs beneath a
tough, high-performance and easy-to-maintain wear layer. What's more, unlike
such hard surfaces as wood, laminate, terrazzo or ceramic tile, vinyl floors
have give that reduces noise and provides comfort underfoot. Indeed, the
impressive beauty of some vinyl floors, combined with vinyl's unique design
qualities, helps explain its increasing popularity as a sports surface whose
high-density vinyl foam cushion backing systems provide shock absorbing
surfaces that reduce impact-shock and leg fatigue.
In addition to the
wide array of smooth vinyl flooring designs available, a handful of select
manufacturers also offer an impressive array of embossed vinyl floors for
everything from boutique retail and office designs to heavy-duty commercial,
institutional and industrial applications in locations as pragmatic as locker
rooms, lobbies and school gymnasiums to installations as exotic as private
yachts, premium restaurant-nightclubs and TV show sets.
Myth 3 : Vinyl Flooring is Less Friendly to the Environment Than Other
Options
A survey of
architects and designers quickly reveals the preponderance of an overwhelming
assumption: that "natural" floors -- such as wood, linoleum, ceramic
tile and even recycled rubber -- are better for the environment than floors
composed of synthetic materials, such as polymer-based vinyl. The apparent
premise behind this assumption is that because the materials used are not
manufactured, they do not harm the environment with volatile emissions produced
in their fabrication. Further, it is argued, because renewable resources are
used in the fabrication of such eco friendly floors, their negative impact on
the environment is less than that of synthetic floors. In many cases, the
insinuation is even made that floors comprised of synthetic materials are
dangerous because they produce volatile emissions even in their daily use, let
alone their installation or manufacture.
Moreover, scrap
vinyl is itself often recycled, along with other plastics, into new vinyl. Even
during the manufacturing process, 99 percent of all scrap vinyl is reformed
into new vinyl.
Myth 4 : There Are Many Kinds of Flooring That Are a Match for
Heterogeneous Sheet Vinyl's Durability, Resilience and/or Cost-Effectiveness
According to
several studies, in terms of strength/durability, sheet vinyl floors are typically
in use years after their installation. The life of the Vinyl Flooring depends
on the wear layer and thickness of the material and the application area. An
example of the same could be the application of ‘Tuff’ in an Office Lobby or an
Auditorium. Since the surface of sheet vinyl is resistant to scratching,
scuffing, staining, indentation and other daily abuse such as rips, tears and
gouges, and cannot be damaged by most cleansers - and because its color/pattern
resides beneath the wear layer surface rather than on top of it - the
appearance of heterogeneous sheet vinyl floors is virtually immune to fading or
deterioration. Plus, vinyl's durability also allows it to withstand heavy foot
and equipment traffic, as well as stationary or static loads in most
applications.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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 |
|