MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAFEPACK INDUSTRIES LIMITED |
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Registered Office : |
Pride Kumar Senate, B-4 303, Senapati Bapat Road, Pune – 411 005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.05.1991 |
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Com. Reg. No.: |
11-61503 |
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CIN No.: [Company
Identification No.] |
U29195PN1991PLC061503 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Packing Material |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 80000 |
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Status : |
Satisfactory |
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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 satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Tipsen |
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Designation : |
Accounts Executive |
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Date : |
09.09.2008 |
LOCATIONS
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Registered Office : |
Pride Kumar Senate, B-4 303, Senapati Bapat Road, Pune – 411 005, Maharashtra, India |
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Tel. No.: |
91-20-27111000 |
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Mobile No.: |
91-9860798895 |
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Fax No.: |
91-20-27111000 |
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E-Mail : |
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Website : |
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Area : |
750 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
77, Safepack Complex, MIDC, General Block, Bhosari, Pune – 411 026,
Maharashtra, India |
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Tel. No.: |
91-20-27111000 |
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Fax No.: |
91-20-27111700 |
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E-Mail : |
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Factory : |
Gate No. 1093, Plot No. 2, At Po Shiroli, Rajguru Nagar, Pune – 410
505, Maharashtra, India |
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Tel. No.: |
91-2135-222199 |
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Area : |
50000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mrs. Anjali Rajendra Tapadia |
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Designation : |
Working Director |
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Address : |
Bunglow No. 1, Mauli Mantri Kishore Park, Bhosale Nagar, Pune – 411
007, Maharashtra, India |
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Date of Birth/Age : |
30.07.1962 |
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Date of Appointment : |
26.05.1991 |
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Name : |
Mr. Rajendra Bhagirath Tapadia |
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Designation : |
Chairman and Managing Director |
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Address : |
Bunglow No. 1, Mauli Mantri Kishore Park, Bhosale Nagar, Pune – 411
007, Maharashtra, India |
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Date of Birth/Age : |
06.10.1959 |
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Date of Appointment : |
16.11.2000 |
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Name : |
Mr. Mohan Harakchand Bhandari |
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Designation : |
Director |
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Address : |
Siddarth, C/11, Abhimanshri Coop. Society, Pune 411 008, Maharashtra,
India |
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Date of Birth/Age : |
14.11.1959 |
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Date of Appointment : |
20.10.2001 |
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Name : |
Mr. Rajesh Omkarnath Malpani |
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Designation : |
Director |
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Address : |
Malpani House, Indira Gandhi Road, Sangamner, Dist. Ahmednagar |
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Date of Birth/Age : |
23.02.1961 |
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Date of Appointment : |
20.11.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Rajendra Bhagirath Tapadia |
230000 |
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Anjali Rajendra Tapadia |
68600 |
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Ajit Khushalchand Lunawat |
400 |
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Mohan Harakchand Bhandari |
500 |
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Rajendra Bhagirath Tapadia (HUF) |
200 |
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Sushil Pandurang Mantri |
100 |
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Rajesh Omkarnath Malpani |
100 |
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Safe Packaging Private Limited |
100 |
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Total |
300000 |
List of Allotment As on 31.03.2008
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Names of Allottees |
No. of Shares |
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Rajendra Bhagirath Tapadia |
460000 |
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Anjali Rajendra Tapadia |
140000 |
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Total |
600000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
0.03 |
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Directors or relatives of directors |
99.80 |
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Other top fifty (50) shareholders |
0.17 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Packing Material |
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Products : |
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Exports : |
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Countries : |
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Europe ·
USA |
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Imports : |
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Countries : |
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Russia ·
Dubai ·
Qatar |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
82 (In Office 2 and In Factory 80) |
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Bankers : |
State Bank of India 1548 A, Commercial Branch, Sadashiv Peth, Pune – 411 030, Maharashtra,
India |
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Facilities : |
Rs.50.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Patankar and Associates Chartered Accountants |
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Address : |
4 Anand Bag Co-Op Housing Society, 999 Navi Peth, Pune – 411 030,
Maharashtra, India |
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Group Companies : |
·
Art Enterprises – Proprietory Firm Line of Business : Manufacturer of
Chemical ·
Safe Propack Private Limited ·
Industrial Paper Company |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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980000 |
Equity Shares |
Rs.10/- each |
Rs.9.800 millions |
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20000 |
Preferences Shares |
Rs.10/- each |
Rs.0.200 million |
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Total |
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Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.950 |
13.573 |
12.637 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.950 |
16.573 |
15.637 |
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LOAN FUNDS |
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1] Secured Loans |
47.189 |
28.706 |
20.689 |
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2] Unsecured Loans |
62.496 |
36.376 |
18.363 |
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TOTAL BORROWING |
109.685 |
65.082 |
39.052 |
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DEFERRED TAX LIABILITIES |
4.503 |
3.338 |
3.476 |
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TOTAL |
130.138 |
84.993 |
58.165 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.240 |
44.167 |
36.748 |
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Capital work-in-progress |
19.658 |
1.638 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.839
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18.833 |
17.094 |
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Sundry Debtors |
28.896
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21.994 |
8.669 |
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Cash & Bank Balances |
1.142
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1.759 |
0.937 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.535
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8.191 |
4.025 |
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Total
Current Assets |
68.412
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50.777 |
30.725 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.892
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10.032 |
8.325 |
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Provisions |
0.281
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1.558 |
0.984 |
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Total
Current Liabilities |
28.173
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11.590 |
9.309 |
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Net Current Assets |
40.239
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39.187 |
21.416 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
130.138 |
84.993 |
58.165 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
106.220 |
114.348 |
79.267 |
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Other Income |
3.059 |
1.404 |
2.590 |
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Total Income |
109.279 |
115.752 |
81.857 |
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Profit/(Loss) Before Tax |
4.810 |
2.608 |
5.216 |
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Provision for Taxation |
1.965 |
1.091 |
1.944 |
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Profit/(Loss) After Tax |
2.845 |
1.517 |
3.272 |
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Earnings in Foreign Currency : |
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Sale of goods manufactured |
18.866 |
51.727 |
59.941 |
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Total Earnings |
18.866 |
51.727 |
59.941 |
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Expenditures : |
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Raw Material Consumed |
70.776 |
84.653 |
54.780 |
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Purchases made for re-sale |
0.647 |
0.971 |
0.227 |
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Increase/(Decrease) in Finished Goods |
0.000 |
(3.558) |
(5.493) |
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Salaries, Wages, Bonus, etc. |
7.525 |
6.182 |
4.043 |
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Managerial Remuneration |
0.720 |
0.720 |
0.720 |
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Payment to Auditors |
0.126 |
0.078 |
0.077 |
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Interest |
3.781 |
2.779 |
0.830 |
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Insurance Expenses |
0.224 |
0.201 |
0.112 |
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Power & Fuel |
2.933 |
3.403 |
2.155 |
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Depreciation & Amortization |
2.626 |
2.169 |
1.575 |
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Other Expenditure |
15.111 |
15.546 |
17.615 |
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Total Expenditure |
104.469 |
113.144 |
76.641 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.60
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1.31 |
3.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.53
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2.28 |
6.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.47
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2.75 |
7.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.16 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.64
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4.63 |
3.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.43
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4.38 |
3.30 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Uttam Steel – Khopoli
·
Shakti Enterprises – Bangalore
Form No. 8
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Name of the company |
SAFEPACK INDUSTRIES LIMITED |
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Presented By |
State Bank of
India Commercial
Branch, Tilak Road, Pune – 30, Maharashtra, India |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of Medium Term Advances to small Scale Industries and
Hypothecation of Movables, Book debts and other assets. Ancillary Agmt.
No. A. Both the above
agmts. are dated 24.09.1998 and executed for the creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.500 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 present and
future goods, bookdebts, Movables and other assets of the Borrower including documents
of title to goods and other assets such as outstanding moneys, receivables,
claims, bills, invoices, documents, contracts, engagements, securities,
investments and rights and the present and all future machinery as further
security belong to the Borrower and be lying in or about the factory premises
in Plot No.2, Gat No.1093, at Post Shiroli, Taluka Khed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I.: 1.75%
above the SBIAR with a minimum of 15%
p.a. effective rate 13.30% p.a. inclusive of Int. tax Margin :
Machinery : 25% Repayment :
Monthly instalment of Rs.0.075 million each, the first of which instalment be
paid on the day of 1st April, 1999. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Tilak Road Branch, Pune |
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6) Date and brief description of instrument modifying the charge |
·
Suppl.
General Agreement for the grant of Medium Term Advances to Small Scale Industries
on Hypothecation of Movables, Book debts, and other assets. ·
Ancillary
Agreement ‘A’ Both the above
agmts. are dated 25.01.2005 and executed for the creation of a single
modification. |
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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. |
The original
charge was created on 24.09.1998 for Rs.4.500 millions 1stly modified on
22.04.2002 for Rs.7.500 millions 2ndly modified on 16.01.2003 for Rs.9.000
millions by giving an addl. Security 3rdly modified on 22.03.2004 for
Rs.14.000 millions 4thly modified on 22.03.2004 by giving an additional
collateral security over the company’s immovable properties. Now by the
present modification dated 25.01.2005 the limit has been increased by
Rs.15.000 millions making total to Rs.29.000 millions and by giving machinery
such as : Cutter, 50 Duplex Slitter / Rewander Machine, Accessories
Preopretive Expenses Cutter Knife etc. As further security belong to the
Borrower and be lying in or about the factory premises in Factory Building to
be constructed on Plot No. 2 and 3 Gat No. 1093 at Village Shiroli, Taluka
Khed, District Pune. Margin : 40% |
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Corporate identity
number of the company |
U29195PN1991PLC061503 |
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Name of the
company |
SAFEPACK INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Pride Kumar Senate, B-4 303, Senapati Bapat Road, Pune – 411 005,
Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of India 1548 A, Commercial Branch, Sadashiv Peth, Pune – 411 030, Maharashtra,
India |
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Nature of
instrument creating charge |
1.
Agreement of
Hypothecation of Goods and Assets 2.
Letter
regarding the grant of Individual Limits within the overall Limit 3.
Memorandum of
Deposit for creation of charge for Term Loan / Overall Limit (All the
documents executed for creation of a single charge) |
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Date of
instrument Creating the charge |
22.05.2008 |
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Amount secured by
the charge |
Rs.139.600
milliona |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Cash Credit – 2% above SBAR, Current Effective Rate 14.25% p.a. Term Loan I – 1% below SBAR with monthly rests Term Loan II – At SBAR with monthly rests Term Loan III – 2.50% above SBAR, Current Effective Rate 14.75% p.a. ·
Terms of
repayment As per Agreement ·
Margin Raw Material, Stocks-in-process, Finished Goods, Letter of Credit,
Bank Guarantee 25%, Book debts/Receivables (60 days) 40% ·
Extent and
operation of the charge Hypothecation of Current Assets and mortgage of immovable properties
of the Company. Details of Facilities (Rs. In Million) CC – 50.000, DCC (Book
Debts) – (25.000), EPC*-(4.000), EBD*- (5.000), Term Loan I O/S – 4.600, Term
Loan II - 5.000, Term Loan III – 72.500 millions, LC ** - 5.000, BG**-2.500
{* 100% interchangeability betn EPC and EBD Limits, ** 100% interchangebility
betn BG and LC Limits} |
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Particulars of
the property charged |
All present and future
goods, book-debts and all other movable assets hypothecated by way of 1st
charge and mortgage of immovable property of Company at All that piece
and parcel of Property bearing S.No. 1093, N.A. Plot No. 3 adm. 3850 Sq.
mtrs. Situated at Village Shiroli and thereabouts togetherwith construction
thereon and to be constructed thereto, All that piece
and parcel of N.A. land bearing Plot No.2 out of Gat No. 1093, adm. 3850
Sq.mtrs. lying at Mouje Shiroli togetherwith construction thereon. |
Web Details
SAFEPACK - A Packaging
Synthesis
A reputed name in the field of packaging, Subject belongs to over 100 year old,
fast growing, 27 million US$ Speciality Packaging group.
Subject has consistently introduced innovative packaging solutions to satisfy
even the most demanding and quality conscious customers.
Subject serves a broad spectrum of Industries mainly Metals, Automotive,
Engineering, Electricals, Electronics, Defense, Pharma, Food, Textiles etc.
History
They are based in Pune, India about 120miles south-west of the Indian
Commercial capital, Mumbai. The Trading arm of the group is oldest. Starting
with commodities trading initially it is engaged for last 50 years in trading
paper and packaging material. The group has four ISO Certified manufacturing
units and a R&D Centers.
Industrial Paper Company (IPCO), was the first mfg. facility set up by the
group in 1965. For almost two decades, the company consistently manufactured
Bituminized Paper, a special packaging paper for major Engineering companies
like Telco, Bajaj, Greaves, ABB, Larsen and Toubro etc.
Keeping pace with the developments in the Packaging field, IPCO
proactively upgraded its facilities for the newer products like Flexible
Packaging products in 1982. IPCO manufactures Laminates of Paper/Film/Foil and
have facilities of Rotogravure printing upto 8 colours. IPCO’s customer list
includes multinationals like Hindustan Lever (Unilever), Britannia (Danone),
Hoechst etc.
With the induction of the younger members in the Group having Packaging
as well as Management educational background and with the experience of the
group in packaging of Engineering goods, the Group steered its interest in
unique and new products….
Taking advantage of this strong technical base, Safepack Industries
Ltd. was born….
Subject was incorporated in the year 1991 and it’s Operations office and Plant
are located in Pune, India.
The company is closely held by the members of the Tapadia family and their
associates, which include Board members like, Mr. Mohan H Bhandari (Managing
Director of Bilcare Limited, which is in the field of Pharma Packaging and
Research) and Mr. Rajesh O Malpani (Chief Partner of Malpani Group, leading
manufacturers of Agro-based Consumer Products).
The company is equipped with complete in-house R and D and has a sound
production base with ISO Certifications for manufacturing of
wide range of Protective Packaging material. The company has been supplying
Speciality VCI Products to major European Auto and Engineering companies since
1994.
In 1998, the Company commissioned a State of the Art Wide width Conversion line
for the purpose of processing seamless Wide Width wrappers upto 3000 mm. The
coating line is supplemented with 3 colours printing in width of 3000 mm and
can laminate Polyester/OPP on the top of Paper, with or without reinforcements.
Such a versatile facility is probably
un-paralleled globally.
This year in 2006, the company has
expanded by buying 4 Extrusion coating and laminating lines from Europe and has
one of the most comprehensive extrusion capabilities of such a kind in this
part of the world. Various Packaging applications for Food / Pharma / Health
and Hygiene / Cosmetic / Building / Industrial and many more could be catered
from this wide capacities. For a glimpse on some of the applications
The company boasts it’s strengths in understanding the unique packaging
requirements of each customer and has knowledge of various allied packaging
line especially for the global demands of quality in Export Packaging.
Group Packaging Companies
Industrial Paper Company
This associate of the is into the business of manufacturing of Flexible
Packaging products and have facilities of rotogravure printing upto 8 colours.
(More info is mentioned in the Background above.)
Bilcare Limited
This associate of ours is into the business of Pharma Packaging and
research and has four modern plants with one in USA and another in Singapore
(beside the one in India). The PVC/PVDC division has already a 65% market share
in India and is strong poised to take on the world market with a vision to be a
Medical Packaging leader by 2010.
Mission
- Achieving customer satisfaction through
service and quality. And also proactively interacting to find customer’s
unidentified packaging requirements and suggesting the packaging solutions
for a responding customer.
- Achieving minimum growth of 30% in
domestic market and 100% in international market (focusing Steel Mills)
every year, for next five years, using IT as a major tool.
- Improving the quality of working life
of all employees and encouraging and developing a motivated team of
professionals whose mission will be attaining the vision of the
organization.
- Be responsive towards the returns
anticipated by the Stakeholders of the Company and society and environment
at large
Core
Values:
- The
philosophy and quality policy – Customer Satisfaction through
quality packaging products, services and solutions
- The unique
proposition – Speciality Export Packaging Solutions !
- The
positioning – Pioneers in Hi-tech VCI / Wide-width Steel
Wrap and our other Product line
- The products –
World-class in all sense and value for money
- The
management – A passionate, highly talented team with
varied experience and competencies
- The people – Highly
motivated team of professionals whose work upholds integrity and highest
level of accountability and who are committed to surge the company to it’s
vision.
- The Social
Outlook – Our Group is associated with long term health, medical &
educational support for the needy and down-trodden. The Group is actively
involved in facilitating national and international financial and other
resources, during natural national calamities like earthquakes, floods,
etc. Team Safepack understands its moral responsibility towards the
society and supports the NGO's to achieve their goals. We were fortunate
to be associated in helping the victims in 2 disastrous earthquakes in
1993 & 2000 by supporting medical and psychological rehabilitation.
Safepack's Team
Subject's Team understands that the job is not just be a packaging suppliers but
to partner with the Customers in identifying its “Real Packaging needs” and
recommend cost effective solutions. (Though
sometimes, it may mean lesser business to them). The entire
range of Packaging solutions that the company offers is high-tech and are aimed
at replacing traditional packaging material by products which provide
significant benefits by the way of preserving the quality and other
characteristics over a longer time horizon.
Backed by a decade old experience of global market, Subject boast for it’s
excellent technical team always striving for optimal packaging solutions for
their customers. With strong technical foundation Team Safepack is all geared
to take the Challenges of new millennium.
Infrastructure
Subject is committed to quality and innovation. The technical expertise and
modern lab facilities enable them to carry out detailed laminate design and development
work in partnership with customers. The manufacturing is carried out in
accordance with internal quality system ISO 9001-2000 to ensure for compliance
to both internal and industry standard. Besides the requested functionalities,
cost awareness and process efficiency are the key success factors. They have
extensive technical know-how and a wide product range, which enable them to
meet the needs of all customers.
Extrusion Coating/ Lamination Plant Capabilities
- Laminating
Type : Single/ Sandwich
- Width : Min. 0.9
m; Max.: 1.9 m.
- Lamination
Resin : LDPE/ PP.
- Laminating
thickness : Min. 10 Gsm; Max. 80 Gsm.
Laminating
Substrate :
- From main
Unwinder : Paper and Paper Board (25 to 350 Gsm), Woven Fabric, PE/ Met
PET/ PET/ PP Film, Nonwovens…
- From sandwich
Unwinder : Paper, Al. Foil, PE/ Met PET/ PET/ PP Films…
- Additional
Features :
- Special arrangement for insertion of
scrim (Criss Cross threads) which will give dimensional stability to the
finished product along with enhancement in tear/ tensile strength.
- Plant has pre corona treatment facility
for better bonding strength of extrusion LDPE/ PP with substrate being
coated.
- Plant has post corona treater for
corona treatment after polycoating for ease of printing.
- Plant also has pre-lamination one color
inline Flexo printing attachment
Anti-Rust Products
·
VCI Foam
·
VCI Oil
·
Safefoil
Automotive
·
Defense
·
Food
·
Pharmaceuticals/
Medical Packaging/ Health and Hygiene.
·
Paper/ Board Mills and paper
converting industries.
·
Adhesive Tape and Label Industry
·
Corrugated Box and Fiber Drum
Industry
·
Disposable Paper Cup, Tray
and Container Industry
·
Soap and
Detergent bar Industry.
·
Specialty
Coating Industries.
·
Imaging and
photographic Industry.
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.45.12 |
|
UK Pound |
1 |
Rs.79.60 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|