MIRA INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NITCO TILES LIMITED |
|
|
|
|
Registered
Office : |
86-A, 8th Floor, Maker Chambers
III, Nariman Point, Mumbai - 400 021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2007 |
|
|
|
|
Date of
Incorporation : |
25.07.1966 |
|
|
|
|
Com. Reg. No.: |
11-16547 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L26920MH1966PLC016547 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMM09559E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACN1674N |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the stock exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Cement Tiles, Mosaic Tiles, Stone
Marble, Terazzo Tiles, Glazed Ceramic Tiles and Unglazed Ceramic Tiles, etc
and also for Flooring and for Walls. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit
Limit : |
USD 14733000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. 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 : |
86-A, 8th Floor, Maker Chambers
III, Nariman Point, Mumbai - 400 021, India |
|
|
Tel. No.: |
91-22-2844040 / 2852535 |
|
|
Fax No.: |
91-22-2024404 |
|
|
E-Mail : |
||
|
Website : |
||
|
|
|
|
|
Showrooms: |
Hyderabad 107, Park Lane, Jain Estate, 1st Floor Secunderabad Tel. No.: 91-40–27840936 / 27842228 Fax No.: 91 -40 –27845427 New Delhi 60 / 2, Yusuf Sarai, Inside Indian Oil Bahavan compound, New Delhi Tel. No.: 91-11-26524239/26514116 Fax No.: 91-11–26534909 E-Mail : nitcodel@hotmail.com Chennai 1063, Munuswamy Salai, West K K Nagar, Chennai Tel. No.: 91-44-24719638/ 9554 Fax No.: 91-44–24719638 Chennai Le Studio, Nitco Limited, Vairam commercial complex, 3rd, Floor, Door
No. 112, Theagaraya Road, T Nagar. 600017 Tel.No.:91-44-28152962/63/64 Mumbai Nitco House, Recondo Estate, Inside Municipal Asphalt Compound, S K
Ahire Marg, Worli, Mumbai Tel. No.: 91 - 22 – 24919922 Fax No.: 91 - 22 – 24915401 Mumbai Le Studio Express, Drishti International Pvt. Limited., Italian Marble
Market, Western Express Highway, Airport Side Service Road, Ville Parle –
East 400 009 Tel.No: 91-22-26100645,26102729
Nitco Marble Land, Plot no. 3, Station
Road, Kanjurmarg (East) 400042 Tel.No: 91-22-25782951
Le Studio, Nitco Limited, Durolite House,
Plot No. C-1, Opp - Laxmi ind estate, New Link Road, Andheri (w) 400 053 TelNo: 91-22-40109350 amishabhanushali@nitcotiles.com
Le Studio, Nitco Limited, Recondo
Compound, Inside Municipal Asphalt Compound, S. K. Ahire Marg. Worli 400
030 Tel.No.: 91-22-66164555 E-Mail: peterdsouza@nitcotiles.com Ahmedabad Le Studio, NITCO LIMITED, A/401, Circle P Complex, above Honest
Restaurant, Near Parahalad Nagar Garden Cross Road, S.G. Highway,
Satellite. 380015 Tel. No.: 91-79-29296420/29296994/26937095 E-Mail : dimplechhaya@nitcotiles.com Bangalore Nitco Limited, 57/36, Narayanappa Bldg, Hosur Main Road, Opp Hanuman
Statute, Madiwala 560068 Tel.No.:91-80-65668541 Cochin Le Studio, NITCO LIMITED, MADHUSHILA CHAMBERS, NO 50/390 B and C,
PALACE ROAD JUNCTION, EDA PALLY, ERANAKULAM, NH-47 682024 Tel.No.: 91–0484-2339847 Coimbatore Le Studio, Nitco Limited, 2nd Floor, (icici Buliding) no.16, sastri
street ram nagar 641009 Tel.No.: 91-422-4380363 Gurgaon Le Studio, Nitco Limited, Plot No. 300, Aro Tower, Udyog Vihar, Phase
2. 122001 E-Mail:
himanshijoshi@nitcotiles.com Tel.No.: 91-124-4227990/991
Guwahati Nitco Limited, M/s A/c and co, G S Road, Near Carghar, Dispur (Ganesh
Gauri) 781005 Tel.No.: 91-361-2340024/2341079
Hyderabad Le Studio Express, Prabhu and Sons, Noble Plaza, Shop No.4 and 5,
Ground Floor, Troop Bazar 500001 Tel.No.: 91-40-66832222/66785454
Indore NITCO LIMITED 2 BC, 3rd FLOOR, BLOCK "C", BCM CITY. A.B.
ROAD, NEAR NAVLAKHA PETROL PUMP 452001 Tel.No.: 91-731-4069079 E-Mail: archanajain@nitcotiles.com
Jaipur Nitco Limited., A-12, Baxi Cottage, Burmese Colony, Jawahar Nagar
Bypass Road 302002 Tel.No.: 91-141-6596142
Kolkata Le Studio, NITCO LIMITED, Shrachi Towers, Second floor, 686,
Anandapur, EM BYPASS ROAD. 700107 Tel.No.: 91-33-40012873 E-Mail: ravindraram@nitcotiles.com
Madgoa (Goa) Le Studio Express, Nitco Limited, 80 -A, Casa Sawanta, Nh -17
Salecete, Nuvem. 403604 Tel.No.: 91-832-2791818
Madurai Le Studio Express, Pago Life Style, No. 29 Mellur Road, Nataraja Complex
- Basement, Opp to District Court, Below Radio Mirchi. 625020 TelNo: 91-452-4390085
Nashik Le Studio, NITCO LIMITED, Gala No. 6 and 7, 4th Floor, PATIL PLAZA,
Opp IMC Bank, CANADA CORNER, SHARANPUR ROAD EXT 422005 Tel.No.: 91-253-6618883
New Delhi Nitco Limited, 60/2, Yusuf Sarai, Adj. to Indian Oil Bhawan
Compound 110 016 Tel.No.: 91-11-26514116,26524239,26534909 FaxNo.: 91-11-26534909
Pune Nitco Limited, 39, Santosh Heights, 3rd floor, opp Apsara Cinema,
Gultekdi Market Yard Rd. 411037 Tel.No.: 91-20-26436448 FaxNo: 91-20-36436448
Secunderabad Nitco Limited, 107, Park Lane, Jain Estate, 1 st floor 500 003 Tel.No.: 91-40-27847204/27840936/40021534
Sonepat Le Studio Express,M/S Bhardwaj and sons, Old D.C Road Opp. Bhardwaj
properties Tel.No.: 91-130-3208833/2241094
Thiruvananthapuram Le Studio Express, Variety Marbles, Kattakada, Thiruvananthapuram,
Kerala 695572 Tel. No.: 91-471 -
2290964, 2292777 |
|
|
|
|
|
|
Factories : |
MOSAIC DIVISION C-19, Wagle Industrial Estate, Thane – 400 604, Maharashtra CERAMIC DIVISION Village Shrigaon, Taluka Alibaug, Post : Poymad, Raigad, Maharashtra MARBLE DIVISION Nitco Marble Land, Plot No. 3, Kanjur Village Road, Kanjurmarg (East),
Mumbai – 400 078, Maharashtra New Delhi Bangalore, Karnataka Chennai, Tamilnadu Hyderabad, Andhra Pradesh |
|
|
|
|
|
|
Branches : |
|
DIRECTORS
|
Name : |
Mr. Prannath A. Talwar |
|
Designation : |
Chairman |
|
Address : |
16-B, II Palazze, Utte Gibbs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra |
|
Date of
Birth/Age : |
19.07.1926 |
|
Date of
Appointment : |
22.08.1966 |
|
|
|
|
Name : |
Mr. Vivek P. Talwar |
|
Designation : |
Managing Director |
|
Address : |
17-B, II Palazzo, Little Gibbs Road, Malabar
Hill, Mumbai – 400 006, Maharashtra |
|
Date of
Birth/Age : |
09.10.1956 |
|
Date of
Appointment : |
01.04.1996 |
|
|
|
|
Name : |
Ms. Poonam Talwar |
|
Designation : |
Wholetime Director |
|
Address : |
5-A, II Palazzo, Little Gibbs Road, Malabar
Hill, Mumbai – 400 006, Maharashtra |
|
Date of
Birth/Age : |
13.04.1964 |
|
Date of
Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. Sandip C. Shah |
|
Designation : |
Director |
|
Address : |
Khar Road, Mumbai - 401 053, Maharashtra |
|
Date of Appointment
: |
18.10.1995 |
|
|
|
|
Name : |
Mr. Subramaniam Parameswaran N. |
|
Designation : |
Nominee Director |
|
Address : |
ICICI Bank Limited, ICICI Bank Tower,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
Date of Birth/Age
: |
17.06.1964 |
|
Date of
Appointment : |
20.09.2000 |
|
|
|
|
Name : |
Mr. Dinesh H. Kanabar |
|
Designation : |
Director |
|
Address : |
14, Zaver Sadan, Uday Cinema Lane,
Ghatkopar, Mumbai - 400 086,
Maharashtra |
|
Date of
Birth/Age : |
28.09.1958 |
|
Date of
Appointment : |
04.01.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar G. Borkar |
|
Designation : |
Company Secretary |
|
Address : |
Rahat Manzil, 2nd floor, Dr. Ambedkar
Road, Khar Road, Khar (West), Mumbai – 400 052, Maharashtra |
|
Date of Birth/Age : |
24.02.1962 |
|
Date of Appointment : |
09.10.1995 |
MAJOR SHAREHOLDERS
As on 30.06.2008
|
Category of Shareholder |
Total No. of
Shares |
Percentage of Holding |
|
Shareholding of
Promoter and Promoter Group |
|
|
|
Indian: |
|
|
|
Individuals / HUF |
7611065 |
23.69 |
|
Bodies Corporate |
6788300 |
21.13 |
|
|
|
|
|
Public
Shareholding |
|
|
|
Institutions: |
|
|
|
Mutual Funds/ UTI |
2384704 |
7.43 |
|
Financial Institutions/ Banks |
7128 |
0.02 |
|
FII’s |
9074400 |
28.25 |
|
|
|
|
|
Non –
Institutions: |
|
|
|
Bodies Corporate |
3729543 |
11.61 |
|
Individuals |
|
|
|
i) Individuals shareholders holding nominal sharecapital upto Rs.0.100
million |
631120 |
1.96 |
|
ii) Individuals shareholders holding nominal sharecapital in excess
of Rs.0.100 million |
533220 |
1.66 |
|
Any other (specify) Clearing Member |
41814 |
0.13 |
|
NRI (Repat) |
10301 |
0.03 |
|
NRI Non Repat) |
605 |
0.00 |
|
Overseas Bodies Corporate |
1266352 |
3.95 |
|
Independent Director |
45000 |
0.14 |
|
|
|
|
|
TOTAL |
32123552 |
100.00 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUSINESS DETAILS
|
Line of Business
: |
Manufacturing and Marketing of Cement Tiles, Mosaic Tiles, Stone
Marble, Terazzo Tiles, Glazed Ceramic Tiles and Unglazed Ceramic Tiles, etc
and also for Flooring and for Walls. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
Its’ products range includes :- v Glazed Ceramic
Tiles v Cement Tiles of
Mossaic v Marble Blocks
Slabs |
PRODUCTION STATUS (As on 31.03.2007)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Mosaic Tiles |
Sq. Ft. |
|
9.088 |
4.829 |
|
Ceramic Tiles/ Pavers |
Sq. Mts. |
|
6.312 |
4.217 |
GENERAL
INFORMATION
|
No. of Employees
: |
1500 |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
v Punjab National
Bank v State Bank of
India v SBI Commercial
& International Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
A.Husein Noumanali and Company Chartered Accountants |
|
Address: |
Fountain Chambers, 1st Floor, 1-C Nanabhai Lane, Fort,
Mumbai - 400 023 |
|
Tel. No.: |
91-22-22830347/22880443 |
|
Fax No.: |
91-22-22880443 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries
: |
v Mahalaxmi Tiles
and Marble Company Private Limited v Nitco Ceramics
Limited v Nitco
Construction Materials Private Limited v Nitco Tiles and
Marble Industries (Andhra) Private Limited v Northern India
Tiles Corporation v Nitco Group v Particle Boards
India Limited v Nitco Paints
Private Limited v Autumn Estate
and Investments Private Limited v Nitco Realities
Private Limited v Glamorous
Properties Private v Particle Boards
India Limited v Opera Properties
Private Limited v Motivation Properties
Private Limited v Anandshree
(Bombay) Holding Private Limited v Nitco Tiles and
Marble Industries (A) Private Limited v Cosmos Realtors
Private Limited v Norita
Investments Private Limited v Delicious
properties Private Limited v Opera Properties
Private Limited v Eden Garden
Builders Private Limited v Orchid Realtors
Private Limited v Enjoy Builders
Private Limited v Particle Boards
India Limited v Ferocity
Properties Private Limited v Prakalp
properties Private Limited v Lavender
Properties Private Limited v Rangmandir
Builders Private Limited v Merino Realtors
Private Limited v Rhythm Real
Estates Private Limited v Nitco
Construction Materials Private Limited v Strength
Properties Private Limited v Nitco
Consultants and Exports Private Limited v Ushakiran Builders
Private Limited v Nitco Paints
Private Limited v Watco
Engineering Company Private Limited v Nitco Terrazzo
Tiles Private Limited v Watco Real
Estate Private Limited v Glamorous
Properties Private Limited v Watco Trading
Private Limited v Motivation
Properties Private Limited v Watco Properties
Private Limited v Mahalakshmi
Tiles Corporation v Nitco Tiles v Maharashtra
Marble Co. v Nitco Tiles
Sales Corporation (Bombay) v Nitco Exports v Northern India
Tiles (Sales) Corporation v Nitco Sales
Corporation (Delhi) v The Northern India
Tiles Corporation (Delhi) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,271,330 |
Equity Shares |
Rs. 10/- Each |
Rs. 222.713
Millions |
Notes:
- In respect of the above Equity Shares, 16 Equity Shares of the face
value of Rs.10/- each have been allotted as fully paid up and issued to
the shareholders of the erstwhile Mahalaksmi Tiles and Marble Company
Private Limited and Cospat Impex Private Limited on amalgamation with the
Company without payment being received in cash.
- On 11th March 2006, Company allotted 10000000 Equity
Shares of Rs.10/- each at a premium of Rs.158/- per Share through Initial
Public Offer.
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 |
222.713 |
222.713 |
122.713 |
|
|
2] Share Capital Suspense |
37.037 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2686.860 |
2356.318 |
725.138 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2946.610 |
2579.031 |
847.851 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
810.663 |
580.868 |
1045.247 |
|
|
2] Unsecured Loans |
466.498 |
247.752 |
154.256 |
|
|
TOTAL BORROWING |
1277.161 |
828.620 |
1199.503 |
|
|
DEFERRED TAX LIABILITIES |
124.605 |
40.630 |
33.485 |
|
|
|
|
|
|
|
|
TOTAL |
4348.376 |
3448.281 |
2080.839 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
1736.843 |
1575.591 |
1010.667 |
|
|
FIXED ASSETS [Net Block] |
330.329 |
134.313 |
87.760 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
430.159 |
748.300 |
0.000 |
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1825.641
|
956.655
|
771.226 |
|
|
Sundry Debtors |
478.285
|
321.324
|
324.907 |
|
|
Cash & Bank Balances |
138.845
|
158.252
|
44.646 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
750.989
|
379.443
|
248.481 |
|
Total
Current Assets |
3193.760
|
1815.674 |
1389.260 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1151.379
|
752.774
|
385.027 |
|
|
Provisions |
191.336
|
72.823
|
21.821 |
|
Total
Current Liabilities |
1342.715
|
825.597 |
406.848 |
|
|
Net Current Assets |
1851.045
|
990.077
|
982.412 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4348.376 |
3448.281 |
2080.839 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
4593.735 |
2983.923 |
2023.627 |
|
|
Other Income |
11.751 |
0.234 |
0.000 |
|
|
Total Income |
4605.486 |
2984.157 |
2023.627 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
528.101 |
232.996 |
98.176 |
|
|
Provision for Taxation |
147.900 |
32.752 |
22.790 |
|
|
Profit/(Loss) After Tax |
380.201 |
200.244 |
75.386 |
|
|
|
|
|
|
|
|
Export Value |
83.709 |
7.244 |
33.735 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Goods for Resale |
1436.623 |
860.301 |
NA |
|
|
Raw Materials |
314.196 |
103.885 |
NA |
|
|
Stores & Spares |
11.598 |
2.830 |
NA |
|
|
Capital Goods |
55.422 |
80.333 |
NA |
|
Total Imports |
1817.839 |
1047.349 |
16.954 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
190.856 |
134.901 |
NA |
|
|
Raw Material Consumed |
2314.326 |
1444.282 |
NA |
|
|
Interest |
80.493 |
132.490 |
NA |
|
|
Power & Fuel |
243.064 |
219.351 |
NA |
|
|
Depreciation & Amortization |
100.403 |
64.579 |
NA |
|
|
Other Expenditure |
1148.243 |
755.558 |
NA |
|
Total Expenditure |
4077.385 |
2751.161 |
1783.489 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2008 (Full
Year) |
|
Sales Turnover |
|
|
6375.000 |
|
Other Income |
|
|
47.300 |
|
Total Income |
|
|
6422.300 |
|
Total Expenditure |
|
|
5545.500 |
|
Operating Profit |
|
|
876.800 |
|
Interest |
|
|
150.400 |
|
Gross Profit |
|
|
726.400 |
|
Depreciation |
|
|
109.300 |
|
Tax |
|
|
125.100 |
|
Reported PAT |
|
|
510.200 |
|
Dividend (%) |
|
|
20.00 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 1st Quarter |
|
Sales Turnover |
|
|
1700.400 |
|
Other Income |
|
|
0.200 |
|
Total Income |
|
|
1700.600 |
|
Total Expenditure |
|
|
1518.400 |
|
Operating Profit |
|
|
182.200 |
|
Interest |
|
|
32.400 |
|
Gross Profit |
|
|
149.800 |
|
Depreciation |
|
|
29.400 |
|
Tax |
|
|
15.400 |
|
Reported PAT |
|
|
80.700 |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
0.38 |
0.59 |
1.41 |
|
Long Term Debt Equity Ratio |
0.19 |
0.34 |
0.86 |
|
Current Ratio |
1.45 |
1.44 |
1.41 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.22 |
1.83 |
1.61 |
|
Inventory |
3.38 |
3.55 |
3.56 |
|
Debtors |
11.77 |
9.48 |
6.83 |
|
Interest Cover Ratio |
7.56 |
2.76 |
0.89 |
|
Operating Profit Margin (%) |
15.07 |
14.04 |
6.35 |
|
Profit Before Interest and Tax Margin (%) |
12.94 |
11.93 |
3.65 |
|
Cash Profit Margin (%) |
10.22 |
8.65 |
1.73 |
|
Adjusted Net Profit Margin (%) |
8.08 |
6.54 |
(0.97) |
|
Return on Capital Employed (%) |
15.95 |
13.40 |
4.18 |
|
Return on Net Worth (%) |
13.85 |
11.69 |
(2.67) |
LOCAL AGENCY FURTHER INFORMATION
NIL
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|