MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
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Tel. No.: |
91-2351291 / 2353156 |
Note :- Correct name of the company is “BEDMUTHA
INDUSTRIES LIMITED”
IDENTIFICATION DETAILS
|
Name : |
BEDMUTHA INDUSTRIES LIMITED |
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Formerly Known
As : |
BEDMUTHA WIRE COMPANY LIMITED (w.e.f. 23.09.1997) |
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Registered
Office : |
A/32, Stice Sinnersinnar, Nashik-422103, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
23.08.1990 |
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Com. Reg. No.: |
11-057863 |
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CIN No.: [Company Identification
No.] |
U31200MH1990PLC057863 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB00965G |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of steel wires. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1152000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an well established company having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. C.B. Gupta |
|
Designation : |
Marketing Department |
|
Date : |
25.03.2011 |
LOCATIONS
|
Registered Office/ Factory : |
A/32, Stice Sinnersinnar, Nashik-422103, |
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Tel. No.: |
91-2551-240481 |
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Fax No.: |
91-2251-240482 |
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E-Mail : |
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Website: |
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Corporate Office : |
B 301/302, Sai Classic, Off Palm Acres, Gavanpada Mulund East,
Mumbai-400081, |
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Tel. No.: |
91-22-21634422/21637674/75 |
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Fax No.: |
91-22-21631667 |
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Sales Office: |
D-11, MIDC, Street No. 10, Satpur, Nashik-422007, |
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Tel. No.: |
91-253-2351291/92 |
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Fax No.: |
91-253-2351293 |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Vijay Kachardas Vedmutha |
|
Designation : |
Director |
|
Address : |
J-58, Palm Acers Society Mulund (East), Mumbai-400080, |
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Date of Birth/Age : |
05.08.1964 |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Ajay Kachardas Vedmutha |
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Designation : |
Director |
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Address : |
D-11, MIDC, Satpur, Nashik-422007, |
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Date of Birth/Age : |
10.02.1967 |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Kachardas Ratanchand Bedmutha |
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Designation : |
Director |
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Address : |
D-11, MIDC, Satpur, Nashik-422007, |
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Date of Birth/Age : |
10.04.1936 |
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Date of Appointment : |
14.11.2009 |
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Name : |
Mr. Narayan Marotrao Kadu |
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Designation : |
Director |
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Address : |
205, Mangal Murti Apartment, Dharampeth, |
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Date of Birth/Age : |
28.04.1949 |
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Date of Appointment : |
14.11.2009 |
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Name : |
Mr. Shital Vijay Nahar |
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Designation : |
Director |
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Address : |
80/2, Swojas Paradise, Sakalnagar, Aundh, Pune – 411007, |
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Date of Birth/Age : |
15.06.1971 |
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Date of Appointment : |
29.07.2008 |
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Name : |
Mr. Achutharaman Balasubramanian |
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Designation : |
Director |
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Address : |
69, |
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Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
14.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Shankar Amrukar |
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Designation : |
Secretary |
|
Address : |
7, Gagan Bharari Society, Ramdas Swami Nagar, Gandhinagar, Nashik-422006,
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Date of Birth/Age : |
31.03.1984 |
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Date of Appointment : |
23.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
10,797,867 |
51.34 |
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1,118,200 |
5.32 |
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|
11,916,067 |
56.66 |
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Total
shareholding of Promoter and Promoter Group (A) |
11,916,067 |
56.66 |
|
(B)
Public Shareholding |
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|
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|
350,000 |
1.66 |
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|
350,000 |
1.66 |
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4,369,919 |
20.78 |
|
|
|
|
|
|
1,085,648 |
5.16 |
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|
2,446,173 |
11.63 |
|
|
863,804 |
4.11 |
|
|
6,655 |
0.03 |
|
|
852,149 |
4.05 |
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|
5,000 |
0.02 |
|
|
8,765,544 |
41.68 |
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Total
Public shareholding (B) |
9,115,544 |
43.34 |
|
Total
(A)+(B) |
21,031,611 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
21,031,611 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of steel wires. |
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Products : |
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Imports : |
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Products : |
Raw material |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Wire Drawing and Stranding |
MT |
NA |
60000 |
33872.42 |
|
Galavanised Section |
MT |
NA |
26050 |
25549.00 |
GENERAL INFORMATION
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Customers : |
Corporate
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No. of Employees : |
500 (In Office 10) (In Factory 490) (Approximately) |
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Bankers : |
Punjab National Bank, Ravivar Karnaja Branch, Nashik-422001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patil Hiren Jajoo and Company Chartered Accountant |
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Address : |
1 and 4, D Wing, Niwas Plaza, Behind HDFC House, Sharanpur – Trimbak,
Link Road, Nashik-422005, Maharashtra, India. |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12027400 |
Equity Shares |
Rs.10/- each |
Rs.120.274 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.274 |
89.958 |
66.989 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Capital Suspense |
0.000 |
0.000 |
22.969 |
|
|
4] Reserves & Surplus |
167.866 |
106.498 |
47.894 |
|
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
288.140 |
196.456 |
137.852 |
|
|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
714.954 |
381.554 |
364.657 |
|
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2] Unsecured Loans |
105.733 |
91.887 |
80.609 |
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TOTAL BORROWING |
820.687 |
473.441 |
445.266 |
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DEFERRED TAX LIABILITIES |
31.569 |
22.013 |
12.185 |
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TOTAL |
1140.396 |
691.910 |
595.303 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
335.745 |
240.018 |
178.251 |
|
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Capital work-in-progress |
25.235 |
0.000 |
3.372 |
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|
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INVESTMENT |
21.119 |
1.915 |
1.658 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
412.481
|
161.196 |
191.868
|
|
|
Sundry Debtors |
336.935
|
216.574 |
175.531
|
|
|
Cash & Bank Balances |
65.578
|
68.346 |
57.006
|
|
|
Other Current Assets |
114.826
|
53.923 |
46.169
|
|
|
Loans & Advances |
224.173
|
86.520 |
58.998
|
|
Total
Current Assets |
1153.993
|
586.559 |
529.572 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
366.295
|
104.796 |
95.607
|
|
|
Provisions |
50.781
|
38.168 |
23.013
|
|
Total
Current Liabilities |
417.076
|
142.964 |
118.620 |
|
|
Net Current Assets |
736.917
|
443.595 |
410.952 |
|
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|
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|
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|
MISCELLANEOUS EXPENSES |
21.380 |
6.382 |
1.070 |
|
|
|
|
|
|
|
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TOTAL |
1140.396 |
691.910 |
595.303 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1643.691 |
1467.893 |
1145.424 |
|
|
|
Other Income |
1.755 |
0.646 |
7.180 |
|
|
|
TOTAL (A) |
1645.446 |
1468.539 |
1152.604 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material, Manufacturing and Others |
1256.036 |
1190.155 |
971.788 |
|
|
|
Personnel |
40.026 |
19.774 |
25.658 |
|
|
|
Administrative and selling expenses |
49.588 |
37.287 |
41.180 |
|
|
|
Miscellaneous Expenses Written Off |
4.502 |
1.794 |
0.291 |
|
|
|
Foreign exchange rate difference |
(7.135) |
41.527 |
0.000 |
|
|
|
Loss on |
0.000 |
1.084 |
0.000 |
|
|
|
Prior Period Expenses |
0.000 |
0.000 |
0.020 |
|
|
|
TOTAL (B) |
1343.017 |
1291.621 |
1038.937 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
302.429 |
176.918 |
113.667 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.361 |
42.770 |
43.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
223.068 |
134.148 |
69.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.666 |
26.703 |
21.883 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
186.402 |
107.445 |
48.033 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
64.015 |
37.411 |
12.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
122.387 |
70.034 |
35.836 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
97.208 |
37.654 |
14.860 |
|
|
|
|
|
|
|
|
|
Add |
Amalgamation |
0.000 |
0.000 |
0.075 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Minority Interest |
16.474 |
0.000 |
0.000 |
|
|
|
Dividend (Inclusive Dividend Tax) |
7.080 |
10.480 |
3.913 |
|
|
|
Amount Utilised for Bonus Shares |
30.068 |
0.000 |
9.204 |
|
|
BALANCE CARRIED
TO THE B/S |
165.973 |
97.208 |
37.653 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
416.336 |
355.081 |
NA |
|
|
|
Plant and Machinery |
0.000 |
18.867 |
NA |
|
|
TOTAL IMPORTS |
416.336 |
373.948 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.18 |
5.83 |
3.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
7.44
|
4.77 |
3.11
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.34
|
7.32 |
4.19
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.51
|
13.00 |
6.79
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.55 |
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.29
|
3.14 |
4.09
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
4.10 |
4.46
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS :
During
the year company posted sales and other income of Rs.1498.147 millions against
Rs.1468.539 millions of previous year , which is marginally higher however profit
after tax were grown significantly higher at Rs.100.138 millions compared to
previous years profit of Rs.70.034 millions due to higher capacity utilization
and improvement in overall operational efficiency, and consequent reduction in
cost. During the end of the Financial year 2009-10, the company has added 5th
Galvanizing line in its capacity. For the financial year 2010-11, the company
continuous to have good order book position and hopes to do better in terms of
sales volume and overall performance.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Nine Months Ended |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
438.626 |
1356.458 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
Total Operating Income |
438.626 |
1356.458 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(19.682) |
(58.757) |
|
(b) Consumption of Raw Materials |
408.431 |
1189.466 |
|
(c) Purchase of traded goods |
5.296 |
64.019 |
|
(d) Employees Cost |
10.530 |
33.572 |
|
(e) Depreciation |
11.701 |
34.490 |
|
(f) Other Expenditure |
14.102 |
23.200 |
|
Total Expenditure |
430.378 |
1285.988 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
8.248 |
70.469 |
|
Other Income |
1.111 |
1.845 |
|
Profit/(Loss) before Interest and Exceptional items |
9.359 |
72.314 |
|
Interest |
3.777 |
45.722 |
|
Profit / (Loss) after interest before Exceptional items |
5.582 |
26.592 |
|
Exceptional Items |
0.081 |
0.081 |
|
Profit / (Loss) From
Ordinary activities before Tax |
5.501 |
26.511 |
|
Tax Expenses |
1.052 |
10.234 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
4.449 |
16.277 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
4.449 |
16.277 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
210.316 |
210.316 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earning Per Share |
|
|
|
-Basic and Diluted EPS before Extraordinary items |
0.30 |
0.82 |
|
-Basic and Diluted EPS after Extraordinary items |
0.30 |
0.82 |
|
Public Share Holding |
|
|
|
- Number of Shares |
9115544 |
9115544 |
|
- Percentage of shareholding |
43.34 |
43.34 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
11916067 |
11916067 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
56.66 |
56.66 |
Notes :-
- The above
Consolidated results were reviewed by the Audit Committee and were
approved and taken on record by the Board of Directors in its meeting held
on 12th February 2011 and has been subjected to the limited
review from the Statutory Auditors.
- The company
is mainly engaged in the business of manufacturing of wires. In accordance
with the provision of AS-17, segment reporting is not applicable.
- During the
quarter, investor complaints :
|
O/s at beginning
of the 3rd Quarter |
Complaints received
during the 3rd Quarter |
Complaints
resolved in 3rd Quarter |
O/s on end of
the 3rd Quarter |
|
Nil |
63 |
63 |
Nil |
- During the
year, the company has made an Initially Public Offer (IPO) of Rs.918.400
Millions. The company allotted 9004211 Equity Shares of Rs.10 each at a
premium of Rs.92 per share on October 12, 2010. The Equity Shares of the
company were listed on Bombay Stock Exchange Limited and the National
Stock Exchange of India Limited on October 14, 2010.
- The unaudited
standalone financial results are being forwarded to the Stock Exchange
(BSE and NSE) for uploading on their respective websites.
- This being
the first quarterly results after the Initial Public Offering, the figures
of the corresponding quarter and nine months ended December 31, 2009 have
not been provided.
- Disclosure as per Clause 43 of the
Listing Agreement for the quarter ended on December 31, 2010. The
utilization of issue proceeds from IPO (Rs.918.430 Millions) is as follows
:
|
Particulars of
Fund Utilization for |
Amount to be
utilized as per prospectus |
Actual
Utilization |
|
Expansion Project |
849.440 |
172.149 |
|
General Corporate Purpose |
17.500 |
-- |
|
Share Issue Expenses |
54.200 |
44.184 |
|
Total |
921.140 |
216.333 |
As on December 31, 2010, unutilized funds in the company amounting to
Rs.704.807 Millions have been temporarily invested in companies Cash Credit
account and interest bearing ICD’s and given advance to parties for purchase of
fixed asset.
- The figures
of the corresponding periods have been regrouped / reclassified. Wherever
necessary, to make them comparable.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044144 |
|
Corporate
identity number of the company |
U31200MH1990PLC057863 |
|
Name of the
company |
BEDMUTHA WIRE
COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/32 Stice Sinnersinnar, Nashik-422103, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Punjab National Bank, Ravivar Karnaja Branch, Nashik-422001, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed Of
Supplementary Mortgage |
|
Date of
instrument Creating the charge |
21.10.2009 |
|
Amount secured by
the charge |
Rs.904.112
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PNB-BPLR+2%
i.e.13%p.a. monthly rest BOI-BPLR
i.e.12%p.a. monthly rest Andhra Bank-For
OCC 12.75%p.a. and for TL 13 % p.a. monthly rest Subject to change
as per RBI / HO guideline from time to time Terms of
Repayment PNB - TL Fresh 60
Monthly installments of Rs. 360 Million each from Oct 09 BOI - For TL 3 - 60
monthly installment of Rs. 375 Million each from Jan 2010 and For TL 4 - 60
monthly installment of Rs. 0.600 Million each from July 2009 Andhra Bank - TL
2 - 60 monthly installment commencing from Nov 2009 For cash credit
period is one year. Margin Stock & Book
debts 25% LC & BG 10% Extent and
Operation of the charge First pari passu
charge to secure due repayment and discharge of its loan of Rs.904.112 Millions
together with interest, further interest, cost, charges, expenses and any
other money payable under the said agreement. The company undertakes to keep
movables and immovable in marketable and good condition at its own cost and
insure the same in joint names of charge holders and company. |
|
Short particulars
of the property charged |
I)
All
the piece and parcel of Industrial Plot No. A-31 and A-57, A-32 and A-35, A-33 and A-34, STICE, Sinnar, Nashik having Total
Area admeasuring 12000 Sq. Mtrs. II)
All
the piece and parcel of Industrial plot no. A-70 to A-72 STICE, Sinnar,
Nashik having area admeasuring about 6000 Sq. Mtrs. III)
All
the piece and parcel of Industrial plot no. B-113 STICE, Sinnar, Nashik
having area admeasuring about 1000 Sq. Mtrs. IV)
All
the piece and parcel of Industrial plot no. B-140 STICE, Sinnar, Nashik
having area admeasuring about 1000 Sq. Mtrs. V)
Agricultural
land bearing Gat No. 931/1 area admeasuring 12H-46R out of which area adm.
0H- 80R towards south side situated at Village Musalgaon, Tal. Sinnar, Dist.
Nashik. VI)
All
assets including furniture and fixture equipment, plants and machinery
embedded to the ground fixed (except one windmill) under the control of
mortgagor situated at STICE and Musalgaon Sinnar. |
|
Date of latest
modification prior to the present modification |
17.03.2008 |
|
Particulars of
the present modification |
Now by this
present modification the consortium Banks comprising Punjab National Bank,
Bank of India and Andhra Bank has enhanced the credit facilities by Rs.368.112
Millions i.e. from Rs. 536.000 Millions to Rs. 904.112 Millions and the
charge is extended on the immovable property of the company. |
Fixed Assets:
- Land
- Buildings
- Plant and
Machinery
- Office
Equipments
- Vehicles
- Goodwill
- Furniture and
Fixtures
AS PER WEBSITE
DETAILS:
PROFILE:
Subject are engaged in diversified activities having distribution network in all major cities in the country. Industrial Consultant and Manufacturer of Wire and Wire Products and Energy Saving Devices, Distribution Box, Control Panel etc. They undertake EPC contract for Infrastructure Project. They have above 4100 corporate clients throughout the country.
They are an ISO 9001 - 2008 certified company by BVQI. Their organization is
supported by highly experienced and qualified team, backup with distribution
networks in all Major Cities in the Country.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.