1. Summary Information
|
Country |
|
||
|
Company Name |
TODAYS WRITING PRODUCTS LIMITED |
Principal Name 1 |
MR. Sunil Agarwal |
|
Status |
MODERATE |
Principal Name 2 |
MR. Pushpak Chavan |
|
Registration # |
56-000041 |
||
|
Street Address |
Survey No 251/2, Valsad Falia, Near |
||
|
Established Date |
29.04.1992 |
SIC Code |
-- |
|
Telephone# |
91-260-2668538 / 2668574 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-260-2668536 |
Business Style 2 |
- |
|
Homepage |
- |
Product Name 1 |
BALL PENS |
|
# of employees |
- |
Product Name 2 |
GEL PENS |
|
Paid up capital |
Rs.
128,133,000/- |
Product Name 3 |
ROLLER PENS |
|
Shareholders |
Promoter Group 13.72%, Public Shareholding
86.28% |
Banking |
State
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
19 YEARS |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
B (31) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARIES |
|
TODAY’S STATIONERY MART LIMITED |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
955,955,000 |
Current Liabilities |
210,746,000 |
|
Inventories |
541,627,000 |
Long-term Liabilities |
1,654,907,000
|
|
Fixed Assets |
452,632,000 |
Other Liabilities |
52,233,000 |
|
Deferred Assets |
100,072,000 |
Total Liabilities |
1,917,886,000 |
|
Invest& other Assets |
41,527,000 |
Retained Earnings |
45,794,000 |
|
|
|
Net Worth |
173,927,000 |
|
Total Assets |
2,091,813,000 |
Total Liab. & Equity |
2,091,813,000 |
|
Total Assets (Previous Year) |
2,353,122,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
631,102,000 |
Net Profit |
(345,379,000) |
|
Sales(Previous yr) |
2,563,228,000 |
Net Profit(Prev.yr) |
(309,043,000 |
MIRA INFORM REPORT
|
Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TODAYS WRITING
PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Survey No 251/2,
Valsad Falia, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.04.1992 |
|
|
|
|
Com. Reg. No.: |
56-000041 |
|
|
|
|
CIN No.: [Company Identification No.] |
U74999DD1992PLC000041 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
SRTT00791A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT1487E |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. Company’s shares are listed on the stock exchanges. |
|
|
|
|
Line of
Business : |
Subject is engaged in Manufacturing of Pens. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 695700 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company in its field. Company’s
profitability is under severe pressure. Payments are reported as slow at
times. The company can be considered for business dealings with slight
caution initially. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
LOCATIONS
|
Registered Office/ Factory : |
Survey No 251/2,
Valsad Falia, Near |
|
Tel. No.: |
91-260-2668538 /
2668574 |
|
Fax No.: |
91-260-2668536 |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
201, Hariom Chambers, B-16, New |
|
Tel. No.: |
91-22-66954900 |
|
Fax No.: |
91-22-66954910 |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Rajesh Kumar Drolia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pushpak Chavan |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Shridhar M. Parande |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Sunil Kedia |
|
Designation : |
Director (Resigned w.e.f. 30.08.2010) |
|
|
|
|
Name : |
Mr. Ronald Netto |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mukesh Gupta |
|
Designation : |
Director (Resigned w.e.f. 30.08.2010) |
|
|
|
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr Navin
Choudhary |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
Shareholding
of Promoter Group |
|
|
|
|
|
|
Indian
|
|
|
|
Individuals / Hindu Undivided Family |
1174612 |
10.16 |
|
|
|
|
|
Foreign |
|
|
|
Bodies Corporate |
456000 |
3.56 |
|
|
|
|
|
Public
shareholding |
|
|
|
Financial Institutions / Banks |
150111 |
1.17 |
|
Insurance
Companies |
641814 |
5.01 |
|
|
|
|
|
Non-Institutions |
|
|
|
Bodies
Corporate |
3308784 |
25.85 |
|
Individuals
- |
|
|
|
Individual
shareholders holding nominal share capital up to Rs.0.100 million. |
4296957 |
34.75 |
|
Individual
shareholders holding nominal share capital in excess of Rs. 0.100 million. |
2008763 |
15.77 |
|
Any Other
(specify) |
|
|
|
Director
and their relatives and friends |
20000 |
0.17 |
|
Non
Resident Indians |
110557 |
0.86 |
|
Clearing
Members |
12965 |
0.10 |
|
Hindu
Undivided Families |
283022 |
2.21 |
|
ESOP/ESOS/ESPS |
24000 |
0.20 |
|
Trusts |
25098 |
0.20 |
|
|
|
|
|
Shares
held by Custodians against which Depository Receipts have been issued. |
|
|
|
|
|
|
|
GROUND TOTAL |
12512683 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Pens. |
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Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ajay
Shobha and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
Ø Today’s Stationery Mart Limited Ø Today’s Infrastructure and Construction Limited Ø Today’s Fluid Technologies Limited Ø Wellco Today’s Oil Limited Ø Premium Writing Products Ø Millennium Writing Products Private Limited Ø Jai Durga Engineering Company Ø Today’s Petrotech Limited |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Share |
Rs.10/- Each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
12813300 |
Equity Share |
Rs.10/- Each |
Rs. 128.133
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 |
128.133 |
128.133 |
128.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
45.794 |
375.173 |
684.200 |
|
|
4] Share Warrants |
0.000 |
16.000 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
173.927 |
519.306 |
812.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1180.800 |
1111.567 |
739.700 |
|
|
2] Unsecured Loans |
474.107 |
457.670 |
440.400 |
|
|
TOTAL BORROWING |
1654.907 |
1569.237 |
1180.100 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
36.500 |
|
|
|
|
|
|
|
|
TOTAL |
1828.834 |
2088.543 |
2028.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
452.632 |
493.007 |
294.600 |
|
|
Capital work-in-progress |
0.000 |
15.027 |
123.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
41.527 |
41.526 |
2.200 |
|
|
DEFERREX TAX ASSETS |
100.072 |
60.925 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
541.627
|
452.7870
|
644.000 |
|
|
Sundry Debtors |
519.590
|
767.443
|
782.300 |
|
|
Cash & Bank Balances |
21.371
|
22.752
|
29.800 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
414.994
|
499.655
|
446.900 |
|
Total
Current Assets |
1497.582
|
1742.637
|
1903.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
187.802
|
139.471
|
232600 |
|
|
Current Liabilities |
22.944
|
69.376
|
-- |
|
|
Provisions |
52.233
|
55.732
|
61.400 |
|
Total
Current Liabilities |
262.979
|
264.579
|
294.000 |
|
|
Net Current Assets |
1234.603
|
1478.058
|
1609.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1828.834 |
2088.543 |
2028.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
631.102 |
2563.228 |
2161.900 |
|
|
|
Other Income |
22.214 |
11.796 |
28.400 |
|
|
|
TOTAL (A) |
653.316 |
2575.024 |
2190.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
410.565 |
2373.826 |
|
|
|
|
Manufacturing and other Expenses |
365.154 |
414.577 |
|
|
|
|
TOTAL (B) |
775.719 |
2788.403 |
1878.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(122.403) |
(213.379) |
311.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
184.889 |
133.538 |
81.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(307.292) |
(346.917) |
230.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.234 |
58.780 |
49.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(384.526) |
(405.697) |
180.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(39.147) |
(96.654) |
52.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(345.379) |
(309.043) |
128.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
209.444 |
518.487 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(135.935) |
209.444 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
53.933 |
75.297 |
|
|
|
Finished Goods |
-- |
2.257 |
563.427 |
|
|
|
Capital Goods |
-- |
1.437 |
12.829 |
|
|
TOTAL IMPORTS |
NA |
57.627 |
651.553 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(26.95) |
(24.12) |
9.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
153.990 |
174.180 |
174.340 |
|
Total Expenditure |
144.050 |
162.640 |
164.070 |
|
PBIDT (Excl
OI) |
9.940 |
11.540 |
10.270 |
|
Other Income |
0.000 |
0.000 |
0.010 |
|
Operating
Profit |
9.940 |
11.540 |
10.280 |
|
Interest |
6.160 |
9.640 |
13.680 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
3.780 |
1.900 |
(3.400) |
|
Depreciation |
20.050 |
21.270 |
20.770 |
|
Profit
Before Tax |
(16.270) |
(19.370) |
(24.170) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
(16.270) |
(19.370) |
(24.170) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(16.270) |
(19.370) |
(24.170) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(52.87)
|
(12.00)
|
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(60.93)
|
(15.83)
|
8.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.72)
|
(18.15)
|
8.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.21)
|
(0.78)
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.03
|
3.53
|
1.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.69
|
6.59
|
6.47 |
LOCAL AGENCY FURTHER INFORMATION
Mr. Rajesh Kumar
Drolia, Chairman
Mr. Rajesh Kumar Drolia (50 years) is a Commerce graduate and a
self-made young and dynamic entrepreneur having 27 years experience in the
Writing Instruments Industry. A first generation entrepreneur, he actively
participates in effective segmentation of the market and comes out with new
concepts and innovative designs. His main strength and ability to innovate and
bring new designs, models and concepts, suitable for every segment of the
market. Under his leadership the Company has achieved tremendous growth and
aims for more and more growth.
Mr. Ronald Netto,
Managing Director
Mr. Ronald Netto (50 years) is an experienced strategist, who began his
career in the creative field. As advertising professional, he has experience of
launching over 100 successful brand-building campaigns. He runs a successful
advertising and marketing consultancy agency. Over 2 decades, as a strategist
he has gained experience in the fields of Finance, Advertising, Marketing and
Corpora'te Management. He is active in corporate planning and new project
planning and development.
Mr. Rahul Gupta,
Non Executive Director and Independent Director
Mr. Rahul Gupta (45 years) is a Commerce graduate having vast experience
in the field of marketing, designing and communication. His practical
experience in the field of marketing is very helpful in forming various marketing
strategies.
Mr. Pushpak
Chavan, Executive Director
Mr. Pushpak Chavan (42 years) A Master in International Trade from
University of Houston, USA and a qualified commercial pilot. He has been
actively involved in several industries including oil and gas, electronics,
construction and hospitality. He played a key role in finance activities
ranging from debt raising, equity funding and M 6 A. His vast experience will
be helpful for the company in all spheres in the business.
Mr. Sunil Agarwal:
Executive Director
Mr. Sunil Agarwal (49 years) is a Commerce graduate, having 29 years
experience in production, quality Control and mould manufacturing in the
writing instrument Industry. His practical experience will be very helpful in
technical up-graduation and optimum capacity utilization.
Mr. Shridhar Parande : Non Executive and Independent Director
Mr. Shridhar Parande (72 years) is a B.S.C gold Medalist along with
other high profile qualifications like M. Sc., LIB, LLM. CAIIB, AIB. (
PERFORMANCE
During the year the Company achieved net sales of Rs 631.100 Millions
(previous year Rs.2563.200 Millions) and incurred net loss of Rs. 345.400
Millions (previous year 309.000 millions). During the year the Company has
entered in to a consolidation phase and the focus largely has been on cost
cutting and other measures and augmenting the working funds to ensure that the
order position is met. The concern of market risk has been addressed by setting
up distributor limits,for exposure and stopping supplies wherever there was a
problem of bad debt. Further, the process of analysis of debtors and taking
corrective action to realize or settle the accounts was set in motion. Further,
provision of Rs158.000Millions has been made to ensure that greater focus is
given on these doubtful debts.
OUTLOOK
The outlook for the industry is optimistic. With more and more
international players keen to participate in the domestic growth story of
writing instruments due to critical mass and competitive edge attained by this
industry in
On the domestic front, the education and literacy drive of the
Government and the increase in per capita GDP in
FINANCIAL
RESTRUCTURING
The Company has taken various steps to initiate and conclude a
comprehensive financial restructuring. The Company, in March 2009 had submitted
a restructuring proposal to all banks under the CDR mechanism .The scheme was
admitted by the CDR Empowered group on 12th March 2010 and the final package
has been drawn up. They expect the final package to be approved shortly. This
will facilitate the smooth working of the Company and alignment of the loan
repayment to the cash flow realities of the Business. They are addressing the
loan repayment issues with all the non - CDR lenders and are hopeful of an
early resolution.
Some lenders and creditors have initiated winding up proceedings against
the company to recover their dues. The winding up proceeding instituted by
HDFC, which subsequently assigned their debt to IARC has been admitted by the
high court.
STATUS REPORT ON
THE SUBSIDIARIES:
Today's Stationery
Mart Limited
The Company will not be opening additional stores for the time being in
view of the financial constraints faced by the parent company. However, various
options in terms of taking that business forward are under consideration.
Today's
Infrastructure and Construction Limited
The effort is directed towards realizing all the investments made by
this company so that same can be ploughed back to the parent company for
furthering its business under the current scenario.
Today's Fluid
Technologies Limited
This subsidiary has not commenced any business. The company has shelved
the water project initiative as it was unviable.
Delinking Today's
Petrotech Limited from the Company.
The project had a set back due to the problems faced by the Today's
Writing Products Limited . The delay in project completion lead to cost
escalation and a host of other problems. Further, funding of the project also
was becoming difficult .Hence, in order to ensure smooth completion and for
carrying on the business smoothly additional capital was infused thereby
diluting the holding of the company to 37%. Further, the managing of the
business is entirely done by professionals and Mr. Rajesh Kumar Drolia and Mr.
Ronnie Netto has resigned from the board of Today's Petrotech Limited Hence,
Today's Petrotech Limited is no more a subsidiary. However, as Today's
Petrotech Limited has a promising future the directors are hopeful of realizing
excellent value for the investment at a later date.
Industry Structure
and Development
The Indian writing instruments market today is still on the path of
discovering new niches with ergonomic designed products, promotional marketing
items and luxury items but in the coming years it is bound to grow tremendously
not only domestically but also in it's exports emerging as world leaders in
Writing Instruments.
The stationery sector is a cluster of many sectors out of which the most
prominent and important probably is the writing instruments Industry, The two
most important tools of it are pen and paper. Other materials like pencil,
rulers, writing pads, erasers etc also play an active role which is useful for
commercial and office use.
The Industry is highly competitive due to low entry barriers The Indian
industry assure product life. This is where the Indian manufacturers and
exporters will have an edge over some Asian countries.
Over a period this industry has seen growth in the domestic market and
is now is all set to become an export oriented market. For long period
Thus the low entry barrier though continue to remain, largely the market
for the product is catered to by 6 organized players. These players have
undertaken massive expansion and thus the industry which was essentially small
scale and cottage in nature is acquiring an organized and large scale character
with sophistication in the form of automation and controlled processes.
Export
The Company has exported goods worth Rs 31.367 Million (previous year
Rs. 24.860 Million) of writing instruments and stationery. The company has
drawn up a five year export plan to tap the emerging opportunity in export
which will be implemented beginning the financial year 2011-12.
Internal Control
System
The company has designed and implemented a custom designed ERP system
that serves all management requirements of a Management Information System
(MIS). This serves as the key source of information and analysis and is the
backbone of their control mechanism. Clearly defined roles and .responsibilities
down the line for all managerial positions have been institutionalized. All
operating parameters are monitored and controlled. Regular internal audits and
checks ensure that responsibilities are executed effectively and that the MIS
is flawless among a well-conceived annual planning and budgeting system.
Any material changes in the business outlook are reported to the Board.
Material deviations from the annual planning and budgeting are informed to the Board
on a quarterly basis. An effective budgetary control on all capital expenditure
ensures that actual spending is in line with the capital budget.
Financial and
Product wise Performance
This has been dealt with in the report of the Directors.
Human Resource Development and Industrial Relations
The Company has maintained excellent relationship with the employees and
this key resource has been nurtured over a period of time.
The Company has been adopting HR practices in tune with times which are
comparable to the best in the industry. The Directors express their sincere
appreciation for the dedicated efforts put in by all the employees and for
their continued contribution for ensuring good performance of the Company
during the year.
FIXED ASSETS :
- Building
- Plant and Machinery
- Technical Know-how
- Electrical Installations
- Moulds
- Office Equipments
- Computer
- Furniture and Fixtures
- Vehicles
AS PER WEB DETAILS:
Company Profile:
Subject is the makers of India's popular pen brand "Today's Pens"; is a multi-faceted, million dollar company with interests in Writing Instruments, Office Supplies, Petrotech and Construction businesses.
Today's Pens is an internationally acclaimed Manufacturer and Exporter of High
Quality Plastic Ball Pens, Plastic Del Pens and Refills SINCE 1986.
Today's Pens is a fully integrated writing instruments company with In-House
Designing capability Mould making unit, Tips making unit, Refill making unit
(Gel and Ball), Injection Molding and Assembly.
At Today's, innovation is not just a guiding philosophy; it is a key business
process focused on consumer needs. Today's offers one of the largest range of
pens offered by any manufacturer in
Today's Pens is also best known and appreciated worldwide for their Originality
of Designs, Quality, Affordability and their Ease of Writing.
Today's has
Today's Pens is present in -
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 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 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.