MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE
WESTERN INDIAN PLYWOODS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.01.1945 |
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Com. Reg. No.: |
09-1708 |
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CIN No.: [Company
Identification No.] |
L20211KL1945PLC001708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNW00038D |
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Legal Form : |
A
closely held Public Limited Liability Company
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Line of Business : |
Manufacturing of Plywood, Hardboard, Densified Wood. The
company also manufactures UF and PF Resins, Resorcinol Formaldehyde, Glass Reinforced
Plastics, Prefurnished Boards, DAP resin and Monomer, UV Top Coat and Base
Coat. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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
1213152 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear
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Comments : |
Subject
is an established company having fine track. General financial position of
the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-497-2778151(4 li006Ees) |
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Fax No.: |
91-497-2778181 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 07.08.2010
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Name : |
Mr. P. C. D. Nambiar |
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Designation : |
Chairman |
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Address: |
PCD Nambiar 461, |
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Date of Birth : |
14.12.1922 |
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Date of Appointment : |
05.03.1983 |
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Name : |
Mr. G. S. A. Saldanha |
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Designation : |
Director |
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Address: |
GSA Saldanha |
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Date of Birth : |
06.11.1917 |
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Name : |
Mr. N. L. Vaidyanathan |
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Designation : |
Director |
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Address: |
3A, Harsh Apartment, |
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Date of Birth : |
04.03.1922 |
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Date of Appointment : |
09.04.1985 |
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Name : |
Mr. V. Ramachandran |
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Designation : |
Director |
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Address: |
Anugraha G4, Jawahar Nagar, |
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Date of Birth : |
21.03.1931 |
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Date of Appointment : |
20.01.1996 |
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Name : |
Mr. Bhaskar Menon |
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Designation : |
Director |
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Address: |
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Date of Birth : |
29.05.1934 |
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Date of Appointment : |
30.09.1994 |
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Name : |
Mr. Alkesh Kumar Sharma |
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Designation : |
Director |
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Address: |
B-4/2305 AF |
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Date of Birth : |
12.08.1963 |
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Date of Appointment : |
20.07.2009 |
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Name : |
Mr. P.K. Mohamed |
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Designation : |
Managing Director |
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Address: |
PK Mohamed Mon Repose |
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Date of Birth : |
01.08.1938 |
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Date of Appointment : |
02.03.1974 |
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Name : |
Mr. P.K. Mayan Mohamed |
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Designation : |
Executive Director |
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Address: |
Mon Repose Ihana Kannvr Kerala - 670012 |
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Date of Birth : |
23.08.1964 |
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Date of Appointment : |
25.01.2007 |
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Name : |
Mr. Ranjith Kuruvilla |
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Designation : |
Director |
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Address: |
Anamallis House, Chembukavu Thrissur, Kerla - 680020 |
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Date of Birth : |
21.02.1960 |
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Date of Appointment : |
09.06.2001 |
KEY EXECUTIVES
|
Name : |
Mr. R. Balakrishnan |
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Designation : |
Company Secretary and Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
IFCI Limited, Chennai |
|
100000 |
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Vigfin Holdings Private Limited, Chennai |
|
1900000 |
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Ranjith Kurvilla |
|
20000 |
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Total |
|
2020000 |
AS ON 07.08.2010
|
Category |
Percentage |
|
Bodies corporate |
1.15 |
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Directors or relatives of Directors |
40.43 |
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Other top fifty shareholders |
14.02 |
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Others |
32.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Plywood, Hardboard, Densified Wood. The
company also manufactures UF and PF Resins, Resorcinol Formaldehyde, Glass Reinforced
Plastics, Prefurnished Boards, DAP resin and Monomer, UV Top Coat and Base
Coat. |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Plywood (on 3 ply 4 mm basis) |
Millions
Sq. Mts. |
25.00 |
7.49 |
|
Hardboard |
M.T. |
34750 |
26473 |
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Densified Wood |
M.T. |
3500 |
2839 |
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UF & PF Resins |
M.T. |
2400 |
919 |
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Resorcinol Formaldehyde |
Kgs. |
50000 |
90 |
|
Furniture |
Nos. |
22543 |
22358 |
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Glass Reinforced Plastics |
M.T. |
800 |
NA |
|
Diallylphthalate
Resins and its Moulding Composition |
Kgs. |
100000 |
1984 |
|
DAP Resins and Monomer |
Kgs. |
150000 |
NA |
|
Prefinished Boards (surface
area) |
Millions Sq. Mts. |
9.00 |
1.00 |
|
UV Top Coat and Base Coat |
M.T. |
82.60 |
1.24 |
|
Pre Compressed Press Board |
M. T. |
750 |
396 |
GENERAL INFORMATION
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No. of Employees : |
400 |
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Bankers : |
State Bank of |
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Facilities : |
1. a) Term Loans from others include loans from Kerala State Industrial Development Corporation Limited and Industrial Finance Corporation of India Limited, which are secured on paripassu basis by Mortgage of all immovable properties, present and future, and movable properties, including Machinery, Machinery spares, tools and accessories, present and future (save and except book debts), subject to prior charges created or to be created except exclusive charge given to State Bank of India and Indian Overseas Bank as stated in Note 2 below. The loan is also secured by way of mortagage of land of subsidiary company M/s Kohinoor Saw Mill Company Ltd together with Buildings,Plant and Machinery and Fixed Assets and Fittings thereon and 3.10 Acres of Land, Buildings,Plant and Machinery and Fixed Assets and Fittings of Subsidiary company M/s Southern Veneers and Woodworks Limited. b) Loans from Sundaram Finance Limited included under ‘Term Loan from -Others’ are secured by hypothecation of assets purchased out of such loans. 2. a) Term loans
from State Bank of b) Term loans From Banks include a term loan from State
Bank of 3. The Cash Credit / Packing Credit/working Capital availed from banks on a consortium basis is secured by Hypothecation of Raw Materials, Work In Process, Finished Goods and receivables and a second charge on Fixed Assets of the Company. 4. All the above finances except loans from Sundaram Finance Limited inlcuded under have been secured by personal guarantee of the Managing Director and Executive Director. 5. The Company had availed a Term Loan from Industrial Finance Corporation of India Limited, secured on a paripassu basis by Mortgage of all Fixed Assets, present and future, and a floating charge on Machinery spares of the company, the charge in respect of which with Registrar of Companies is yet to be discharged. 6. Amounts repayable within 12 months of Balance Sheet date -Rs.0.216 Million (Rs.0.220 Million)
Amounts repayable within 12 months of Balance Sheet date -Rs.1.097 Millions (Rs.10) |
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Banking
Relations : |
-- |
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Auditors : |
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Name: |
Vijay Narayan Govind Chartered Accountants |
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Address: |
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Joint Venture: |
ERA AND WIP TIMBER (JV) SDN, |
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Subsidiaries : |
CIN NO: U85110KL1970PLC026156
CIN NO: U02002KL1923PLC001503 |
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Enterprises over
which key management: |
Windmach Sports Accessories Private Limited |
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Personnel or their
relatives are able to exercise significant influence: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22320040 |
Equity Shares |
Rs.10/- each |
Rs.223.200
Millions |
|
100000 |
89% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.10.000
Millions |
|
210000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.21.000
Millions |
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NOTES:
- 15,00,000 (15,00,000) Redeemable preference shares of Rs.100 each with the power to the Board of Directors to fix the rate of dividend and other terms and conditions of issue.
- Nil (2,50,000) 14.5% redeemable cummulative preference shares were allotted on 11th December,1999. The holder of these shares had reduced the rate of cummulative dividend payable to 11.5% (with effect from 01.10.2003) and to 10% (with effect from 01.04.2004). These shares were repayable in 3 equal instalments on 10th December 2005, 10th December 2006 and 10th December 2007 at par. The time for redemption of the shares has been extended to 31st March 2009. The shares of the value Rs.25,000 (Nil) have been fully redeemed during the year at par out of profits, together with compensatory interest for the period from 1st April 2009 to the date of redemption, Rs.1,281 (as settled), which is charged to revenue.
- 1,00,000 (2,00,000) 8% Redeemable Cummulative Preference Shares are repayable on 7.12.2010 at par.
- 7,23,270 (7,23,270) 0% Redeemable Cummulative Preference Shares are repayable on 7.12.2013, 7.12.2014 and 7.12.2015 at par. These shares have been fully redeemed during the year out of Proceeds of a fresh issue of 4,90,000 6% Redeemable Preference Shares of Rs.100 each amounting to Rs.49,000 at a Premium of Rs.23,327 redeemable with in one month from the date of allottment. During the year the company has redeemed the 4,90,000 6% Redeemable Preference Shares of Rs.100 each aggregating to Rs.49,000 out of profits.
- 2,10,000 (2,10,000) 6% Redeemable Cummulative Preference Shares are repayable on 30th January 2014 at par
- a) 3,980 (3980) equity shares were issued as fully paid-up pursuant to a contract without payment being
received in cash
b) 3,61,169 (3,61,169) equity shares were issued as fully paid-up by way of bonus shares by capitalization
of reserves
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 |
115.873 |
223.200 |
223.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
187.415 |
139.594 |
121.790 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
303.288 |
362.794 |
344.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
470.370 |
401.227 |
469.786 |
|
|
2] Unsecured Loans |
7.132 |
8.839 |
18.256 |
|
|
TOTAL BORROWING |
477.502 |
410.066 |
488.042 |
|
|
DEFERRED TAX LIABILITIES |
63.773 |
42.143 |
16.999 |
|
|
|
|
|
|
|
|
TOTAL |
844.563 |
815.003 |
850.031 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
333.131 |
373.193 |
415.081 |
|
|
Capital work-in-progress |
6.292 |
0.396 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.219 |
10.219 |
5.607 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
361.134
|
423.161 |
417.870 |
|
|
Sundry Debtors |
124.038
|
113.996 |
112.722 |
|
|
Cash & Bank Balances |
121.836
|
66.382 |
47.558 |
|
|
Other Current Assets |
11.114 |
11.793 |
20.014 |
|
|
Loans & Advances |
29.712
|
32.714 |
27.600 |
|
Total
Current Assets |
647.834
|
648.046 |
625.764 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.978
|
72.630 |
76.143 |
|
|
Other Current Liabilities |
54.243
|
52.101 |
68.962 |
|
|
Provisions |
50.692
|
92.120 |
51.316 |
|
Total
Current Liabilities |
152.913
|
216.851 |
196.421 |
|
|
Net Current Assets |
494.921
|
431.195 |
429.343 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
844.563 |
815.003 |
850.031 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
846.761 |
869.373 |
752.533 |
|
|
|
Other Income |
7.756 |
4.222 |
7.702 |
|
|
|
TOTAL (A) |
854.517 |
873.595 |
760.235 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of finished goods |
0.000 |
1.326 |
1.037 |
|
|
|
Materials Consumed |
308.158 |
309.157 |
246.220 |
|
|
|
Manufacturing and Other Expenses |
345.007 |
385.619 |
343.762 |
|
|
|
Excise Duty |
2.919 |
(8.097) |
(1.669) |
|
|
|
Increased / (Decreased) In stock |
33.503 |
9.614 |
4.522 |
|
|
|
Prior Period to Adjustment |
0.000 |
0.000 |
3.534 |
|
|
|
TOTAL (B) |
689.587 |
697.619 |
597.406 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
164.930 |
175.976 |
162.829 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
45.703 |
46.399 |
57.698 |
|
|
Less |
EXTRAORDINARY
ITEMS |
0.000 |
0.000 |
9.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
119.227 |
129.577 |
95.167 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.540 |
46.730 |
46.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
72.687 |
82.847 |
48.568 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
35.255 |
28.032 |
22.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
37.432 |
54.815 |
25.836 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend- Preference Shares |
2.608 |
31.635 |
0.000 |
|
|
|
Proposed Dividend- Equity Shares |
8.487 |
0.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
1.843 |
5.376 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
24.494 |
17.804 |
25.836 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
123.561 |
156.733 |
NA |
|
|
TOTAL EARNINGS |
123.561 |
156.733 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
50.196 |
15.579 |
NA |
|
|
|
Stores & Spares |
0.886 |
3.107 |
NA |
|
|
|
Capital Goods |
0.516 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
51.598 |
18.686 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.05 |
5.86 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.38
|
6.27 |
3.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.58
|
9.53 |
6.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.81
|
8.11 |
4.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
1.73 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.24
|
2.99 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS AND
OPERATIONS
During the year 2009-10, the Company achieved a turnover of Rs.902.000 Millions and a profit before tax of Rs.72.700 Millions. This performance is slightly less than last year and has been mainly occasioned by the wide recession in the construction industry. Also the Company’s exports have come down from Rs.177.900 Millions to Rs.124.500 Millions. The domestic turnover has, however, shown an improvement due to the aggressive marketing efforts made by the Company. The market is showing sign of a short recovery and there is hope for a better performance in 2010-11.
As in the past, the Company continued to face the shortage of the most important raw material, namely, quality timber. In order to overcome this problem, the Company initiated steps to form a majority Malaysian owned joint venture Company in Kuela Lumpur where WIP setup a new factory for the joint venture to manufacture veneers. This factory is expected to go into production in September 2010 and the veneer produced will be exported to us, thus enabling the Company to utilize its full manufacturing capacity for plywoods.
In order to follow a policy of cent percent utilization of wood, the Company started making use of waste sawdust as raw material for manufacturing briquettes during the year 2009-10. The briquettes were burned in the Company’s boilers, thereby saving a substantial amount on fuel cost and also reducing pollution.
The Company saved a substantial amount on interest costs by converting the rupee working capital loan from banks to FCNR (B) loans. These cost cutting measures initiated by the Company helped to maintain the profit in spite of adverse market conditions.
MANAGEMENT DISCUSSION
AND ANALYSIS
This report is prepared in compliance with the requirement of the Corporate Governance as laid down in the listing agreement. It covers both performance and outlook of the company. The Management accepts its responsibility for the integrity and objectivity of the financial statements. The actual results could differ materially from those expressed or implied.
Industry structure
and development
The Company caters to a variety of market segments like Railways, Defence, Automobile, Civil Aviation, Electrical and Transport. The Company has been passing through acute problems of sourcing good raw material and escalation in its prices periodically. The main raw material for the Company viz. timber is being imported and the Company has no control over the price prevailing in the overseas market. Moreover the levies charged by the Government, increase in price of petroleum products etc. contribute increase in cost of production. The increased cost could not be fully absorbed in our market price and there has, therefore been shrinkage in the margin in some of the products. The effect of globalisation has also contributed for lowering of margins. However, by applying improved technology and management methods and introducing various value added products and better marketing strategies, the Company is trying to overcome these disadvantages.
Opportunities and
Threats
The raw material for the plywood factory is softwood and for Hardboard Plant is waste wood. The availability of timber is subject to Government control and policies and it continues to be a scarce raw material. Therefore, Company has to depend on importing timber to meet its production requirements.
The Company has been in commercial operation from 1945. Over the years, the Company has developed a perfect system of procurement of its main raw material. The Company has established regular contacts with overseas countries of timber and does not therefore foresee any problem in procuring required raw materials.
It is possible that in any other business, competition from other manufacturers and imports can affect the operation and profitability of the Company
One of the important plus points of the Company is its quality. The Company’s products are well accepted in the market and the Company has always targeted the quality conscious segment of the market for its products for which there is regular demand.
The Company has a well established R and D unit approved by the Central Government which is one of the best of its kind in the wood based industry. The products developed by the Company are technologically superior with the result that they have ready acceptance in the market. Its commitment to quality and standards as well as transparency in all aspects of business will hold the Company in good stead in the years to come.
The Company believes from experience that customer loyalty in the long run will prove beneficial in facing the challenges faced by the industry.
FORM
8:
|
Corporate
identity number of the company |
L20211KL1945PLC001708 |
|
Name of the
company |
WESTERN INDIA
PLYWOODS LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
Deed of
Modification - Sanction of Working Capital Demand Loan In Foreign Currency
(Wcfc) Dated 01.02.2010 |
|
Date of
instrument Creating the charge |
01/02/2010 |
|
Amount secured by
the charge |
Rs.320.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest as applicable Terms of
Repayment As may be decided
by the bank Margin As may be decided
by the bank Extent and
Operation of the charge There is no
change in the security and the aggregate loan amount remain the same. The present working capital limit
sanctioned by Indian Overseas Bank is Rs.35.000 Millions, out of the total
consortium limit of Rs.320.000 Millions Out of the Rupee limit of Rs.35.000
Millions, IOB has converted Rs.20.070 Millions into equivalent US Dollars
433000/-. This modification is filed to incorporate this change. State Bank of |
|
Short particulars
of the property charged |
Hypothecation by
way of FIRST CHARGE on whole of the current assets of the Borrower and Book
debts and all other movables, both present and future. |
|
Date of
instrument modifying the charge |
21/01/2010 |
|
Particulars of
the present modification |
There is no
change in the security and the aggregate loan amount remain the same. The present working capital limit
sanctioned by Indian Overseas Bank is Rs.35.000 Millions, out of the total
consortium limit of Rs.320.000 Millions Out of the Rupee limit of Rs.35.000
Millions, IOB has converted Rs.20.070 Millions into equivalent US Dollars
433000/-. This modification is filed to incorporate this change. State Bank of |
FIXED ASSETS
- Land -Freehold
- Land -
Leasehold
- Buildings
- Plant and
Machinery
- Electric
Machinery
- Rolling and
Sundry Plant
- Computer
- Lab Equipments
- Furniture and
Fittings
- Vehicles
- Intangibles-Software
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.