MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYNTHITE INDUSTRIES LIMITED |
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Formerly Known
As : |
SYNTHITE INDUSTRIAL CHEMICALS LIMITED SYNTHITE INDUSTRIAL CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
39/1799 Ajay Viharam G Road, Ernakulam – 682016, Kerala |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.07.1970 |
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Com. Reg. No.: |
09-002294 |
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Paid-up Capital
: |
Rs. 10.590 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299KL1970PLC002294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNS02494C |
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PAN No.: [Permanent Account No.] |
AADCS5616E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer a wide spectrum of Spice Products including
Oleoresins, Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts,
Organic Extracts, Fair Trade Extracts, Floral Concretes, Absolutes, Spice –
whole, ground and crushed |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16000000 |
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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 old and established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 |
LOCATIONS
|
Registered Office : |
39/1799 Ajay Viharam G Road, Ernakulam – 682016, Kerala, India |
|
Tel. No.: |
91-484-2375294/3012222/2378503/2375294 |
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Fax No.: |
91-484-2378801 |
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E-Mail : |
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Website : |
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Corporate Office/ Potpourri Division/ Factory : |
Synthite Valley, Kolenchery – 682311, Kerala, India |
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Tel. No.: |
91-484-2760285/3051200/3051201/3051208/2761183 |
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Fax No.: |
91-484-3051351 |
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E-Mail : |
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|
|
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Fragrance Division : |
Marudur, Karamadai – 641104, Tamilnadu, India |
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Tel. No.: |
91-4254-2272299/2272542 |
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Fax No.: |
91-4254-2272889 |
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E-Mail : |
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Harihar Division : |
Kumarapatanam, Harihar – 581123, Karnataka, India |
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Tel. No.: |
91-8373-20449/242058/240449 |
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Fax No.: |
91-8373-240448 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Jacob Chennakatu Varkey |
|
Designation : |
Managing Director |
|
Address : |
Nechupdam
Kadayiruppu, |
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Date of Birth/Age : |
27.09.1933 |
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Experience : |
57 Years |
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Date of Appointment : |
03.03.1972 |
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DIN No.: |
00030106 |
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Name : |
Mr. George Paul |
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Designation : |
Whole Time
Director |
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Address : |
Embassery 39/64, |
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Date of Birth/Age : |
27.11.1949 |
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Qualification : |
B.Sc |
|
Experience : |
32 Years |
|
Date of Appointment : |
26.09.1977 |
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DIN No.: |
00030530 |
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|
|
|
Name : |
Mr. Mani Varghese |
|
Designation : |
Whole Time
Director |
|
Address : |
29/752
Cheruparambath Road, |
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Date of Birth/Age : |
05.04.1957 |
|
Qualification : |
C.A |
|
Experience : |
29 Years |
|
Date of Appointment : |
30.09.1983 |
|
DIN No.: |
00030972 |
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|
|
|
Name : |
Mr. Ninan Philip
Modayil |
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Designation : |
Director |
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Address : |
310 Panampilly
Nagar, |
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Date of Birth/Age : |
07.10.1956 |
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Date of Appointment : |
31.12.1985 |
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DIN No.: |
00030445 |
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|
|
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Name : |
Dr. Varghese
Jacob |
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Designation : |
Whole Time
Director |
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Address : |
Nechupdam
Kadayiruppu, |
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Date of Birth/Age : |
21.03.1961 |
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Qualification : |
B.Com, Ph.D |
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Experience : |
24 Years |
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Date of Appointment : |
31.12.1985 |
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DIN No.: |
00030179 |
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Name : |
Mr. Aju Jacob |
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Designation : |
Whole Time
Director |
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Address : |
Nechupdam
Kadayiruppu, |
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Date of Birth/Age : |
29.05.1964 |
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Qualification : |
B.Tech |
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Experience : |
22 Years |
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Date of Appointment : |
05.01.1987 |
|
DIN No.: |
00030332 |
KEY EXECUTIVES
|
Name : |
Mr. Salas
Kannanchira Francis |
|
Designation : |
Company Secretary
|
|
Address : |
Synthite State
QTS., |
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Date of Birth/Age : |
31.05.1962 |
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Date of Appointment : |
10.12.1996 |
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Pan No.: |
AADPF3870G |
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Name : |
K. O. Kuriachan |
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Designation : |
Company Secretary |
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Address : |
4-A, Jerusalem Residency Blossom Cochin Road, Elmkulam, Kandavanthra,
Cochin – 682020, Kerala, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
E. P. John |
|
1588 |
|
C. J. George |
|
4470 |
|
C.V. Jacob |
|
7020 |
|
George Paul |
|
1608 |
|
Marry George |
|
2400 |
|
Aleyamma Jacob |
|
7200 |
|
Beena George |
|
2640 |
|
Jeena Mathew |
|
4528 |
|
Varghese Jacob |
|
5095 |
|
Aju Jacob |
|
5000 |
|
K P George |
|
2400 |
|
Sara George |
|
2400 |
|
Anil Paul George |
|
2400 |
|
Mariamma Paulose |
|
400 |
|
C P Peter |
|
2400 |
|
Liza George |
|
1284 |
|
Thampy Koshy |
|
334 |
|
Elvy Ninan |
|
1380 |
|
Anney Peter |
|
2400 |
|
Joha George |
|
4350 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
14.00 |
|
Directors or relatives of Directors |
59.00 |
|
Other top fifty shareholders |
27.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer a wide spectrum of Spice Products including Oleoresins,
Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts,
Organic Extracts, Fair Trade Extracts, Floral Concretes, Absolutes, Spice –
whole, ground and crushed |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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|
Unit |
Actual
Production |
|
Essential Oils |
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|
MT |
135.000 |
|
Oleoresins |
|
|
MT |
2709.000 |
|
Floral Concretes |
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|
MT |
20.000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Union Bank of India – Overseas Branch, Ernakulam,
Kochi – 682035, Kerala, India ·
HDFC Bank Limited – HDFC Bank House Senapati Bapat
Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Elias George and
Company Chartered
Accountants |
|
Address : |
B-16, HIG Avenue,
Gandhinagar, Cochin – 682020, Kerala, India |
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Tel. No.: |
91-484-2204008/2206648 |
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Fax No.: |
91-484-2204008 |
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E-Mail : |
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Pan No.: |
AAAFE5440J4 |
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Associates : |
·
Herbal Isolates Private Limited ·
Synthite Exports Limited |
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Group Companies : |
·
Aromco Flavors India Private Limited ·
CVJ Foundation ·
Ramada Resort ·
Riviera Suites ·
Symega Savoury Technology Private Limited |
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|
|
Subsidiaries : |
·
Synthite (USA) Inc. ·
Synthite Properities and Investments Limited CIN: U70101KL1993PLC007482 ·
Sijmak Oils Limited CIN: U15142KL1977PLC002933 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105900 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.590
Millions |
|
|
|
|
|
Note:
Of the above 52950 shares were allotted as fully
paid by way of issue of bonus shares.
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 |
10.590 |
10.590 |
10.590 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4030.685 |
3481.893 |
3251.743 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4041.275 |
3492.483 |
3262.333 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
455.873 |
512.825 |
618.680 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
455.873 |
512.825 |
618.680 |
|
|
DEFERRED TAX LIABILITIES |
38.600 |
11.057 |
21.049 |
|
|
|
|
|
|
|
|
TOTAL |
4535.748 |
4016.365 |
3902.062 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1491.326 |
1469.355 |
924.871 |
|
|
Capital work-in-progress |
34.620 |
109.718 |
280.074 |
|
|
|
|
|
|
|
|
INVESTMENT |
453.647 |
481.923 |
405.573 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1476.900
|
1227.621 |
1247.878 |
|
|
Sundry Debtors |
991.915
|
684.147 |
836.155 |
|
|
Cash & Bank Balances |
148.833
|
107.893 |
354.343 |
|
|
Other Current Assets |
10.331
|
14.348 |
40.063 |
|
|
Loans & Advances |
456.747
|
266.729 |
256.484 |
|
Total
Current Assets |
3084.726
|
2300.738 |
2734.923 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
413.618
|
117.729 |
334.216 |
|
|
Other Current Liabilities |
57.894
|
182.078 |
77.960 |
|
|
Provisions |
57.059
|
45.562 |
31.203 |
|
Total
Current Liabilities |
528.571
|
345.369 |
443.379 |
|
|
Net Current Assets |
2556.155
|
1955.369 |
2291.544 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4535.748 |
4016.365 |
3902.062 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4056.292 |
3613.313 |
3112.686 |
|
|
|
Other Income |
403.801 |
135.767 |
135.722 |
|
|
|
TOTAL (A) |
4460.093 |
3749.080 |
3248.408 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
2824.105 |
2221.558 |
2529.802 |
|
|
|
Administrative and Other Expenditure |
982.089 |
916.766 |
421.941 |
|
|
|
(Increase)/ Decrease in Stock in Trade |
(70.635) |
35.690 |
(98.040) |
|
|
|
TOTAL
(B) |
3735.559 |
3174.014 |
2853.703 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
724.534 |
575.066 |
394.705 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
724.534 |
575.066 |
394.705 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
217.889 |
173.450 |
133.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
506.645 |
401.616 |
261.310 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
139.386 |
118.637 |
77.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
367.259 |
282.979 |
184.132 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
74.117 |
6.892 |
38.514 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
10.590 |
21.180 |
42.360 |
|
|
|
Proposed Dividend |
37.065 |
26.475 |
5.295 |
|
|
|
Corporate Dividend Tax |
7.956 |
8.099 |
8.099 |
|
|
|
Transfer to General Reserve |
300.000 |
160.000 |
160.000 |
|
|
BALANCE CARRIED
TO THE B/S |
85.765 |
74.117 |
6.892 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3024.606 |
2732.311 |
2428.074 |
|
|
|
Sale of Rooms / F and B Income |
20.263 |
8.553 |
0.000 |
|
|
TOTAL EARNINGS |
3044.869 |
2740.864 |
2428.074 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1244.056 |
769.257 |
490.288 |
|
|
|
Capital Goods |
29.992 |
10.852 |
23.841 |
|
|
|
Other Materials |
4.457 |
76.355 |
24.281 |
|
|
|
Packing Materials |
1.639 |
1.388 |
1.605 |
|
|
TOTAL IMPORTS |
1280.144 |
857.852 |
540.015 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
3468.00 |
2672.00 |
NA |
|
|
|
-
Diluted |
3468.00 |
2672.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.23
|
7.55 |
5.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.49
|
11.11 |
8.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.07
|
10.65 |
7.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.25 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.84
|
6.66 |
6.19 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year, the company recorded total
revenues of Rs. 4460.000 millions against the Rs. 3750.000 millions in the previous
year. Net profit during the year increased substantially to Rs. 367.300
millions from Rs. 283.000 millions in 2008-09.
Inspite of stiff competition, the company was
able to increase the sales and retain its position as the largest exporter of
spice oils and oleoresin from the country.
EXPORT PERFORMANCE:
The FOB value of export for the year was Rs.
3044.800 millions as against Rs. 2740.800 millions in the previous year. The
total foreign exchange outgo during this period was Rs. 1322.800 millions.
AWARDS/RECOGNITIONS:
During the year, the company received various
awards and recognition, some of which are given below:
·
Top most exporter of
Spice Oils and Oleoresin for the year 2007-08 of the Spices Board India
·
Top most exporter of Spice
Oils and Oleoresin for the year 2008-09 of the Spices Board India
·
Second position (in large
Industries – Chemicals) of National Safety Award – 2009 instituted by
Department of Factories and Boilers, Government of Kerala.
Form 8:
|
Corporate identity number of the company |
U24299KL1970PLC002294 |
||||||||||||||||||||||||
|
Name of the company |
SYNTHITE INDUSTRIES LIMITED |
||||||||||||||||||||||||
|
Address of the registered office or of the
principal place of business in |
39/1799
Ajay Viharm G Road, Ernakulam - 682016, Kerala India |
||||||||||||||||||||||||
|
This form is for |
Modification of charge |
||||||||||||||||||||||||
|
Type of charge |
Immovable Property |
||||||||||||||||||||||||
|
Particular of charge holder |
|
||||||||||||||||||||||||
|
Nature of instrument creating charge |
(1) Memorandum recording past transactions
of Creation of Mortgage by delivery of Title Deeds on 23.06.2011 (2) Declaration cum Indemnity for deposit
of title deeds for creation of Equitable Mortgage on 23.06.2011 |
||||||||||||||||||||||||
|
Date of instrument Creating the charge |
23.06.2011 |
||||||||||||||||||||||||
|
Amount secured by the charge |
Rs. 700.000 Millions |
||||||||||||||||||||||||
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - Interest on EPCL Adhoc
One time Rs.150.000 millions : As per prevailing Base Rate 9.25% + 1.25% p.a.,
currently effective rate of Interest 10.50% p.a. subject to revision plus
Interest tax. Terms of Repayment - EPC Adhoc limit is
repayable on demand with tenor 6
months. Margin - Margin applicable for Export
Packing Credit Adhoc One time Rs.150.000 millions : Inventory :
25%
Export Order : 10% of the FOB
value
Export
LC : 10% of the FOB value Extent and Operation of the charge - First
and exclusive charge by way of extension of Equitable Mortgage by deposit of
title deeds of all that pieces and parcels of land having a total area of 4
acres and 52 cents or thereabouts
under Resurvey Nos.293/10,
293/14, 293/8,293/13,293/12,294/1, 294/13,294/14,294/15,293/9,294/6,294/6P,294/10,11,12,294/7
and 292/12 in Kumbalam Village, Kanayannur Taluk, Ernakulam District together
with all buildings and structures and installations thereon to the credit
limit aggregating to Rs.700.000 millions. Others – Nature of Facility: (Rs. In Millions)
|
||||||||||||||||||||||||
|
Particulars of the property charged |
Extended Equitable Mortgage by deposit of
title deeds of all that pieces and parcels of land having a total area of 4 acres
and 52 cents or thereabouts under Resurvey Nos. 293/10, 293/14, 293/8,
293/13, 293/12, 294/1, 294/13, 294/14, 294/15, 293/9, 294/6, 294/6P, 294/10,
11, 12, 294/7 and 292/12 in Kumbalam Village, Kanayannur taluk, Ernakulam
District together with all buildings, structures and installations thereon as
security for the credit facilities aggregating to Rs.700.000 millions (PC-INR
Rs.500.000 millions, STL Rs.100.000 millions and PSR Rs.100.000 millions) |
||||||||||||||||||||||||
|
Particulars of the present modification |
By the modification on 23.06.2011, (i)
Existing credit limit was enhanced from Rs.550.000 millions to Rs.700.000
millions by an EPC Adhoc One time limit of Rs.150.000 millions. (ii) Extended
Equitable Mortgage on 4 acres and 52
cents in Kumbalam Village, Kanayannur Taluk, Ernakulam District together with
all buildings and structures and installations thereon as security to the
revised credit limit of Rs.700.000 millions (PCINR Rs.500.000 millions, STL
Rs.100.000 millions and PSR Rs.100.000 millions). |
Fixed Assets:
·
Land
·
Building
·
Plant and machinery
·
Furniture, fixtures and
equipments
·
Vehicles
·
Computer software
AS PER WEBSITE DETAILS
HISTORY:
|
1972 |
Year of
establishment |
|
1980 |
Recognized as an export
house by the Ministry of Commerce and Industry, Government of India |
|
1984 |
Herbal Isolates was
set up for the manufacture of dehydrated green pepper, pepper in brine,
sterilized spices, essential oils, etc. |
|
1986 |
Fragrance division,
at Maradur, Coimbatore was set up for producing floral concretes and
absolutes of jasmine, tuberose and mimosa with technical collaboration with
Cal-Pfizer, France |
|
1991 |
The in-house
research laboratory was recognised by the Department of Science and Technology,
Government of India |
|
1992 |
Synthite acquired
Sijmak Oils Limited, Calicut |
|
1993 |
The research lab
was upgraded and rechristened the CU Varkey Centre for Research and Quality
Assurance |
|
1993 |
Synthite diversified
into realty, with Synthite Properties and Investments and then into
hospitality, starting Riviera Suites, Kerala’s first apartment hotel |
|
1994 |
Synthite became the
first Indian company in the food sector to obtain ISO 9002 certification from
BSI. U.K. |
|
1997 |
Quality systems
upgraded to ISO 9001: 1994, by BSI, UK |
|
2000 |
Synthite Exports
Limited was established |
|
2001 |
Established Natural
Color Division at Harihar |
|
2003 |
500KW wind mill
established at Udumalpettu, TN |
|
2004 |
Awarded ISO 9001:
2000 certification, from BSI, UK |
|
2005 |
NABL Accreditation
of the Laboratory as per ISO/IEC:17025:1999 |
|
2006 |
The Spice division
was launched at Pancode. The company formed Aromco India – a joint venture
with Aromco, UK and Symega – a joint venture with Omega, Austria |
|
2007 |
CO2 extraction
plant was set up |
|
2008 |
Synthite was
awarded the ISO 22000:2005 certification |
PROFILE:
Synthite is widely acclaimed as the leader in the Spice Oleoresin category; it accounts for over 30% of the global market share. Established in 1972 at Synthite valley Kolenchery, near Cochin, it is today a multi-million dollar corporate and the preferred supplier-partner to leading flavor houses world wide, with a presence in Europe, Asia and Latin America. Along the way, it has also strengthened its corporate presence through strategic partnerships and diversifications.
At Synthite, they manufacture a wide spectrum of Spice Products including Oleoresins, Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts, Organic Extracts, Fair Trade Extracts, Floral Concretes, Absolutes, Spice – whole, ground and crushed.
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
65 |
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.