MIRA
INFORM REPORT
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Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO INKS
LIMITED (w.e.f. 03.03.2004) |
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Formerly Known As : |
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Registered Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.11.1991 |
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Com. Reg. No.: |
04-16598 |
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Capital
Investment / Paid-up Capital : |
Rs.248.720 Millions |
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CIN No.: [Company
Identification No.] |
U24220GJ1991PLC016598 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTM01621E |
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PAN No.: [Permanent
Account No.] |
AAACH7063F |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturing of
Printing Inks, Resins, Varnishes, Pigments, Flush Colors. |
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No. of Employees
: |
1500 [(in office + in factory + in branches) (Approximately)] |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 27000000 |
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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 a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. 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.
INFORMATION DECLINED BY
|
Name : |
Ms. Jagruti Parikh |
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Designation : |
Accounts Manager |
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Date : |
22.08.2011 |
LOCATIONS
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Registered
Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
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Tel. No.: |
91-260-2462811 /
2460284 / 2460280 / 3052100 |
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Fax No.: |
91-260-2463932 /
2463733 / 3052125 |
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E-Mail : |
info@microinks.com
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Website : |
www.microinks.com
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Area : |
5000 sq.ft. (Approximately) |
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Location : |
Owned |
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Factory 1 : |
Plot No. 2803/2,
Phase III, GIDC, Vapi – 396 195, |
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Factory 2 : |
Survey No. 137/1,
Jani Vankad, Daman ( |
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Factory 3 : |
Survey No. 11, Village
Morkhal Silvassa ( |
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Factory 4 : |
Plot No. 808/E,
Phase II, GIDC, Vapi – 396 195, |
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Factory 5 : |
Plot No. 808/E/P,
305/6, 305/7 (100% Export Oriented Unit), II Phase, GIDC, Vapi – 396 195, |
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Factory 6 : |
Survey No.
8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2
Village Morkhal, Unit II, Silvassa (U.T. of Dadra and Nagar Haveli), |
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Branches : |
Located At:
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Overseas
Office 1 |
2850, Festive
Drive, |
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Tel
No.: |
1815 929 9293 |
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Fax No : |
1815 929 9298 |
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E-mail : |
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Overseas
Office 2 |
6, Corrin Court,
Wattle Grove, NSW, 2173, |
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Tel
No.: |
61 298252880 |
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E-mail : |
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Overseas
Office 3 |
1410 B, New Town
Centre, No. 83 Lou Shan Guan Road, Shanghai – 200336, China |
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Tel
No.: |
861 3052419983 |
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E-mail : |
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Sales and
Support (International Business Division)
/ Marketing Head Quarter : |
516, Midas, |
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Tel
No.: |
91-22-28364313-17 |
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Fax No : |
91-22-28222222 |
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E-mail : |
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Western Region
: |
Located
At:
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Northern region : |
Located
At:
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Southern Region : |
Located
At:
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Eastern Region
: |
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Tel
No.: |
91-33-24496134-36 |
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Fax No : |
91-33-24495051 |
DIRECTORS
AS ON 29.07.2010
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Name : |
Mr. Anjum G. Bilakhia |
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Designation : |
Chairman |
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Address : |
Parishram, |
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Date of Birth/Age : |
02.08.1961 |
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Date of Appointment : |
13.11.1991 |
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Name : |
Mr. Mansingh L. Bhakta |
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Designation : |
Director |
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Address : |
4, Sagar Villa, |
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Date of Birth/Age : |
03.12.1931 |
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Date of Appointment : |
28.09.2000 |
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Director |
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Address : |
15, Dhanushya Society, |
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Date of Birth/Age : |
04.10.1934 |
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Date of Appointment : |
28.09.2000 |
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Name : |
Mr. Pradip N. Khandwalla |
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Designation : |
Director |
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Address : |
B/101, |
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Date of Birth/Age : |
18.02.1940 |
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Date of Appointment : |
30.08.2005 |
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Name : |
Mr. Ashwani Kumar Bhardwaj |
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Designation : |
Managing Director |
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Address : |
House No. 34, |
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Date of Birth/Age : |
18.03.1958 |
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Date of Appointment : |
28.04.2007 |
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Name : |
Mr. Ursula G. Borgmann |
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Designation : |
Director |
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Address : |
Besides Secretariat House, Opp. Chief of Police Bungalow, |
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Date of Birth/Age : |
07.09.1955 |
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Date of Appointment : |
03.02.2006 |
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Name : |
Mr. Kadankote Kannan Unni |
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Designation : |
Alternate Director |
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Address : |
207, Marigold, 236, Raheja Enclave, |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
27.07.2008 |
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Name : |
Mr. Heinrich W. Ringer |
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Designation : |
Director |
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Address : |
Besides Secretariat House, Opp. Chief of Police Bungalow, |
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Date of Birth/Age : |
21.12.1994 |
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Date of Appointment : |
27.07.2008 |
KEY EXECUTIVES
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Name : |
Mr. Hitesh S. Parikh |
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Designation : |
Company Secretary |
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Address : |
Kalarav Plot No. 41, Mahalakshmi Nagar Co-op Society, Vapi-Daman Road,
Vapi, Valsad – 396191, Gujarat, India |
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Date of Birth/Age : |
13.09.1963 |
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Date of Appointment : |
26.04.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note : Shareholding Pattern is not Available.
AS ON 30.06.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
92.64 |
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Bodies corporate |
4.68 |
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Others |
2.22 |
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Other top fifty shareholders |
0.46 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Printing
Inks, Resins, Varnishes, Pigments, Flush Colors. |
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Products : |
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PRODUCTION STATUS AS ON 31.12.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Printing Inks |
MT |
203000 |
141483 |
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Resins and Varnishes |
MT |
55600 |
35102 |
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Pigments / Flush Colours |
MT |
46500 |
4657 |
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Wire Enamels |
MT |
3450 |
3064 |
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Press Chemicals |
MT |
5000 |
1667 |
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By Products |
MT |
- |
134 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1500 [(in office + in factory + in branches) (Approximately)] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Holding Company : |
v
MHM Holding |
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Fellow Subsidiaries : |
v
Michael Huber München GmbH, v
Hostmann-Steinberg v
Stehlin + Hostag AG, v Hostmann-Steinberg Australia Pty. Limited, Australia v
Hostmann-Steinberg Limited, v
Huber Chile S.A., v
Huber v Huber Inks (Shenzhen) Limited, China v
Info-Lab Limited, v
v
PT Huber Inks v
Michael Huber Austria GmbH, Austria v
Hostmann-Steinberg Tintas Graficas Brasil
Limited, Brazil |
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Subsidiary : |
v
Hostmann-Steinberg Inc., USA v
Hostmann – Steinberg Austrlia Pty. Limited,
Austria (w.e.f. December 1, 2010) |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
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5,500,000 |
Preference Shares
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Rs.100/- each |
Rs.550.000 millions |
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Total |
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Rs.850.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24,871,941 |
Equity Shares |
Rs.10/- each |
Rs.248.720 Millions |
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NOTE:
(Of the above shares 6,831,000 shares are allotted
as fully paid-up Bonus Shares by way of capitalization of security premium).
[Of the above shares 17,534,718 are held by
\MHM Holding GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
248.720 |
248.720 |
248.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6572.710 |
5327.750 |
4376.850 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6821.430 |
5576.470 |
4625.570 |
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LOAN FUNDS |
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1] Secured Loans |
2037.610 |
1194.890 |
2638.060 |
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2] Unsecured Loans |
357.680 |
400.000 |
789.840 |
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TOTAL BORROWING |
2395.290 |
1594.890 |
3427.900 |
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DEFERRED TAX LIABILITIES |
348.860 |
364.580 |
373.400 |
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TOTAL |
9565.580 |
7535.940 |
8426.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3215.800 |
3103.170 |
3382.940 |
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Capital work-in-progress |
78.660 |
244.190 |
158.860 |
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INVESTMENT |
1812.100 |
971.190 |
493.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2958.650
|
1983.480
|
2106.670 |
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Sundry Debtors |
3659.160
|
3317.630
|
3761.050 |
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Cash & Bank Balances |
366.660
|
104.680
|
71.190 |
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Other Current Assets |
0.000
|
0.000
|
0.020 |
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Loans & Advances |
554.330
|
510.280
|
587.380 |
|
Total
Current Assets |
7538.800
|
5916.070
|
6526.310 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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Sundry Creditors |
2335.450
|
2129.110
|
1587.290 |
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Other Current Liabilities |
490.070
|
372.910
|
332.210 |
|
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Provisions |
254.260
|
196.660
|
215.240 |
|
Total
Current Liabilities |
3079.780
|
2698.680
|
2134.740 |
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Net Current Assets |
4459.020
|
3217.390
|
4391.570 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9565.580 |
7535.940 |
8426.870 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Income (Sales and Other Operating Income) |
17296.950 |
13764.810 |
13382.780 |
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Other Income |
44.290 |
40.030 |
45.230 |
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TOTAL (A) |
17341.240 |
13804.840 |
13428.010 |
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Less |
EXPENSES |
|
|
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|
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Material Consumed |
12135.500 |
9076.680 |
8674.880 |
|
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Manufacturing & other Expenses |
3032.300 |
2675.000 |
2423.980 |
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|
(increase)/Decrease in Semi-Finished Goods and Finished Goods Stock |
(269.930) |
(92.660) |
137.230 |
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TOTAL (B) |
14897.870 |
11659.020 |
11236.090 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2443.370 |
2145.820 |
2191.920 |
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|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
67.680 |
160.670 |
761.680 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2375.690 |
1985.150 |
1430.240 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
373.010 |
485.670 |
319.540 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
2002.680 |
1499.480 |
1110.700 |
|
|
|
|
|
|
|
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Less |
TAX (I) |
584.280 |
373.990 |
207.850 |
|
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|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
1418.400 |
1125.490 |
902.850 |
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2015.170 |
1564.270 |
1086.010 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
149.230 |
149.230 |
149.230 |
|
|
|
Provision for Dividend Distribution Tax on
Proposed Dividend |
24.210 |
25.360 |
25.360 |
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2760.130 |
2015.170 |
1564.270 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9014.510 |
6761.660 |
7044.840 |
|
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TOTAL EARNINGS |
9014.510 |
6761.660 |
7044.840 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5985.400 |
3948.020 |
3999.740 |
|
|
|
Stores & Spares |
8.650 |
11.390 |
38.240 |
|
|
|
Capital Goods |
39.690 |
5.780 |
0.000 |
|
|
|
Goods Traded |
5.270 |
6.280 |
8.620 |
|
|
TOTAL IMPORTS |
6039.010 |
3971.470 |
4046.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
57.03 |
45.25 |
36.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.17 |
8.15
|
6.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.57 |
10.89
|
8.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.62 |
16.62
|
11.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.26
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80 |
0.76
|
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44 |
2.19
|
3.05 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
|
|
|
Total outstanding dues of micro enterprises and small enterprises; and |
13.270 |
15.520 |
8.350 |
|
Total outstanding dues of creditors other than micro enterprises and
small enterprises |
2322.180 |
2113.590 |
1578.940 |
|
|
|
|
|
|
Total |
2335.450 |
2129.110 |
1587.290 |
HISTORY
Incorporated in 1991 Micro Inks Limited (Formerly known as
Hindustan Inks and Resins (HIRL)), is one of the largest ink companies in the
country. The company has made a presence in the market for liquid inks, resins,
adhesives and enamels. The company started its operations in the early 90s and
emerged as a market leader in
The company has a wide product portfolio and is the market leader in
The company has its manufacturing facilities at Silvassa, Vapi and
In Oct. 2001, the company has commercially commissioned its 100% Export
Oriented Unit at Vapi having 30000 MT p.a. of flushed pigments and 100000 MT
p.a. of Inks manufacturing facilities. It has also commissioned Resins Plant at
Vapi-II unit having capacity of 25000 MT p.a. In September 2004 the company has
commissioned PLC controlled Liquid ink plant and Sheetfed ink plant at
Silvassa. Alkali Blue plant is one of the only three such plant in the
world.
All the plants of the company's are ISO 9001 certified for quality and four
plants are ISO 14001 certified for environment safety.
The subsidiaries of the company are Micro Inks Gmbh, Austria, Micro Inks
Corporation, USA, Micro Inks (Singapore) Pte Limited, Singapore, Micro Inks
International Trading (Shanghai) Co Limited, China, Micro Inks (Hong Kong)
Limited, Hong Kong and Hindustan Inks (Australia) Pty Limited, Australia.
It has the world's first ink ATM which gives printers access to small
quantities of ink.
The company has changed its name from Hindustan Inks and Resins to Micro Inks
Limited with effect from 3rd March 2004.
During 2005-2006, MHM Holding GmbH acquired 50.5% of the paid-up equity capital
of the company from the promoters of the company on February 3, 2006. Further
in accordance with applicable provisions of SEBI Regulations 1997, MHM Holding
GmbH acquired another 20% of the paid-up equity capital of the company. So at
present the aggregate holding of MHM Holding GmbH in the company stood at
70.5%. which has become the holding company of Micro Inks Limited
The companies production capacity of Printing Inks, Resins and varnish,
Adhesives, Wire Enamels, Fine Chemicals and Press Chemicals stood at 203000 MT,
52600 MT, 7800 MT, 3450 MT, 640 MT and 5000 MT respectively. The capacity of
Pigments/Flush Colours also expanded from 41500 MT to 46500 MT.
PERFORMANCE REVIEW:
Consolidated Net Sales grew by 21%, and stood at Rs.19.582 million led by 17% growth in domestic market, 10% (in dollar terms) growth in US market, 20% growth in Rest of the World market (excluding USA, hubergroup and India), 39% growth in revenue from hubergroup worldwide and additional business inclusion resulting from a acquisition of Hostmann-Steinberg New Zealand Limited and Hostmann-Steinberg Australia Pty. Limited, during the year.
PROFITABILITY:
During the year, the Company’s consolidated EBIDTA stood at Rs. 2,576
million compared to Rs. 2,110 million for the previous year. The EBIDTA was
higher due to higher volumes backed by improvements in manufacturing process
and better price realizations. The Net Profits at consolidated level was Rs.
1,331 million compared to Net Profit of ` 968 million for the previous year.
FINANCE:
During the year, the consolidated interest was lower by Rs.108 Million
and stood at Rs. 77 million compared to Rs. 185 million for the previous year,
mainly due to exchange gain of Rs. 50 million on revaluation of foreign
currency loans in current year. Overall consolidated debt increased by Rs. 855
Million and stood at Rs. 3,092 Million as on December 31, 2010. Sales to
capital employed stood at 1.9 times as compared to 2.0 times in previous year
and Sales to Net Working Capital stood at 3.3 times from 4.0 times.
OUTLOOK:
There are visible signs of revival in global economy and Indian economy
continues its growth momentum. However due to spurt in commodity prices and
political disturbances in Middle-East and North Africa pressure on margin will
continue due to increased input cost.
CONTINGENT
LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :
|
Particulars |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
Counter Guarantees given to banks |
103.120 |
84.790 |
|
Corporate Guarantees given to banks on behalf of a Subsidiary Company [USD 10 million (As at 31/12/2009, USD 12.80 million)] [Amount outstanding USD 5 million, ` 223.55 million (As at 31/12/2009, USD 10.30 million, ` 479.36 million)] |
447.100 |
595.840 |
|
Income Tax, Fringe Benefit Tax, Sales Tax, Central Excise and Service Tax demands: |
|
|
|
in respect of matters which are contested by the Company |
62.66 |
80.23 |
|
in respect of matters decided in Company's favour where the department is in further appeal |
342.600 |
347.750 |
|
Cases filed against the Company in respect of Labour Laws |
2.430 |
1.600 |
|
Bills Discounted |
595.120 |
220.440 |
Form 8
|
Corporate
identity number of the company |
L24220GJ1991PLC016598 |
||||||
|
Name of the
company |
MICRO INKS
LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Bilakhia House, Muktanand
Marg, Cbala, Vapi – 396191, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
No Instrument was
executed. Modification of charge by way of extension joint equitable mortgage
on the Immovable Properties of the Company, was created on March 23, 2010 in
favour of DBS Bank Limited. |
||||||
|
Date of
instrument Creating the charge |
23.03.2010 |
||||||
|
Amount secured by
the charge |
Rs. 463.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Remain Same Terms of
Repayment Remain Same Margin Remain Same Extent and
Operation of the charge Modification of charge
by way of extension joint equitable mortgage on the Immovable Properties of
the Company, was created on March 23, 2010 in favour of DBS Bank Limited. Others Nil |
||||||
|
Particulars of
the present modification |
No Instrument was
executed. Modification of charge by way of extension of joint equitable
mortgage on the Immovable Properties of the Company was created on March 23,
2010 in favour of DBS Bank Limited. |
FIXED ASSETS
- Free
- Buildings
- Plant and Machineries
- Laboratory Equipments
- Wind Mills
- Computers
- Furniture and Fittings
- Vehicles
- Intangible Assets (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. 45.94 |
|
|
1 |
Rs. 75.76 |
|
Euro |
1 |
Rs. 66.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.