MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Formerly Known As : |
CHEMTROLS ENGINEERING LIMITED |
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Registered Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.07.1981 |
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Com. Reg. No.: |
11-24757 |
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CIN No.: [Company
Identification No.] |
U29299MH1981PLC024757 |
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IEC No. : |
0388002433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10185A |
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PAN No.: [Permanent
Account No.] |
AAACC2870R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Level Instruments, Analyzer and Valves for Chemical
Industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 1400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported fair. Business
is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 / Branches : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-22873573/ 22830636/ 28575089 |
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Fax No.: |
91-22-22873573/ 28574386 |
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E-Mail : |
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Website : |
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Area : |
435 Sq. ft. |
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Location : |
Owned |
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Factory : |
141/142, Kundaim Industrial Estate, Goa-403115, |
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Tel. No. : |
91-832-6613100/ 6613101/ 3102/ 2395238/ 2395086 |
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Fax No. : |
91-832-6613155/ 2395208 |
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E-Mail : |
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Area : |
86000 Sq. ft. |
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Location : |
Leased |
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Corporate Office
: |
Amar Hill, |
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Tel. No. : |
91-22-28575089/ 28570557 |
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Fax No. : |
91-22-28571913 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Branch Offices : |
Located at: ·
Mumbai ·
Secunderabad ·
·
·
Chennai ·
Vadodara ·
Kolkata ·
UAE ·
·
Guwahati ·
Sharjah |
DIRECTORS
As On 23.09.2010
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Director |
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Address : |
104, A Lila Apartments, |
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Date of Birth/Age : |
04.06.1953 |
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Qualification : |
B.E. (Elect.) |
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Date of Appointment : |
01.10.2008 |
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DIN No. : |
00050139 |
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Name : |
Mr. Nandkumar Kalath |
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Designation : |
Director |
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Address : |
202, Mangal Darshan, |
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Date of Birth/Age : |
02.11.1948 |
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Qualification : |
B.Sc., Chem. Engg |
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Date of Appointment : |
08.07.1981 |
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DIN No. : |
00041727 |
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Name : |
Mr. Sambhaji Amrut Rao Nikam |
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Designation : |
Director |
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Address : |
A-201, |
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Date of Birth/Age : |
15.03.1940 |
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Qualification : |
DME |
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Date of Appointment : |
08.07.1981 |
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DIN No. : |
00041810 |
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Name : |
Mrs. Usha Nandakumar |
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Designation : |
Director |
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Address : |
202, Mangal Darshan, |
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Date of Birth/Age : |
01.02.1955 |
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Qualification : |
PG. in Philosaphy |
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Date of Appointment : |
09.01.2004 |
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DIN No. : |
00041863 |
KEY EXECUTIVES
|
Name : |
Mr. R. Radhakrishanan |
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Designation : |
Sr. Vice President (Finance and Administration) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
4583348 |
|
S. A. Nikam |
|
1137718 |
|
Usha Nandakumar |
|
1927780 |
|
K Rajagopal |
|
466180 |
|
Chemtorls Holding Private Limited – |
|
35147299 |
|
K. Venugopal |
|
24711 |
|
K. Ramanathan |
|
29447 |
|
Chandrika Venugopal |
|
24711 |
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Shailaja Viswanthan |
|
29301 |
|
Nalini Rajagopal |
|
38772 |
|
K Viswanathan |
|
29301 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
35335 |
|
K Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
241472 |
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Sreelatha Nair |
|
22651 |
|
Karthika Nandakumar |
|
57491 |
|
Kumari Unnikrishnan |
|
34247 |
|
Total |
|
43855196 |
As On 10.01.2011
|
List of Allottees |
|
No. of Shares |
|
K. Nandakumar |
|
454764 |
|
S. A. Nikam |
|
106135 |
|
Usha Nandakumar |
|
179884 |
|
K Rajagopal |
|
43484 |
|
Chemtrols Holdings Private Limited – |
|
3278190 |
|
R. Radhakrishnan |
|
22530 |
|
Karthika Nandakumar |
|
5372 |
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Total |
|
4090359 |
As On 23.09.2010
|
Category |
Percentage |
|
Bodies corporate |
80.14 |
|
Directors or relatives of Directors |
17.57 |
|
Other top fifty shareholders |
2.29 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Level Instruments, Analyzer and Valves for Chemical
Industry. |
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Products : |
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Agencies Held : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days, 60 days) |
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Purchasing : |
L/C, Cash and Credit (30 days, 60 days) |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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Analyzer / shelter |
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Nos |
711 |
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Controller |
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Nos |
801 |
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De-superheater |
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Nos |
311 |
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Flowmeter |
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Nos |
144 |
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Level switches / gauges |
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Nos |
320 |
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Monitoring system |
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Nos |
67 |
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Pressure switch |
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Nos |
874 |
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Sampling handling system |
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Nos |
280 |
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Level transmeter |
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Nos |
1285 |
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Valves |
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Nos |
25 |
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Scada system including RTU’s and accessories |
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Metering skid |
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Nos |
216 |
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Regulator |
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Nos |
30086 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
401 (approximately) (In
Office-210, In Factory-107, In Branch-84) |
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Bankers : |
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Facilities : |
Working capital facilities
from banks are secured by way of hypothecation of stocks of raw materials,
finished and semi-finished goods, stores and spares, packing material, book
debts(not exceeding 90 days) and other current assets (both present and
future) as well as by way of first charge on the entire block of fixed assets
of the Company, both present and future, along with personal guarantee of all
the Promoter Directors and of the Holding Company and pledge of shareholding
of Promoters and their relatives in the Company Term loan is
secured by first charge by way of equitable mortgage on entire block of
assets of the Company including hypothecation of Machinery and equipment,
both present and future Term loan
includes Rs.0.035 million as short term loan from HDFC Bank out of the Cash
credit limit sanctioned by them. Vehicle loans
are secured by exclusive first charge by way of hypothecation of the
specified assets acquired out of such
loans
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Raghunath and Company Chartered Accountants |
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Address : |
3/8, Surya Niwas, |
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Tel. No. : |
91-22-24020404 |
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E-Mail : |
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Pan No.: |
AAPFS9245B |
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Holding Company: |
CIN No.: U65590MH1992PTC066098 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000000 |
Equity Shares |
Rs.5/- each |
Rs.250.000 Millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
43855196 |
Equity Shares |
Rs.5/- each |
Rs.219.276 Millions |
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NOTE:
Of the above:
35147299 (2009 – 32762299) Equity Shares of
Rs.5/- each fully paid-up, are held by the Holding Company, Chemtrols Holding
Private Limited
25130585 (2009 – 25130585) Equity Shares of Rs.5/-
each fully paid up were allotted as fully paid up bonus shares by way
capitalization of accumulated Profits
After 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000000 |
Equity Shares |
Rs.5/- each |
Rs.250.000 Millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
47945555 |
Equity Shares |
Rs.5/- each |
Rs.239.728 Millions |
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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 |
|
|
|
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|
1] Share Capital |
219.276 |
204.408 |
143.793 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
153.866 |
110.589 |
112.376 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
373.142 |
314.997 |
256.169 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
535.873 |
469.446 |
315.846 |
|
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2] Unsecured Loans |
13.150 |
8.380 |
5.516 |
|
|
TOTAL BORROWING |
549.023 |
477.826 |
321.362 |
|
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DEFERRED TAX LIABILITIES |
1.159 |
1.150 |
1.433 |
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TOTAL |
923.324 |
793.973 |
578.964 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.144 |
174.599 |
153.808 |
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Capital work-in-progress |
11.540 |
7.752 |
11.750 |
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INVESTMENT |
2.839 |
1.839 |
0.339 |
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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 |
350.356
|
320.906
|
238.653
|
|
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Sundry Debtors |
781.633
|
691.209
|
560.968
|
|
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Cash & Bank Balances |
148.610
|
108.938
|
88.340
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
166.355
|
161.598
|
127.485
|
|
Total
Current Assets |
1446.954 |
1282.651 |
1015.446
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
391.744
|
403.690
|
391.897
|
|
|
Other Current Liabilities |
193.632
|
161.552
|
118.534
|
|
|
Provisions |
134.777
|
107.626
|
91.948
|
|
Total
Current Liabilities |
720.153 |
672.868 |
602.379
|
|
|
Net Current Assets |
726.801 |
609.783 |
413.067
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
923.324 |
793.973 |
578.964 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2436.444 |
1950.552 |
1528.279 |
|
|
|
Other Operating Income |
77.745 |
37.768 |
17.465 |
|
|
|
Other Income |
1.282 |
1.073 |
1.455 |
|
|
|
TOTAL (A) |
2515.471 |
1989.393 |
1547.199 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales and services |
1793.900 |
1328.997 |
975.771 |
|
|
|
Personnel cost |
250.952 |
207.146 |
136.233 |
|
|
|
Selling and other expenses |
261.763 |
274.531 |
303.008 |
|
|
|
Exceptional income |
0.000 |
(2.500) |
0.000 |
|
|
|
TOTAL (B) |
2306.615 |
1808.174 |
1415.012 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
208.856 |
181.219 |
132.187 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
83.252 |
71.372 |
37.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
125.604 |
109.847 |
94.814 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.303 |
18.113 |
12.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
105.301 |
91.734 |
82.467 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
35.709 |
35.877 |
31.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
69.592 |
55.857 |
50.785 |
|
|
|
|
|
|
|
|
|
Less |
Income tax of
earlier years |
1.317 |
3.877 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Prior period
items |
0.000 |
0.067 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.520 |
38.578 |
82.436 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend |
0.000 |
14.789 |
0.000 |
|
|
|
Tax on interim dividend |
0.000 |
2.513 |
0.000 |
|
|
|
Proposed dividend |
20.453 |
14.884 |
26.257 |
|
|
|
Tax on proposed dividend |
3.397 |
2.530 |
4.462 |
|
|
|
Utilised for issue of bonus shares |
0.000 |
17.255 |
53.922 |
|
|
|
Transfer to general reserve |
10.000 |
10.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
62.945 |
28.520 |
38.578 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
206.519 |
70.516 |
|
|
|
|
Services charges and others |
39.529 |
51.383 |
|
|
|
TOTAL EARNINGS |
246.048 |
121.899 |
44.904 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1133.046 |
754.962 |
NA |
|
|
|
Stores & Spares |
1.019 |
0.923 |
NA |
|
|
TOTAL IMPORTS |
1134.065 |
755.885 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.44 |
1.29 |
2.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.77
|
2.80
|
3.28
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.32
|
4.70
|
5.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.46
|
6.30
|
6.94
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.29
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.40
|
3.65
|
3.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.91
|
1.68
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The performance of the Company during the year was satisfactory and the base
business grew strongly in line with the guidance issued in the last Annual
report. The turnover of the Company is increased by 25.21% and stood at Rs.
2678.500 Millions as compared to Rs.
2139.200 Millions in the previous year. The profit after tax is increased by
24.51%, from Rs.55.900 millions to Rs.69.600 millions.
The company has successfully commissioned the projects for Terminal
automation systems under implementation in the earlier years resulting in repeat
orders from its customers. With the experience gained in the past, the company
is confident of executing future projects with improved margins. The company
has also successfully commissioned Flow metering / Custody transfer systems for
major Gas companies orders which were secured against competition from MNCs. As
part of the company's diversification plans, the company plans to enter the
Solar power business to set up a module manufacturing plant as also to
undertake projects for supply of Solar power to the grid.
This venture along with the existing presence in the hiogas to power
segment will strengthen its position in the renewable energy sector. The
company is committed towards sustainable performance, environment protection
and green growth.
This objective, evidenced by its successful range of Environment
Monitoring systems and foray into renewable energy sector is further
re-enforced with the development of 'Envirol', a highly cost-effective range of
biodegradable lubricating baseoils by the Research and Development Centre set
up by the company.
OUTLOOK:
The order book
position as on date is stood at Rs.1600.000 millions indicating a healthy
growth in the current year in the base business. Renewable energy is emerging
as a significant source of energy in a power-deficit country like ours having
abundant natural resources lying untapped. The company is taking small but sure
steps to be a key player in this sector in time to come.
The products
developed by the R and D centre provides an opportunity for the company to
enter into the field of manufacture of Specialty Chemicals. The initiative
taken by the company in setting up a Branch in Sharjah, UAE has started showing
results with the exports registering an increase of 193% from Rs. 70.500 millionss
to Rs.206.500 millions. The company is in the process of formalizing its
association with its Principals to cater to this market in future.
The company had
appointed senior executives to head its initiatives in bio-energy sector and
has also added over 100 employees to its technical pool in the last year in
anticipation of the economic recovery. It is now in a position to take
advantage of the opportunities in the market.
Form 8
|
Corporate
identity number of the company |
U29299MH1981PLC024757 |
|
Name of the
company |
CHEMTROLS INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai 400021, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Current and Fixed
Assets |
|
Particular of
charge holder |
Central Bank of IFB Branch,
Chander Mukhi, Ground Floor, Nariman Point, Mumbai 400021, E-mail: info@ca-adlalwani.com |
|
Nature of
description of the instrument creating or modifying the charge |
Composite hypothecation deed |
|
Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs. 1983.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Stipualted By Bank From Time To Time Terms of
Repayment - As Stipualted By Bank From Time To Time Margin - As
Stipualted By Bank From Time To Time Extent and
Operation of the charge - First Paripassu Charge(Present And Future)=Total
Limit Rs.198.34 Crs(Fund Based Rs.678.400 millionss And Non Fund Based
=Rs.1305.000 millions) And/Or As
Stipulated By Bank From Time To Time Others - As
Stipualted By Bank From Time To Time And As Per Sanction Letter Of The Bank |
|
Short particulars
of the property charged |
First Paripassu
Charge (Present and Future On Following Assets -From 1 To 4 Point)(1)
Hypothecation Of All Documents Of Title To Goods Uncer Confirmed
L.C.Including Hypothecation Of Goods Under L.C. (2) Hypothecation
Of Of All Stock/Goods/Inventories/Products Including All Rm,Sip,Fg,Consumable
Stores,Spares,Packing Materials Kept At Borrower
Place/Premises/Factories/Godown Or
Whereeverelse Or Transit (3) Hypothecation
Of Book Debts And Receivables (4)Hypothecation
Of All Current And Movable Assets Of The Company First
Charge(Present And Future) For Term Loan-Hypothecation Of Entire Block Of
Assets Including Hypothecation Machinery And Equipments |
|
Particulars of
the present modification |
By This
Modification Limit Enhanced To Rs.1983.400 Millions (Fund Based Rs.678.400
Millions And Non Fund Based =Rs.1305.000 Millions),Securities Are Continued
As Given By Original Charge As Well As By Modifications ,Additional Security
For Plant And Machinery Purchased Out Of Term Loan Has Been Taken,Terms And
Conditions As Per Agreement Attached And As Per Sanction Letter Of The Bank |
Fixed Assets:
- Residential flats
- Office
Premises
- Computers
- Furniture and
Fittings
- Electrical
Installation
- Office
Equipments
- Motor Vehicle
- Patterns and
Dies
- Technical
know – how
WEBSITE DETAILS
PROFILE:
Founded in 1975, Chemtrols traces its origins to the Control of Processes in the Chemical Process Industries. The foresight and vision of its founder coupled with the commitment of all those who believed in the potential and future of the company, has propelled Chemtrols to a leadership position in the Industry today.
Subject is a leading solutions provider in Process Analytics, Environment and Emission Monitoring, Flow and Terminal Automation, Process Instrumentation, Steam Engineering, and Utility Management Systems. As a specialized service provider they cater to various industries like Cement, Steel, Oil and Gas, Power, Fertilizer, Chemicals and Petrochemicals etc.
With offices in all the major cities in
A technology driven company, Chemtrols is managed by qualified professionals backed by strong Project Management skills. There teams specialize in execution of small to large turnkey projects from design and engineering to procurement, manufacturing, testing, installation, commissioning, and servicing. There technical and marketing collaborations with some of the leading names worldwide have helped them maintain the avant-garde position that Chemtrols enjoys in the Process Industry.
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.