MIRA
INFORM REPORT
|
Report Date : |
13.01.2011 |
Note:
Registered office of the company has been shifted from
Nirlon House Dr. Annie Besant Road Worli, Mumbai- 400 025,
IDENTIFICATION DETAILS
|
Name : |
INDOFIL INDUSTRIES LIMITED |
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Formerly Known
As : |
INDOFIL ORGANIC INDUSTRIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.02.1993 |
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Com. Reg. No.: |
11-70713 |
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CIN No.: [Company Identification
No.] |
U24110MH1993PLC070713 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUM107395D |
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PAN No.: [Permanent Account No.] |
AABC14568D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7333000 |
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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 as fair. Business is active. Payments are reported to
be 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
INFORMATION DENIED BY
Management is Non Co-operative
LOCATIONS
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Registered Office : |
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E-Mail : |
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Website : |
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International Office : |
C/o Geda BP SRL, Via Rosellini N.-12-20124 |
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Tel. No.: |
39-02-66823785 |
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Fax No.: |
39-02-66801328 |
DIRECTORS
As on 29.08.2008
|
Name : |
Mr. K. K. Modi |
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Designation : |
Chairman cum Managing Director |
|
Address : |
A- 1, Maharani Bagh, Nee Delhi-110 065, |
|
Date of Birth/Age : |
27.08.1940 |
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Date of Appointment : |
09.02.1993 |
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Name : |
Mr. Lalit Kumar Modi |
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Designation : |
Director |
|
Address : |
A- 1, Maharani Bagh, Nee Delhi-110 065, |
|
Date of Birth/Age : |
29.11.1963 |
|
Date of Appointment : |
09.02.1993 |
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|
Name : |
Mr. Samir Kumar Modi |
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Designation : |
Director |
|
Address : |
A- 1, Maharani Bagh, Nee Delhi-110 065, |
|
Date of Birth/Age : |
15.12.1969 |
|
Date of Appointment : |
09.02.1993 |
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Name : |
J. Ramachandran |
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Designation : |
Director |
|
Address : |
417, Faculty Quarters, Indian Institute of Management, Bannerghatta,
Bangalore-560 76, |
|
Date of Birth/Age : |
01.06.1957 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Mahendra Naranji Thakkar |
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Designation : |
Director |
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Address : |
133/134, Chandramani, 7th Floor, |
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Date of Birth/Age : |
17.10.1941 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. S. K. Alagh |
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Designation : |
Director |
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Name : |
Mr. Sanjay Buch |
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Designation : |
Director |
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Address : |
7/31, Bandra Sona CHS Complex, Krishnachandra Marg, Bandra (West),
Mumbai-400 050, Maharashtra, |
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Date of Birth/Age : |
26.09.1968 |
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Date of Appointment : |
11.08.2009 |
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Name : |
Mr. Mukesh Khanna |
|
Designation : |
Director |
|
Address : |
Beachwood House, Ground Floor, Jussawala Wadi, Juhu, Mumbai0400 049,. |
|
Date of Birth/Age : |
12.05.1962 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Ramchandran Prasad Tata |
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Designation : |
Director |
|
Address : |
18, Ocean View Layout, Aqua Sport complex, Vizag, |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Sunil Kumar Alagh |
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Designation : |
Director |
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Address : |
12 C, IL Palazzo, Little |
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Date of Birth/Age : |
06.11.1946 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Anoj Kumar Menon |
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Designation : |
Director |
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Address : |
8, Gukulam, Plot No.219, |
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Date of Birth/Age : |
03.02.1973 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Balvinder Kumar |
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Designation : |
Director |
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Address : |
Flat No.25, UPSIDC Officers Colony, Nawabganj, Kanpur-208 002, |
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Date of Birth/Age : |
14.02.1957 |
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Date of Appointment : |
17.08.2007 |
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Name : |
Mr. Atul Kumar Gupta |
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Designation : |
Director |
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Address : |
House No.5, Type 6, Gautam Palli Colony, |
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Date of Birth/Age : |
01.04.1951 |
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Date of Appointment : |
17.08.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Parkash M. Bhoir |
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Designation : |
Regional Sales Manager |
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Address : |
C-2/105, Bramha Estate, |
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Name : |
Mr. Vikram Nair |
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Designation : |
Regional Sales Manager |
|
Address : |
Nirlaon House, Dr. Annie Besant Road, P. O. Box No.9112, Mumbai-400
030, Maharashtra, India |
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Name : |
Mr. R. K. Malhotra |
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Designation : |
Chief Executive and president |
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Name : |
Mr. I. K. Gupta |
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Designation : |
Chief Executive – Corporate and Company Secretary |
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Name : |
Mr. S. H. patel |
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Designation : |
Senior Vice President (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.08.2008
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Good investment India Limited, |
|
320000 |
|
Quick Investment India Limited , |
|
188000 |
|
Total |
|
508000 |
As on 29.08.2008
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government companies |
|
16.54 |
|
Public financial companies |
|
2.51 |
|
Nationalised or other banks |
|
0.01 |
|
Mutual funds |
|
0.09 |
|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
15.55 |
|
Bodies corporate |
|
53.03 |
|
Directors or relatives of directors |
|
1.20 |
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Other top fifty shareholders |
|
4.00 |
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Others
|
|
7.07 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Chemicals. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Technicals |
MT/KL |
40750*** |
24673** |
|
Formulations |
MT/KL |
14540 |
5753. |
|
S and P Chemicals |
MT/KL |
13200 |
6158 |
|
Other Chemical Purchased |
MT/KL |
-- |
-- |
Note:
- ** Production of saleable products includes captive consumption.
- **** This capacity includes Dahej production capacity which commenced
its commercial production in October 2010.
GENERAL INFORMATION
|
No. of Employees : |
300 (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 : |
M. M. Bilimoria and Company Chartered Accountants |
|
Address : |
101 Sharda Chambers, Sir Vithaldas Thackersey Marg, Mumbai-400 030, |
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Subsidiaries : |
·
Good investment India Limited, ·
Quick Investment India Limited , |
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Promoter Group Companies: |
·
Godfrey Philips India Limited ·
HMA Udyog Private Limited ·
Modi Care limited ·
Modi Entertainment Limited ·
Beacon Travels Limited ·
K. K. Modi investment and Financial Services
private Limited ·
Bina Fashions N Food Private Limited ·
Premium Merchants limited |
|
|
|
|
Associates : |
Hifil Chemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs.440.000 Millions |
|
600000 |
Preference Shares |
Rs.100/- each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11807086 |
Equity Shares |
Rs.10/- each |
Rs.118.071
Millions |
|
8855314 |
Equity shares of Rs.10/- each paid up Rs.4/- each |
|
Rs.35.421
Millions |
|
|
Total |
|
Rs.153.492 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
153.492 |
153.492 |
168.871 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1679.743 |
1046.678 |
571.492 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1833.235 |
1200.170 |
740.363 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2415.798 |
1789.792 |
956.551 |
|
|
2] Unsecured Loans |
7.000 |
7.000 |
7.000 |
|
|
TOTAL BORROWING |
2422.798 |
1796.792 |
963.551 |
|
|
DEFERRED TAX LIABILITIES |
97.890 |
68.146 |
25.717 |
|
|
|
|
|
|
|
|
TOTAL |
4353.923 |
3065.108 |
1729.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1751.719 |
319.988 |
277.082 |
|
|
Capital work-in-progress |
353.414 |
579.161 |
116.154 |
|
|
|
|
|
|
|
|
INVESTMENT |
219.802 |
219.752 |
63.428 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1297.037
|
821.303 |
726.123 |
|
|
Sundry Debtors |
1846.796
|
1905.386 |
1206.979 |
|
|
Cash & Bank Balances |
18.679
|
36.522 |
124.292 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
310.010
|
308.662 |
303.818 |
|
Total
Current Assets |
3472.522
|
3071.873 |
2361.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
889.973
|
|
978.339 |
|
|
Other Current Liabilities |
445.048
|
321.957 |
|
|
|
Provisions |
108.513
|
143.618 |
109.906 |
|
Total
Current Liabilities |
1443.534
|
1125.666 |
1088.245 |
|
|
Net Current Assets |
2028.988
|
1946.207 |
1272.967 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4353.923 |
3065.108 |
1729.631 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7403.272 |
5973.112 |
4159.191 |
|
|
|
Other Income |
109.380 |
112.412 |
58.330 |
|
|
|
TOTAL (A) |
7512.652 |
6085.524 |
4217.521 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
3518.750 |
3433.182 |
2432.991 |
|
|
|
Personnel Expenses |
508.785 |
399.969 |
304.374 |
|
|
|
Operational and other Expenses |
2136.857 |
1484.715 |
1143.629 |
|
|
|
TOTAL (B) |
6164.392 |
5317.866 |
3880.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1348.260 |
767.658 |
336.527 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
229.510 |
195.914 |
110.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1118.750 |
571.744 |
226.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.500 |
48.156 |
35.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1003.250 |
523.588 |
190.577 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
316.312 |
196.132 |
56.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
686.938 |
327.456 |
133.598 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
400.333 |
185.803 |
82.945 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Shares |
46.047 |
25.109 |
14.855 |
|
|
|
Dividend Tax |
7.826 |
4.267 |
2.525 |
|
|
|
General Reserve |
68.694 |
32.750 |
13.360 |
|
|
|
Capital redemption Reserve |
0.000 |
50.800 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
122.567 |
112.926 |
30.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1239.832 |
1538.864 |
NA |
|
|
|
Stores & Spares |
1.095 |
0.888 |
NA |
|
|
|
Capital Goods |
85.671 |
0.839 |
NA |
|
|
TOTAL IMPORTS |
1326.598 |
1540.591 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
44.75 |
26.06 |
11.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.14
|
5.38 |
3.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.55
|
8.77 |
4.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.20
|
15.44 |
7.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.44 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
2.44 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.73 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS :
(Rs. in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
889.973 |
660.091 |
NA |
|
Total |
889.973 |
660.091 |
NA |
PERFORMANCE
REVIEW
Having successfully weathered the storm of recession and
global slowdown, the Company has been able to record an ail time high sales and
exports. The strategic initiatives adopted by the Company have yielded results
in all its functional areas. The Company has also launched new fungicide
products Avtar and Merger in various States which have achieved success.
TOTAL
INCOME
In the year 2009-10, the gross revenue from Agro Chemical division
increased by 20% over the previous year
generating revenue of Rs. 7075.700 Millions as against Rs. 5876.100 Millions in
2008-09. The Specialty Chemical division witnessed a growth of 23% in revenue,
reaching Rs. 841.300 Millions in 2009-10 from Rs. 684.500 Millions in 2008-09.
During this year, the Company's total revenue increased q to Rs. 7933.900
Millions against Rs. 6580.900 Millions In the previous year, thereby
registering a growth of 21% over the last fiscal.
PRODUCTION
The production of the Agrochemicals Division for the year
2009-10 has been 30,426 MT as against 21,001 MT in the previous year and the
sales have been 27,798 MT as against 20,982 MT in the previous year.
In case of Specialty Chemicals Division, the production has
been 11,086 MT against 8,437 MT in the previous year and the sales have been
11,406 MT against 9,533 MT in the previous year.
EXPORTS
The exports for the year 2009-10 has been Rs. 2891.100
Millions compared to Rs. 2270.300 Millions in the previous year with a substantial
growth in the Agrochemicals division-This has been a result of the shift in the
Company's export strategy to add big corporate to its clientele. The Company
has also initiated special steps to further enhance the exports of both its
Agrochemicals and Specialty & Performance Chemicals divisions.
EXPANSION
With the commissioning of the expansion project at Dahej
during the year, the commercial production for the same has also been
initiated. The Company has, in full swing, started the expansion of the
manufacturing capacity of the plant at Dahej. It is expected to commence
commercial production during the year ending March 31, 2011.
The Company has undertaken project viz. Project Lakshya and
Project Udan which have given impetus to growth. The Company has also
undertaken Project Dhruv for nurturing leaders In its business. In order to
ensure satisfaction and prosperity of its customers, the Company has been
constantly providing customised solutions with a more focused approach. To meet
the growing global demand for its products, a Joint Venture Company, namely,
HlFlL Chemicals Private Limited, has been formed in collaboration with Zhejiang
Hisun Chemicals Company Limited,
CHANGE
OF NAME
In order to enable the Company to avail larger business
opportunities, required steps to change the name of the Company from
"Indofii Organic Industries Limited" to "Indofii Limited",
have been initiated. This is subject to the availability of name, with the
Registrar of Companies, approval of shareholders of the Company and of the
Central Government.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U24110MH1993PLC070713 |
|
Name of the
company |
INDOFIL ORGANIC
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10085471 |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable Property
|
|
Particular of
charge holder |
Union Bank of India, Union Bank Bhavan, Nariman Point,
Mumbai - 400021, |
|
Nature of
description of the instrument creating or modifying the charge |
2nd supplementary
join deed of hypothecation dated 3/3/2010 entered into by the company with consortium of bankers lead with Union Bank of |
|
Date of
instrument Creating the charge |
03.03.2010 |
|
Amount secured by
the charge |
Rs.3250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Different rate of
interest would be charged by each Bank for different finance facilities as
stipulated by them in their respective sanction letters Terms of Repayment
On demand Margin 25% of Current
Assets Extent and
Operation of the charge The financial
facilities shall be secured by first Pari passu charge on current assets and
second pari passu charge on fixed assets of the Company, both present and future.
|
|
Short particulars
of the property charged |
First pari passu
charge on the current assets and second pari passu charge on fixed assets of
the Company. |
|
Date of latest
modification prior to the present modification |
24.09.2008 |
|
Particulars of
the present modification |
Increase in the
charge amount to Rs.3250 millions and deletion/addition of new member to the
consortium, Union Bank of |
WEBSITE DETAILS :-
ABOUT COMPANY
Subject - It belongs
to the renowned K. K. Modi Group of Companies.
The Management of Indofil
constitutes a Board Of Directors, with great experience and wisdom. Excellence
as a Foundation and Winning as a Passion, is what describes their Group
Chairman, Mr. K. K. Modi, who continuously steers his group companies to
reinvent and redefine themselves!
Subject, established more than
four decades ago, headquartered in Mumbai, a research-led and fully integrated
Chemical Company has emerged as a successful and vibrant enterprise, riding
high on a simple philosophy of retaining loyalty and enlarging the fold of
satisfied customers.
The vision of Indofil is equally
simple - to focus on specific opportunities, drive growth and enhance value for
esteemed customers. It has a highly skilled and successful sales team that
believes in learning and working with the customers as Partners - thus
developing the products and services around core issues, to meet their future
needs.
Employing 705 people, Subject has
a sales turnover of Rs. 7820.000 millions, as on 31st March, 2010.
Subject has a very strong domestic
base and a well recognized international presence. Both businesses viz
Agricultural Chemicals and Specialty and Performance Chemicals are poised for
much faster growth by partnering/joint ventures for manufacturing, marketing
and research and development activities with prospective companies across the
world.
Subject which is a very strong QMS
ISO-9001-2000 and ISO 14001 Company, is professionally managed by its Chief
Executive Officer and President, Mr. R. K. Malhotra, a Post Graduate in
Agriculture with 35 years "hands-on" experience and is an active and
advisory member of various related Technical and Trade Associations.
The Company believes in Complete
Team working, Team winning strategies and innovation in its products, services
and business processes with an unending urge to excel.
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.45.16 |
|
|
1 |
Rs.70.64 |
|
Euro |
1 |
Rs.58.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.