MIRA
INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAH PULP AND PAPER MILLS LIMITED |
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Registered
Office : |
Angeline Apartment B/202 2nd |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.11.1993 |
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Com. Reg. No.: |
11-074945 |
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Paid-up Capital
: |
Rs. 110.000 Millions |
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CIN No.: [Company Identification
No.] |
U21010MH1993PLC074945 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS18657C |
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Legal Form : |
A closely held public limited liability Company |
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Line of Business
: |
Exporter, Importer, Buyer and Seller of texturised crimped, nylon
filament yarn, polyester filament yarn and other synthetic yarns |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is satisfactory. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Hemant Modi |
|
Designation : |
Finance Director |
|
Date : |
02.07.2011 |
LOCATIONS
|
Registered Office : |
Angeline Apartment B/202 2nd |
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Tel. No.: |
91-22-26161932/26121878 |
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Fax No.: |
91-22-26173673 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Mahendra Hirji Shah |
|
Designation : |
Managing Director |
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Address : |
610/H – II Chanod, GIDC, Vapi Valsad – 396195, |
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Date of Birth/Age : |
16.05.1959 |
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Date of Appointment : |
05.11.1993 |
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DIN No.: |
00190008 |
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Name : |
Mr. Deepen Keshavji Gosrani |
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Designation : |
Director |
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Address : |
A/101, Nirmal Society, |
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Date of Birth/Age : |
08.01.1968 |
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Date of Appointment : |
16.01.1995 |
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Name : |
Mr. Amritlal Khimji Shah |
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Designation : |
Director |
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Address : |
207 Residential Area, GIDC, Vapi Valasad – 396195, |
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Date of Birth/Age : |
22.11.1944 |
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Date of Appointment : |
05.11.1993 |
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DIN No.: |
00140411 |
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Name : |
Ms. Shantilal Karamshi Shah |
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Designation : |
Director |
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Address : |
32, |
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Date of Birth/Age : |
05.05.1947 |
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Date of Appointment : |
23.12.1997 |
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Date of Ceasing : |
24.03.2006 |
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Name : |
Mr. Mahesh Khetsi Maru |
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Designation : |
Whole Time Director |
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Address : |
A/204, Suyog Mandir, Co-operative, Housing Soceity, |
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Date of Birth/Age : |
24.06.1966 |
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Date of Appointment : |
12.06.1999 |
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DIN No.: |
00145681 |
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Name : |
Mr. Girish S. Shetty |
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Designation : |
Director |
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Address : |
306, Rajlaxmi Co-op. Housing Society, Near Gunjan Cinema, GIDC, Vapi
Valsad – 396195, Gujarat, India |
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Date of Birth/Age : |
28.12.1973 |
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Date of Appointment : |
07.10.2002 |
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Name : |
Mr. Ashok Zaverchand Shah |
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Designation : |
Director |
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Address : |
S-2 Paras Apartment, Resi Area, G.I.D.C. Vapi, Valsad – 396195, |
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Date of Birth/Age : |
25.09.1963 |
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Date of Appointment : |
17.09.2004 |
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Name : |
Mr. Animesh Suresh Nag |
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Designation : |
Director |
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Address : |
A-201, Nirmal Co-op, Housing Society, Chhawada Road, Near Haria
Hospital GIDC, Vapi, Valasad – 396195, Gujarat, India |
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Date of Birth/Age : |
01.09.1944 |
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Date of Appointment : |
27.10.2004 |
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Date of Ceasing : |
31.05.2008 |
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Name : |
Mr. Hemant Gamanlal Modi |
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Designation : |
Director |
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Address : |
B/103, Amardham Apartment, Near Dreamland Theatre, Tithal Road,
Valasad – 396001, |
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Date of Birth/Age : |
15.09.1963 |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
00145130 |
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Name : |
Mr. Oza Manoj |
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Designation : |
Director |
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Address : |
102, Niraml Cooperative Housing Society, |
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Date of Appointment : |
26.04.2006 |
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Name : |
Ms. Ranchan Vijay |
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Designation : |
Director |
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Address : |
Plot 131, Sector 8-C, Gandhinagar – 382008, |
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Date of Birth/Age : |
01.10.1942 |
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Date of Appointment : |
26.04.2006 |
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Name : |
Mr. Shah Tejshi Hirji |
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Designation : |
Director |
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Address : |
610/H-11, Chanod, G.I.D.C., Vapi, Valsad – 396195, |
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Date of Birth/Age : |
23.08.1938 |
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Date of Appointment : |
26.04.2006 |
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Name : |
Mr. Singh Bhanupratap Prithviraj |
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Designation : |
Whole Time Director |
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Address : |
48, Bharauch, Pritam Scoiety, Bharuch 392001, |
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Date of Birth/Age : |
04.08.1956 |
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Date of Appointment : |
27.09.2008 |
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DIN No.: |
02254985 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Amritlal K Shah (HUF) |
|
334450 |
|
Amritlal Khimji Shah / Hansaben A. Shah |
|
233550 |
|
Ashok Zaverchand
Shah / Mita Ashok Shah |
|
676275 |
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Divyesh Amritlal
Shah / Amritlal Khimji Shah |
|
2000 |
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Hansaben
Amritlal Shah / Amritlal Khimji Shah |
|
345700 |
|
Hirji Tejshi Shah
/ Mahendra Hirji Shah |
|
292750 |
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Jjigna Ketan
Shah / Ketan Keshavji Shah |
|
50000 |
|
Keshavji Bharmal Shah / Pushpaben Keshavji Shah |
|
64000 |
|
Keshavji Bharmal Shah (HUF) |
|
10000 |
|
Ketan Keshavji Shah / Jigna Ketan Shah |
|
402400 |
|
Ketan Keshavji Shah (HUF) |
|
34000 |
|
Mahendra Hirji Shah / Nisha Mahendra Shah |
|
2754375 |
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Pravinaben Shantilal Shah / Shantilal Khimji Shah |
|
74000 |
|
Pravinchandra Hirji Shah Nayna
Pravinchandra Shah |
|
1000000 |
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Pushpaben Keshavji Shah / Keshavji Bharmal Shah |
|
9000 |
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Ramesh Keshavji Shah / Harsida Ramesh Shah |
|
342500 |
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Ramesh Keshavji Shah (HUF) |
|
25000 |
|
Rohit Plastopack Private Limited – |
|
1096000 |
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Shah Financial Services Limited – |
|
1022500 |
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Shahtilal Karamshi Shah / Kalpana Shantilal Shah |
|
1000000 |
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Shantilal Khimji Shah / Pravinaben Shantilal Shah |
|
180000 |
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Shobhagchand Khimji Shah / Vanitaben Shobhagchand Shah |
|
1500 |
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Pritesh Mahendra Shah / Mahendra Hirji Shah |
|
50000 |
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Total |
|
10000000 |
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Names of Shareholders (Preferences Shares) |
|
No. of Shares |
|
Amritlal Khimji
Shah / Hansaben A. Shah |
|
2600 |
|
Ashok Zaverchand
Shah / Mita Ashok Shah |
|
1950 |
|
Shah Paper Mills
Limited – |
|
25000 |
|
Bharti Hitesh
Shah / Hitesh Ratilal Shah |
|
1500 |
|
Chandramani
Ratilal Shah / Hitesh Ratilal Shah |
|
1500 |
|
Shah Financial
Services Private Limited – |
|
12000 |
|
Gautam B. Desai
/ Jagruti Gautam Desai |
|
-- |
|
Mahendra Hirji
Shah / Nisha Mahendra Shah |
|
8450 |
|
Pravinchandra
Hirji Shah / Nayna Pravinchandra Shah |
|
10000 |
|
Preeti
Shashikant Bakhai |
|
5000 |
|
Shantilal Karamshi
Shah / Kalpana Shantilal Shah |
|
10000 |
|
Utsav M.
Majithia |
|
13000 |
|
Vipul Mulchand
Shah / Priti Vipul Shah |
|
3000 |
|
Dungershi Gala
/ Arun Gala |
|
6000 |
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Total |
|
100000 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
10.00 |
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Bodies corporate |
21.00 |
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Directors or relatives of Directors |
50.00 |
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Other top fifty shareholders |
19.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter, Importer, Buyer and Seller of texturised crimped, nylon filament
yarn, polyester filament yarn and other synthetic yarns |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institute : |
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Auditors : |
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Name : |
R. R. Muni and Company Chartered Accountant |
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Address : |
2543, Gokul Building No. 55, Gandhinagar, Bandra (East), Mumbai –
400051, |
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Pan No.: |
AAAFR2711F |
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Associates : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
100000 |
12% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
100000 |
12% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
Total |
|
Rs. 110.000
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 |
110.000 |
110.000 |
110.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
199.774 |
188.432 |
173.745 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
309.774 |
298.432 |
283.745 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
195.342 |
193.676 |
169.288 |
|
|
2] Unsecured Loans |
41.350 |
36.775 |
12.650 |
|
|
TOTAL BORROWING |
236.692 |
230.451 |
181.938 |
|
|
DEFERRED TAX LIABILITIES |
53.049 |
52.746 |
54.345 |
|
|
|
|
|
|
|
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TOTAL |
599.515 |
581.629 |
520.028 |
|
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|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
311.722 |
290.558 |
285.292 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
27.389 |
27.616 |
15.537 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.514 |
0.514 |
0.514 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
193.643
|
234.412 |
267.757 |
|
|
Sundry Debtors |
163.707
|
174.358 |
111.522 |
|
|
Cash & Bank Balances |
36.271
|
27.821 |
26.639 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
132.615
|
103.189 |
69.460 |
|
Total
Current Assets |
526.236
|
539.780 |
475.378 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
207.015 |
226.612 |
92.715 |
|
|
Other Current Liabilities |
17.660
|
14.479 |
138.838 |
|
|
Provisions |
45.417
|
39.559 |
29.119 |
|
Total
Current Liabilities |
270.092
|
280.650 |
260.672 |
|
|
Net Current Assets |
256.144
|
259.130 |
214.706 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.746 |
3.811 |
3.979 |
|
|
|
|
|
|
|
|
TOTAL |
599.515 |
581.629 |
520.028 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Sales |
824.074 |
922.096 |
766.106 |
|
|
|
Other Income |
8.233 |
3.481 |
4.192 |
|
|
|
TOTAL (A) |
832.307 |
925.577 |
770.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods for Re |
86.571 |
53.529 |
1.254 |
|
|
|
Consumption of Raw Materials |
424.044 |
584.175 |
490.982 |
|
|
|
Manufacturing Expenses |
180.068 |
151.560 |
150.451 |
|
|
|
Administrative Expenses |
13.545 |
14.234 |
14.026 |
|
|
|
Selling and Distribution Expenses |
39.054 |
45.799 |
39.267 |
|
|
|
Increase/Decrease in Stock |
9.731 |
(6.757) |
1.437 |
|
|
|
TOTAL (B) |
753.013 |
842.540 |
697.417 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
79.294 |
83.037 |
72.881 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.434 |
38.563 |
28.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.860 |
44.474 |
44.543 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.811 |
20.947 |
18.983 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.049 |
23.527 |
25.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.805 |
8.841 |
10.753 |
|
|
|
|
|
|
|
|
|
Add |
AMOUNT TRANSFERRED
FROM ASSETS REVALUATION RESERVES ON ACCOUNT OF DEPRECIATION (G-H) (I) |
2.441 |
2.441 |
2.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(I-J) (K) |
13.685 |
17.127 |
17.255 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.37 |
1.55 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.64
|
1.85 |
2.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.19
|
2.55 |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
2.83 |
3.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.71 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.92 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Raw materials |
165.488 |
190.644 |
64.853 |
|
For capital goods |
5.757 |
5.582 |
4.749 |
|
For expenses |
23.059 |
25.353 |
17.531 |
|
For packing materials |
3.226 |
0.358 |
1.771 |
|
For stores and spares |
7.591 |
3.739 |
3.077 |
|
For – SSI Registered |
1.894 |
0.936 |
0.734 |
|
Total |
207.015 |
226.612 |
92.715 |
PROGRESS REVIEW
The operations of the
Company have been maximized producing increased volume of Newsprint. The
Company produced 35,379.949 M.T. of Newsprint as compared to 32,748.766 M.T.
produced during the earlier year. With a view to minimize investments in raw
materials and receivables, for the first time the Company produced Newsprint on
job work basis during the year. The margin realization in the job work was
larger in comparison to the net realization from owned manufactured Newsprint.
The decision has enabled maximization of plant utilization and control on
overheads. The Company continued to realize growth of net worth with another
year of generation of profit. The growth of the Company is consistent and on
positive trend. Generation of owned funds would assist the Company build up a
rapid growth.
For procuring a
leap in the growth on sustainable basis, the Company deserves to expand its
production capacity and also to produce higher grade printing paper. The demand
for higher grade newsprint paper is consistently rising while regular Newsprint
otherwise produced by the Company is susceptible to competition of direct
import.
The petition filed
U/s. 397 and 398 of the Companies Act by few shareholders before Company Law
Board was substantially heard on 16th and 17.08.2010. Majority of the claims
including, the allegation of mismanagement and oppression have already been
withdrawn / not pressed for relief by the Petitioners now. It is expected that
the conclusion would soon be reached by the Honble. Company Law Board.
The Directors do
not contemplate to declare dividend for at least three more years and
accumulate the profits if earned, on consistent basis. The Directors request
the shareholders to support the proposal and strengthen the financial status of
the Company
Contingent
liabilities are disclosed when the Company has a possible or a present
obligation and it is probable that a cash outflow will not be required to
settle the obligation.
a) A Demand of Rs. 1.472 million has been
raised against the Company by the Sales Tax Department,
b) A demand of Rs. 1.052 million was raised
against the company by the Central Excise Department on account of duty on sale
of imported waste paper. The company has made payment thereof under protest.
The company has filed an appeal against such assessment. The liability is
contingent till the disposal of the appeal by the respective authority.
c) Outstanding demands raised by the Income
Tax department on account of disallowance of expenses made during the course of
assessment are as follows. A demand of Rs 2.102 millions, 1.091 million and
Rs.0.389 million has been raised by the Income Tax Department on account of
disallowance of expenses made during the course of assessment proceedings for
assessment year 2005-2006, 2006-2007 and 2008-2009 respectively, based on the
additions made for assessment year 2003-2004 onwards.
Penalty u/s 271(1)( c) has been levied due
to disallowance of expenses amounting to Rs. 1.257 million, 1.433 million and
Rs. 0.933 million for assessment year 2003- 2004, 2004-2005 and 2005-2006
respectively. The Company has preferred appeals against the said orders before
the appellate authorities. The liability of the demand is contingent till the
disposal of the appeals by the appellate authorities.
d) Capital Contracts outstanding as on the
balance sheet date is estimated to be Rs.5.000 millions.
e) During the year the company has provided
a bank guarantee aggregating to Rs. 8.7345 millions to M/s GSPC Gas Company
Limited and of Rs 5.335 millions to M/s Quippo Energy Private Limited as an
obligation towards contracts entered into with the said parties. The liability
attached therewith is contingent on non fulfillment of terms of the contract.
Form 8:
|
Corporate
identity number of the company |
U21010MH1993PLC074945 |
||||||
|
Name of the
company |
SHAH PULP AND
PAPER MILLS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Angeline
Apartment B/202 2nd |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Immovable
Property Pledge of 2.500
millions shares and charge on C.Assets |
||||||
|
Particular of charge
holder |
|
||||||
|
Nature of
instrument creating charge |
Satmped Form C.5
grant of Individual Limit within the overall limit |
||||||
|
Date of
instrument Creating the charge |
30.06.2010 |
||||||
|
Amount secured by
the charge |
Rs. 318.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– Cash Credit - 0.75% +SBAR TL (O/s )-1 - 1.25%+SBAR TL (O/s) -2 - 1%
+ SBAR Corp Loan - 1.50% +SBAR Terms of
Repayment – As per Original
Schedule Margin – Raw Materials -
25% Stocks in Process
- 40% Finished Goods -
30% Stores (PAckaging
MAterial) - 50% Book Debts /
receivables - 50% LC and BG -15% Extent and
Operation of the charge – As per
Modification dated 31.12.2008 -
Hypothecation of all present and future chargeable C.A. of Co., First Charge
on F.A. financed out of proposed Loan and Coll. Sec first charge on pre. and
fut. res. value of FA at Plot NO 97 and adj. Plot at Vapi, Pledge of 2.500
millions shares and extension of charge over current assets of the |
||||||
|
Particulars of
the property charged |
Immoveable
property of the Company situated at Survey Nos. 768/p, 507/1, 507/2, 508/2,
504/1, 500/p, 502/p, 506/p of Plot No. 97
GIDC Vapi. |
||||||
|
Date of
instrument modifying the charge |
31.12.2008 |
||||||
|
Particulars of
the present modification |
Modified by
stamped Form C.5 for change of the individual limits within the Overall Limit
to Rs. 318.000 millions |
Fixed Assets:
- Factory building
- Building
- Bore well
- Compound wall
- Electrical installation
- Panel boards, switch gears and transformers
- Plant and machinery
- Crane
- Fire fighting equipment
- Laboratory equipment
- Weighing scale
- Boiler and coal handling unit
- ETP Plant
- Furniture and fixtures
- Air conditioner
- Office appliances
- ATP Pulper
- Pressure screen
- High density tower
- Capitive power plant
- Turbine – 2
- Packing machine
- Gas based D.G
- Hot Dispersion
- Leasehold land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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.