MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHALIMAR PAINTS LIMITED |
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Registered
Office : |
Goaberia, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.12.1902 |
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Com. Reg. No.: |
21-001540 |
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Capital
Investment / Paid-up Capital : |
Rs. 37.857 Millions |
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CIN No.: [Company Identification
No.] |
L24222WB1902PLC001540 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS12945C |
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PAN No.: [Permanent Account No.] |
AAECS0547D |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturing of Paint, Enamels and Varnishes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1: |
Goaberia, |
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Tel. No.: |
91-33-26443201/02 |
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Fax No.: |
91-33-26443540 |
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E-Mail : |
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Corporate Office : |
5th Floor, ‘C’ Wing, |
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Tel. No.: |
91-22-28574043/6147 |
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Fax No.: |
91-22-28573725 |
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E-Mail : |
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Factory 2 : |
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Tel. No.: |
91-2553-225002 |
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Factory 3 : |
A 1 and A 2, UPSIDC Industrial Area, District Bulandsahar, |
|
Tel. No.: |
91-5735-221793 |
DIRECTORS
AS ON : 31.03.2010
|
Name : |
Mr. R. Jindal |
|
Designation : |
Director |
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|
Name : |
Mr.
G. Jhunjhnuwala |
|
Designation : |
Chairman cum Managing Director |
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|
Name : |
Mr.
A. V. Lodha |
|
Designation : |
Director |
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|
Name : |
Mr.
R. Garg |
|
Designation : |
Director |
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|
Name : |
Mr.
R. Srinivasan |
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Designation : |
Director |
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|
Name : |
Mr.
Pujit Aggarwal |
|
Designation : |
Director |
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Name : |
Mr. S Sarda |
|
Designation : |
Executive Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Dr. S. K. Pal |
|
Designation : |
Vice President (R and D) |
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|
Name : |
Mr. T. R. Sharma |
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Designation : |
Vice President (Operations - Nashik) |
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Name : |
Mr. Sujit Sinha |
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Designation : |
Head (Industrial Sales) |
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Name : |
Mr. V. Lanjewar |
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Designation : |
General Manger, HRD |
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Name : |
Mr. Swapan Ghosh |
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Designation : |
Vice President – Marketing |
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Name : |
Mr. Nitin Sawle |
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Designation : |
Vice President - Marketing |
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Name : |
Mr. K Mathew Joseph |
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Designation : |
General Manager – Systems |
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Name : |
Mr. Soumitra Ganguly |
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Designation : |
General Manager – Supply Chain |
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Name : |
Mr. Pranab Kumar Maity |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
45,000 |
1.19 |
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1,133,214 |
29.93 |
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1,178,214 |
31.12 |
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|
|
|
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1,180,314 |
31.18 |
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|
1,180,314 |
31.18 |
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Total
shareholding of Promoter and Promoter Group (A) |
2,358,528 |
62.30 |
|
(B) Public Shareholding |
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|
|
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|
50 |
-- |
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|
125,080 |
3.30 |
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|
125,130 |
3.31 |
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|
|
|
742,460 |
19.61 |
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|
|
|
|
|
479,331 |
12.66 |
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|
47,355 |
1.25 |
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|
32,816 |
0.87 |
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|
32,816 |
0.87 |
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|
1,301,962 |
34.39 |
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Total
Public shareholding (B) |
1,427,092 |
37.70 |
|
Total
(A)+(B) |
3,785,620 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Paint, Enamels and Varnishes. |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paint, Enamels and Varnishes N.C. Lacquers and Ancillaries |
Tones |
57000 |
51655 |
|
Synthetic Resin (Varnish) |
Tones |
7672 |
2388 |
GENERAL INFORMATION
|
Suppliers : |
· Atlas Tin Box Company · Arum Pharmachem Private Limited · Anand Packaging · Associates Containers and Barrels Private Limited · Calcutta Containers Company ·
· Containers and Seals · Choudhary Tar and Chemicals · Cross Point Chemical Industries · Diraj Intermediates Private Limited · Damani Packaging Private Limited ·
Dispersive Minerals and Chemicals ( · Evergreen Drums and Cans Private Limited · Engineering Company Private Limited · Krishna Petrochem Private Limited · Master Tin Works |
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Customers : |
Ř
Ř
Indian Navy |
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Bankers : |
Ř
State Bank of Ř
Bank of Ř
State Bank of Ř
Punjab National Bank, 1st
Floor, P and B House, 18/A, Ř State
Bank of Ř
Corporation
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Chaturvedi
and Partners Chartered
Accountants |
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|
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Associates/Subsidiaries : |
·
Shalimar Adhunik Nirman Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3785620 |
Equity Shares |
Rs.10/- each |
Rs. 37.856
Millions |
|
|
Share Forfeiture Account |
|
Rs. 0.001
Million |
|
|
Total |
|
Rs. 37.857 Millions |
Note: Of the above equity shares 1260840 shares were
allotted as fully paid by way of bonus shares by capitalization of reserves.
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 |
37.857 |
37.857 |
37.857 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
418.459 |
352.966 |
331.949 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
456.316 |
390.823 |
369.806 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
521.334 |
567.026 |
545.439 |
|
|
2] Unsecured Loans |
19.446 |
37.047 |
65.736 |
|
|
TOTAL BORROWING |
540.780 |
604.073 |
611.175 |
|
|
DEFERRED TAX LIABILITIES |
28.160 |
23.804 |
22.396 |
|
|
|
|
|
|
|
|
TOTAL |
1025.256 |
1018.700 |
1003.377 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
320.556 |
258.380 |
264.496 |
|
|
Capital work-in-progress |
1.572 |
0.515 |
0.361 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.973 |
2.973 |
0.973 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
628.497
|
505.731
|
624.835 |
|
|
Sundry Debtors |
918.113
|
785.494
|
784.580 |
|
|
Cash & Bank Balances |
139.517
|
135.873
|
131.540 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
113.595
|
129.815
|
129.199 |
|
Total
Current Assets |
1799.722
|
1556.913
|
1670.154 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
866.577
|
705.557 |
786.101 |
|
|
Other Current Liabilities |
186.988
|
77.199
|
102.660 |
|
|
Provisions |
51.002
|
17.325
|
43.846 |
|
Total
Current Liabilities |
1104.567
|
800.081
|
932.607 |
|
|
Net Current Assets |
695.155
|
756.832
|
737.547 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1025.256 |
1018.700 |
1003.377 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3655.675 |
3308.830 |
2993.478 |
|
|
|
Other Income |
31.864 |
28.684 |
27.018 |
|
|
|
TOTAL (A) |
3687.539 |
3337.514 |
3020.496 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
2208.348 |
1970.547 |
|
|
|
|
Purchase of bought-in-items |
114.327 |
97.195 |
|
|
|
|
Employees remuneration and other benefits |
197.356 |
160.062 |
2782.107 |
|
|
|
Discounts and rebates |
461.643 |
432.551 |
|
|
|
|
Manufacturing, administrative, selling and other expenses |
503.209 |
376.191 |
|
|
|
|
Exceptional items |
20.442 |
20.868 |
|
|
|
|
Increase/ decrease in stocks |
(78.759) |
102.122 |
|
|
|
|
TOTAL (B) |
3426.566 |
3159.536 |
2782.107 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
260.973 |
177.978 |
238.389 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
75.996 |
80.588 |
63.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
184.977 |
97.390 |
175.342 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.818 |
33.999 |
30.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
151.159 |
63.391 |
144.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
51.156 |
27.759 |
48.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
100.003 |
35.632 |
95.823 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
57.847 |
45.502 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
10.000 |
NA |
|
|
|
Dividend |
28.392 |
11.357 |
NA |
|
|
|
Tax on Dividend |
4.825 |
1.930 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
64.633 |
57.847 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
199.062 |
156.231 |
184.676 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.42 |
9.41 |
25.31 |
|
QUARTERLY / SUMMARISED
RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
827.300 |
959.000 |
978.700 |
1293.300 |
|
Total Expenditure |
772.800 |
881.400 |
914.300 |
1223.500 |
|
PBIDT (Excl OI) |
54.500 |
77.600 |
64.400 |
69.800 |
|
Other Income |
2.600 |
5.600 |
5.600 |
4.000 |
|
Operating Profit |
57.100 |
83.200 |
70.000 |
73.800 |
|
Interest |
17.800 |
18.600 |
22.600 |
24.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
39.300 |
64.600 |
47.400 |
49.100 |
|
Depreciation |
8.500 |
8.900 |
10.800 |
5.800 |
|
Profit Before Tax |
30.800 |
55.700 |
36.600 |
43.300 |
|
Tax |
10.500 |
18.900 |
12.400 |
7.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.300 |
36.800 |
24.200 |
35.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.300 |
36.800 |
24.200 |
35.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.71
|
1.07 |
3.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
1.91 |
4.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.13
|
3.49 |
7.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.16 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.60
|
3.59 |
4.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.94 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Review of
operations:
With the Indian economy coming out
of the recessionary phase the Company has
shown a significant
improvement in its
performance. Sales have increased
from Rs. 3690.000 Millions to Rs. 3940.000 Millions. The Company has been able
to bring about considerable improvement in operational efficiencies. It has
been able to change the product mix and increase the demand for its high value
products.
As a result of the measures taken by the Company the PBIDT has increased
from Rs. 198.800 Millions in 2008-09 to Rs. 281.400 Millions in 2009-10, an
increase of 42%. With the improvement in the overall financial position it has
been able to reduce the total loan funds from Rs. 604.100 Millions to Rs. 540.800
Millions. The reduction in borrowings has resulted in interest costs
coming down from Rs. 80.600 Millions to Rs. 76.000 Millions.
The improvement in operating margins and reduction in finance costs has
resulted in increase in Profit before Tax from Rs. 63.400 Millions to Rs.
151.200 Millions, an increase of 138%.
Tinting systems:
The Company continued with its policy of installation of tinting systems
in various retail outlets across the country with a view to increase the demand
for its high value products, especially water based products.
ISO
Certifications:
All the three plants of the Company at Howrah, Nasik and Sikandrabad are
ISO 9000 accredited and these accreditations have been renewed in the year .
MANAGEMENT
DISCUSSION AND ANALYSIS
Industrial
Structure and Development:
The Indian economy has shown a fast recovery from the recessionary
phase. The stimulus package given by the
Government has considerably
helped industry to reduce the impact of the recession. With the economy
coming back to track the GDP growth has been about 7.40% in 2009-10. There has
been pick up of demand in both the Decorative and Industrial segments. However
the high inflation is a matter of concern. From the beginning of the fourth
quarter there has also been an increase in the
raw material prices.
With real estate sector showing distinct signs of revival there has been
increase in demand for decorative paints. On the industrial side the auto
sector has done extremely well which has driven the demand for industrial
paints.
The Company has achieved reasonable growth in both the Decorative and
Industrial segments. Since the rate of excise duty has reduced and also in view
of the fact that in the latter half of 2008-09 there were several price
reductions, the sales volume increase in 2009-10 is much higher
as compared to the sales value increase.
Outlook:
The Indian economy is expected to grow at about 8-8.5% in 2010-11. However the growth could be impacted by the
global scenario. The Government has started a partial phase out of the stimulus
packages and if any further steps are taken for phasing out of stimulus package
it may have an impact on the overall growth scenario. The Company's endeavour
will be to tap the market potential and increase its market share both in the
decorative as well as the industrial segment.
Fixed Assets
Ř
Land
Ř
Building
Ř
Plant and Machinery
Ř
Furniture and Fittings
Ř
Lease Equipment
Ř
Office Equipments
Ř
Motor Car
Ř Other
Vehicles
Contingent
Liabilities:
|
Particular |
As
on 31.03.2010 (Rs. in Millions) |
As
on 31.03.2009 (Rs. in Millions) |
|
Excise Duty |
14.906 |
13.664 |
|
Income tax/ FBT |
0.000 |
5.835 |
|
Bank Guarantees |
111.489 |
80.351 |
|
|
23.263 |
15.775 |
|
|
|
|
|
Total |
149.658 |
149.658 |
AUDITED FINACNCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH, 2011
(Rs. In Millions)
|
Particulars |
Quarter Ended
31.03.2011 (audited) |
Year Ended
31.03.2011 (audited) |
|
Sales |
|
|
|
Gross Sales |
1365.200 |
4401.400 |
|
Less : Excise Duty |
75.200 |
357.000 |
|
Net Sales |
1290.000 |
4044.400 |
|
Other Operating Income |
3.300 |
13.900 |
|
Expenditure |
|
|
|
(Increase)/decrease in stock in trade and work-in
Progress |
(5.300) |
(136.700) |
|
Consumption of raw materials |
764.500 |
2525.900 |
|
Purchase of Traded Goods |
48.900 |
152.200 |
|
Employee Cost |
54.600 |
227.300 |
|
Discounts and Rebates |
142.500 |
490.400 |
|
Depreciation |
5.800 |
34.000 |
|
Other Expenditure |
218.300 |
532.900 |
|
Profit from Operations
before Other Income and Interest |
64.000 |
232.300 |
|
Other Income |
4.000 |
17.800 |
|
Profit Before Interest
|
68.000 |
250.100 |
|
Interest |
24.700 |
83.700 |
|
Profit before Tax |
43.300 |
166.400 |
|
Tax Expenses |
7.900 |
49.700 |
|
Net Profit for the period |
35.400 |
116.700 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
37.900 |
37.900 |
|
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
-- |
470.000 |
|
Basic and diluted
Earnings per share for the period, for the year to date (not annualized) and
for the previous year – Rs. |
9.35 |
30.82 |
|
Public
shareholding |
|
|
|
Number of
Shares |
1427092 |
1427092 |
|
Percentage of Shareholding |
37.70% |
37.70% |
|
Promoters and
promoter group shareholding |
|
|
|
Non -
encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of
the total share capital of the company) |
2358528 100% 62.30% |
2358528 100% 62.30% |
Notes :
1.
The
above results were reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on 7th of May 2011.
2.
The
Board of Directors has recommended dividend @ Rs.8 per equity share of Rs. 10/-
each.
3.
The
Company has only one business segment i.e. Paints.
4.
At
the beginning of the quarter no complaints from investors were pending. During
the quarter three complaints from investors were received of which two
complaints were resolved and one remained pending at the end of the quarter.
5.
Audited
Statement Of Assets And Liabilities
|
5. AUDITED STATEMENT OF ASSETS AND
LIABILITIES |
31.03.2011
AUDITED (Rs. in
millions) |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
37.900 |
|
2] Reserves & Surplus |
499.100 |
|
LOAN FUNDS |
599.900 |
|
DEFERRED TAX LIABILITIES |
31.500 |
|
|
|
|
TOTAL |
1168.400 |
|
|
|
|
FIXED ASSETS [Net Block] |
339.600 |
|
INVESTMENT |
8.000 |
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
831.200 |
|
Sundry Debtors |
1130.100 |
|
Cash & Bank Balances |
106.400 |
|
Other Current Assets |
39.300 |
|
Loans & Advances |
61.900 |
|
Total Current
Assets |
2168.900 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
1294.200 |
|
Provisions |
53.900 |
|
Total Current
Liabilities |
1348.100 |
|
Net Current
Assets |
820.800 |
|
|
|
|
TOTAL |
1168.400 |
6.
The
Company is having one unlisted 99.998% subsidiary Company "Shalimar
Adhunik Nirman Limited." (SANL), which has not commenced any activity
during the year. Hence no Profit & Loss Account was drawn for SANL. Expenses
of Rs. 19545 incurred by SANL during 2010-11 was debited to pre-operating
expenses
7.
Previous
year's figures have been rearranged/ regrouped wherever necessary.
AS PER WEBSITE DETAILS:
PROFILE:
Subject is one
of the leading paints manufacturing companies of
The Husain Collection based on the best quality acrylic copolymer based
emulsion is the Company's premium acrylic emulsion.
The Company also has tinting systems under the brand name "Color Space" where the Company offers more than 9000
shades across all product lines to its customers.
Mr. Ratan Jindal
He is the promoter director on the Board representing the Jindal Group.
His flagship company is Jindal Stainless Limited which is
Mr. Girish Jhunjhnuwala
He is the promoter director representing the Jhunjhnuwala Group. The
Jhunjhnuwala group is an NRI group based in
Mr. A. V. Lodha
He is a qualified Chartered Accountant and a partner in Lodha and Company
and Chartered Accountants. He is also an ex-president of the Indian Chamber of
Commerce, member of the national council of Cll, member of the executive
committee of SAARC chamber of Commerce and Industry, and member of Indian
National Committee of the International Chamber of Commerce, Paris. He was
appointed as chairman of Commerce Paris. He was appointed as chairman of Cll
national committee on Accounting Standards Corporate Disclosures. He is also a
director in Graphite India Limited, Upper Ganges Sugar Mills, Cescon Limited
etc.
Mr. Rajiv Garg
He has a Masters degree in Management from
Dr. Srinivasan
Dr. R. Srinivasan holds a Doctorate in Banking and Finance from the
Beeyu Overseas Limited, Graphite India Limited, McLeod Russel Limited,
Williamson Magor and Company Limited, Elder Pharmaceuticals Limited, JM
Financial Asset Management Private Limited and Goldiam International Limited.
Mr. S. Sarda
Mr. S. Sarda is a qualified Chartered Accountant and Company Secretary,
and is having more than 21 years of experience in various companies in senior
management positions. He is serving the Company as Executive Director and Chief
Executive Officer of the Company.
Mr. Pujit Aggarwal
Mr. Pujit Aggarwal is the Managing Director and CEO of Orbit Corporation
Limited which is engaged in the Construction and Redevelopment of Premium
residential and commercial projects in Mumbai. He is an alumnus of
News:
SHALIMAR PAINTS PLANS TO RAMP UP CAPACITY
July 27, 2007 Shalimar Paints, which is the country’s third-largest
protective coatings supplier, has firmed up plans to ramp up capacity. For
doing so, the company is considering both organic and inorganic routes and a
decision is expected within six months. “We will either set up a greedfield
plant in south
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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.