MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELANTAS BECK INDIA LIMITED (w.e.f. 19.06.2007) |
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Formerly Known
As : |
BECK INDIA LIMITED
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Registered
Office : |
“Beck House”, Damle Path, Off. |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
15.03.1956 |
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Com. Reg. No.: |
11-134746 |
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Capital Investment
/ Paid-up Capital : |
Rs.79.277 Millions |
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CIN No.: [Company Identification
No.] |
L24222PN1956PLC134746 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02788C |
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PAN No.: [Permanent Account No.] |
AAAACD0538M |
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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 Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
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No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6589000 |
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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. Directors are reported to be an experienced and respectable businessmen. Financial position of the company appears to be sound. 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
“Beck House”, Damle Path, Off. |
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Tel. No.: |
91-20-30210600/ 30210614 |
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Fax No.: |
91-20-30210634/ 30210631 |
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E-Mail : |
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Website : |
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Corporate Office/ Head Office : |
407-A, ‘ |
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Tel. No.: |
91-22-22833255 / 22833224 / 24932654 |
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Fax No.: |
91-22-22873455 |
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E-Mail : |
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Factory : |
Technical Services 147, Tel. No. : 91-20-30610600 Fax No. : 91-20-30610601 E-mail : tsd@beckindia.com Plot No. 1 (A, B and C), GIDC Industrial Area, Ankleshwar
– 393 002, Plot No. D-1/3, MIDC, Lote-Parshuram, Taluka Khed - 415
722, District - Ratnagari, |
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Regional Offices: |
403,
World Trade Centre, Tel.
No. : 91-11-23411664/ 23412940 Fax
No. : 91-11-23413408 E-mail
: ravi.kiran@beckindia.com Unit
708, 7th Floor, Om Tower, 32, Tel.
No.: 91-33-22271841 Fax
No. : 91-33-22271843 E-mail
: nirjhar.k@beckindia.com Marketing and Export Head
Office Beck
House, Damle Path, Pune – 411 004, Tel.
No. : 91-20-30210600 Fax
No. : 91-20-30210740 E-mail
: kedar.gokhale@altanachemie.com (Electrical
Insulation) E-mail
: rajanikant.salunke@altanachemie.com
(Construction Chemicals) 1176,
12th H.A.L. II Stage, Tel.
No. : 91-80-25281649/ 25283093 Fax
No. : 91-80-25280831 E-mail
: bhaskar.n@beckindia.com |
DIRECTORS
As on 19.04.2011
|
Name : |
Dr. Matthias Ludwig Wolfgruber |
|
Designation : |
Chairman |
|
Address : |
Hechenbergstradde 65, 84489, |
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Date of Birth/ Age : |
24.01.1954 |
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Date of Appointment : |
05.07.2004 |
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DIN No.: |
00427360 |
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Name: |
Dr. Wolfgang
Josef Schutt |
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Designation: |
Director |
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Address : |
Hoher weg 19a, 46348, |
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Date of Birth/Age : |
22.12.1964 |
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Qualification : |
1985-1993 - Studies
Chemistry (Chemistry Graduate with Doctorate) 1991-1995 -
Master of Business Administration |
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Date of Appointment : |
17.10.2005 |
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DIN No.: |
00428848 |
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Name : |
Mr. Rajeev Madhav Bhide |
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Designation : |
Managing Director |
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Address : |
Flat No. D 801, 10, Kastukunj, Bhosale Nagar, Pune, |
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Date of Birth/Age : |
06.11.1957 |
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Date of Appointment : |
01.08.2008 |
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DIN No.: |
00087264 |
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Name : |
Mr. Ravindra Krishnaji Kulkarni |
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Designation : |
Director |
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Address : |
Samruddhi, Plot No.19, TPS VI, Santacruz, Mumbai – 400 030, |
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Date of Birth/Age : |
23.05.1945 |
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Date of Appointment : |
27.09.1990 |
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DIN No.: |
00059367 |
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Name : |
Mr. Suresh Narsappa Talwar |
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Designation : |
Director |
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Address : |
10, Shiv Shanti Bhuvan, 146, |
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Date of Birth/Age : |
21.11.1937 |
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Date of Appointment : |
01.06.2009 |
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DIN No.: |
00001456 |
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Name : |
Mr. Pradeep Mallick |
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Designation : |
Director |
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Address : |
A/2, |
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Date of Birth/Age : |
20.11.1942 |
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Date of Appointment : |
28.03.2002 |
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DIN No.: |
00061256 |
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Name : |
Mr. Prashant Vithalrao Deshpande |
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Designation : |
Whole-Time Director |
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Address : |
301, Bhosale Mystiqa, 425 A, |
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Date of Birth/Age : |
19.02.1945 |
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Date of Appointment : |
23.03.2009 |
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DIN No.: |
00087591 |
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Name : |
Mr. Sharadkumar Ramchandra Shetye |
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Designation : |
Whole-Time Director |
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Address : |
23, Jaladarshan, |
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Date of Birth/Age : |
08.11.1948 |
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Date of Appointment : |
23.03.2009 |
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DIN No.: |
00087560 |
KEY EXECUTIVES
|
Name : |
Mr. Shirish Padmakar Dabir |
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Designation : |
Company Secretary and Head Legal |
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Address : |
A/3, Malkauns Society, Paud Phata, Karve Road, Pune District, Pune –
411 038, Maharashtra, India |
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Date of Birth/Age : |
27.12.1963 |
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Date of Appointment : |
03.04.2006 |
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PAN No.: |
AAUPD5814B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
7,020,316 |
88.55 |
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|
7,020,316 |
88.55 |
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Total shareholding of Promoter and Promoter Group (A) |
7,020,316 |
88.55 |
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(B) Public Shareholding |
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|
|
|
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|
1,600 |
0.02 |
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|
50 |
- |
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|
125,526 |
1.58 |
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|
127,176 |
1.60 |
|
|
|
|
|
|
170,131 |
2.15 |
|
|
|
|
|
|
525,792 |
6.63 |
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|
72,185 |
0.91 |
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|
12,082 |
0.15 |
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|
12,082 |
0.15 |
|
|
780,190 |
9.84 |
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Total Public shareholding (B) |
907,366 |
11.45 |
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Total (A)+(B) |
7,927,682 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
7,927,682 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionAs on 19.04.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Mutual Funds |
|
0.02 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
90.29 |
|
Bodies
corporate |
|
2.11 |
|
Directors
or relatives of directors |
|
0 |
|
Other
top fifty shareholders |
|
2.47 |
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Other
|
|
5.11 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
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Products : |
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PRODUCTION STATUS (As on 31.12.2010)
|
Particulars |
Unit |
Installed
Capacity |
Production
for sale (excluding
captive consumption) |
|
Wire enamels and Impregnating varnishes |
Metric Tonnes |
14580 |
13429 |
|
Synthetic Resins |
Metric Tonnes |
5220 |
3771 |
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Total |
|
19800 |
17200 |
GENERAL INFORMATION
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703 Godrej Castlemaine, Next to Ruby Hall, |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Holding Company : |
ELANTAS GmbH (88.55%) |
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Fellow Subsidiary : |
v
BYK-Chemie GmbH v
ELANTAS Beck GmbH v
ELANTAS UK Limited v
ELANTAS PDG Inc. v
ELANTAS Deatech Srl v
ELANTAS Tongling Company Limited v
ELANTAS Zhuhai Company Limited v
ELANTAS Isolantes Electricos Do Brasil LTDA v
BYK Chemie Asia Pacific PTE Limited v
ACTEGA AG |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7927682 |
Equity Shares |
Rs.10/- each |
Rs.79.277 Millions |
|
|
|
|
|
Of the above:
a) 78,529 equity
of Rs 10 each are allotted as fully paid-up pursuant to a contract without
payment being received in cash;
b) 840,000 equity of
Rs 10 each have been issued pursuant to the Scheme of Amalgamation with
erstwhile Schenectady India Ltd. without payment being received in cash;
c) 5,628,010
equity shares of Rs 10 each are allotted as fully paid-up by way of bonus
shares by capitalisation of reserves;
d) 7,020,316
equity shares of Rs 10 each are held by the holding company ELANTAS GmbH, a
wholly owned subsidiary of ALTANA Chemie GmbH.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.277 |
79.277 |
79.277 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1567.850 |
1285.374 |
1010.914 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1647.127 |
1364.651 |
1090.191 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
14.129 |
15.091 |
13.238 |
|
|
|
|
|
|
|
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TOTAL |
1661.256 |
1379.742 |
1103.429 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
321.319 |
321.232 |
268.301 |
|
|
Capital work-in-progress |
36.305 |
3.386 |
13.720 |
|
|
|
|
|
|
|
|
INVESTMENT |
594.470 |
546.147 |
259.946 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
483.440 |
321.120 |
368.759 |
|
|
Sundry Debtors |
348.413 |
269.727 |
242.272 |
|
|
Cash & Bank Balances |
153.684 |
134.687 |
103.109 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
71.594 |
48.755 |
59.382 |
|
Total
Current Assets |
1057.131
|
774.289
|
773.522 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
194.300
|
116.742 |
79.989 |
|
|
Other Current Liabilities |
72.946 |
59.103 |
54.133 |
|
|
Provisions |
80.723 |
89.467 |
77.938 |
|
Total
Current Liabilities |
347.969
|
265.312
|
212.060
|
|
|
Net Current Assets |
709.162 |
508.977 |
561.462 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1661.256 |
1379.742 |
1103.429 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2513.524 |
1949.004 |
1809.850 |
|
|
|
Other Income |
63.068 |
68.951 |
56.562 |
|
|
|
TOTAL (A) |
2576.592 |
2017.955 |
1866.412 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
2055.315 |
1519.901 |
1544.294 |
|
|
|
TOTAL (B) |
2055.315 |
1519.901 |
1544.294 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
521.277 |
498.054 |
322.118 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST COSTS (D) |
0.327 |
0.307 |
0.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
520.950 |
497.747 |
321.811 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.621 |
36.829 |
32.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
473.329 |
460.918 |
289.694 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
149.391 |
144.720 |
93.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
323.938 |
316.198 |
196.139 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
829.169 |
586.329 |
446.904 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (Final) |
35.675 |
35.675 |
31.711 |
|
|
|
Dividend Distribution Tax |
5.787 |
6.063 |
5.389 |
|
|
|
Transfer to General Reserve |
32.394 |
31.620 |
19.614 |
|
|
BALANCE CARRIED
TO THE B/S |
1079.251 |
829.169 |
586.329 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On account of exports at FOB Value |
70.419 |
57.491 |
120.332 |
|
|
TOTAL EARNINGS |
70.419 |
57.491 |
120.332 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
512.851 |
314.873 |
359.226 |
|
|
|
Capital Goods |
5.198 |
2.869 |
0.711 |
|
|
|
Purchase for resale |
7.226 |
11.003 |
8.713 |
|
|
TOTAL IMPORTS |
525.275 |
328.745 |
368.650 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.86 |
39.89 |
24.74 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 |
|
Type |
1st
Quarter |
|
Net Sales |
686.030 |
|
Total Expenditure |
572.580 |
|
PBIDT (Excl OI) |
113.450 |
|
Other Income |
21.460 |
|
Operating Profit |
134.910 |
|
Interest |
0.240 |
|
Exceptional Items |
0.000 |
|
PBDT |
134.670 |
|
Depreciation |
12.040 |
|
Profit Before Tax |
122.630 |
|
Tax |
41.830 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
80.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
80.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
12.57 |
15.67
|
10.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.83 |
23.65
|
16.01
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.34 |
42.07
|
27.81
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.34
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21 |
0.19
|
0.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.04 |
2.92
|
3.65
|
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The sales at
Rs.2514.000 millions for the year ended 31st December 2010
registered a 29% growth over the sales of Rs.1949.000 millions for the previous
year ended 31st December 2009. In terms of sales quantity, the
tonnage sold during the year ended 31st December 2010 has increased
by 23% over the previous year.
Input costs,
however, showed a steady rise during the year, thereby putting contribution
margin under pressure.
The aforementioned
growth in sales and prudent cost management resulted in an increase in Profit
Before Tax, in spite of higher raw material costs.
UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED MARCH 31, 2011.
(Rs. in millions)
|
Particulars |
Three months ended |
|
March 31,2011 (Unaudited) |
|
|
1. a. Net sales
/ Income from operations |
681.407 |
|
b. Other
Operating Income |
4.626 |
|
Total Income
from Operations |
686.033 |
|
2. Expenditure |
|
|
a. (Increase) / decrease
in stock-in-trade and work in progress |
9.710 |
|
b. Consumption
of raw materials |
426.316 |
|
c. Purchase of
traded goods |
5.108 |
|
d. Employees
cost |
36.490 |
|
e. Depreciation
/ Amortisation |
12.042 |
|
f. Other
expenditure |
94.964 |
|
g. Total |
584.630 |
|
3. Profit from
Operations before Other income, Interest & Exceptional Items (1-2) |
101.403 |
|
4. Other Income |
21.461 |
|
5. Profit before
Interest & Exceptional Items (3+4) |
122.864 |
|
6. Interest |
0.238 |
|
7. Profit after interest
but before Exceptional Items (5-6) |
122.626 |
|
8. Exceptional
Items |
-- |
|
9. Profit (+) /
Loss (-) from Ordinary Activities before tax (7+8) |
122.626 |
|
10. Tax expense
(includes current, deferred, fringe benefit taxes & excess provision for
previous years) |
41.830 |
|
11. Profit (+) /
Loss (-) from Ordinary Activities after tax (9-10) |
80.796 |
|
12. Extra
ordinary Items (net of tax expense) |
-- |
|
13. Net Profit
(+) / Loss (-) for the period (11-12) |
80.796 |
|
14. Paid-up equity
share capital (face value of the share Rs.10) |
79.277 |
|
15. Reserves
excluding revaluation reserve |
-- |
|
16. Earnings Per
Share (EPS) |
|
|
a) Basic and
diluted EPS before Extraordinary items for the period, for the year to date and
for the previous year (not to be annualized) |
10.19 |
|
b) Basic and
diluted EPS after Extraordinary items for the period, for the year to date
and for the previous year (not to be annualized) |
10.19 |
|
17. Public Share Holding |
|
|
- Number of Shares |
907366 |
|
- Percentage of shareholding |
11.45 |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
|
b) Non-encumbered |
|
|
- Number of Shares |
7020316 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
88.55 |
SEGMENT- WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
Three months ended |
|
March 31,2011 (Unaudited) |
|
|
1. Segment Revenue (Includes Other
Income allocable to segments) |
|
|
a. Electrical Insulations |
544.678 |
|
b. Electronic and Engineering Materials |
142.881 |
|
Total |
687.559 |
|
Less: Inter-segment Revenue |
-- |
|
Net Sales / Income
from Operations |
687.559 |
|
|
|
|
2. Segment Results:
Profit/ (Loss) |
|
|
a. Electrical Insulations |
88.537 |
|
b. Electronic and Engineering Materials |
17.370 |
|
Total |
105.907 |
|
Less: Interest |
0.238 |
|
Add: Other Un-allocable Expenditure net of Un-allocable Expenditure |
16.957 |
|
Profit before Tax |
122.626 |
|
|
|
|
3. Capital Employed
|
|
|
a. Electrical Insulations |
705.680 |
|
b. Electronic and Engineering Materials |
242.138 |
|
c. Others |
780.104 |
NOTS:
1. The above results,
subjected to limited review by the Statutory Auditors, were reviewed by the
Audit Committee and approved by the Board of Directors at their respective
meetings held on 19th April 2011.
2. There were no
investor complaints outstanding at the beginning of the quarter against the
Company and no complaints were received during the quarter.
3. Figures in this
statement have been regrouped where necessary.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.12.2010 (Rs. in
millions) |
|
a) Claims against the Company not acknowledged as debts |
18.574 |
|
b) Excise duty matters |
12.764 |
|
c) Income tax matters |
8.391 |
|
d) Sales tax matters |
30.440 |
|
e) Guarantee in favour of Gujarat Industrial Development Corporation |
1.224 |
FIXED ASSTES:
Tangible Assets
v
v
v Buildings and Roads
v Plant and Machinery
v Furniture and Fixtures
v Motor Vehicles
Intangible Assets
v Goodwill
v Technical Know How
v Trademarks
v Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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.