MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
STYLAM INDUSTRIES LIMITED (w.e.f. 01.02.2010) |
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Formerly Known
As : |
GOLDEN LAMINATES LIMITED |
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Registered
Office : |
SCO-14, Sector-7C, Madhya Marg, Chandigarh-160019 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.10.1991 |
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Com. Reg. No.: |
53-011732 |
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Capital
Investment / Paid-up Capital : |
Rs. 73.162 millions |
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CIN No.: [Company Identification
No.] |
L20211CH1991PLC011732 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the manufacture and production of high quality
grade laminates catering to international as well as domestic market. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 770000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
SCO-14, Sector-7C, Madhya Marg, Chandigarh-160019, India |
|
Tel. No.: |
91-172-5021555 / 5021666 |
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Fax No.: |
91-172-2795213 / 5021495 |
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E-Mail : |
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Website : |
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Factory 1 : |
192-93, Industrial Area, Phase-1, Panchkula-134108, Haryana, India |
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Tel. No.: |
91-172-2565387 / 2563907 |
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Fax No.: |
91-172-2565033 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2009
|
Name : |
Mr. Jagdish Gupta |
|
Designation : |
Chairman Cum Managing Director |
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|
Name : |
Mr. Satish Gupta |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Mahavir Singh |
|
Designation : |
Nominee Director (HSIDC) |
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Name : |
Mr. Satpal Garg |
|
Designation : |
Director |
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|
Name : |
Mr. Ravinder Krishan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravinder Krishan |
|
Designation : |
Senior Finance Manager |
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Name : |
Ms. Monika Bisht |
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Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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|
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(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1828801 |
25.00 |
|
Any other
(Specify) |
2162767 |
29.56 |
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|
2162767 |
29.56 |
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|
3991568 |
54.56 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
3991568 |
54.56 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
|
|
|
|
890406 |
12.17 |
|
|
|
|
|
|
1102395 |
15.07 |
|
|
1239459 |
16.94 |
|
|
92372 |
1.26 |
|
|
565 |
0.01 |
|
|
62397 |
0.85 |
|
|
27960 |
0.38 |
|
|
1450 |
0.02 |
|
|
3324632 |
45.44 |
|
Total Public shareholding (B) |
3324632 |
45.44 |
|
Total (A)+(B) |
7316200 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
- |
|
Total (A)+(B)+(C) |
7316200 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and production of high quality
grade laminates catering to international as well as domestic market. |
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Products : |
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Brand Name : |
“STYLAM” |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Laminated Sheets (On Triple Shift) |
Sheets |
NA |
3360000 |
2341293 |
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Note: One Laminate Sheet at Base Level of 0.50 MM of
thickness.
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Patiala, SCO 103-107, Sector 8-C, Chandigarh-160018,
India |
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Facilities : |
Notes: * Secured against
first and exclusive charge on all fixed assets of the Company and
hypothecation of Raw Materials, Work-in-Process, Finished Goods and book Debts along with personal guarantee of
directors ** Secured
against hypothecation of Fixed Deposits *** Secured
against hypothecation of Vehicles |
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Banking
Relations : |
-- |
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Auditors : |
|
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Name : |
Sunil K Sood and Company Chartered Accountant |
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Address : |
# 143, Sector-7, Panchkula-134109, Haryana, India |
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Subsidiaries : |
·
Golden Net Soft Private Limited |
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Sister Concern : |
·
Golden Chem –Tech limited ·
Teji Brar Financial Services Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital : Rs. 80.500
millions
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7316200 |
Equity Shares |
Rs.10/- each |
Rs. 73.162
Millions |
|
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
73.162 |
73.162 |
73.162 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
119.663 |
99.396 |
75.882 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
192.825 |
172.558 |
149.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
156.388 |
91.807 |
106.851 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
10.050 |
|
|
TOTAL BORROWING |
156.388 |
91.807 |
116.901 |
|
|
DEFERRED TAX LIABILITIES |
6.461 |
8.878 |
8.856 |
|
|
|
|
|
|
|
|
TOTAL |
355.674 |
273.243 |
274.801 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
123.384 |
129.634 |
100.563 |
|
|
Capital work-in-progress |
27.726 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.549 |
0.260 |
0.260 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
118.772
|
66.980 |
103.405 |
|
|
Sundry Debtors |
64.792
|
48.611 |
52.783 |
|
|
Cash & Bank Balances |
7.801
|
5.608 |
5.134 |
|
|
Other Current Assets |
22.143
|
12.727 |
30.876 |
|
|
Loans & Advances |
64.778
|
43.711 |
42.330 |
|
Total
Current Assets |
278.286
|
177.637 |
234.528 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.860
|
27.620 |
42.052 |
|
|
Other Current Liabilities |
11.784
|
6.009 |
16.769 |
|
|
Provisions |
5.627
|
0.659 |
1.729 |
|
Total
Current Liabilities |
75.271
|
34.288 |
60.550 |
|
|
Net Current Assets |
203.015
|
143.349 |
173.978 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
355.674 |
273.243 |
274.801 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
639.941 |
533.358 |
457.202 |
|
|
|
Other Income |
8.026 |
17.256 |
3.420 |
|
|
|
TOTAL (A) |
647.967 |
550.614 |
460.622 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase Trading Goods |
5.005 |
1.140 |
0.000 |
|
|
|
Materials Consumed |
426.619 |
364.655 |
303.530 |
|
|
|
Manufacturing Expenses |
52.412 |
54.619 |
42.361 |
|
|
|
Personnel Expenses |
19.291 |
14.279 |
11.487 |
|
|
|
Administrative Expenses |
8.027 |
8.079 |
7.217 |
|
|
|
Selling Expenses |
65.635 |
56.648 |
46.090 |
|
|
|
TOTAL (B) |
576.989 |
499.420 |
410.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
70.978 |
51.194 |
49.937 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.589 |
13.144 |
13.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.389 |
38.050 |
36.492 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.878 |
13.410 |
19.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT ON SALE
OF ASSETS |
(0.766) |
(0.128) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
43.745 |
24.512 |
16.633 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
13.733 |
8.705 |
8.382 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
30.012 |
15.807 |
8.251 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
67.074 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
|
|
|
|
Interim Dividend |
5.487 |
0.000 |
0.000 |
|
|
|
Dividend Distribution Tax |
0.942 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
23.583 |
15.807 |
75.325 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
458.340 |
404.779 |
348.853 |
|
|
|
Commission Earnings |
10.734 |
11.094 |
5.666 |
|
|
|
Other Earnings |
0.379 |
1.130 |
1.437 |
|
|
TOTAL EARNINGS |
469.453 |
417.003 |
355.956 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
147.090 |
83.915 |
110.475 |
|
|
|
Stores & Spares |
0.474 |
0.000 |
0.012 |
|
|
|
Capital Goods |
0.000 |
11.023 |
3.294 |
|
|
TOTAL IMPORTS |
147.564 |
94.938 |
113.781 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.10 |
2.16 |
-- |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
178.020 |
172.380 |
208.610 |
272.510 |
|
Total Expenditure |
161.510 |
175.190 |
198.260 |
251.850 |
|
PBIDT (Excl OI) |
16.510 |
(2.810) |
10.350 |
20.660 |
|
Other Income |
5.690 |
26.950 |
5.640 |
0.300 |
|
Operating Profit |
22.200 |
24.140 |
15.990 |
20.960 |
|
Interest |
2.510 |
3.740 |
2.320 |
5.540 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
19.690 |
20.400 |
13.670 |
15.420 |
|
Depreciation |
3.400 |
3.410 |
4.890 |
4.270 |
|
Profit Before Tax |
16.290 |
16.990 |
8.780 |
11.150 |
|
Tax |
5.540 |
2.610 |
5.270 |
2.150 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
10.750 |
14.380 |
3.510 |
9.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
(1.210) |
(0.050) |
1.170 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.750 |
13.170 |
3.460 |
10.170 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.63
|
2.87 |
1.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.84
|
4.60 |
3.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.89
|
7.98 |
4.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.14 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
0.78 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.70
|
5.18 |
3.87 |
LOCAL AGENCY FURTHER INFORMATION
TURNOVER AND
PROFITS
The company has
achieved a turnover of Rs. 647.968 millions as compared to the previous year's turnover
of Rs. 550.614 millions. This is due to imbalance in demand and supply; however
the Company is making continuous efforts to retain its market share through
certain strategic market interventions.
EXPORTS
During the year,
the Company has exported goods worth Rs. 467.709 millions, which is higher by
11.65% than previous year. The Company has earned Export Incentives worth Rs.
20.928 millions on Export Sales.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The structure of Laminates
Industry is broadly classified into 2 sectors viz organized and unorganized
sector. The Company comes under the organized sector and is engaged in the
manufacture and production of high quality grade laminates catering to
international as well as domestic market. Growth of organized sector is 15-20%
in comparison to overall industry growth of 5%, indicating the shift of
customer preferences from Unbranded to Branded goods. Demand for laminates in
domestic market is increasing rapidly on account of hectic activities in the
Housing Sector. The company has opted for different product- mix market-wise on
order to cater to demand of Real Estate Industry. The Company has now started
manufacturing industrial as well as advanced grade laminates i.e. Post forming
and Antistatic laminates under the brand name ‘STYLAM’.
FUTURE OUTLOOK
The company is
aiming for a healthy growth which will be achieved through an appropriate mix
of international and domestic business. The company is also trying to add a new
product segment in Laminates which will help to penetrate into newer markets.
The company has installed new machinery thus increasing its manufacturing
capacity.
FINANCIAL
PERFORMANCE
Subject recorded a
gross turnover of Rs 639.900 millions up by 106.500 millions over the previous
year. The company has earned Post-tax profits of Rs. 3000.000 millions.
Revenues from
exports increased from Rs. 437.600 millions to Rs. 488.600 millions recording a
growth of 11.65%. The revenue from Domestic sales increased from Rs. 95.800
millions to Rs. 151.300 millions recording a growth of 57.93%.
The profitability
of the company has also received a setback due to increase in raw material
costs and inflation all over the world. However, due to operational efficiency
and better realization the company has maintained the bottom line.
AUDITED FINANCIAL
RESULTS FOR THE PERIOD ENDED MARCH 31, 2011
(Rs. in millions)
|
Particular |
Audited |
Audited |
|
|
Three
Months ended 31.03.2011 |
Year
Ended 31.03.2011 |
|
Gross
Sales / Income |
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
272.508 |
831.514 |
|
b. Other Operating Income |
0.296 |
38.580 |
|
Total
Income (a+b) |
272.804 |
870.094 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
36.463 |
16.313 |
|
b) Consumption of Raw Materials (Net) |
161.350 |
570.893 |
|
c) Purchase of Traded Goods |
0 |
0 |
|
d) Employee Cost |
10.340 |
32.210 |
|
e) Depreciation |
4.270 |
15.978 |
|
f) Other Expenditure |
43.697 |
167.380 |
|
g)
Total Expenditure (a to f) |
256.120 |
802.774 |
|
|
|
|
|
Profit Before Interest and Exceptional Items |
16.684 |
67.320 |
|
|
|
|
|
Interest |
5.539 |
14.108 |
|
|
|
|
|
Profit After Interest but before Exceptional Items (5-6) |
11.145 |
53.212 |
|
|
|
|
|
Tax
Expense |
|
|
|
a) Current tax |
(2.320) |
11.024 |
|
b) Deferred tax |
4.547 |
4.547 |
|
Others |
(0.076) |
0.000 |
|
Total |
|
|
|
|
|
|
|
Net Profit from Ordinary Activities after Tax (9-10) |
8.995 |
37.641 |
|
|
|
|
|
Prior Period Adjustment |
(1.175) |
0.082 |
|
|
|
|
|
Net Profit for the period (11-12) |
10.170 |
37.560 |
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
73.162 |
73.162 |
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
(6.142) |
134.512 |
|
|
|
|
|
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
1.39 |
5.13 |
|
|
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
3324632 |
3324632 |
|
- Percentage of Shareholding |
45.44% |
45.44% |
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
3991568 |
3991568 |
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
54.56% |
54.56% |
Note:
1. The above results for the year ended 31.03.2011 were reviewed by the
Audit Committee and thereafter approved by the Board of Directors in their
meeting held on 23rd May, 2011.
2. The company operates into single business segment namely “Laminates”,
Therefore, the information pursuant to Accounting Standard 17 issued by ICAI is
not applicable.
3. Status of Investors Grievances Opening as on 01.01.2011- Nill, Received during
the Quarter – Nil, solved – Nil, Pending – Nil.
4. There are no audit qualifications in respect of the Accounts of the
company for the Year 2010-11
5. The figures for the previous period have been re-grouped and re-arranged
wherever necessary to facilitate the comparison.
STATEMENT OF
ASSESTS AND LIABILITIES FOR THE PERIOD ENDED 31ST MARCH, 2011
|
STATEMENT OF ASSETS AND LIABILITIES |
31.03.2011
AUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
73.162 |
|
2] Reserves & Surplus |
134.511 |
|
LOAN FUNDS |
329.111 |
|
DEFERRED TAX LIABILITIES |
11.007 |
|
|
|
|
TOTAL |
547.791 |
|
|
|
|
FIXED ASSETS [Net Block] |
262.012 |
|
INVESTMENT |
0.000 |
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
161.272 |
|
Sundry Debtors |
118.365 |
|
Cash & Bank Balances |
10.898 |
|
Loans & Advances |
124.106 |
|
Total Current
Assets |
414.641 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
117.407 |
|
Provisions |
11.455 |
|
Total Current
Liabilities |
128.862 |
|
Net Current
Assets |
285.779 |
|
|
|
|
TOTAL |
547.791 |
WEB SITE DETAILS
HISTORY
Stylam Industries Limited (Formerly Golden Laminates Limited) is a public limited
company listed on Bombay stock exchange of India started in 1991 by Late Sh.
N.R. Aggarwal.The overall supervision of the Company is being looked after
by Mr. Jagdish Gupta (Managing Director). Mr. Satish Gupta
(Executive Director) of the company is looking after the production and
marketing functions of the company. All the directors of the company are well
experienced in this line and the team has experienced professionals from
various fields to look after the day to day production activities and quality
control.
The present
installed capacity of subject is more than 3.5 million sheets of laminates.
Subject manufactures laminates in the size of 1220mm x 2440mm, 1225mm x 2500mm,
1300 x 2800mm, 1300mm x 3050mm in thicknesses ranging from 0.4 mm to 20.0 mm in
different finishes such as gloss, matt, suede and texture etc. in more than 600
designs under the brand name “STYLAM”
Subject has
imported moulds of various finishes from France and Germany. The back sanding
of the laminates is done by ITALIAN IMEAS Machine, one of the best
manufacturers of sanding machines in the world.
The dedication to quality has enabled the organization to earn ISO 9001
certification. Subject being first in India and among very few in the world who
has been awarded with the CE certification for its compact laminates.
Exports
are already being
done in more than 60 countries in the Asia, Africa, Latin and North America,
Middle East and 19 countries in Europe, while exclusive supply contracts with
foreign manufacturers takes care of the imports.
Marketing
With an
experienced marketing team at the helm of affairs and a team of qualified
professionals overseeing the day to day activities, Subject is rapidly covering
the road of success.
Plant
The Company has an ultra modern plant at Panchkula near the City
Beautiful, Chandigarh, in North India. Quality being at the core of operations
(latest sophisticated moulds of various finishes have been imported from France
and Germany), subject has been certified an ISO 9001:2008 Company, awarded with
CE Marking For its Compact laminates and also been recognized as Export House
by Government of India.
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.44.68 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
48 |
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.