MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JYOTHY LABORATORIES LIMITED (w.e.f. 12.08.1996) |
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Formerly Known
As : |
JYOTHY LABORATORIES PRIVATE LIMITED (w.e.f. 15.01.1992) JYOTHY LABORATORIES |
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Registered
Office : |
Ujala House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.01.1992 |
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Com. Reg. No.: |
11-128651 |
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Capital
Investment/ Paid-up Capital: |
Rs. 72.569
Millions |
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CIN No.: [Company Identification
No.] |
L24240MH1992PLC128651 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ05484D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
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Line of Business
: |
Manufacturer and Marketer of Fabric Whitener, Detergent, Washing
Powder, Ayurvedic Soap, Mosquito Coils and incense sticks. |
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No. of
Employees: |
Not Divulged by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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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 |
|
Maximum Credit Limit : |
USD 16000000 |
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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 reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. 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.
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
Ujala House, |
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Tel. No.: |
91-22-66892800 |
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Fax No.: |
91-22-66892805 |
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E-Mail : |
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Website : |
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Regional Office : |
# N-903, Rear Wing, |
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Tel. No.: |
91-80-25580243/ 25580245/ 25580247/ 25325693 |
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Fax No.: |
91-80-25580242/ 25580244 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. M. P. Ramachandran |
|
Designation : |
Chairman and Managing Director |
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Address : |
403 Shagun Tower, Winga Gen. A.K. Vaidya Marg, Yashodham, Goregaon
(East), Mumbai-400063, |
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Date of Birth/Age : |
22.08.1946 |
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Date of Appointment : |
15.01.1992 |
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Name : |
Mrs. M.R. Jyothy |
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Designation : |
Whole Time Director |
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Address : |
403 Shagun Tower, Winga Gen. A.K. Vaidya Marg, Yashodham, Goregaon
(East), Mumbai-400063, |
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Date of Birth/Age : |
14.01.1978 |
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Date of Appointment : |
24.10.2005 |
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Name : |
Mr. Ullas Kamath |
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Designation : |
Deputy Managing Director |
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Address : |
Flat No. 202, No. 40, Renaissance Mangalam, 13th Cross
Between 10 and 11th Main Malleswaram, Bangalore-560003, |
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Date of Birth/Age : |
01.01.1963 |
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Date of Appointment : |
26.03.1997 |
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|
Name : |
Mr. Nilesh B Mehta |
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Designation : |
Independent Director |
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Address : |
203 Tulsi Villa, |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
07.02.2003 |
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Name : |
Mr. K P Padmakumar |
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Designation : |
Independent Director |
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Address : |
House No. 5B, JM Paradise, Palarivattom P.O. Ernakulam-682025, |
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Date of Birth/Age : |
20.04.1944 |
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Date of Appointment : |
25.09.2007 |
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DIN No.: |
00023176 |
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Name : |
Mr. Bipin Ratanlal Shah |
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Designation : |
Independent Director |
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Address : |
8-D, IL Palazzo, Little |
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Date of Birth/Age : |
16.07.1932 |
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Date of Appointment : |
25.09.2007 |
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DIN No.: |
00006094 |
KEY EXECUTIVES
|
Name : |
Mr. M.L. Bansal |
|
Designation : |
Company Secretary |
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Address : |
801, Marathon Galaxy-I, L.B.S. Marg, Mulund (West), Mumbai-400080, |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
31.07.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
50,923,921 |
63.16 |
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|
50,923,921 |
63.16 |
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Total shareholding of Promoter and Promoter Group (A) |
50,923,921 |
63.16 |
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(B) Public Shareholding |
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|
6,367,315 |
7.90 |
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|
447,258 |
0.55 |
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5,385,978 |
6.68 |
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12,574,116 |
15.59 |
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24,774,667 |
30.73 |
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|
|
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|
1,900,300 |
2.36 |
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2,820,515 |
3.50 |
|
|
212,597 |
0.26 |
|
|
119,903 |
0.15 |
|
|
1,075 |
- |
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|
82,619 |
0.10 |
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|
50 |
- |
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|
8,950 |
0.01 |
|
|
4,933,412 |
6.12 |
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Total Public shareholding (B) |
29,708,079 |
36.84 |
|
Total (A)+(B) |
80,632,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
80,632,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Fabric Whitener, Detergent, Washing
Powder, Ayurvedic Soap, Mosquito Repellent and Dishwasher Bar. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Detergent and Soaps |
Tons |
|
187550 |
25817 |
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|
Ltr (1000’s) |
|
65449 |
17871 |
|
Home Care |
No. (1000’s) |
|
900000 |
654846 |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
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Address : |
2nd Floor, Jalan Mills Compound, 95 G.K. Marg, Lower Parel
(West), Mumbai-400013, |
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Enterprises significantly influenced by key management personnel or
their relatives: |
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Joint Ventures : |
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Wholly Owned Subsidiaries : |
Sri Sai Homecare Products Private Limited U24240MH1996PTC203566 Associated Industries Consumer Products Private Limited U24246AS2007PTC008392 |
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Subsidiaries : |
Jyothy Fabricare Services Limited U17120MH2008PLC180246 Snoways Laundrers and Drycleaners Private Limited U93010KA2008PTC046087 |
CAPITAL STRUCTURE
As on 27.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Re. 1 each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80632000 |
Equity Shares |
Re. 1 each |
Rs. 80.632
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re. 1 each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72568800 |
Equity Shares |
Re. 1 each |
Rs. 72.569
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
72.569 |
72.569 |
72.569 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3916.577 |
3450.632 |
3219.384 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3989.146 |
3523.201 |
3291.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1.745 |
1.745 |
1.745 |
|
|
TOTAL BORROWING |
1.745 |
1.745 |
1.745 |
|
|
DEFERRED TAX LIABILITIES |
133.183 |
107.224 |
88.240 |
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|
|
|
|
|
|
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TOTAL |
4124.074 |
3632.170 |
3381.938 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1980.920 |
1851.124 |
1814.079 |
|
|
Capital work-in-progress |
34.647 |
61.060 |
90.736 |
|
|
|
|
|
|
|
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INVESTMENT |
179.835 |
172.565 |
23.065 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
664.565
|
428.686 |
424.615 |
|
|
Sundry Debtors |
696.483
|
423.870 |
253.343 |
|
|
Cash & Bank Balances |
1211.747
|
1001.729 |
954.505 |
|
|
Other Current Assets |
11.023
|
2.885 |
2.220 |
|
|
Loans & Advances |
505.665
|
328.476 |
380.869 |
|
Total
Current Assets |
3089.483
|
2185.646 |
2015.552 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
237.208 |
82.720 |
96.760 |
|
|
Other Current Liabilities |
466.204
|
305.445 |
243.990 |
|
|
Provisions |
457.399
|
250.060 |
220.744 |
|
Total
Current Liabilities |
1160.811
|
638.225 |
561.494 |
|
|
Net Current Assets |
1928.672
|
1547.421 |
1454.058 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4124.074 |
3632.170 |
3381.938 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5747.616 |
3515.383 |
3753.009 |
|
|
|
Other Income |
181.878 |
77.460 |
79.052 |
|
|
|
TOTAL (A) |
5929.494 |
3592.843 |
3832.061 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
3154.212 |
1949.467 |
1898.225 |
|
|
|
(Increase)/ Decrease in inventories |
[43.878] |
17.493 |
[54.433] |
|
|
|
Excise Duty |
17.325 |
15.260 |
31.851 |
|
|
|
Employee Costs |
683.097 |
432.008 |
479.117 |
|
|
|
Other Expenses |
997.445 |
601.087 |
769.179 |
|
|
|
Exceptional Income |
0.000 |
0.000 |
[63.261] |
|
|
|
TOTAL (B) |
4808.201 |
3015.315 |
3060.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1121.293 |
577.528 |
771.383 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.116 |
3.663 |
6.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1115.177 |
573.865 |
764.559 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
104.630 |
68.124 |
74.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1010.547 |
505.741 |
690.481 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
210.077 |
104.689 |
166.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
800.470 |
401.052 |
524.069 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.446 |
59.198 |
104.933 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
200.000 |
400.000 |
|
|
|
Proposed Dividend |
290.275 |
145.138 |
145.138 |
|
|
|
Dividend Tax on Proposed Dividend |
48.211 |
24.666 |
24.666 |
|
|
BALANCE CARRIED
TO THE B/S |
152.430 |
90.446 |
59.198 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
73.242 |
46.545 |
51.627 |
|
|
TOTAL EARNINGS |
73.242 |
46.545 |
51.627 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
56.140 |
7.504 |
2.936 |
|
|
|
Capital Goods |
0.014 |
0.000 |
7.688 |
|
|
TOTAL IMPORTS |
56.154 |
7.504 |
10.624 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
11.03 |
5.53 |
7.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1528.830 |
1479.850 |
1487.210 |
1584.300 |
|
Total Expenditure |
1193.910 |
1287.570 |
1309.640 |
1416.700 |
|
PBIDT (Excl OI) |
334.920 |
192.280 |
177.570 |
167.600 |
|
Other Income |
19.580 |
16.050 |
68.230 |
90.340 |
|
Operating Profit |
354.500 |
208.3300 |
245.800 |
257.940 |
|
Interest |
0.430 |
0.190 |
0.330 |
2.070 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
354.070 |
208.140 |
245.470 |
255.870 |
|
Depreciation |
28.680 |
28.6100 |
30.430 |
20.140 |
|
Profit Before Tax |
325.400 |
179.540 |
215.040 |
235.7100 |
|
Tax |
68.260 |
25.080 |
46.040 |
13.640 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
257.140 |
154.460 |
169.000 |
222.070 |
|
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 |
257.140 |
154.460 |
169.000 |
222.070 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 |
|
PAT / Total Income |
(%) |
13.50
|
11.16 |
13.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.58
|
14.39 |
18.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.93
|
12.53 |
61.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.18 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
3.42 |
3.59 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Micro and Small Enterprises |
44.674 |
23.642 |
15.721 |
|
- Others |
192.534 |
59.078 |
81.039 |
|
Total |
237.208 |
82.720 |
96.760 |
Note:
The Registered office of the company has been shifted from 43, Shiv
Shankti Industrial Estate,
Background:
Subject was incorporated on January 15, 1992. The company is principally
engaged in Manufacturing and Marketing of Fabric Whitener, Detergent, Washing
Powder, Ayurvedic Soap, Mosquito Coils and incense sticks.
Change in the
financial year
The Company had changed its financial year to end on March 31 to
coincide the accounting year of the Company with the conventional financial
year to enhance comparability with other companies. Accordingly, the previous
accounting period was for nine months period from July 1, 2008 to March 31,
2009. Therefore, the attached financials which have been prepared for twelve
month period/accounting year (April 1, 2009 to March 31, 2010), are not
comparable with the previous period reporting which had been for nine month
period i.e. July 1, 2008 to March 31, 2009.
Performance
During the financial year ended March 31, 2010, the Company recorded
Sales (net of trade discount) at Rs. 6262.266 Millions compared to Rs. 3841.686
Millions in the previous 9-month financial period. In the financial year,
Profit before Tax stood at Rs. 1010.547 Millions compared to Rs. 505.741
Millions in previous 9-month financial period.
On a like to like basis the Sales (net of trade discount) in Financial
Year had grown by 27.5% compared to corresponding previous twelve-months. The
Sales (net of trade discount) and Profit before tax of the two periods compare
as follows:
|
Particulars |
April’ 09-March’ 10 (Audited) |
April’ 08-March’ 09 (Audited |
% Growth |
|
Sales (net of trade discount) |
6262.266 |
4911.968 |
27.5% |
|
Profit before tax |
1010.547 |
729.722 |
38.5% |
The Company has performed very well both in terms of growth in sales and
profitability. With signs of receding food inflation and hope of better weather
conditions, launch of new products, leveraging and extention of existing brands
both in product range and pan-India launches and acquisition of new technology
in mosquito repellents should see the Company achieve still better growth in
the coming years.
Finance
The Company continues to remain debt-free. The cash and bank balances as
on March 31, 2010 amount to Rs.1211.747 Millions
New developments
Fabric care:
- The Company has
planned Brand extension to take Ujala detergent to other states in a
phased manner. They are in Kerala since 2003 and achieved a significant
market share in mid-segment.
- Signed up
with Sachin Tendulkar as Brand Ambassador for UJALA brand.
Household Insecticide:
- The Company
is expanding its reach through new products. In November, 2009, the
Company bought technology DEPA, a repellent formulation for protection
from all blood sucking insects and mosquitos from “DRDO” (Defence Research
and Development Organisation), Ministry of Defence, Government of India
which allows the Company to manufacture and market the products in
- To promote
the products in this category, the Company launched a new media campaign
and packaging for the brand “MAXO” – “Raat Achhi To Din Achha” which
caught fancy of the viewers and has been very successful.
- The mosquito
repellent coil manufacturing unit in fiscal incentive area of
Surface Cleaning:
- The Company
achieved 24% market share in southern
Subsidiary
Companies
The Central Government has vide its letter No. 47/4/2010 – Cl. III dated
26.03.2010 exempted the Company from attaching Annual Accounts and other
documents in respect of its four subsidiaries to the Annual Report of the
Company for the year ended March 31, 2010. As required vide above letter,
statement in respect of each of the subsidiary, giving the details of capital,
reserves, total assets and liabilities, details of investments, turnover,
profit before taxation and proposed dividend is attached to the Consolidated
Balance Sheet. Annual Accounts of the subsidiary companies and the related
detailed information will be made available to the shareholders of the Company,
seeking such information and will also be available for inspection at the
Registered Office of the Company.
Jyothy Fabricare
Services Limited
Members are aware that the Company had started a new Value Added Service
in fabric care segment to provide “World-class laundry at affordable price at
the door step” and other related services through its subsidiary company namely
‘Jyothy Fabricare Services Limited (JFSL)’. JFSL is providing fabric care
services under various
brands namely JFSL Corporate, Fabric Spa, JFSL rentals, Fabric Spa busy
easy and Snoways.
A world-class facility equipped with world-class machinery and
equipments, most updated technology, supported by a robust IT structure and
housed in an area of 70,000 square feet built on 2 acres of land at
Doddaballapur, near
The Company had earlier launched “Snoways” chain of laundry through
acquisition of 8 retail outlets which have now grown to 30. “Fabric Spa” a
premium brand was launched on November 9, 2009 in
During the year under report, Snoways Laundrers and Drycleaners Private
Limited (Snoways) became an associate company of Jyothy Fabricare Services
Limited.
Amalgamation
The Directors have proposed amalgamation of Sri Sai Homecare Products
Private Limited, a wholly-owned subsidiary company with the Company with effect
from April 1, 2010.
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Contingent liabilities not provided for in respect of: |
|
|
(i) Amount outstanding in respect of guarantees given by the Company to banks |
138.990 |
|
(ii) Tax matters |
|
|
(a) Disputed sales tax demands – matters under appeal |
144.320 |
|
(b) Disputed excise duty and service tax demand - matter
under appeal |
105.057 |
|
(iii) Others |
1.583 |
|
(iv) Claims against the Company not acknowledged as debt |
12.000 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L24240MH1992PLC128651 |
|
Name of the
company |
JYOTHY LABORATORIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ujala House, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman
Point, Mumbai-400021, Maharashtra, India E mail: snowin.dsouza@kotak.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation Dated 20.05.2011 |
|
Date of
instrument Creating the charge |
20.05.2011 |
|
Amount secured by
the charge |
Rs. 1500.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Facility 1 - Cash
Credit - Bank's Base Rate (8.75%) p.a. + 2.25% p.a. (Floating) Facility 2 - Working
Capital Demand Loan - As mutually agreed between the Borrower and the Bank at
the time of disburse Terms of
Repayment Facility 1 - Cash
Credit - On Demand Facility 2 -
Working Capital Demand Loan - Maximum 180 days Margin Facility 1 and
Facility 2 - 25% on book debts and stock. Extent and
Operation of the charge First charge on
all existing and future current assets Second charge on
moveable fixed assets of the Borrower |
|
Short particulars
of the property charged |
Book Debts,
receivables, outstanding moneys, claims, demands, bills, contracts,
engagements and securities belonging to or held by the Borrower. Stocks of raw
materials, finished and semi-finished goods, goods in process and consumable
stores. Related moveables
in the course of transit or delivery. more specifically described in the
Second Schedule to the Deed of Hypothecation |
Fixed Assets:
- Goodwill
- Trademark and Copyrights
- Knowhow
- Building
- Plant and Machinery
- Dies and Moulds
- Furniture and Fixture
- Office Equipments
- Vehicles
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.73.05 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.