MIRA
INFORM REPORT
|
Report Date : |
07.03.2011 |
Notes:-
The Registered
Office of the company has been shifted from Ramkrupa / Prarthawa,
IDENTIFICATION DETAILS
|
Name : |
ROYAL CUSHION
VINYL PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
60 CD “Shlok” Government Industrial Estate, Charkop, Kandivli (West),
Mumbai – 400 067, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.11.1983 |
|
|
|
|
Com. Reg. No.: |
11-031395 |
|
|
|
|
CIN No.: [Company Identification No.] |
U24110MH1983PTC031395 |
|
|
|
|
Legal Form : |
Public limited
liability company. The company’s shares
are listed on the Stock Exchanges |
|
|
|
|
Line of
Business : |
Manufacturing and Exporter of floor coverings and other Poly Vinyl Chloride and polyurethane products. |
RATING & COMMENTS
|
MIRA’s Rating
: |
C |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment
Behaviour : |
Delayed /
Defaulter |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
The company in
particular and the group in general faces acute liquidity problem The entire net
worth of the company has been eroded. The company can be considered for any business
dealings on fully safe and secured trade terms and conditions, only. The
company has been referred to the Board for Industrial and Financial
Reconstruction (BIFR) under Sec. 15(1)
of the Sick Industrial companies (Special Provisions) Act 1985 and BIFR vide
their letter dated 14.06.2000 has registered the said reference. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Kamini |
|
Designation : |
Marketing Executive |
|
Contact No.: |
91-22-32655828 |
|
Date : |
02.03.2011 |
LOCATIONS
|
Registered
Office / Corporate Office : |
60 CD “Shlok” Government Industrial Estate, Charkop, Kandivali (West),
Mumbai – 400 067, Maharashtra, India |
|
Tel. No. : |
91-22-32655828 /
32655829 / 32566596 / 32567081 |
|
Fax No. : |
91-22-28603565 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 55,
Village Garadhia Taluka, Savli, Dist. Vadodara – 391 520, |
|
Tel. No. : |
91-2667-251674 /
73 |
DIRECTORS
As On : 31.03.2010
|
Name : |
Mr. M. K. Shah |
|
Designation : |
Chairman and Managing Director |
|
Qualification
: |
M.Sc. |
|
|
|
|
Name : |
Mr. V. K. Shah |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. A. V. Motasha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. A. Motasha |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. J. A. Motasha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. A Motasha |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Kamini |
|
Designation : |
Marketing Executive |
|
|
|
|
Name : |
Mr. H K Bijlani |
|
Designation : |
Company secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
245978 |
2.04 |
|
|
4144250 |
34.34 |
|
|
4390228 |
36.38 |
|
|
|
|
|
|
2880000 |
23.87 |
|
|
2880000 |
23.87 |
|
Total shareholding of Promoter and Promoter Group (A) |
7270228 |
60.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5300 |
0.04 |
|
|
1576630 |
13.07 |
|
|
1581930 |
13.11 |
|
|
|
|
|
|
552574 |
4.58 |
|
|
|
|
|
|
1307738 |
10.84 |
|
|
1298775 |
10.76 |
|
|
55967 |
0.46 |
|
|
9017 |
0.07 |
|
|
46950 |
0.39 |
|
|
3215054 |
26.64 |
|
Total Public shareholding (B) |
4796984 |
39.75 |
|
Total (A)+(B) |
12067212 |
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 and Exporter of floor coverings and other Poly Vinyl Chloride and polyurethane products. |
|
|
|
|
Products : |
Item Code No. (ITC Code) Product
Description 39181000 Cushion
Vinyl Flooring 39204100 PVC
Rigid Films 59031000 PVC
Leathercloth 39209929 PVC Laminated Sheet · Residential Flooring · Transport Flooring ·
Contract Flooring |
|
|
|
|
Exports : |
|
|
Products : |
·
Floor Coverings ·
Other Poly Chloride ·
Polyurethane Products |
|
Countries : |
·
United Kingdom ·
Italy ·
France |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Taiwan ·
Italy ·
France |
PRODUCTION STATUS (As on : 31.03.2010)
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
PVC Floor Covering |
|
Lac. Sqm. |
2150.000 |
907.300 |
|
Leather Cloths |
|
Lac. LM |
30.00 |
NA |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
End Users ·
OEM’s |
|
|
|
|
No. of Employees : |
1000 (Approximately) |
|
|
|
|
Bankers : |
v Dena Bank,
Branch Kandivali (West), Mumbai, Maharashtra, India v Axis Bank, Branch
Borivali (West), Mumbai, Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J. K. Shah and Company Chartered
Accountants |
|
Address : |
301, |
|
Tel. No.: |
91-265-2353043 / 2353470 |
|
|
|
|
Associates : |
·
National
Leather Cloth Manufacturing Company Address : Akruli, Kandivli (East) Mumbai - 400 101, Line of Business : Manufacturers of ‘Royal Touch’ brand synthetic Leathers ·
Royal
Knitting Private Limited ·
Vinyroyal
Plasticoats Private Limited ·
Auto
Interiors India Private Limited ·
Vijayjyot
Seats Private Limited ·
Royal
Spinwell Private Limited ·
Royal
Jerfeb Private Limited ·
Bharat
Motor Accessories ·
Nityanand
Overseas Trading ·
Royal
Wellknit Private Limited ·
Shreedha
Trading Consultancy Private Limited ·
Trilokesh
Trading Private Limited ·
Shreeshah
Trading Company Private Limited ·
Vishwamurthy
Trading Company Private Limited ·
Sumukh
Trading and Consultancy Services Private Limited ·
M V
Trust Properties ·
Vijay
Knitting Private Limited |
|
|
|
|
Subsidiaries : |
·
Euro
Royal Floors Limited ·
Prebend
House, |
CAPITAL STRUCTURE
As On : 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12067212 |
Equity Shares |
Rs. 10/- each |
Rs. 120.672
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.700 |
120.700 |
120.672 |
|
|
2] Share Application Money |
78.900 |
78.900 |
78.915 |
|
|
3] Reserves & Surplus |
(3594.400) |
(3394.600) |
728.408 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(3394.800) |
(3195.000) |
927.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1859.900 |
1862.300 |
1870.323 |
|
|
2] Unsecured Loans |
593.100 |
509.200 |
497.499 |
|
|
TOTAL BORROWING |
2453.000 |
2371.500 |
2367.822 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(941.600) |
(823.500) |
3295.817 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
677.600 |
756.600 |
836.130 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.300 |
2.000 |
2.085 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
155.200
|
161.100 |
169.771
|
|
|
Sundry Debtors |
32.500
|
31.500 |
64.692
|
|
|
Cash & Bank Balances |
1.100
|
2.800 |
12.978
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.365
|
|
|
Loans & Advances |
52.200
|
60.800 |
67.463
|
|
Total
Current Assets |
241.000
|
256.200 |
315.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
1247.000
|
1266.400 |
1190.126
|
|
|
Provisions |
621.700
|
583.100 |
545.613
|
|
Total
Current Liabilities |
1868.700
|
1849.500 |
1735.739 |
|
|
Net Current Assets |
(1627.700)
|
(1593.300) |
(1420.470)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
6.200 |
11.200 |
17.422 |
|
|
|
|
|
|
|
|
Profit and Loss Account |
0.000 |
0.000 |
3860.650 |
|
|
|
|
|
|
|
|
TOTAL |
(941.600) |
(823.500) |
3295.817 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
416.100 |
511.100 |
692.297 |
|
|
|
Other Income |
3.300 |
11.800 |
30.900 |
|
|
|
TOTAL (A) |
419.400 |
522.900 |
723.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
6.900 |
8.100 |
98.377 |
|
|
|
Administrative Expenses |
0.000 |
0.500 |
58.319 |
|
|
|
Raw Material Consumed |
297.300 |
374.700 |
461.230 |
|
|
|
Employee Cost |
44.600 |
45.300 |
48.531 |
|
|
|
Increase/(Decrease) in Finished Goods |
(6.200) |
0.000 |
20.796 |
|
|
|
Power Fuel cost |
53.100 |
57.600 |
0.000 |
|
|
|
Miscellaneous Expenses |
30.800 |
39.800 |
0.000 |
|
|
|
TOTAL (B) |
426.500 |
526.000 |
687.253 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(7.100) |
(3.100) |
35.944 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.600 |
178.700 |
118.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(117.700) |
(181.800) |
(82.513) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.700 |
80.800 |
80.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(198.400) |
(262.600) |
(162.698) |
|
|
|
|
|
|
|
|
|
Add |
Extra Ordinary
Items |
(1.600) |
0.900 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.700) |
0.600 |
0.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(198.300) |
(262.300) |
(163.542) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
192.758 |
|
|
|
Stores & Spares |
NA |
NA |
4.947 |
|
|
TOTAL IMPORTS |
NA |
NA |
197.705 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(16.44) |
(21.81) |
(13.55) |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
87.750 |
95.690 |
113.380 |
|
Total Expenditure |
94.860 |
110.250 |
127.970 |
|
PBIDT (Excl OI) |
(7.110) |
(14.560) |
(14.590) |
|
Other Income |
0.120 |
0.060 |
0.000 |
|
Operating Profit |
(6.990) |
(14.500) |
(14.590) |
|
Interest |
27.430 |
28.450 |
28.650 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(34.420) |
(42.950) |
(43.240) |
|
Depreciation |
20.150 |
20.300 |
20.300 |
|
Profit Before Tax |
(54.570) |
(63.250) |
(63.540) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(54.570) |
(63.250) |
(63.540) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(54.570) |
(63.250) |
(63.540) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(47.28)
|
(50.16) |
(22.61) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.68)
|
(51.38) |
(23.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.60)
|
(25.93) |
(14.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(0.17)
|
(0.16) |
(0.68) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.13
|
0.14 |
0.18 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The Company has achieved turnover of Rs. 416.100 millions as against Rs. 511.100 millions in the previous year. The reduction in turnover is mainly due to overall slowdown in export, recession including to tough competition from local, international market.
FIXED ASSETS
·
Land (Freehold)
·
Buildings
·
Factory/Office/Canteen
·
Guest House
·
Internal Roads and Tube Well
·
Plant and Machineries
·
Vehicles
·
Furniture and Fixtures
·
Office
·
Guest House
·
Office and Other Equipments
Un-audited
financial results (Provisional) for the quarter ended 31st December,
2010
(Rs.
In millions)
|
Particulars |
Quarter Ended 31.12.2010 (unaudited) |
Nine Months Ended 31.12.2010 (unaudited) |
|
(a) Net Sales/ Income from
operation |
113.193 |
294.969 |
|
(b) Other Operating Income |
0.188 |
1.853 |
|
Total Income |
113.381 |
296.822 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(10.334) |
(1.862) |
|
b. Consumption of Raw-Materials |
96.981 |
214.975 |
|
c. Power and Fuel |
14.516 |
42.453 |
|
d. Employees Cost |
11.565 |
33.275 |
|
e. Depreciation |
20.299 |
6.075 |
|
f. Other Expenditure |
15.247 |
44.241 |
|
g. Total |
148.274 |
393.832 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
(34.893) |
(97.010) |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
-- |
0.180 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
(34.893) |
(96.830) |
|
6. Interest |
28.647 |
84.524 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
(63.540) |
(181.354) |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
(63.540) |
(181.354) |
|
10. Tax Expenses |
-- |
-- |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
(63.540) |
(181.354) |
|
12. Earlier years Adjustment |
0.059 |
0.087 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(63.599) |
(181.441) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
120.672 |
120.672 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
|
16. Earning 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 annualised) |
(5.27) |
(15.04) |
|
17. Public Shareholding |
|
|
|
Number of Shares |
4796984 |
4796984 |
|
% of Share holding |
39.75 |
39.75 |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
1751213 |
1751213 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
24.09 |
24.09 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
14.51 |
14.51 |
|
b) Non-encumbered |
|
|
|
- Number of shares |
5519015 |
5519015 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
75.91 |
75.91 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
45.74 |
45.74 |
Notes : 1. The above results are reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 24.01.20111
2. The activity of the Company relate to only one segment i.e. PVC Products
3. The company does not have any liability towards deferred tax.
4. Figures of previous period year have been regrouped, wherever necessary
5. Status of investor’s complaints during the quarter ended 31.12.2010 : Opeing Balance Nil, Received- One Resolved-Nil, Pending-One.
AS PER WEBSITE
Subject has two plants
spread across 130 acres of land, at Garadia, Halol,
Export
Subject exports 50% of its production
to developing countries with its major markets in
The Product Differentiators can
be defined as:
·
Design Innovation / Attractive Colors
·
Quality Consistency
·
Brand Image
·
Gloss Level
On testing the product along with other international
manufacturers’ products on the gloss meter, the results have shown that
subject’s products can be produced at a gloss level of 7% to 30% higher than
that of any other International brand in the world.
In other words the U.S.P
is :
Innovative Designs with Highest Gloss Levels compared to any
other product available in the world.
Why
Vinyl Flooring
Of the many
invalid accusations hurled at vinyl the following are the top four myths of
which some people are reluctant to let go.
Myth 1: Vinyl
Flooring Emits Toxic Fumes and Poses a Health/Safety Risk
They've all heard the tale that vinyl poses some kind of health or
safety risk simply because it's synthetic. The truth is, according to a 1999
study completed by the U.S. Department of Commerce's National Institute of
Standards and Technology, the manufacture, installation, transportation and
even the daily use of vinyl flooring emits less toxic chemicals than most other
floors - including linoleum - vastly outperforming them in virtually all
measures of indoor air quality (IAQ). In fact, some heterogeneous sheet vinyl
floors were found to emit 10 times less volatile organic compounds (VOC) and/or
aldehydes than linoleum flooring, and roughly 50 percent less VOC than recycled
rubber flooring.
But most damaging
of all to the myth of vinyl's un safety is the fact that - even when burning,
vinyl flooring releases no more phosgene, cyanide, hydrochloric acid, carbon
monoxide or other toxic chemicals than most other flooring materials. based on
studies by the Vinyl Institute - a research and testing arm of the American
Plastics Council - In fact, vinyl's tendency to stop burning when an external
flame-source is removed has led some to describe it as
"self-extinguishing," vastly increasing its overall safety versus
most other forms of flooring.
Myth 2: Vinyl is a Low-Class, Unstylish Flooring Option With Low Market
Appeal
A quick,
unscientific poll of architects and interior designers will generally reveal
one thing with regard to vinyl flooring: the design community thinks of vinyl
as a low-end, bargain basement, unchic, practical surface. Indeed, though 52
percent of interior designers and installers cite the durability of a flooring
product as a primary motivator in making purchasing decisions, and 36 percent
cite the simplicity of its installation and/or maintenance as a leading
motivator, the fact that a majority of designers surveyed cite the design-style
of a product as the chief motivator of their purchasing / specifying decisions
is a clear indication that the design community longs for more than just
practicality. What many designers and installers don't know is that they can
have their cake and eat it too - they can have durability and simplicity of
installation / maintenance and exciting designs.
Many designers
aren't aware that vinyl's material composition actually facilitates the
creation of unique-cut geometric patterns and flooring designs. Furthermore,
while often realistically replicating the look of a variety of hard surfaces
such as tile, cork, and especially wood, heterogeneous vinyl floors feature a
layered structure that preserves the beauty of the floor's designs beneath a
tough, high-performance and easy-to-maintain wear layer. What's more, unlike
such hard surfaces as wood, laminate, terrazzo or ceramic tile, vinyl floors
have give that reduces noise and provides comfort underfoot. Indeed, the impressive
beauty of some vinyl floors, combined with vinyl's unique design qualities,
helps explain its increasing popularity as a sports surface whose high-density
vinyl foam cushion backing systems provide shock absorbing surfaces that reduce
impact-shock and leg fatigue.
In addition to the
wide array of smooth vinyl flooring designs available, a handful of select
manufacturers also offer an impressive array of embossed vinyl floors for everything
from boutique retail and office designs to heavy-duty commercial, institutional
and industrial applications in locations as pragmatic as locker rooms, lobbies
and school gymnasiums to installations as exotic as private yachts, premium
restaurant-nightclubs and TV show sets.
Myth 3 : Vinyl Flooring is Less Friendly to the Environment Than Other
Options
A survey of
architects and designers quickly reveals the preponderance of an overwhelming
assumption: that "natural" floors -- such as wood, linoleum, ceramic
tile and even recycled rubber -- are better for the environment than floors
composed of synthetic materials, such as polymer-based vinyl. The apparent
premise behind this assumption is that because the materials used are not
manufactured, they do not harm the environment with volatile emissions produced
in their fabrication. Further, it is argued, because renewable resources are
used in the fabrication of such eco friendly floors, their negative impact on
the environment is less than that of synthetic floors. In many cases, the
insinuation is even made that floors comprised of synthetic materials are
dangerous because they produce volatile emissions even in their daily use, let
alone their installation or manufacture.
Moreover, scrap
vinyl is itself often recycled, along with other plastics, into new vinyl. Even
during the manufacturing process, 99 percent of all scrap vinyl is reformed
into new vinyl.
Myth 4 : There Are Many Kinds of Flooring That Are a Match for
Heterogeneous Sheet Vinyl's Durability, Resilience and/or Cost-Effectiveness
According to
several studies, in terms of strength/durability, sheet vinyl floors are
typically in use years after their installation. The life of the Vinyl Flooring
depends on the wear layer and thickness of the material and the application
area. An example of the same could be the application of ‘Tuff’ in an Office
Lobby or an Auditorium. Since the surface of sheet vinyl is resistant to
scratching, scuffing, staining, indentation and other daily abuse such as rips,
tears and gouges, and cannot be damaged by most cleansers - and because its
color/pattern resides beneath the wear layer surface rather than on top of it -
the appearance of heterogeneous sheet vinyl floors is virtually immune to
fading or deterioration. Plus, vinyl's durability also allows it to withstand
heavy foot and equipment traffic, as well as stationary or static loads in most
applications.
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 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.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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.