MIRA
INFORM REPORT
|
Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOROSIL GLASS WORKS LIMITED |
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Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.12.1962 |
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Com. Reg. No.: |
11-12538 |
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CIN No.: [Company
Identification No.] |
L99999MH1962PLC012538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB00740F/MUMB11821F |
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PAN No.: [Permanent
Account No.] |
AAACB5484G |
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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 : |
Manufacturer of Borosilicate Glassware for
Scientific and Laboratory Purpose,
Industrial Glassware, Consumer
Glassware and also trading in consumer
Glassware. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1503652 |
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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 an established
company having fine track. Trade relations are reported as fair. Payments are
reported to be regular 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co- operative
(Name not disclosed)
LOCATIONS
|
Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
|
Tel. No.: |
91-22-24930362 / 24930366 / 67406300 |
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Fax No.: |
91-22-24950561 |
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E-Mail : |
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Website : |
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Head Office : |
410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai –
400 025, |
|
Tel. No.: |
91-22-24320779 / 24309539 / 24303436 |
|
E-Mail : |
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Factory 1 : |
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|
Tel. No.: |
91-22-2850 8990 |
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Fax No.: |
91-22-2850 6685 |
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Factory 2 : |
A1F, Industrial Complex, Marai Malai Nagar - 603 209, Tamil Nadu, |
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Corporate Office : |
Khanna
Construction House, 44, R.G. Thadani Marg, Worli, Mumbai-400018 , |
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Tel. No.: |
91-22-6740
6300 |
|
Fax No.: |
91-22-24950561 |
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Sales Office : |
·
Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century
Bazar, Prabhadevi, Mumbai - 400025 Tel. No : 91-22-2437 4501 / 2437 4703 Fax. No. 91-22-5660 3601 Email :mumbaisales@borosil.com ·
19/90, Connaught Circus ( Tel. No. :91-11-2334 3897/2374 2136/2374 3772 Fax No. :91-11-2374 6689 Email : delhi@borosil.com ·
No.22, Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com ·
Dabriwala House , 4th Floor, 10 Middleton Row, Kolkatta- 700071 Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com
·
161, Anna Salai, Chennai 600 002, Tamil Nadu, |
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International Division : |
410, Kalindas
Udyog Bhavan, Near Century Bazar, Prabhadevi, Mumbai - 400025 TeleFax: 91-22-2432
0779 / 2430 9539 / 2430 3436 Email : eximbor@borosil.com |
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US Enquiries : |
United Scientific Supplies, Incorporation , Phone : 91-847-336 7556 Fax: : 91-847-336 7571 Email : rsoni@unitedsci.com |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. B. L. Kheruka |
|
Designation : |
Chairman |
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|
Name : |
Mr. P. K. Kheruka |
|
Designation : |
Vice Chairman and
Managing Director |
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|
Name : |
Mr. A.C. Dalal |
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Designation : |
Director |
|
Date of Birth/Age : |
28.08.1989 |
|
Experience |
50 years |
|
Date of Appointment : |
28.08.1898 |
|
Previous Employment |
·
Director with Sutlej Industries Limited ·
Pilani Investments
and Industries Limited ·
Vidula Chemicals
and Manufacturing Industries Limited ·
Birla Global
Finance Limited ·
Century Textiles
and Industries Limited ·
Birla Securities
Limited |
|
Chairman/Member |
·
Century Textiles and
Industries Limited – Audit Committee Member ·
Sutlej Industries
Limited - Audit Committee Member |
|
|
|
|
Name : |
Mr S. Bagai |
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Designation : |
Director |
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Date of Birth/Age : |
07.03.1956 |
|
Experience : |
Advocate with rich
Experience |
|
Date of Appointment : |
29.06.2002 |
|
Previous Employment |
Director with C. Net
Telecon ( Prime Proteins Limited |
|
|
|
|
Name : |
Mr. K V Krishnamurthy |
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Designation : |
Director |
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|
Name : |
Mr. V Ramaswami |
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Designation : |
Whole Time Director |
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Name : |
Mr. U K Mukhopadhyay |
|
Designation : |
Director |
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Name : |
Mr. Shreevar Kheruka |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. C Baptista |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
355,760 |
8.97 |
|
|
1,823,491 |
46.51 |
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(B) Public Shareholding |
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|
|
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|
400 |
0.01 |
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|
562 |
0.01 |
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|
81,678 |
2.06 |
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|
546012 |
13.77 |
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|
|
|
|
|
|
|
|
|
247,898 |
6.25 |
|
|
|
|
|
|
|
|
|
|
589,603 |
14.87 |
|
|
252,171 |
6.36 |
|
|
|
|
|
|
|
|
|
|
8,051 |
0.20 |
|
|
975 |
0.02 |
|
|
37,327 |
0.94 |
|
|
|
|
|
Total |
3,963,928 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Borosilicate
Glassware for Scientific and Laboratory Purpose, Industrial Glassware, Consumer Glassware and also trading in consumer Glassware. |
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Products : |
·
Domestic glassware ·
Artware ·
Barware /
restaurant ·
Bowls ·
Cookware ·
Decanters ·
Drinking glasses ·
Giftware ·
Jugs ·
Kitchenware ·
Mugs ·
Tableware ·
Tumblers ·
Over ware ·
Lighting glassware ·
Lamp-chimney ·
Well glass ·
Tubing, Vials,
Ampoules Tubing ·
Pipes and fittings ·
Rods ·
Tubes ·
Washing Machine
Covers Microware Platter ·
Scientific lab and
medical glassware ·
Apparatus ·
Beakers ·
Bottles and jars ·
Capillary tubes ·
Chemical (general) ·
Medical glassware ·
Pipettes ·
Test tubes ·
Tubes ·
Volumetric
glassware |
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Exports : |
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Countries : |
·
·
·
·
·
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Scientific Apparatus and Laboratory ware* |
Pieces |
- |
- |
12051355 |
|
Consumer ware** |
Pieces |
- |
- |
3770402 |
|
Others |
Pieces |
- |
- |
1019 |
Note:
* Includes 1,15,68,989 Units. (Previous year 55,26,658 Units) produced by Sub contractor on Job work basis.
** Includes 36,40,762 Units. (Previous year 54,14,333 Units) produced by Sub contractor on Job work basis.
GENERAL INFORMATION
|
No. of Employees : |
850 |
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Bankers : |
·
Bank of ·
Union Bank of ·
ICICI Bank Limited
·
The Zoroastrian
Co-operative Bank Limited ·
IndusInd Bank
Limited |
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Facilities : |
Note Security
*Guaranteed by a Director in his personal capacity. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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|
|
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Associates: |
·
Gujarat Borosil Limited ·
Gujarat Fusion
Glass Limited ·
Fennel Investment
and Finance Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Share |
Rs.10/- Each |
Rs.120.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3963928 |
Equity Share |
Rs.10/- Each |
Rs.39.639
Millions |
|
|
|
|
|
NOTES:
Of the above:
a) 8,83,563 Equity Shares were allotted as fully paid up pursuant to contracts without payments being received in cash.
b) 7,48,031 Equity Shares were allotted as fully paid up Bonus shares by way of capitalisation of General Reserve.
c) 11,84,984 Equity Shares were allotted as fully paid up on Conversion of Debentures.
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 |
39.639 |
39.639 |
36.085 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
412.935 |
584.188 |
583.542 |
|
|
4] Share Warrants |
0.000 |
0.000 |
9.828 |
|
|
5] (Accumulated Losses) |
(76.611) |
0.000 |
0.000 |
|
|
NETWORTH |
375.913 |
623.827 |
629.455 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
418.195 |
159.707 |
119.117 |
|
|
2] Unsecured Loans |
22.846 |
82.582 |
196.594 |
|
|
TOTAL BORROWING |
441.041 |
242.289 |
315.711 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
12.554 |
16.860 |
|
|
|
|
|
|
|
|
TOTAL |
816.954 |
878.670 |
962.026 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
304.137 |
343.020 |
446.532 |
|
|
Capital work-in-progress |
56.685 |
27.979 |
35.712 |
|
|
|
|
|
|
|
|
INVESTMENT |
194.455 |
194.467 |
196.076 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
178.245
|
351.078
|
279.690
|
|
|
Sundry Debtors |
161.335
|
116.195
|
141.858
|
|
|
Cash & Bank Balances |
8.420
|
8.878
|
5.158
|
|
|
Other Current Assets |
2.428
|
0.022
|
0.056
|
|
|
Loans & Advances |
55.854
|
41.336
|
69.252
|
|
Total
Current Assets |
406.282
|
517.509
|
496.014 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
91.837
|
104.510 |
78.551 |
|
|
Other Current Liabilities |
42.086
|
57.000
|
79.602
|
|
|
Provisions |
10.682
|
42.795
|
54.155
|
|
Total
Current Liabilities |
144.605
|
204.305
|
212.308 |
|
|
Net Current Assets |
261.677
|
313.204
|
283.706 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
816.954 |
878.670 |
962.026 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
878.883 |
669.877 |
716.155 |
|
|
|
Other Income |
18.577 |
18.125 |
24.548 |
|
|
|
TOTAL (A) |
897.460 |
688.002 |
740.703 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
390.689 |
562.797 |
558.877 |
|
|
|
Raw Material Consumed |
25.120 |
27.524 |
30.639 |
|
|
|
Purchases made for re-sale |
322.758 |
140.924 |
102.373 |
|
|
|
Extra Ordinary Items |
186.998 |
50.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
164.092 |
(72.113) |
(30.752) |
|
|
|
TOTAL (B) |
1089.657 |
709.132 |
661.137 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(192.197) |
(21.130) |
79.566 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.430 |
39.278 |
31.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(243.627) |
(60.408) |
47.995 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.961 |
33.320 |
39.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(260.588) |
(93.728) |
8.602 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.674 |
0.356 |
3.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(247.914) |
(94.084) |
5.359 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
134.238 |
228.322 |
222.963 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER
TO GENERAL RESERVE |
37.015 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(76.661) |
134.238 |
228.322 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
25.093 |
32.802 |
NA |
|
|
TOTAL EARNINGS |
25.093 |
32.802 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.977 |
11.751 |
11.231 |
|
|
|
Stores & Spares |
0.158 |
0.000 |
4.461 |
|
|
|
Capital Goods |
0.000 |
0.000 |
2.314 |
|
|
TOTAL IMPORTS |
18.135 |
11.751 |
18.006 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(62.54) |
(11.42) |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
248.300 |
303.100 |
312.600 |
|
Total Expenditure |
215.600 |
289.400 |
281.200 |
|
PBIDT (Excl
OI) |
32.700 |
33.700 |
31.400 |
|
Other Income |
5.100 |
16.400 |
69.300 |
|
Operating
Profit |
37.800 |
50.100 |
100.700 |
|
Interest |
13.000 |
9.300 |
0.800 |
|
Exceptional
Items |
0.000 |
(24.900) |
0.000 |
|
PBDT |
24.800 |
15.900 |
99.900 |
|
Depreciation |
2.500 |
2.200 |
1.700 |
|
Profit
Before Tax |
22.300 |
13.700 |
98.200 |
|
Tax |
1.100 |
(1.100) |
13.400 |
|
Reported PAT |
21.200 |
14.800 |
84.800 |
|
Extraordinary Items |
0.000 |
6482.900 |
(5.200) |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
21.200 |
6497.700 |
79.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(27.55)
|
(13.67) |
0.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(29.58)
|
(13.99) |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(36.68)
|
(10.89) |
0.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.69)
|
(0.15) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
156
|
0.72 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
2.53 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Macro, Small and Medium Enterprises* |
0.000 |
0.000 |
0.000 |
|
Others** |
91.837
|
104.510 |
78.551 |
* The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required by notification dated 16.11.2007 issued by the Ministry of Company Affairs have not been given.
** Includes Rs.340.000 Millions (previous year Rs.380.000 Millions) for Capital expenditure.
PERFORMANCE: Subsequent to the acceptance of Voluntary Retirement Scheme (VRS) by all workmen at Company's Marol plant, the Company has obtained No Objection Certificate from the Commissioner of Labour for development of the said land and thereby the property there has become available for development /sale. The Company has appointed an Agency to run a process to find out suitable buyer for the property at Marol, Mumbai and the process is underway right now. In the meantime, the Company is also seeking approval of the members U/S 293(1)(a) of the Companies Act, 1956, for transfer, sale, lease or otherwise disposal of the property belonging to the closed undertaking at Marol. The Company is in the process of setting up a modern borosilicate glass melting furnace at a site in the Baruch District of Gujarat and till this new plant is commissioned, market demand is being met from its own stock and by sourcing from imports as well as from domestic market. Sales during the year were higher at Rs.910.907 millions as compared to Rs.712.711 millions in the previous year. Inspite of improved performance by both Scientific and Industrial Division' and Consumerware Division', the Company incurred losses amounting to Rs.247.914 millions (which includes Extraordinary Loss of Rs.186.998 millions) as compared to loss of Rs.94.084 millions (which included Extraordinary Loss of Rs.50.000 millions) during the previous year. The reasons for losses are attributed to the following factors: 1. An amount of Rs.186.998 millions paid under Voluntary Retirement Scheme (VRS) to the workmen at Marol Plant has been treated as extraordinary loss. On the top of this, the Company has to service the loan taken for the purpose. All these, however, helped the Company in freeing its land at Marol for development / sale. 2. Since the Company is in the process of setting up of new plant in the Bharuch District of Gujarat, although there is no production right now after discontinuation of manufacturing in the Marol, Mumbai Plant, the Company has been incurring fixed costs on its technical and other staff to be eventually deployed in the new project. The Company has in the interregnum period, been importing products from abroad in order to maintain its market share, inspite of lower margin. The Company has also suspended its operations at Maraimalai Nagar, Tamil Nadu in view of obsolescence of the products being manufactured there. Exports during the year were lower at Rs.25.093 millions as compared to Rs.32.802 millions in the previous year. FIXED DEPOSITS The Company has stopped accepting fresh fixed deposits since July 2006. The total amount of unclaimed deposits as on 31st March, 2010 was Rs.1.433 Millions, out of which an amount of Rs.0.025 millions has since been paid.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT Industry Structure and Developments The Company is engaged in the business of low expansion borosilicate glassware including a wide variety of scientific, industrial, lighting, pharmaceutical and Consumerware glass items, sourced both from international and domestic markets. The entire Research and Development Industry, Education and Health segments of the market are major users of Scientific and Industrial Products, whereas Consumerware items cater to the need of the household sector.
Segmentwise or Productionwise
Performance
- Scientific and Industrial Products
Division
*
Sales have shown significant improvement and registered an increase of 28.73%
as compared to previous year. Besides,
there were significant pending orders in almost all areas - otherwise,
performance of the division could have been still better.
* Relatively
better availability of
products coupled with
increased penetration at the
customer level have contributed towards
this improved performance.
Introduction of liquid handling systems in the range has also resulted in
increased sales.
*
Focused attention on exports in the second half of the year, have also helped
in reasonable level of export sales.
-
Consumerware Division
During
the year , the turnover of the consumerware division has also risen
significantly by 36.88%, as compared to last year in spite of fierce
competition and inflationary pressure on consumers. The Company is market
leader in the microwave glassware segment and has during the year further
strengthened its presence in the said segment.
Outlook
-
Scientific and Industrial Products:
The
overall picture appears to be bright considering the following factors:
* The
Government emphasis on Education and Health segments coupled with increased
awareness.
*
Increased presence of Contract Research Organisations.
*
Continued growth in the pharma segment.
*
Introduction of allied products in range under Borosilr brand.
*
Political stability.
* Anticipated
economic revival.
-
Consumerware Products:
The
Company sells its product under brands namely Borosilr and Borosil
International. The Company
imports a range of
products from various international manufacturers and sells these in the domestic market
along with domestically sourced products. With the rise of consumerism
in
Fixed Assets
·
Land (freehold and
leasehold)
·
Buildings
·
Plant, Machinery and Equipment
·
Furniture, Fixture and Office Equipments
·
Vehicles
·
Intangible Assets
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.