MIRA
INFORM REPORT
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Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
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Name : |
AVT NATURAL PRODUCTS LIMITED |
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Registered
Office : |
60, Rukmani Lakshmipathy Salai, Egmore, Chennai 600 008, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.03.1986 |
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Com. Reg. No.: |
18-012780 |
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Capital
Investment / Paid-up Capital : |
Rs.76.142 Millions |
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CIN No.: [Company Identification
No.] |
L15142TN1988PLC012780 |
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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 and Exporter of Natural Colours, Natural Flavours, Essential Oils and Antioxidants. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [53] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1970000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 : |
60,
Rukmani Lakshmipathy Salai, Egmore, Chennai 600 008, |
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Tel. No.: |
91-44-28584147 |
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Fax No.: |
91-44-28584147 |
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E-Mail : |
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Website : |
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Area : |
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Factory : |
Tel No :- 91-484-2677262/2677263 Fax No:- 91-484-2677512
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Branches : |
Tel No :- 91-44-28217342/28234570/28240764 Fax No:- 91-44-26447990 Email :- alex@avtspice.com |
DIRECTORS
As on 09.09.2010
|
Name : |
Mr. Ajit Thomas |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
7th May, 1954 |
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Name : |
Mr. Sam Manekshaw M.C. |
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Designation : |
Director |
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Address : |
Stavaka, |
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Date of Birth/Age : |
4th March, 1914 |
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Name : |
Mr. M. A. Alagappan |
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Designation : |
Director |
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Address : |
17, |
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Date of Birth/Age : |
6th December, 1943 |
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Name : |
Mr. Shyam B. Ghia |
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Designation : |
Director |
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Address : |
18, |
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Date of Birth/Age : |
22nd November, 1947 |
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Name : |
Mr. Habib Hussain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
1st February, 1953 |
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Name : |
Mr. M. S. A. Kumar |
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Designation : |
Managing Director |
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Address : |
House No. 7/4168 Alagappa Nagar, |
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Date of Birth/Age : |
1st January, 1953 |
KEY EXECUTIVES
|
Name : |
Mr. Dileepraj P |
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Designation : |
Company Secretary |
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Name : |
Mr. Manu P. Sam |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
30000 |
0.39 |
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Bodies Corporate |
5269667 |
69.21 |
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Sub Total (A)
(1) |
5299667 |
69.60 |
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(B) Public
Shareholding |
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1. Institutions |
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Financial Institutions / Banks |
2400 |
0.03 |
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Sub Total (B)
(1) |
2400 |
0.03 |
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2. Non
Institutions |
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Bodies Corporate |
217410 |
2.86 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1570907 |
20.63 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
455546 |
5.98 |
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Non Residents |
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Clearing Members |
2455 |
0.03 |
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Foreign Nationals |
200 |
0.00 |
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Hindu Undivided Family |
27154 |
0.36 |
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NRI |
38457 |
0.51 |
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Trusts |
4 |
0.00 |
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Sub Total (B)
(2) |
68270 |
0.90 |
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(B) = (B) (1) +
(B) (2) |
2314533 |
30.40 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
7614200 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Natural Colours, Natural Flavours, Essential Oils and Antioxidants. |
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Products : |
Oleoresin – 130190.45 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
Suri and Company Chartered Accountants |
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Address : |
8, |
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Associates/Subsidiaries : |
Tel No :-91-44-25231892
Tel No :-91-44-25384390
Tel No :- 91-44-29216332
Tel No :- 91-44-26448588
Tel No :-91-44-22411958
Tel No:- 91-44-22430082
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,990,000 |
Equity Shares |
Rs.10/-each |
Rs.79.900
millions |
|
1,000 |
12% Redeemable Cumulative Preference shares |
Rs.100/-each |
Rs.0.100 million |
|
3,000,000 |
7% Redeemable Cumulative Preference shares |
Rs.10/-each |
Rs.30.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,614,200 |
Equity Shares |
Rs.10/-each |
Rs.76.142
millions |
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Note : Of
the above shares, 38,07,100 Equity shares were allotted as fully paid-up bonus
shares by capitalization from General Reserve and Share Premium Account.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
76.142 |
76.142 |
76.142 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
417.923 |
379.363 |
335.885 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
494.065 |
455.505 |
412.027 |
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LOAN FUNDS |
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1] Secured Loans |
422.676 |
372.703 |
314.373 |
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2] Unsecured Loans |
16.849 |
10.186 |
13.047 |
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TOTAL BORROWING |
439.525 |
382.889 |
327.420 |
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DEFERRED TAX LIABILITIES |
43.199 |
39.199 |
29.079 |
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TOTAL |
976.789 |
877.593 |
768.526 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
365.193 |
282.270 |
215.984 |
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Capital work-in-progress |
0.000 |
28.674 |
8.860 |
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INVESTMENT |
28.227 |
28.227 |
28.227 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
289.492
|
306.906 |
217.388 |
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Sundry Debtors |
341.299
|
242.243 |
296.364 |
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Cash & Bank Balances |
21.634
|
23.004 |
30.041 |
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Other Current Assets |
2.682
|
1.353 |
0.924 |
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Loans & Advances |
96.905
|
86.488 |
130.693 |
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Total
Current Assets |
752.012
|
659.994 |
675.410 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
81.266
|
35.277 |
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Other Current Liabilities |
7.307
|
6.691 |
58.753 |
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Provisions |
80.070
|
79.604 |
101.202 |
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Total
Current Liabilities |
168.643
|
121.572 |
159.955 |
|
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Net Current Assets |
583.369
|
538.422 |
515.455 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
976.789 |
877.593 |
768.526 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
|
|
|
|
|
|
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Income |
829.733 |
874.542 |
868.572 |
|
|
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Other Income |
3.509 |
5.188 |
5.237 |
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TOTAL (A) |
833.242 |
879.730 |
873.809 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase (-) / Decrease (+) in stock |
19.677 |
(69.599) |
44.732 |
|
|
|
Materials Consumed |
267.725 |
312.178 |
352.787 |
|
|
|
Purchases |
69.961 |
141.843 |
15.231 |
|
|
|
Employee Cost |
101.366 |
94.965 |
81.513 |
|
|
|
Other Expenditure |
211.981 |
228.408 |
188.983 |
|
|
|
TOTAL (B) |
670.710 |
707.795 |
683.246 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
162.532 |
171.935 |
190.563 |
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|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
32.287 |
33.811 |
24.339 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
130.245 |
138.124 |
166.224 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.049 |
24.601 |
21.542 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
101.196 |
113.523 |
144.682 |
|
|
|
|
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|
|
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|
Less |
TAX (I) |
36.000 |
43.320 |
51.972 |
|
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|
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|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
65.196 |
70.203 |
92.710 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.998 |
39.520 |
27.989 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
50.000 |
50.000 |
|
|
|
Dividend |
22.843 |
22.843 |
26.650 |
|
|
|
Tax on Dividend |
3.794 |
3.882 |
4.529 |
|
|
BALANCE CARRIED
TO THE B/S |
31.557 |
32.998 |
39.520 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.56 |
9.22 |
12.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.82
|
7.98 |
10.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.20
|
12.98 |
16.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.06
|
12.05 |
16.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.11 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.46
|
5.43 |
4.22 |
LOCAL AGENCY FURTHER INFORMATION
UNAUDITED FINANCIAL
RESULTS FOR THE THREE MONTHS ENDED 31.03.2011
|
Particulars |
Three Months Ended 31.03.2011 [Unaudited] |
Accoounting Year Ended 31.03.2011 [Unaudited] |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
536.400 |
1384.100 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(0.900) |
55.500 |
|
(b) Consumption of Raw Materials |
251.600 |
604.300 |
|
(c) Purchase of traded goods |
43.900 |
55.000 |
|
(d) Employees Cost |
44.900 |
141.000 |
|
(e)Pwer and Fuel |
34.500 |
80.900 |
|
(f) Depreciation |
6.800 |
32.000 |
|
(g) Other Expenditure |
65.700 |
205.500 |
|
Total Expenditure |
446.500 |
1174.200 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
89.900 |
209.900 |
|
Other Income |
0.800 |
1.300 |
|
Profit/(Loss) before Interest and Exceptional items |
90.700 |
211.200 |
|
Interest |
12.600 |
43.300 |
|
Profit / (Loss) after interest before Exceptional items |
78.100 |
167.900 |
|
Provision for Taxation |
|
|
|
- Current |
26.900 |
56.500 |
|
- Differed |
0.000 |
4.500 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
51.200 |
106.900 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
51.200 |
106.900 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
76.100 |
76.100 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic and Diluted |
6.72 |
14.04 |
|
After Extraordinary Items |
|
|
|
-Basic and Diluted |
6.72 |
14.04 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
2314533 |
2314533 |
|
- Percentage of shareholding |
30.40 |
30.40 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
0 |
0 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0 |
0 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0 |
0 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
5299667 |
5299667 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
69.60 |
69.60 |
Notes :
- The company
operates in solvent extracted products which is the primary reportable
segment therefore, segment reporting is not applicable.
- The previous period’s
figures has been grouped wherever necessary to conform to current period’s
classifications.
- The company
has certain unexpired foreign currency derivative contracts to the tune of
US $ 9.6 million as on 31.03.2011 which were entered into hedge the risk
of changes in foreign exchange currency rates on future export sales
against existing long term export contracts. The mark to market negative
variation of currency position as on 31.03.2011 of Rs.11.200 million has
not been considered as loss o foreign currency derivatives,. As the hedge
transactions have been entered into based on firm export sale contracts
and as per the costing systems of the company, such hedge transaction will
only results in current profit for the relevant period of execution of the
contract. On the principal of ongoing concern, such hedge transaction will
not result in losses requiring recognition as on this date.
- The above
result were reviewed by the audit committee and approved at the meeting of
Board of Directors of the company held on 29.04.2011.
- The statutory
auditors have carried out a limited review of the above financial results.
- The
consolidated figures for the year includes the figures of wholly owned
subsidiary company AVT Natural Pte. Limited,
- Number of
Investors for the quarter ended 31.03.2011, Received – 3, Disposed – 3,
Pending – Nil, [At the beginning]
OPERATIONS
During 2009-10, the Sales dropped to Rs.829.700 Millions from Rs 874.500
Millions of 2008-09. Profit After Tax dropped by 7.12 % from Rs 70.200 Millions
in 2008-09 to Rs 65.200 Millions in 2009-10. Spice Oleo sales and Value Added
Beverages Sales were lower due to reduced global demand. Marigold Oleoresins,
key ingredient in Eye Health Care and the company's main product line was not
impacted as the demand compression did not occur in this segment. The company
experienced margin pressures in all 3 product categories. Cost push in labour,
power and fuel prices coupled with lower product prices dented the operating
margins. With the increase in Agricultural commodity prices and increase in
cost of cultivation, Marigold Farmers are demanding higher flower prices.
FUTURE PROSPECTS
The "Critical Global Strategic Partnership Agreement" signed
with Kemin Health, L.C. (Kemin),
PERFORMANCE OF
SUBSIDIARY COMPANY
AVT Natural Pte. Limited,
WIND MILL
The Company had set up a windmill project 600 KWWTG,
CLOSURE OF PLANT
During the year 2009-10, the company had closed its plant located at
Hindupur. The said plant which was processing various grades of marigold
flower, cultivated in and around that area and that the plant was running only
4 to 5 months a year depending on the flower arrival. With the introduction of
the Hybrid seeds at Sathyamangalam and Hassan cultivation area, the company was
able to meet its requirement of' Xanthophyll' from these two areas. The
Hindupur plant was set up in a lease hold land and its lease period had already
expired, is being vacated by the company.
Management Discussions and Analysis Report
BUSINESS PROFILE
AVT Natural Products Ltd (AVT NPL) operates in the business segment of
"Solvent Extraction". There are 3 product categories they currently
operate in the market:
• Marigold Extracts for Poultry pigmentation, Eye care and Food Coloring
• Spice Oils and Oleoresins for Food coloring and flavoring.
• Value Added Beverages through removal Caffeine from Black Tea using
different solvent systems like Ethyl Acetate and Methylene Chloride.
While Marigold Extracts for Eye care and Food coloring is manufactured
in
INDUSTRY STRUCTURE
AND DEVELOPMENT
Marigold
Like any other Agricultural Commodity, Marigold is also experiencing a
major cost push through increased flower prices and higher processing costs.
Prices of Finished Products from Marigold are not increasing proportionately to
the input cost escalation. Therefore, the thrust has to be on cost reduction
through improved efficiencies. They expect the Marigold prices in
Their core competency in Good Agricultural Practices (GAP) based farming
of Marigold flowers and Food Safety
based Processing is giving them the much needed differentiator in this
crowded market place.
Spice Oils and
Oleoresins
Value Added Beverages
They will continue to expand the customer base in Decaffeinated Teas
using both Ethyl Acetate and Methylene Chloride solvent systems they have
developed in house. Instant Teas is another product line they are currently
exploring.
PERFORMANCE
During 2009-10, the Sales dropped to Rs.829.700 Million from Rs 874.500
Millions of 2008-09. Profit after Tax dropped by 7.12 % from Rs 70.200 Millions
in 2008-09 to Rs 65.200 Millions in 2009-10. Spice Oleo sales and Value Added
Beverages Sales were lower due to reduced global demand. Marigold Oleoresins,
key ingredient in Eye Health Care and the company's main product line was not
impacted as the demand compression did not occur in this segment. The company
experienced margin pressures in all 3 product categories. Cost push in labour,
power and fuel prices coupled with lower product prices dented the operating
margins. With the increase in Agricultural commodity prices and increase in
cost of cultivation, Marigold Farmers are demanding higher flower prices.
FUTURE OUTLOOK
The "Critical Global Strategic Partnership Agreement" signed
with Kemin Health, L.C. (Kemin),
CONTINGENT
LIABILITIES
Rs. in millions
|
Contingent
Liabilities In Respect Of |
31.03.2010 |
31.03.2009 |
|
a) Salestax demand disputed in appeals, against which Rs.71,40,702 paid and included under Advances |
15.286 |
15.286 |
|
b) Service Tax demand disputed in appeal |
43.081 |
0.000 |
|
c) Outstanding Bank Guarantees/Letters of Credit |
96.684 |
13.575 |
|
d) Capital Commitments not provided for (net of advances) |
0.000 |
17.377 |
FIXED ASSETS :
- Free
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
AS PER WEBSITE DETAILS
LOCATION
Kerala - the land of spices plays a significant role in the global spices market.
Spices are important commercial crops from the point of view of both domestic
consumption and export market.
Kerala is the first state to receive the monsoon showers each season, because
of its proximity to the
AVT Natural is located in the port city of
HISTORY
AVT Natural Products Ltd (AVT NPL) is a public limited company promoted
by AV Thomas Group as a strategic diversification from the traditional
plantation business of AV Thomas Group. AVT Natural formed in 1994 belongs to
the renowned AVT Group of Companies and in the last 16 years has grown
manifolds. It started Marigold cultivation on 200 acres of land that has since
gone up to 35,000 acres producing 100,000 metric tones of flowers with the
support of 30,000 loyal farmers. From producing feed grade Oleoresins in the
initial years, AVT Natural today produces Nutraceutical grade products that
meet global quality standards in food safety.
Their contract farming model ensures “Quality at Source”. Marigold
business is an integrated project starting from seed development and going on
to Oleoresin. The contract farming model followed by AVT Natural has been
regarded as one of the best in the industry.
As part of their expansion plan, they have ventured into the world of
food safe natural flavour and colour production. This has become immensely
successful and popular in the global food ingredients industry. The various
certifications attained by them speak volumes about their quality standards and
food safety norms.
Group at Glance
A V Thomas group of companies consists of diversified businesses in Tea,
Rubber, and Consumer products such as spices, food ingredients, leather and
Healthcare products. They have grown from strength to strength in:
- Manufacturing Capabilities
- Technological Strengths
- Export Marketing Capabilities
- Domestic Retailing Strengths
- Quality In International Business
- Experience In Managing Joint Ventures
AVT Group – Business Units
Plantations : 15000 Acres(6070.28 HA) of Tea, Rubber, Coffee,
and Spice Plantations in
Consumer Products:Tea, Coffee and Spices. One of the
largest and popular brands in south
Leather Goods: AVT Leather manufactures a wide range
of leather goods for well known brand names in the
Medical Appliances: Manufacture and Marketing of Rusch Foley Catheters and
distributes range of Imported Products in
Biotechnology: L.J. International Limited – Plant
Tissue Culture. Product range covers more than 70 products comprising of
Flower, Fruit, Forestry, Foliage and Medicinal plants which are exported to
several countries in the
Commodity Exports: Export of Spices, Natural Rubber,
Coir Products and Food items.
Logistics: Licensed Custom Agents, Air and Sea Cargo
agents, Ware Housing.
Trading and Agencies: Building Materials, Rubber chemicals
etc.
Food and Feed Ingredients –
- AVT
Integrated Spice Project
- AVT Natural
Products Limited
- AVT McCormick
Ingredients Private Limited
AVT Integrated Spice Project
The
AVT Integrated Spice Project is situated 22 miles from the
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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.