MIRA
INFORM REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Marg, Lower Parel (W), Mumbai - 400013, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.02.1965 |
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Com. Reg. No.: |
11 - 15806 |
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Capital Investment / Paid-up Capital : |
Rs.0.910 Million |
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CIN No.: [Company
Identification No.] |
U17120MH1965PLC015806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07208F / MUMH01668C |
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PAN No.: [Permanent
Account No.] |
AAACH3757J |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Acetals and Hemacetals. |
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No. of Employees
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40 (Corporate Office) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4003000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. 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.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Dhananjay |
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Designation : |
Assistant Exim Officer |
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Contact No.: |
91-22-66513412 |
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Date: |
30.05.2011 |
LOCATIONS
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Registered Office : |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India. |
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Tel. No.: |
91-22-66513412/ 26513400-3410/ 24951308 / 66513400 |
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Fax No.: |
91-22-66513435 / 66513434 |
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E-Mail : |
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Website : |
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Corporate Office : |
411 Shah and Nahar Industrial Estate, Dr. E Moses Road, Worli Naka, Mumbai- 400018, Maharashtra, India. |
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Tel. No.: |
91-22-6641636 |
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Factory 1 : |
HPFL Estate, 555, Pune Nagar Road, Koregaon Bhima, Taluka- Shirur, Pune-412207, Maharashtra, India. |
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Tel. No.: |
91-2137-252227/253475 |
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Fax No.: |
91-2137-252327 |
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Factory 2 : |
D-9, MIDC, Kurkumbh, Daund, Pune-413802, |
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Tel. No.: |
91-2117-235125 / 235610 |
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Fax No.: |
91-2117-235265 |
DIRECTORS
AS ON 10.09.2010
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Name : |
Mr. Kishore Vallabhdas Mariwala |
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Designation : |
Director |
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Address : |
103 Everest Apartment, Off |
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Date of Birth/Age : |
14.02.1935 |
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Date of Appointment : |
23.01.1965 |
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Name : |
Mr. Mariwala Kishore Rajen |
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Designation : |
Managing Director |
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Address : |
Sudha Kunj, |
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Date of Birth/Age : |
04.09.1962 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Patodia K Binod |
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Designation : |
Director |
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Address : |
45 Mount Unuque, 6th Floor, Mumbai – 400026 |
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Date of Birth/Age : |
01.01.1945 |
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Date of Appointment : |
29.06.1989 |
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Name : |
Mr. Mariwala Kishore Ravindra |
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Designation : |
Director |
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Address : |
8 – B, Sahil, |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
05.04.2000 |
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Name : |
Mr. Mariwala C Harsh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.05.1951 |
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Date of Appointment : |
21.07.2003 |
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Name : |
Mr. Sarwate Shripad Milind |
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Designation : |
Director |
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Address : |
E-201/202, Sita Vihar, Near Damani Estate, LBS Marg, Naupada, Thane
(West) – 400 602, |
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Date of Birth/Age : |
23.09.1959 |
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Date of Appointment : |
01.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Dhananjay |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2010
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Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
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Mariwala Kishore Rajen |
-- |
1 |
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Mariwala C Harsh |
-- |
1 |
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Mariwala Kishore Ravindra |
-- |
1 |
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Harsh C Mariwala Jointly with Kishore V Mariwala on Behalf of
Valentine Family Trust |
-- |
1830 |
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Rajen Mariwala Jointly with Harsh C Mariwala on behalf of Aquarious
Family Trust |
-- |
1830 |
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Harsh C Mariwala Jointly with Rajen K Mariwala on behalf of Gemini
Family Trust |
-- |
1830 |
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Kishore V Mariwala Jointly with Harsh C Mariwala on behalf of Taurus
Family Trust |
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1830 |
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Bombay Oil Industries Private Limited, Mumbai |
10909 |
675 |
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Total |
10909 |
7323 |
AS ON 10.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Acetals and Hemacetals. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
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Unit
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Installed
Capacity |
Actual
Production |
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Aroma Chemicals |
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M. T |
17660 |
12706 |
Notes:
1. The Company has been advised that no license is required for the products manufactured by the Company.
2. Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter.
3. Installed capacity includes 5,000 M.T. (Previous year: 5,000 M.T.) of Specialty Chemicals and /or 12,660 M.T. (Previous year: 11,660 M.T.) of Aroma Chemicals at Kurkumbh plant, which is dependent on product mix.
GENERAL INFORMATION
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Bankers : |
v
ICICI Bank Limited, v
DBS Bank Limited, 221, v
CITI Bank N.A. Bandra Kurla Complex, G-Block,
Bandra East, Mumbai-400 051, v
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227, D, Nariman Point, Mumbai-40021, Maharashtra, India. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Price Waterhouse, 252 Veer Savarkar Bhavan, |
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Pan No.: |
AAFFP3698A |
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Subsidiaries |
Artic Investment and Trading Private Limited (HPFL B.V) CIN No:
U65990MH1975PTC018100 |
CAPITAL STRUCTURE
As on 10.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
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250000 |
Redeemable Preferences Shares |
Rs.100/- each |
Rs.2.500 Millions |
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Total |
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Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7998 |
Equity Shares |
Rs.100/- each |
Rs.0.800
Million |
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10909 |
0% Optionally convertible redeemable preference shares |
Rs.10/- each |
Rs.0.110
Million |
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Total |
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Rs.0.910 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.910 |
1.110 |
1.110 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
999.840 |
693.300 |
671.010 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1000.750 |
694.410 |
672.120 |
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LOAN FUNDS |
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1] Secured Loans |
545.970 |
616.690 |
468.380 |
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2] Unsecured Loans |
11.680 |
12.310 |
12.840 |
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TOTAL BORROWING |
557.650 |
629.000 |
481.220 |
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DEFERRED TAX LIABILITIES |
64.740 |
76.540 |
69.480 |
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TOTAL |
1623.140 |
1399.950 |
1222.820 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
788.380 |
822.830 |
722.960 |
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Capital work-in-progress |
105.710 |
7.460 |
68.080 |
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INVESTMENT |
152.090 |
41.240 |
40.090 |
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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 |
462.780
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516.370
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381.200 |
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Sundry Debtors |
443.160
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303.580
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380.450 |
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Cash & Bank Balances |
22.490
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185.640
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3.200 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
155.370
|
129.590
|
128.410 |
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Total
Current Assets |
1083.800
|
1135.180
|
893.260 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
388.530
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428.920
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460.920 |
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Other Current Liabilities |
46.850
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126.860
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31.890 |
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Provisions |
71.460
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50.980
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8.760 |
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Total
Current Liabilities |
506.840
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606.760
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501.570 |
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Net Current Assets |
576.960
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528.420
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391.690 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1623.140 |
1399.950 |
1222.820 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2469.870 |
2531.880 |
1939.150 |
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Other Income |
72.180 |
59.320 |
111.160 |
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TOTAL (A) |
2542.050 |
2591.200 |
2050.310 |
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Less |
EXPENSES |
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Cost of materials |
1613.070 |
1553.740 |
1328.780 |
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Employees remuneration and other benefits |
113..470 |
103.440 |
95.270 |
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Manufacturing and other expenses |
360.080 |
612.670 |
358.820 |
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TOTAL (B) |
2086.620 |
2269.850 |
1782.870 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
455.430 |
321.350 |
267.440 |
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Less |
FINANCIAL
EXPENSES (D) |
53.920 |
61.750 |
54.650 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
401.510 |
259.600 |
212.790 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
104.290 |
77.530 |
67.610 |
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PROFIT BEFORE
TAX (E-F) (G) |
297.220 |
182.070 |
145.180 |
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Less |
TAX (H) |
97.240 |
68.580 |
43.630 |
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PROFIT AFTER TAX
(G-H)
(I) |
199.980 |
113.490 |
101.550 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
521.420 |
436.020 |
355.890 |
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Less |
APPROPRIATIONS |
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General reserve |
20.000 |
11.350 |
10.160 |
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Redemption premium reserve |
1.350 |
13.100 |
8.690 |
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Capital Redemption Reserve |
0.270 |
0.000 |
0.000 |
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Proposed dividend |
4.000 |
3.110 |
2.200 |
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Tax on dividend Current
year Reversal of
tax on dividend for earlier year upon adjustment
against dividend received from subsidiary |
0.660 (0.520) |
0.530 0.000 |
0.370 0.000 |
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BALANCE CARRIED
TO THE B/S |
695.640 |
521.420 |
436.020 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of exports |
2075.570 |
2179.450 |
1676.410 |
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Insurance and fright |
80.080 |
99.740 |
64.780 |
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TOTAL EARNINGS |
2155.650 |
2279.190 |
1741.190 |
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IMPORTS |
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Raw Materials |
1089.790 |
1274.910 |
1059.390 |
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Capital Goods |
0.000 |
3.380 |
14.520 |
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Traveling |
2.120 |
2.800 |
3.900 |
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Others |
28.190 |
18.930 |
12.690 |
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TOTAL IMPORTS |
1120.100 |
1300.020 |
1090.500 |
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Earnings Per
Share (Rs.) |
26389.55 |
15497.75 |
13868.66 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.87
|
4.38
|
4.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.03
|
7.19
|
7.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.87
|
9.30
|
10.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
|
0.26
|
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
1.78
|
0.75 |
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Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.87
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
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Due To Micro and Small and Medium Enterprises |
0.030 |
0.050 |
0.000 |
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Others |
388.500 |
428.870 |
460.920 |
OPERATIONS:
During the year the Company’s revenue has marginally reduced from Rs. 2591.200 Millions to Rs. 2542.050 Millions, which is primarily on account of global economic downturn
The Cash Operating Profit (EBIDTA) has increased by 41% from Rs. 321.350 Millions in the previous year to Rs. 455.430 Millions in the current year.
The Operating Profit (PBIT) has increased by 44% from Rs. 243.82 Millions in the previous year to Rs. 351.14 Million in the current year.
Profit After Tax has increased by 76% from Rs. 113.490 Millions in the previous year to Rs. 199.980 Millions in the current year.
The Company continued to invest for growth and accordingly invested Rs. 70.190 Millions in fixed assets during the year.
Bankers Charges
Report as per Registry
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Name of the company |
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Presented By |
Mr. Suresh
Panchal |
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1) Date and description of instrument creating the change |
Goods security
agreement dated 261h December 2003 executed by Hindustan Polyamides and
Fibres Limited (hereinafter referred to as “the Company”) in favour of Citibank
NA, (therein and hereinafter referred to as “the Lender”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total facilities
of Rs.87.500 millions out of which fund based facilities for Rs.85.000
millions non fund based facilities for Rs.2.500 millions. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of
fixed and movable assets, including plant and machinery, both present and
future, stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished and manufactured goods and articles
together with all stores, components and spares which now belongs to and
pertains to, or may hereafter from time to time during the continuance of
this security belong to and pertains to, The Borrower and which are or shall
or may be brought into stored or be in or upon or about The Borrower’s
factory, godowns and / or their premises wherever else the same may be
situated, stored, or lying or being including any such raw materials,
inventories, article or goods, any stores spares arid components or other
similar moveable assets in course of transit or delivery to The Borrower and
all of The Borrower’s present and future book debts, outstanding Monies,
receivables, claims, bills, investments, rights to or on moveable properties
and moveable assets forming part of current assets which are now due owing or
payable or belonging to or pertaining to The Borrower or which may at ,4’ny
time hereafter during the continuance of this security become due, owing
payable or belonging to or pertaining to The Borrower in the course of its
business and TOGETHER WITH all benefits, advantages and legal incidence
thereof. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company, the Company
coventents inter alia, as follows: 1) Covenant by
the company to repay the facility at (2) above and
pay interest and all other monies in the manner set out in the said agreement
between the Company and the Lender and to comply with the terms and
conditions of the said Agreement. 2) The said
current assets and fixed assets hypothecated to the Lender will rank Pan
Passu with the existing charge created in favour of Federal Bank Ltd., as
security for and be charged with the repayment of the loan with all interest,
liquidated, damages, premia on prepayment or on redemption, costs, charges, and
other expenses payable by the company to the lender in respect thereof. Margin - 28% on
Stocks and Export Receivables, 46% on Local Receivables 3) The company to
keep the said assets in marketable and good condition and also insured as
provided therein 4) Power of
entry, power to take charge and / or possession of, seize, recover, receive,
appoint and sell, contract, dispatch for realisation
or otherwise dispose of or deal with all or any Part of the said
goods; etc., as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
CITI Bank N.A. Bandra Kurla Complex, G-Block, Bandra East, Mumbai-400
051, |
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6) Date and brief description of instrument modifying the charge |
The original charge
was created on 26th December 2003 for securing Rs.87.500 millions
which was further modified by way of letter dated 21st July 2004
regarding deposit of title deeds. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Bank has now
extended additional facilities to the Company and executed Deed of
Modification dated 27.05.2005 enhanced the facilities to Rs. 167.5 millions,
which represents an increase of Rs.80.0 millions. The security of stocks,
book debts and plant machinery fanning part of current and fixed assets both
present & future shall now cover the entire facilities of Rs.167.500
millions. This charge shall rank pari passu with the charge created / to be
created in favour of Federal Bank Limited. |
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This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10164371 |
|
Corporate
identity number of the company |
U17120MH1965PLC015806 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India. |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
DBS Bank Limited, 221, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement for Hypothecation |
|
Date of
instrument Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
specified by the bank from time to time. Terms of
Repayment As may be specified
by the bank from time to time. Margin I. 25% against
the hypothecated goods. II. 25% against
the said debts. Extent and
Operation of the charge First Pari passu
charge by way of hypothecation on current assets in favour of DBS Bank Ltd.
as specified at serial Nos. 3 and 4 of the Schedule to the Supplemental
Agreement for Hypothecation. |
|
Short particulars
of the property charged |
Current assets as
specified in serial Nos. 3 and 4 of the Schedule to the Supplemental Agreement
for Hypothecation. |
|
Particulars of
the present modification |
The Bank had
granted facilities of Rs.100 Million. to the Borrower which was secured by
way of Hypothecation on Current assets of the company on 25/06/2009. Now the
bank has enhanced the credit facilities from Rs.100 Million to Rs.150 Million
and the said charge is modified and extended to the enhanced total facilities
of Rs.150 Million. |
|
Corporate identity number of the company |
U17120MH1965PLC015806 |
|
Name of the company |
|
|
Address of the registered office or of the
principal place of business in |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India. |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
DBS BANK LIMITED |
|
Nature of instrument creating charge |
Deed of Hypothecation |
|
Date of instrument Creating the charge |
08/03/2011 |
|
Amount secured by the charge |
Rs.160.600 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As may be specified by the bank from time
to time. Terms of Repayment As may be specified by the bank from time
to time. Margin As may be specified by the bank from time
to time. Extent and Operation of the charge 1)1st and exclusive charge on assets
acquired for benzyl salicylate expansion project out of proceeds of TL
located at kurkumbh unit of co.in favour of Bank to secure facilities granted
by Bank to Co.(as described in principal hyp. agmt dated 03/10/08) now
modified as : 2)1st pari passu charge by way of mortgage
of Imm.property of Co. at Kurukumbh and Koregaon.(Mortgage 08/02/11) 3)1st pari passu charge by way of hyp. on
Moveable fixed assets of Co.at Kurukumbh and Koregaon for amount Rs.166.160 Millions |
|
Short particulars of the property charged |
Moveable fixed assets of the Company
situated at Kurukumbh and Koregaon, more particularly described in Serial No.
2 of Schedule 1 to the Deed of Hypothecation. All that piece and parcel of
plot bearing No.D15 adms 39.681sq.mts situated at MIDC Kukumbh, Taluka Daund,
District Pune, as described in property A of 2nd schedule to the Mortgage
deed Dt 08/02/11 All that piece and parcel of plot bearing No.D26 adms
40,000sq.mts situated at MIDC Kukumbh, Taluka Daund, District Pune, as
described in property B of 2nd schedule to the Mortgage deed Dt 08/02/11. All
that piece and parcel of plot bearing No.D9/1 adms 16.608sq.mts situated at
MIDC Kukumbh, Taluka Daund, District Pune, as described in property C of 2nd
schedule to the Mortgage deed Dt 08/02/11. All that piece and parcel of plot
bearing No.D9/2 adms 23.628sq.mts situated at MIDC Kukumbh, Taluka Daund,
District Pune, as described in property D of 2nd schedule to the Mortgage
deed Dt 08/02/11. All that piece and parcel of plot bearing Gat No.75 adms 45
ares situated at Koregaon Bhima, Taluka Shirur, Dist Pune,as described in 4th
schedule to the Mortgage deed Dt 08/02/11. All that piece and parcel of plot
bearing Gat No.76 adms 46 ares situated at Koregaon Bhima, Taluka Shirur,
Dist Pune,as described in 4th schedule to the Mortgage deed Dt 08/02/11.. All
that piece and parcel of plot bearing Gat No.77 adms 30 ares situated at
Koregaon Bhima, Taluka Shirur, Dist Pune,as described in 4th schedule to the
Mortgage deed Dt 08/02/11. Earlier Exclusive charge on assets acquired for
the benzyl salicylate expansion project out of the proceeds of the TL located
at kurkumbh unit of the co.,as described in principal Hyp agmt on 3/10/08. |
|
Date of instrument modifying the charge |
08/02/2011 |
|
Particulars of the present modification |
Bank had granted TL facility of Rs.75Mn
which was secured by way of Hyp.on assets acquired for benzyl salicylate
expansion project at kurukumbh unit of the Co. out of proceeds of TL on
03/10/08.Said charge was modified on 08/02/11 for total facilities of
Rs166.16 Mn. Now company has offered its movable fixed assets at Kurukumbh
and Koregaon as Collateral Security on 1st pari passu charge basis for total
facilities of Rs166.16 Mn . |
FIXED ASSETS:
v Goodwill
v
v
v Buildings
v Plant and Machinery
v Electrical Installations
v Lab Equipments
v Office Equipments
v Computers
v Furniture and Fixture
v 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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.