MIRA
INFORM REPORT
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Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
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Name : |
MADHAV MARBLES
AND GRANITES LIMITED |
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Registered Office : |
11 A, Charak
Marg, Ambamata Scheme, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
07.04.1989 |
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Com. Reg. No.: |
17-004903 |
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Capital
Investment / Paid-up Capital : |
Rs.89.470 Millions |
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CIN No.: [Company
Identification No.] |
L14101RJ1989PLC004903 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHM03496D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacturing and
Selling of marble tiles, granite tiles and marble slabs. |
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No. of Employees
: |
218 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 3810000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
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Registered
Office : |
11 A, Charak
Marg, Ambamata Scheme, |
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Tel. No.: |
91-294-2525808 /
2527535 / 2440113 / 131 |
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Fax No.: |
91-294-2525887 /
2440139 |
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E-Mail : |
info@madhav.com / mmglfact@md3.vsnl.net.in / mmglfact@sancharnet.in
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Website : |
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Administrative
Office : |
59, Moti Magri,
Scheme V, |
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Tel. No.: |
91-294-2427999/2426878 |
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Fax No.: |
91-294-2426655 |
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E-Mail : |
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Website : |
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Mailing
Address : |
4/36, |
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Tel. No. : |
91-427-2449275 |
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Overseas Distributors
: |
Located at : v
v
v
v
v
v
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Factory : |
Marble Division Tel : 91-294-2427999 91-294-2440131 Fax :91-294-2440139 Granite Division [Unit I and
II ] Village Thoppur,
District Dharampuri, Tel : 91-434-2246233 Fax :91-427-2446913 91-434-2246224 Wind Mills SF No. 405/1 (PART) and 412 (Part), Village: Balabathiraramapuram,
Dist. Tirunelveli, |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. C D Gopinath |
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Designation : |
Chairman |
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Name : |
Mr. Ashok Doshi |
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Designation : |
Managing Director |
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Name : |
Mr. Praksh Kumar Verdia |
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Designation : |
Director |
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Name : |
Mr. Jagdish Dashora |
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Designation : |
Director |
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Name : |
Mr. |
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Designation : |
Director |
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Name : |
Mr. Sudhir Doshi |
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Designation : |
Whole-time Director |
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Name : |
Mr. Roshanlal Nagar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Priyakant Manavat |
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Designation : |
Company Secretary |
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Name : |
O. P. Jain |
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Designation : |
Manager - Finance - Marble Division |
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Name : |
S. S. Janakarajan |
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Designation : |
Manager - Finance - Granite Division |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter group |
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(1) Indian |
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a) Individuals / Hindu Undivided Family |
1375012 |
15.37 |
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b) Bodies Corporate |
2250899 |
25.16 |
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Total A |
3625911 |
40.53 |
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(B) Public
Shareholding |
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(1) Institutions |
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a) Mutual Funds / Axis Bank |
9500 |
0.11 |
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b) Financial Institutions / Banks |
500 |
0.01 |
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c) Insurance Companies |
360425 |
4.03 |
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d) Foreign Institutional Investors |
2300 |
0.03 |
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B(2) Non-Institutions |
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a) Bodies Corporate |
529652 |
5.92 |
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b) Individuals- |
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i. Individual shareholders holding nominal share capital upto Rs.0.100
million |
2888250 |
32.28 |
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ii. Individual shareholders holding nominal share capital upto
Rs.0.100 million |
1245090 |
13.92 |
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Any Others |
285372 |
3.19 |
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NRI’s OCBs |
272967 |
3.05 |
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Clearing Members |
12405 |
0.14 |
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Total B |
5321089 |
59.47 |
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Total [A + B] |
8947000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Selling of marble tiles, granite tiles and marble slabs. |
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Products : |
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PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Licensed/Registered# |
Installed
Capacity* |
Actual
Production |
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Marble Tiles |
Sq. meters |
361338 |
361338 |
- |
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Granite Tiles |
Sq. meters |
260000 |
260000 |
216349.499 |
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Granite Slabs |
Sq. meters |
340000 |
340000 |
202782.668 |
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Marble Slabs |
Sq. meters |
40000 |
40000 |
0.00 |
# Registered capacities are those capacities for which registration has been granted by DGTD or approval obtained from the Government of India, Ministry of Industry, New Delhi or Development Commissioner, Madras Export Processing Zone, under “100% Export Oriented Scheme”.
@ Includes 41277.691 sq.mtr. production of Rejects and 18263.62sq. mtr. production of Scrap (Previous year 44409.32 Sq. mtr Rejects and 25651.024 sq. mtr. Scrap).
* As certified by the Management and relied upon by the Auditors, this being a technical matter.
GENERAL INFORMATION
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No. of Employees : |
218 [Approximately] |
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Bankers : |
Ř
State
Bank of Ř
Allahabad
Bank Ř
ICICI
Bank Limited Ř
State Bank of Ř
State Bank of Ř
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nyati
and Associates Chartered
Accountants |
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Address : |
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Related Party : |
v
Rajdarshan
Industries Limited v
Rajdarshan
Hotel Private Limited v
Rupal
Holding Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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17,250,000 |
Equity Shares |
Rs.10/- each |
Rs.172.500
millions |
|
75,000 |
Cumulative Convertible Preference Shares |
Rs.100/- each |
Rs. 7.500 millions |
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Total |
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Rs.180.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8,947,000 |
Equity Share [fully paid up] |
Rs.10/- each |
Rs.89.470
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
89.470 |
89.470 |
89.470 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
864.534 |
864.551 |
842.757 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
954.004 |
954.021 |
932.227 |
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LOAN FUNDS |
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1] Secured Loans |
46.899 |
206.972 |
339.108 |
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2] Unsecured Loans |
11.500 |
5.000 |
5.000 |
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TOTAL BORROWING |
58.399 |
211.972 |
344.108 |
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DEFERRED TAX LIABILITIES |
48.255 |
54.395 |
59.500 |
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TOTAL |
1060.658 |
1220.388 |
1335.835 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
336.081 |
343.264 |
384.676 |
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Capital work-in-progress |
0.740 |
21.261 |
6.835 |
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INVESTMENT |
0.000 |
0.000 |
5.000 |
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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 |
275.867
|
244.826
|
197.064 |
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Sundry Debtors |
269.252
|
313.943
|
384.989 |
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Cash & Bank Balances |
69.427
|
55.659
|
88.720 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
293.617
|
346.003
|
355.750 |
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Total
Current Assets |
908.163
|
960.431 |
1026.523
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
151.232
|
75.777
|
67.705 |
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Current Liabilities |
12.342
|
7.264
|
4.888 |
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Provisions |
22.181
|
23.670
|
17.463 |
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Total
Current Liabilities |
185.755
|
106.711 |
90.056
|
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Net Current Assets |
722.408
|
853.720 |
936.467
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MISCELLANEOUS EXPENSES |
1.429 |
2.143 |
2.857 |
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TOTAL |
1060.658 |
1220.388 |
1335.835 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
651.642 |
636.015 |
581.652 |
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Other Income |
7.314 |
9.760 |
11.113 |
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TOTAL (A) |
658.956 |
645.775 |
592.765 |
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Less |
EXPENSES |
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Materials consumed / sold |
303.666 |
277.686 |
262.241 |
|
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Purchase of Traded goods |
38.537 |
34.963 |
18.533 |
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Manufacturing Expenses |
145.202 |
144.396 |
120.287 |
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Payment to and provision for Employees |
51.003 |
42.550 |
38.390 |
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Administrative and other Expenses |
63.865 |
63.316 |
60.183 |
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Increase / (Decrease) in Stock |
[4.558] |
[11.267] |
1.600 |
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TOTAL (B) |
597.715 |
551.644 |
501.234 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.241 |
94.131 |
91.531 |
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Less |
FINANCIAL
EXPENSES (D) |
10.980 |
13.564 |
28.716 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.261 |
80.567 |
62.815 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.355 |
46.191 |
47.872 |
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PROFIT / [LOSS] BEFORE
TAX (E-F) (G) |
4.906 |
34.376 |
14.943 |
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Less |
TAX (H) |
[5.231] |
0.737 |
[1.349] |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
10.137 |
33.639 |
16.292 |
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|
Add/ Less |
Prior period Adjustments |
[0.018] |
[0.066] |
[0.173] |
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Add/ Less |
Earlier Year Income Tax Liability |
0.298 |
[1.346] |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
469.795 |
463.001 |
457.349 |
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Less |
APPROPRIATIONS |
|
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|
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|
Transfer to General Reserve |
0.000 |
15.000 |
0.000 |
|
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|
Proposed Dividend |
8.947 |
8.947 |
8.947 |
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|
Tax on Proposed Dividend |
1.486 |
1.486 |
1.520 |
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BALANCE CARRIED
TO THE B/S |
469.779 |
469.795 |
463.001 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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|
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|
On account of exports calculated at FOB value |
550.808 |
582.659 |
533.129 |
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TOTAL EARNINGS |
550.808 |
1133.467 |
533.129 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
44.934 |
23.509 |
34.922 |
|
|
|
Stores & Spares |
47.178 |
47.812 |
53.528 |
|
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|
Capital Goods |
0.000 |
9.856 |
6.856 |
|
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|
Others |
11.096 |
0.000 |
0.000 |
|
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TOTAL IMPORTS |
103.208 |
81.177 |
95.306 |
|
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Earnings/[Loss]
Per Share (Rs.) |
1.16 |
3.60 |
1.80 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
150.800 |
|
Total Expenditure |
|
|
136.960 |
|
PBIDT (Excl
OI) |
|
|
13.840 |
|
Other Income |
|
|
1.280 |
|
Operating
Profit |
|
|
15.120 |
|
Interest |
|
|
1.910 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
13.210 |
|
Depreciation |
|
|
9.630 |
|
Profit
Before Tax |
|
|
3.580 |
|
Tax |
|
|
0.000 |
|
Reported PAT |
|
|
3.580 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
3.580 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.54 |
5.21 |
2.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.75 |
5.40 |
2.56 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.39 |
2.64 |
1.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.04 |
0.02 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25 |
033 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.89 |
9.00 |
11.40 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY :
The company was incorporated on 7th April, 1989
at
It’s Company Registration Number is 4903.
Subject was promoted by Mr. Rajsingh Dungarpur, Mr. J. H.
Dashora, Mr. R. B. Bapna and Ms. Lata Mangeshkar.
The company processes marbles and granites. The products of
the company are marble and granite tiles used for flooring and wall cladding in
residential and commercial complexes and also for interior decoration.
The company came out with a public issue in May 1992 to set
up a 100% Export Oriented Unit to process granite tiles with an installed
capacity of 1,38,000 sq. mtr. p.a. and another unit to process marbles tiles
with an installed capacity of 3,61,338 sq. mtr. p. a.
The company is in processing and exporting granite and green
marble tiles since 1992.
It has been unable to make a breakthrough in the development
of mines, inspite of substantial investments, due to huge developmental
expenses, infrastructure bottlenecks, quality of materials and operational
difficulties.
During the year, 1999-2000, a 100% Export Oriented Unit was
set up for manufacturing polished granite slabs.
Rose Marbles Limited has became the subsidiary of the
company in 2001-02, consequent to acquisition of 52300 equity shares which
represents 51.27%. Rose Marbles Limited is in the business of processing
Marbles Slabs / Marble Trading.
Today, the company is the largest producer and exporter of
granite and green marble tiles in
The company had an agreement with Khimji Ramdas,
The company exports its products to over 20 countries including
Rose Marbles Limited had become the subsidiary of the company
in 2001-02, consequent to acquisition of 52300 equity shares which represents
51.27%. RML is in the business of processing Marble Slabs/Marble Trading.
Performance Review
Performance of the Company has gone down during the year 2010-11 with Net
Profit after tax for the year at Rs. 10.14 millions as compared to 33.64
millions in the previous year, showing a decline of 69.86%. Net sales increased
by nominal 2.46% to Rs.651.64 millions from Rs.636.02 in the previous year.
Finance
During the year, the Company has availed unsecured Loan amounting to
Rs.11.500 millions Company has also made repayment of Term Loan to the extent
of Rs.113.57 millions.
Management Discussion and Analysis
Business
Subject is mainly engaged in the following business (a) Manufacturing
and processing of Granite Tiles and Slabs; and (b) Trading activities related
to Marble and Granite. (c) Generation of power by WTG (d) Land Development and
Realty Business
Review of Operations:
Granite Tile Unit
The turnover from the tile business was at Rs.203.67 millions as against
Rs. 243.24 millions in the previous year, showing a decline of 16.27%. The
production during the year was at 216349.499 sq.meters as compared to 238534.69
sq. meters of previous year, showing a negative growth of 9.30%
Marble tiles and slab Unit
The turnover from marble business was at Rs.65.60 millions as against
Rs.59.27 millions in previous year registering an increase of 10.68%
Production activities at Marble Division were suspended with effect from June 18, 2010.
Further members of the Company gave their consent by way of Postal Ballot to
sell, lease or otherwise transfer the major capital assets comprising of Land,
Building and Plant and Machinery and related Spare parts and Stores of Marble
division, situated at
The Board of directors had approved the terms and conditions for the
sale of the major capital assets of Marble division situated at
Granite Slab Unit
The turnover from the slab business was Rs.383.65 millions as against
Rs.329.86 in the previous year showing an increase of 16.31%. The production quantity
was 202782.668 sq. meters and the sale quantity was at 201450.23 sq. meters as
against 172824.925 sq. meters and the sale quantity at 168603.21 sq. meters
respectively in the previous year.
Power Generation
The production during the year was 4098902 units as against 4792887
units in the previous year registered a decline of 693985 units. Out of current
years' production 1355219(previous year 2198109) units were sold to TNEB after
utilizing 2743683 (2594778) units by granite division.
Outlook:
The Management expects to maintain its level of performance during the
current financial year. Company is also expanding its Customer base in both
Granite Tiles and Slab sectors by enlarging the scope of supply to more
European countries and thereby attempting to increase the growth percentage of
sales significantly.
Contingent
Liabilities
Contingent liabilities not provided for
(Rupees in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
(a) Bills discounted with Bankers |
62.489 |
67.924 |
|
(b) Bank Guarantee/Letter of Credit issued by Bank |
24.286 |
4.075 |
|
(c) Bond executed in favour of Customs, Excise and DGFT authorities |
81.500 |
81.500 |
|
(d) Income Tax Liability (including penalty) that may
arise in respect of |
12.459 |
36.027 |
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH JUNE, 2011
Rs. in millions
|
Particulars
|
Quarter Ended
30.6.2011 |
|
Gross Sales / Income from
operations |
150.795 |
|
Less: Excise Duty |
0.000 |
|
(a)Net Sales / Income from
operations |
150.795 |
|
(b}Other Operating Income |
0.000 |
|
Expenditure |
|
|
(a) (Increase) / decrease
in stock in trade |
2.582 |
|
(b) Consumption of
materials |
73.921 |
|
[Includes purchase of
traded goods & cost of sales (realty)] |
|
|
(c) Manufacturing expenses |
37.453 |
|
(d) Employees cost |
9.334 |
|
(e) Depreciation |
9.632 |
|
(f) Other expenditure |
13.662 |
|
(g) Total Expenditure |
146.584 |
|
Profit from operations
before Other Income Interest and |
4.211 |
|
Exceptional items |
- |
|
Other Income |
1.276 |
|
Profit before interest and
Exceptional items |
5.487 |
|
Interest |
1.908 |
|
Profit after Interest but
before exceptional items |
3.579 |
|
Prior period Adjustments |
0.000 |
|
Profrt(+)/Loss(-) from
ordinary activities before tax |
3.579 |
|
Tax expense |
0.000 |
|
Net profrt(+)/Loss(~) from
ordinary activities after tax |
3.579 |
|
Extraordinary items |
0.000 |
|
Net Profit {+ ) / Loss (
-) for the period |
3.579 |
|
Paid up Equity Share
Capital |
89.470 |
|
(Face Value of Rs. 10
each) |
|
|
Reserves excluding
revaluation reserves |
- |
|
Earning Per Share (EPS) |
|
|
(a)Basic and Diluted EPS
before extraordinary |
0.40 |
|
items for the period |
|
|
(b)Basic and Diluted EPS
after extraordinary |
0.40 |
|
items for the period |
|
|
Public shareholding |
|
|
- No. of Shares |
5321089 |
|
- Percentage of Shares |
59.47 |
|
Promoter and Promoter
Group Shareholding |
|
|
(a)Pledged / Encumbered |
|
|
Number of shares |
- |
|
% of shares ( as a % of
total shareholding of promoter and promoter group) |
- |
|
% of shares ( as a % of
total share capital of the company) |
- |
|
(b) Non-encumbered |
|
|
Number of shares |
3625911 |
|
% of shares ( as a % of
total shareholding of promoter and promoter group) |
100 |
|
% of shares ( as a % of total
share capital of the company) |
40.53 |
-
- The above financial results have been reviewed by
the Audit Committee and taken on record by the Board at its Meeting held on
7th August, 2010, and also been reviewed by the Auditors.
- The segment report for the quarter ended 30th
June, 2010 is being filed with the stock exchanges.
- The provision for taxation adjustments will be
made in the audited accounts.
- Status of investor grievances for the quarter
ended 30.06.2010:
Opening – 0 / Received – 7 / Disposed – 7
/ Unresolved - 0
Fixed Assets
- Free
- Building
- Plant and Machinery
- Electrical Installation
- Factory Equipments
- Furniture, Fixture and Office Equipment
- Vehicles
AS PER WEBSITE
Business
Description
Subject is an India-based
company. The Company is engaged in the business of manufacturing and processing
of marble tiles and slabs, granite tiles and slabs, generation of power by wind
turbine generators (WTG), and land development and realty business. The Company
is also engaged trading activities related to marble and granite. It operates
in three segments: wind mill, marble and granite. The marble segment consists
of marble tiles, marble slabs, marble blocks and realty. The granite segment
consists of granite tiles, granite slabs, granite blocks and other related
stones. During the fiscal year ended March 31, 2010 (fiscal 2010), its granite
slab unit produced and sold 172,824.93 and 168,603.21 square meters of granite.
During fiscal 2010, it generated 4792,887 units of power and sold 2198,109
units of power to Tamilnadu Electricity Board (TNEB). During fiscal 2010, the
Company also produced 11396.77 square meters of marble tiles
Board
Of Directors
Mr.
C.D. Gopinath
Mr. C.D. Gopinath serves as Non-Executive
Independent Chairman of the Board of subject. He holds Bachelor of Science and
Master of Arts degree. He has experience in various fields of Business and
Corporate Management. He serves as Director of DFC Services Private Limited
Mr. Jagdish
Dashora
Mr. Jagdish Dashora is Non-Executive
Director of subject. He has served as a Non-Executive Director since October 1,
1990. He received B.Sc. and M.Com. (Busines Admn.) Degree from
Mr. Roshan Lal
Nagar
Mr. Roshan Lal Nagar is Non-Executive
Independent Director ofsubject. Mr. Roshan Lai Nagar holds B.Com and M.Com
Degree and has experience in the field of Banking and Finance. Presently he is
working as Advisor and Professional Director of The Udaipur Urban Co-Operative
BankLimited
Mr. Prakash Kumar
Verdia
Mr. Prakash Kumar Verdia is Non-Executive Independent Director of
subject. Mr. Verdia holds a M.Sc. Degree in Geology. He retired as Former
Director, Mines and Geology Department, Government of Rajasthan. He actively
participates in various Social and Welfare activities organized by the Society.
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.