MIRA
INFORM REPORT
|
Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHAPURA VOLCLAY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.04.1997 |
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Com. Reg. No.: |
11-107300 |
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Capital
Investment / Paid-up Capital : |
Rs.179.332
Millions |
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CIN No.: [Company Identification
No.] |
U14108MH1997PLC107300 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTA00057B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Acid
Activated Bleaching Earth. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 2142804 |
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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 a well established company having satisfactory track. Trade
relations are recorded as fair. Business is active. Payments are reported to
be usually correct and as per commitments. Company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
INFORMATION DENIED BY
|
Name : |
Mr. Ajay Falud |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-66651700 |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-22-66651700 |
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Fax No.: |
91-22-22079395 /
22074452/ 22063288 |
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E-Mail : |
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Website : |
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Factory : |
Village Ler, Near Bhujodi, Off |
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Tel. No.: |
91-2832-240301/ 302/ 242032/ 033 |
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Fax No.: |
91-2832-240303 |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Navnitlal
Ratanji Shah |
|
Designation : |
Director |
|
Address : |
131, New Summer
Ville, 13th Floor, Opposite National Garage, Bhulabhai Desai Road,
Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1926 |
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Date of Appointment : |
15.04.1997 |
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|
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Name : |
Mr. Chetan
Navnitlal Shah |
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Designation : |
Director |
|
Address : |
Wyoming
Cooperative Housing Society Limited, 4th Floor, Flat No. 4, 12A,
Little |
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Date of Birth/Age : |
28.01.1955 |
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Date of Appointment : |
15.04.1997 |
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|
Name : |
Mr. Francis Rayan
McKendrick |
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Designation : |
Director |
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Address : |
1258, Ashbury
Wilmett, Ilinois – 60093, |
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Date of Birth/Age : |
14.12.1951 |
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Date of Appointment : |
25.07.2002 |
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Name : |
Mr. Gary
Francesco Castagna |
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Designation : |
Director |
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Address : |
198, |
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Date of Birth/Age : |
24.07.1961 |
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Date of Appointment : |
24.09.2001 |
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Name : |
Mr. Gary Denzil
Morrison |
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Designation : |
Director |
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Address : |
1530, |
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Date of Birth/Age : |
13.10.1955 |
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Date of Appointment : |
25.07.2002 |
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Name : |
Mr. Lawrence
Edwin Washow |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.09.1953 |
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Date of Appointment : |
27.01.2000 |
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|
Name : |
Mr. Jayesh
Nagindas Doshi |
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Designation : |
Additional
Director |
|
Address : |
1/6, Shankar
Bhavan, |
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Date of Birth/Age : |
02.02.1965 |
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Date of Appointment : |
15.05.2009 |
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|
Name : |
Mr. Donald
Winford Pearson |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.10.1961 |
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Date of Appointment : |
05.08.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Dipti Gohil |
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Designation : |
Secretary |
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Address : |
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Date of Birth/Age : |
29.10.1974 |
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Date of Appointment : |
02.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashapura Minechem Limited, India |
|
8966590 |
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Volclay International Corporation, |
|
8966590 |
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|
|
|
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Total |
|
17933180 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 24.09.2010
|
Category |
|
Percentage of
Holding |
|
Foreign holdings (Foreign instgitutional investor(s), Foreign comapnie(s)
Foreign financial institution(s), Non-resident indian(s) or Overseas
corporate bodies or others |
|
50.00 |
|
Bodies corporate (not mentioned above) |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Acid Activated Bleaching Earth. |
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|
|
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Products : |
·
Bleaching Clay ·
Geo-Synthetic Liner |
GENERAL INFORMATION
|
Bankers : |
Union Bank of India, Union Bank of India, 66/80Mumbai Samacher Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanghavi and Company Chartered Accountant |
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Address : |
Bulbul, 1st Floor, |
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Fax No.: |
91-278-2423434/ 2426151 |
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E-Mail : |
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Associates/Subsidiaries : |
Ahapura Volclay Chemicals Private Limited [U24100MH2004PTC145912] |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
|
10000 |
11% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.1.000 Millions |
|
|
Total |
|
Rs.201.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17933180 |
Equity Shares |
Rs. 10/-
each |
Rs.179.332
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
179.332 |
179.332 |
179.332 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
356.369 |
241.149 |
240.487 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
535.701 |
420.481 |
419.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
190.661 |
198.690 |
237.267 |
|
|
2] Unsecured Loans |
0.000 |
77.462 |
15.053 |
|
|
TOTAL BORROWING |
190.661 |
276.152 |
252.320 |
|
|
DEFERRED TAX LIABILITIES |
44.049 |
51.759 |
3.427 |
|
|
DEFERRED LIABILITIES (NET) |
11.173 |
5.615 |
61.103 |
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|
|
|
|
|
|
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TOTAL |
781.584 |
754.007 |
736.669 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
513.514 |
557.193 |
566.706 |
|
|
Capital work-in-progress |
60.918 |
0.643 |
19.609 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.000 |
2.000 |
2.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
93.807
|
106.614 |
90.273
|
|
|
Sundry Debtors |
231.405
|
261.069 |
119.852
|
|
|
Cash & Bank Balances |
5.154
|
2.150 |
26.416
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
78.138
|
57.089 |
50.508
|
|
Total
Current Assets |
408.504
|
426.922 |
287.049 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
161.052
|
194.690 |
120.891 |
|
|
Other Current Liabilities |
17.646
|
19.745 |
15.963 |
|
|
Provisions |
24.654
|
18.316 |
2.916 |
|
Total
Current Liabilities |
203.352
|
232.751 |
139.770
|
|
|
Net Current Assets |
205.152
|
194.171 |
147.279
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.075 |
|
|
|
|
|
|
|
|
TOTAL |
781.584 |
754.007 |
736.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
968.475 |
779.322 |
614.898 |
|
|
|
Other Income |
3.144 |
1.546 |
1.898 |
|
|
|
TOTAL (A) |
971.619 |
780.868 |
616.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Change in Inventory |
40.377 |
(17.736) |
3.206 |
|
|
|
Materials, Manufacturing and Other Expenses |
436.833 |
511.366 |
324.901 |
|
|
|
Trading Purchases |
4.427 |
24.974 |
0.000 |
|
|
|
Direct Selling and Distribution Expenses |
68.805 |
76.926 |
112.646 |
|
|
|
Administrative and Other Expenses |
126.445 |
71.430 |
0.000 |
|
|
|
Amortization of Expenses |
0.000 |
1.075 |
5.250 |
|
|
|
TOTAL (B) |
676.887 |
668.035 |
446.003 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.732 |
112.833 |
170.793 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
24.676 |
24.804 |
25.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
270.056 |
88.029 |
145.679 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.132 |
54.861 |
39.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
207.924 |
33.168 |
106.411 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
84.559 |
16.988 |
33.116 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
123.365 |
16.180 |
73.295 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD TO
AJUSTMENT |
12.836 |
(5.028) |
(0.668) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.149 |
140.487 |
167.456 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.000 |
20.000 |
100.000 |
|
|
|
Dividend |
17.933 |
8.966 |
0.000 |
|
|
|
Tax on Dividend |
3.048 |
1.524 |
(0.403) |
|
|
BALANCE CARRIED
TO THE B/S |
156.369 |
121.149 |
140.486 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.59 |
0.62 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.69
|
2.07 |
11.88
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.46
|
4.25 |
17.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.55
|
3.37 |
12.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.08 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
1.21 |
0.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.83 |
2.05
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE
The Company continued to prosper during the year, The Domestic Sales and Exports increased by 16.50% and 21.50% respectively. Accordingly, the total gross sales increased by 34.8% and stood at Rs.1019.490 million as compared to Rs.865.020 million in the previous year.
The increase in turnover was supported by a substantial increase in the bottom line. The profit after tax increased by 77.92%) and stood at Rs.123.365 million as compared to Rs.16.180 million in the previous year. This was attributable to the reduction in the raw material prices, notably Sulphuric Acid and also due to continuous efforts to reduce expenses like the manufacturing, trading purchases in addition to selling, administration and other expenses.
The Company expects to perform even better in the coming year.
OPERATIONS
The Bleaching Earth business showed robust growth during the
year. The Domestic sales increased substantially due to the increased oil
consumption and the Oil Refiners shifting to quality bleaching earth. They
expect the momentum to continue in the coming years and therefore the Company
has decided to go for an expansion of its existing plant. The new project will
add further 25,000 MT capacity to the existing 50,000 MT capacity at Bhuj,
On the export front, the Company, in addition to being a reliable supplier for the European markets, has made a significant breakthrough in the Middle Last and African markets.
The Clay catalyst business backed by strong, demand from the major Petrochemical Companies post the downturn last \ ear, has shown remarkable recovery. In addition to a strong local demand they today are the leading suppliers to Refiners across the world.
The GCL business has started to pick up, post the depression in the Realty market last year and the holding back of the funds for infrastructure projects. Now with the Government thrust on infrastructure and the realty market, the Company expects this segment to start making bigger contributions.
A series of initiatives have been undertaken at the plant to cut costs and increase the efficiency and effectiveness of the operations.
Bankers Charges
Report as per Registry
|
Name of the company |
ASHAPURA VOLCLAY LIMITED |
|
Presented By |
Union Bank of |
|
1) Date and description of instrument creating the change |
Memorandum for Deposit of Title Deeds on 17th August, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.700 Millions |
|
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 |
Creation of Equitable Mortgage by deposit of title deeds with the Bank in respect of three acres of the company’s property out of nine acres and thirty two gunthas situated at Village Ler. Taluka Bhuj Kachchh under Revenue Survey no. 168 (part) together with buildings, structures, plant and machinery standing the land of 3 Acres (out of total land) leased to M/S. Ashapura Volclay Chemicals Private Limited |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The security as stated in Column no. 3 above has been mortgaged to Union Bank of India to secure the due repayment to the said Bank of all amounts advanced or to be advanced to M/S Ashapura Vololay Chemicals Private Limited and of all the amounts under the various facilities granted or to be granted by the said Bank to the extent to Rs. 8.700 Millions to M/S Ashapura Volclay Chemicals Private Limited together with interest, compound interest and / or additional interest in case of default, exchange fluctuation, costs, charges, expenses etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Mumbai Samacher Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
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. |
N.A |
|
Corporate
identity number of the company |
U14108MH1997PLC107300 |
|
Name of the
company |
ASHAPURA VOLCLAY LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the modified |
90151537 |
|
Type of charge |
Immovable Property Any Interest in Immovable property |
|
Particular of
charge holder |
Union Bank of India, Mumbai Samacher Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
Memorandum of Entry |
|
Date of
instrument Creating the charge |
01.06.2009 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Upto 270 days –
10%, 270-360 Days – BPLR + 1% Terms of
Repayment Repayable on
demand Margin 25% Extent and
Operations of the charge To secure poacking
credit limit of Rs. 40.000 Millions granted by the Bank to the company. |
|
Short particulars
of the property charged |
·
Leasehold
Immovable Property bearing revenue survey no. 167 (part) admeasuring 25 acres
equivalent to 100000 sq. mtrs. Situated at Village limits of Ler. Bhuj-Kutch,
·
All
the piece and parcel of Land bearing revenue survey no. 168 (Part) adm. 6
acres and 32 gunthas situated at Village limits of ler, Bhuj-Kutch, ·
All
Buildings and structures on above mentioned lands and all plant and machinery
attached to the earth or permanently fastened to anything attached to the
earth. |
|
Date of
instrument modifying the charge |
13.04.2009 |
|
Particulars of
the present modification |
To create second charge
on the company’s immovable property bearing revenue survey no. 167 (part)
adm. 25 acres and 168 (part) adm. 6 acres and 32 gunthas situated at Village
limits of Ler, Bhuj-Kutch, Gujarat for securing Packing Credit facility of
Rs. 40.000 Millions which has already been secured by hypothecation of
movable assets of the company. |
|
Corporate
identity number of the company |
U14108MH1997PLC107300 |
|
Name of the
company |
ASHAPURA VOLCLAY
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
UNION BANK OF |
|
Nature of
instrument creating charge |
Packing Credit
Agreement (Sd-04) |
|
Date of
instrument Creating the charge |
08/10/2010 |
|
Amount secured by
the charge |
Rs.230.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest : 9.50% Terms Of
Repayment On Demand Extent and
Operation of the charge To Secure The Packing
Credit Limit Of Rs.230.000 Millions Granted By The Bank To The Company. The
Said Facility Shall Be Fully Interchangable With Cash Credit (Cc) Facility Of
Rs.230.000 Millions As Detailed In The Sanction Letter No. Ifb:Msm:1856, Dtd:
15.09.2010 Others |
|
Short particulars
of the property charged |
The Borrower
Hypothecates By Way Of First Charge In Favour Of The Bank All Movable
Properties Meant Or Intended For Export Of Goods, Such As Bentonite,
Sulphuric Acid, Bleaching Earth, Other Consumable Spares/Stores Etc.
Including Raw Materials, Semi Finished and Finished Goods And/Or Any Other
Goods Meant, Intended Or Being Manufactured For Export Both Present And
Future Lying/Stored At The Borrower's Factory Shed Or Godowns At Bhuj And
Other Places Or At Shed / Godowns Hired By The Borrower For Storage Wherever
Situate And/Or In Transit. |
|
Date of
instrument modifying the charge |
13/04/2009 |
|
Particulars of
the present modification |
1. Packing Credit
Facility Enhanced From Rs. 60.000 Millions
To Rs. 230.000 Millions 2. The Said
Packikng Credit Facility Has Beeen Granted Within The Enhanced Cash
Credit(Cc) Facility Of Rs. 23.00 Crores I.E. The Said Facility Are Fully
Interchangable (As Detailed In The Sanction Letter No. Ifb:Msm:1856, Dtd:
15.09.2010 |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
AS PER WEBSITE
Company Profile
Subject, an Indo-American-Japanese joint
venture, has been established to set up a state-of-the-art plant to
manufacture Acid Activated Bleaching Earth in
Ashapura Volclay Limited - The Inception
With the opening up of the Indian economy,
AMCOL International Corporation of
Volclay International (VI), as AMCOL's
investment arm, entered into a Joint Venture with Ashapura Minechem Limited
(AML). Ashapura Voclay Limited (AVL) was thus setup to reap the benefits of the
combined resources of both groups.
The Joint
Venture is engaged in the following activities:
- Manufacture of value added Bentonite
products.
- Supply of high quality, value added Bentonite products like
acid activated Bleaching Earth to various industries in
- Export of Bentonite Products including
Bleaching Earth.
This alliance has given AMCOL's
international marketing expertise and Mizusawa's technological inputs to the
Indian business, helping it to produce superior quality products to displace
those currently being imported in
Over the years, various new Bentonite
products have been developed and new end applications for these products have
been identified. Bleaching Earth is one of the main value added Bentonite
products to be manufactured under the umbrella of the Joint Venture. Bleaching
Earth is widely used as a refining agent for various animal and vegetable oils,
fats, fatty acids, lubricating oils and waxes.
The technology required for this product is
available with very few companies in the world. A Technology License Agreement
has been entered into with Mizusawa Industrial Chemicals Limited (MICL) of
Ashapura Volclay Limited - GCL Division
Subject, a joint venture between Ashapura
Minechem Limited (the flagship company of the Ashapura Group) and Volclay
International (the investment arm of
The Stakeholders
Ashapura Minechem Limited (AML), a company
incorporated in 1982, under the Indian Companies Act, 1956, is listed on the
Mumbai,
AML is the largest mine owner, organized
producer and exporter of Bentonite in
Through continuous research and development,
AML has produced a number of value added Bentonite products which are used in
various industries such as oil well drilling, iron and steel foundry, oil
bleaching, iron ore pelletization, civil engineering, ceramics, agriculture
feed, etc. AML's products are exported to 23 countries in all continents and
account for nearly 84% of the Bentonite product exports from
Volclay International (VI), is a company
registered in
American Colloid Company (ACC), an AMCOL
Group Company, is the world's largest producer and exporter of Bentonite
products. ACC produces and supplies Bentonite products to all end use markets
and possesses highly developed technology to process and produce superior
quality, value added Bentonite products. The other operations of AMCOL Group
include Bentonite-based additives, environmental technology products and
transportation. AMCOL group has plants, mines and other facilities in U.S. A.,
Technical Arrangement
Mizusawa Industrial Chemicals Limited,
It must be mentioned that this is the first
time Mizusawa has given technology and use of its brand name anywhere outside
Marketing Arrangement
Mitsubishi Corporation of
Traditionally classified as a general
trading company, the Mitsubishi Corporation of today is active in fields that
extend well beyond the realm of trade. Mitsubishi has persisted with the policy
of complementing trading capabilities with business investments to yield higher
returns. Considerable weight is given to capitalizing on emerging opportunities
created by deregulation, diversifying customer needs, social change, and other
events. The objective of these actions is to improve services for clients around
the world and meet the expectations of the investors.
Mitsubishi Corporation has a network of 188
overseas branches in addition to the 50 domestic branches. The organisation
comprises of the following groups, each of which specializes in the respective
field:
- Information Systems and Services Group
- Fuels Group
- Metals Group
- Machinery Group
- Chemicals Group
- Foods, Textiles and General Merchandise
Group
A well diversified business and strong
marketing network worldwide, makes Mitsubishi Corporation the obvious choice as
a partner for marketing the GALLEON BRAND across the globe.
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.49.07 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.17 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.