1. Summary Information
|
|
|
Country |
|
|
Company Name |
Bhandari Foils
and Tubes Limited |
Principal Name 1 |
Mr. J Gireesh Kumar Bhandari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Naresh Kumar Bhandari |
|
|
|
Registration # |
18-24327 |
|
Street Address |
27-B, |
||
|
Established Date |
04.02.1993 |
SIC Code |
-- |
|
Telephone# |
91-44-25224504
/ 25227568 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-25231637 |
Business Style 2 |
Exporting |
|
Homepage |
Product Name 1 |
Cold Rolled Stainless Steel Coils |
|
|
# of employees |
500
Approximately (Office 20, Factory 480) |
Product Name 2 |
Cold Rolled Stainless Steel Foils |
|
Paid up capital |
Rs.50,768,000/- |
Product Name 3 |
SS Tubes and Pipes, including Large Dia Fabricated Pipes |
|
Shareholders |
Bodies corporate (9.65%) Directors or relatives of directors (90.35%) |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
18 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
|
Bhandari Steels Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
89,1687,000 |
Current Liabilities |
761,577,000 |
|
Inventories |
360,199,000 |
Long-term Liabilities |
368,522,000 |
|
Fixed Assets |
334,786,000 |
Other Liabilities |
42,905,000 |
|
Deferred Assets |
000 |
Total Liabilities |
1,173,004,000 |
|
Invest& other Assets |
34,934,000 |
Retained Earnings |
397,834,000 |
|
|
|
Net Worth |
448,602,000 |
|
Total Assets |
1,621,606,000 |
Total Liab. & Equity |
1,621,606,000 |
|
Total Assets (Previous Year) |
1,620,361,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,741,851,000 |
Net Profit |
32,949,000 |
|
Sales(Previous yr) |
1,608,396,000 |
Net Profit(Prev.yr) |
27,189,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHANDARI FOILS AND TUBES LIMITED |
|
|
|
|
Formerly Known As : |
B K METAL SYNDICATE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
27-B, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
04.02.1993 |
|
|
|
|
Com. Reg. No.: |
18-24327 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.50.768 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909TN1993PLC024327 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB02140F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB3096L |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Importer of Stainless Steel Cold Rolled Coils and Tubes |
|
|
|
|
No. of Employees : |
500 Approximately (Office 20, Factory 480) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Aditya |
|
Designation : |
Accountant |
LOCATIONS
|
Registered Office : |
27-B, |
|
Tel. No.: |
91-44-25224504 / 25227568 |
|
Fax No.: |
91-44-25231637 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
Owned |
|
|
|
|
Factory : |
Plot No D1-D4, Industrial Area, Phase 1, |
|
Tel. No.: |
91-7272-259160 / 61 / 259101 / 258202 / 258203 / 259161 |
|
Fax No.: |
91-7272-258663 |
|
E-Mail : |
|
|
Area: |
30 Acres (Owned) |
|
|
|
|
Branch Office : |
46/48 |
|
Tel. No.: |
91-22-23890703 / 32402769 |
|
Fax No.: |
91-22-23890702 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. J Gireesh Kumar Bhandari |
|
Designation : |
Director |
|
Address : |
No. 23, |
|
Date of Birth/Age : |
01.04.1970 |
|
Qualification: |
Post Graduate |
|
Date of Appointment : |
14.02.1993 |
|
DIN No.: |
00357001 |
|
|
|
|
Name : |
Mr. Jagdish Kumar Bhandari |
|
Designation : |
Director |
|
Address : |
No. 27-B, |
|
Date of Birth/Age : |
20.11.1961 |
|
Qualification: |
Post Graduate |
|
Date of Appointment : |
14.02.1993 |
|
DIN No.: |
01681175 |
|
|
|
|
Name : |
Mr. Naresh Kumar Bhandari |
|
Designation : |
Managing Director |
|
Address : |
No. 27-B, |
|
Date of Birth/Age : |
08.07.1968 |
|
Qualification: |
Post Graduate |
|
Date of Appointment : |
02.09.2001 |
|
DIN No.: |
01681222 |
|
|
|
|
Name : |
Mr. Jitendra Bhandari |
|
Designation : |
Director |
|
Address : |
No. 27-B, |
|
Date of Birth/Age : |
20.08.1975 |
|
Qualification: |
Post Graduate |
|
Date of Appointment : |
23.09.2004 |
|
DIN No.: |
01681209 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Jawanthraj Bhandari |
65000 |
|
Jeetendra Bhandari |
445100 |
|
J. Jagdish Kumar Bhandari |
633200 |
|
J. Naresh Kumar Bhandari |
905100 |
|
J. Gireesh Kumar Bhandari |
888200 |
|
Reshmi Bhandari |
615600 |
|
Manjula Bhandari |
341100 |
|
Jawanthraj Bhandari and Sons (HUF) |
195000 |
|
Shreyansh Ispat Chennai Private Limited |
97000 |
|
Aashana Enterprises |
73000 |
|
Kamelesh Enterprises |
30000 |
|
Chennai Hi-Tech Home Appliances |
5000 |
|
Manoj Metals, |
60000 |
|
Bhandari Steels Private Limited |
225000 |
|
Seema Bhandari |
30000 |
|
Jawanthraj Giresh Kumar Bhandari (HUF) |
10000 |
|
Rekha Bhandari |
126000 |
|
Vinitha Jain |
47500 |
|
Mainish Kumar Bhansali |
45000 |
|
Suresh K Jain |
40000 |
|
Kundanmal Jain |
40000 |
|
Suresh Bhansali |
70000 |
|
Jagdish Jain |
40000 |
|
Lalitha Bhandari |
50000 |
|
Total |
5076800 |
Equity share
breakup (percentage of total equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
9.65 |
|
Directors or relatives of directors |
90.35 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Stainless Steel Cold Rolled Coils and Tubes |
|
|
|
|
Products : |
·
Cold Rolled Stainless Steel Coils ·
Cold Rolled Stainless Steel Foils ·
SS Tubes and Pipes, including Large Dia
Fabricated Pipes ·
Heat Exchanger Tubers (HD Tubes) ·
Pipe Fittings |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
CRSS Coils/Strips/Foils |
MT |
NA |
8000 |
3772 |
|
SS Tubes/Bright Annealing Tubes |
MT |
NA |
9000 |
2982 |
|
Argon |
M3 |
NA |
15000 |
0 |
Details of Licensed Capacity have not been provided as the products have
been de-licensed.
The above particulars exclude inter unit transfers.
GENERAL INFORMATION
|
No. of Employees : |
500 Approximately (Office 20, Factory 480) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
State Bank of ·
State Bank of 579, ·
ICICI Bank Limited ·
HDFC Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G Badri Narayana and Company Chartered Accountant |
|
Address : |
No. 81, (Old No. 61), |
|
Tel No.: |
91-44-42107583/ 65426966 |
|
Mobile No.: |
91-9884069157 |
|
Fax No.: |
91-44-28353125 |
|
E mail: |
|
|
|
|
|
Associates/Subsidiaries : |
·
Bhandari Steels Private Limited, Chennai Activity: Trader of Steel ·
Activity: Dealer of |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5076800 |
Equity Shares |
Rs.10/- each |
Rs.50.768
millions |
(98000 Shares @ Rs.10/- each issued during the
year)
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 |
50.768 |
49.788 |
46.888 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
397.834 |
351.165 |
283.376 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
448.602 |
400.953 |
330.264 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
269.361 |
264.539 |
176.209 |
|
|
2] Unsecured Loans |
99.161 |
98.321 |
65.659 |
|
|
TOTAL BORROWING |
368.522 |
362.860 |
241.868 |
|
|
DEFERRED TAX LIABILITIES |
33.835 |
30.942 |
25.242 |
|
|
|
|
|
|
|
|
TOTAL |
850.959 |
794.755 |
597.374 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
334.786 |
358.757 |
301.316 |
|
|
Capital work-in-progress |
28.361 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.500 |
5.000 |
5.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
360.199
|
209.191
|
181.416
|
|
|
Sundry Debtors |
659.479
|
478.373
|
484.250
|
|
|
Cash & Bank Balances |
108.662
|
469.933
|
34.312
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
123.546
|
98.960
|
56.261
|
|
Total
Current Assets |
1251.886
|
1256.457
|
756.239
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
680.690
|
712.396
|
387.928
|
|
|
Other Current Liabilities |
80.887
|
106.833
|
73.410
|
|
|
Provisions |
9.070
|
6.377
|
4.064
|
|
Total
Current Liabilities |
770.647
|
825.606
|
465.402
|
|
|
Net Current Assets |
481.239
|
430.851
|
290.837
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.073 |
0.147 |
0.221 |
|
|
|
|
|
|
|
|
TOTAL |
850.959 |
794.755 |
597.374 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Income from operation |
1741.851 |
1608.396 |
2130.286 |
|
|
|
Other Income |
24.680 |
31.936 |
14.914 |
|
|
|
TOTAL (A) |
1766.531 |
1640.332 |
2145.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
1479.276 |
1195.642 |
1505.014 |
|
|
|
Manufacturing Expenses |
56.468 |
83.240 |
161.388 |
|
|
|
Excise Duty |
89.385 |
130.818 |
227.306 |
|
|
|
Payment to Employees |
30.587 |
28.859 |
24.967 |
|
|
|
Administrative and General Expenses |
109.868 |
91.590 |
79.699 |
|
|
|
Directors Remuneration |
3.600 |
3.600 |
3.600 |
|
|
|
Preliminary Expenses Written off |
0.074 |
0.074 |
0.074 |
|
|
|
Increase/ Decrease in Stock |
(137.875) |
(19.167) |
2.356 |
|
|
|
TOTAL (B) |
1631.383 |
1514.656 |
2004.404 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
135.148 |
125.676 |
140.796 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
59.876 |
60.242 |
37.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.272 |
65.434 |
103.575 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.532 |
21.851 |
18.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.740 |
43.583 |
85.279 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.791 |
16.394 |
28.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32.949 |
27.189 |
56.372 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98.505 |
91.316 |
59.944 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
25.000 |
|
|
BALANCE CARRIED
TO THE B/S |
111.454 |
98.505 |
91.316 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.212 |
195.689 |
212.925 |
|
|
TOTAL EARNINGS |
17.212 |
195.689 |
212.925 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.49 |
5.49 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.87
|
1.66
|
2.63
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.91
|
2.71
|
4.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
2.70
|
8.06
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.54
|
2.96
|
2.14
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.52
|
1.62
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
Despite the prevailing volatile market situation, the Turnover of the
company has been increased to 1770.000 millions as against last year level of 1640.000
millions. This was mainly due to cost reduction, quick delivery, value
engineering efforts, better buying exercises and sourcing synergy with.
INDUSTRIAL DEVELOPMENT
The stainless
steel market is basically depends upon the Nickel prices. During the year, the
market was volatile because of Nickel prices going down which creates problem
of downward trend in Stainless Steel Industry and demand also decreased.
Because of volatility, new profits have been stopped and deferred which will
affect the production quantity in financial year ended 2009-10.
PRESENT POSITION AND FUTURE OUTLOOK
With the efforts
putting on the existing business activities, the Company is in a position to
achieve the target fixed by the company in order to get more return income
thereby it will increase the corporate image of the company in showing to
potential investors of the Company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the modified |
90290941 |
|
Corporate identity number of the company |
U51909TN1993PLC024327 |
|
Name of the company |
BHANDARI FOILS AND TUBES LIMITED |
|
Address of the registered office or of the principal place of business in |
27-B, |
|
Type of charge |
·
Uncalled share capital ·
Immovable property ·
Any interest in immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
All Currents Assets |
|
Particular of charge holder |
State Bank of 579, |
|
Nature of description of the instrument creating or modifying the
charge |
1. Letter regarding the grant of Individual limits within the overall
limits 2. Sanction Letter. 3. Deed of Hypothecation 26/04/2011 |
|
Date of instrument Creating the charge |
26.04.2011 |
|
Amount secured by the charge |
Rs.230.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest At 3.75% above SBMBR Terms of repayment Period of Loan 12 months. Margin 25% on Raw Material, SIP and finished goods. 40% on Book Debts (Not older than 90 days) (No DP to be allowed on Book Debts of associate concerns) EPC : 10% Extent and operation of the charge It covers the entire movable and immovable assets of the Company, both
present and future, stock of raw materials, stock in process, finished goods
and currents assets including book-debts ranking pari-passu with other
working capital. |
|
Short particulars of the property charged |
As per Agreement. |
|
Particulars of the present modification |
The present modification relating to enhancement of overall credit
limits to Rs.230.000 millions as per details given below: a). Renewal of FBWC limit with enhancement from Rs.20.000 millions to
Rs.40.000 millions and NFB limit from Rs.120.000 millions to Rs.190.000
millions (LC Rs.150.000 millions and BG Rs.40.000 millions) b). Renewal of EPC/PSC limit with enhancement from Rs.10.000 millions
to Rs.20.000 millions as sub limit within FBWC Now Overall Credit Facility of the Company is standing Rs.230.000
millions. |
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
·
Letter of Credit and Guarantees issued by the Bankers
to the extent of Rs.471.235 Millions
·
The un expired hire charges amounts to Rs.0.424
Million
FIXED ASSETS
·
Land
·
Wind Mill
·
Building Inc. Tube Well
·
Plant and Machinery
·
Electrical Installation
·
Maint. Laboratory and Other Equipments
·
Furniture and Fixture
·
Vehicles
·
Computers
·
Tools
WEB DETAILS
The spirit of Industrialization across the world is represented by Steel
industry and within Steel niche, aesthetic and gorgeous is symbolized by
Stainless Steel. It is in this niche and fast moving segment, Subject, the
flagship of Bhandari Steels group, within a decade of its inception, has become
a force to reckon with in
Subject, posses the capability to supply vast range
of premium quality flat and tubular products in Stainless Steel segment at the
right price and on the right terms. Endowed with a facility which being
unparalleled in
·
Cold rolled stainless
steel Coils
·
Cold Rolled Stainless
Steel Foils
·
Tubes and Pipes including
large dia fabricated pipes
·
Heat Exchanger tubes
Hence the high quality raw material input for tube manufacturing and
pipe fittings, i.e stainless steel
Coils and pipes respectively, are always available in timely manner, a
nagging bottleneck for many SS product manufacturers in India, is one of the
strengths of BFTL. This advantage is combined with the dogged determination to
produce high quality products, to the utmost needs of the customers. In fact at
BFTL a complete system exists which first understands the minutest stated and
implied needs of the customers and then converts them to the required products,
in such a manner that it delights even the most discerning customers.
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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
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 |
NO |
|
--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.