MIRA
INFORM REPORT
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Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MAYUR UNIQUOTERS LIMITED |
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Registered Office : |
Jaipur - |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
17-006952 |
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Capital
Investment/ Paid-up Capital: |
Rs. 54.132
Millions |
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CIN No.: [Company
Identification No.] |
L18101RJ1992PLC006952 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRM02564C |
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PAN No.: [Permanent
Account No.] |
AABFM9592L |
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Legal Form : |
It is a public limited liability company. The company's shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturer and Exporter of Artificial Leather/ PVC Vinyl. |
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No. of Employees: |
600
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track records. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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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 |
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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/Factory 1: |
Jaipur - |
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Tel. No. |
91-1423-224418 / 224302 / 224314/ 224001 |
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Fax No.: |
91-1423-2244420 |
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E-Mail : |
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Website : |
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Head Office : |
Rotary Bhawan, |
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Tel. No.: |
91-141-2361132/33 |
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Fax No.: |
91-141-2365423/
2368005 |
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Corporate Office : |
315-316, Namdhari Chambers, 9/54, |
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Factory 2 : |
28, IV Floor,
Lakshmi Complex, M I Road, Jaipur – 302 001, |
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Tel. No.: |
91-141-2361132 / 2361133 / 2364074 / 2365887 / 5105114 |
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Fax No.: |
91-141-2365423 / 2368005 |
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E Mail: |
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Branch office
: |
Shanta Industrial
Estate, Also Located at ·
Kolkata ·
·
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Suresh Kumar Poddar |
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Designation : |
Chairman and Managing Director |
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Address : |
81, Southern Avenue, Kolkata - 700 029, West |
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Qualification : |
B. Sc. |
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Other Directorships |
Mayur Leather Products Private Limited
- Chairman |
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Name : |
Mr. Manav Poddar |
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Designation : |
Whole Time
Director |
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Qualification : |
B. Com [Hon.] |
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Name : |
Mr. Arun Kumar Bagaria |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rameshwar Pareek |
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Designation : |
Independent Director |
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Qualification : |
B. Com [Hons.] and M.A. [Economics] |
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Date of Appointment : |
30.03.2002 |
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Name : |
Mr. Kanwarjit Singh |
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Designation : |
Independent and Non Executive Director |
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Name : |
Mr. Ratan Kumar Roongta |
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Designation : |
Independent and Non Executive Director |
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Date of Appointment: |
29.05.2010 |
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Name : |
Mr. Priyavadan Raval |
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Designation : |
Independent and Non Executive Director (upto 30th October
2010) |
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Name : |
Mr. Ashok Kumar Kejriwal |
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Designation : |
Independent and Non Executive Director (upto 29th May,
2010) |
KEY EXECUTIVES
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Name : |
Mr. Nikhil Saxena |
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Designation : |
Company Secretary and
Compliance Officer |
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Audit Committee: |
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Remuneration Committee: |
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Shareholders’ / Investors’ Grievance Committee: |
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Name : |
Mr. Prahalad Sahay Jangid |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.06.2011)
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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4,057,738 |
74.96 |
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4,057,738 |
74.96 |
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Total
shareholding of Promoter and Promoter Group (A) |
4,057,738 |
74.96 |
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(B) Public
Shareholding |
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7,900 |
0.15 |
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2,600 |
0.05 |
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10,500 |
0.19 |
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103,398 |
1.91 |
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821,822 |
15.18 |
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281,964 |
5.21 |
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137,778 |
2.55 |
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2,205 |
0.04 |
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52,167 |
0.96 |
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83,406 |
1.54 |
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1,344,962 |
24.85 |
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Total Public
shareholding (B) |
1,355,462 |
25.04 |
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Total (A)+(B) |
5,413,200 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
5,413,200 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Artificial Leather/ PVC Vinyl. |
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Products : |
·
Footwear ·
Automotive ·
Upholstery / Furnishing ·
Apparel / Garments ·
Luggage / Leather Goods ·
Sports Goods |
PRODUCTION STATUS
(As on 31.03.2011)
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|
Unit |
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Installed
Capacity |
Mtrs. P.A. |
15600000 |
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Actual
Production |
Mtrs. P.A. |
14126777.01 |
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Particulars |
Unit |
Actual
Production |
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Coated Cotton Fabric |
Qty (L. Mtrs) |
63354.00 |
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Coated Man-Made Fabric |
Qty (L. Mtrs) |
11784686.21 |
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Coated Non-Woven Fabric |
Qty (L. Mtrs) |
463972.80 |
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Coated Both Side Fabric |
Qty (L. Mtrs) |
1680791.40 |
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PVC/PU Sheet/ Paper Board |
Qty (L. Mtrs) |
133972.60 |
GENERAL INFORMATION
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Customers: |
·
Maruti Suzuki ·
Tata Motors ·
TS Tech ·
Honda ·
Bata ·
Chrysler ·
Magna ·
Fort ·
Foamex ·
Lear Corporation ·
·
Taj Vinyl ·
Swaraj ·
BSL ·
·
Sharda Motor ·
Sietz Technologies ·
Alpha Foam Limited ·
Mahindra Tractors ·
Sonalika ·
Piaggio ·
LML ·
Nissan ·
Hyundai |
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No. of Employees : |
600
(Approximately) |
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Bankers : |
·
Canara Bank ·
Andhra Bank ·
IDBI Bank ·
ABN
Amro Bank ·
ICICI
Bank Limited ·
Standard
Chartered Bank ·
HDFC
Bank Limited |
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Facilities: |
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Banking
Relations : |
Satisfactory |
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Statutory Auditors : |
Madhukar Garg and Company Chartered Accountant |
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Address : |
2A, Raj Apartment, Keshav Path, |
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Internal Auditors : |
Kalkani and Associates Chartered Accountant |
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Address : |
5th Floor, Mile Stonell, |
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Associates/Subsidiaries : |
AS on 31.03.2008 ·
Mayur Interlinks ( Incorporated on 7th December, 1993 at Directors Mr. S. K. Poddar Mr. R. V. Gupta Mr. V. K. Aggrawal Mr. Rajendra K. Poddar ·
Mayur Sales Engaged in manufacturing of high frequency welded door panels for
cars, PVC Tarpaulin covers, PVC floor mats, automobile seat covers, etc. Some of its major customers are : ·
Maruti
Udyog Limited ·
Telco ·
Bajaj
Tempo Limited ·
DCM
Toyota ·
Allwyn
Nissan ·
Premier
Automobiles Limited ·
Auto
Interior Industries Engaged in manufacturing of automobile
accessories viz. floor mats, embossed velvet and perforated head roof lining
for various automobile manufacturers. ·
Mayur Industries Limited |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5413200 |
Equity Shares |
Rs.10/- each |
Rs. 54.132
Millions |
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 |
54.132 |
54.132 |
54.132 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
555.977 |
366.392 |
235.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
610.109 |
420.524 |
289.650 |
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LOAN FUNDS |
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1] Secured Loans |
77.782 |
44.222 |
78.531 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
77.782 |
44.222 |
78.531 |
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DEFERRED TAX LIABILITIES |
19.785 |
17.479 |
16.739 |
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TOTAL |
707.676 |
482.225 |
384.920 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
313.025 |
231.471 |
226.489 |
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Capital work-in-progress |
33.513 |
2.541 |
4.328 |
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INVESTMENT |
0.657 |
0.657 |
10.137 |
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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 |
145.538
|
98.357 |
69.891 |
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Sundry Debtors |
315.930
|
256.273 |
215.622 |
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Cash & Bank Balances |
228.253
|
195.816 |
57.605 |
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Other Current Assets |
11.984
|
7.848 |
11.206 |
|
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Loans & Advances |
40.367
|
27.465 |
10.862 |
|
Total
Current Assets |
742.072
|
585.759 |
365.186 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
283.289
|
257.206 |
173.083 |
|
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Other Current Liabilities |
66.973
|
45.441 |
29.893 |
|
|
Provisions |
31.329
|
35.556 |
18.244 |
|
Total
Current Liabilities |
381.591
|
338.203 |
221.220 |
|
|
Net Current Assets |
360.481
|
247.556 |
143.966 |
|
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|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
707.676 |
482.225 |
384.920 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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|
|
|
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Income |
2485.563 |
1647.328 |
1150.463 |
|
|
|
Other Income |
21.323 |
21.918 |
3.901 |
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TOTAL (A) |
2506.886 |
1669.246 |
1154.364 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
1842.502 |
1201.858 |
852.996 |
|
|
|
Manufacturing Expenses |
62.597 |
47.262 |
33.569 |
|
|
|
Payment to and Provision fro Employees |
75.334 |
60.230 |
47.402 |
|
|
|
Administrative Expenses |
43.808 |
32.912 |
61.410 |
|
|
|
Selling Expenses |
75.862 |
45.897 |
20.068 |
|
|
|
Increase/ Decrease in Stock |
[13.578] |
[6.517] |
15.487 |
|
|
|
TOTAL (B) |
2086.525 |
1381.642 |
1030.932 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
420.361 |
287.604 |
123.432 |
|
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|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
18.638 |
13.395 |
12.990 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
401.723 |
274.209 |
110.442 |
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|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.741 |
21.816 |
15.854 |
|
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|
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|
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|
|
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PROFIT BEFORE
TAX (E-F) (G) |
374.982 |
252.393 |
94.588 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
122.264 |
90.241 |
133.963 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
252.718 |
162.152 |
60.625 |
|
|
|
|
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
310.937 |
197.063 |
164.925 |
|
|
|
Excess
provision for Earlier years |
0.021 |
0.388 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
25.100 |
17.000 |
6.100 |
|
|
|
Interim Dividend |
29.773 |
10.826 |
8.120 |
|
|
|
Proposed dividend |
24.359 |
16.240 |
10.826 |
|
|
|
Difference of dividend for previous year |
0.000 |
0.0000 |
0.189 |
|
|
|
Dividend Distribution Tax |
9.022 |
4.600 |
3.252 |
|
|
BALANCE CARRIED
TO THE B/S |
475.422 |
310.937 |
197.063 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
476.123 |
167.180 |
1213.391 |
|
|
TOTAL EARNINGS |
476.123 |
167.180 |
1213.391 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
687.910 |
430.597 |
285.836 |
|
|
|
Capital Goods and Spares |
74.929 |
4.337 |
8.626 |
|
|
TOTAL IMPORTS |
762.839 |
434.934 |
294.462 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
46.69 |
29.95 |
11.94 |
|
|
|
Diluted |
46.69 |
29.95 |
11.85 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
|
1st
Quarter |
|
Net Sales |
695.780 |
|
Total Expenditure |
599.940 |
|
PBIDT (Excl OI) |
95.840 |
|
Other Income |
4.730 |
|
Operating Profit |
100.570 |
|
Interest |
0.950 |
|
Exceptional Items |
0.000 |
|
PBDT |
99.620 |
|
Depreciation |
7.610 |
|
Profit Before Tax |
92.010 |
|
Tax |
30.970 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
61.040 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
61.040 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.08
|
9.71 |
5.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.09
|
15.32 |
8.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.54
|
30.88 |
15.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.60 |
0.33
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.91 |
1.03
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.73 |
1.65
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated as a public limited company in 1992. The
company is promoted by the Mayur group with three manufacturing units at Jaipur
and an established trading network in synthetic leather. In 1994, the company
commenced commercial production of PU/PVC synthetic leather (inst. cap. : six
mln linear mtr pa) at Jaitpura, Rajasthan. Its manufacturing unit has plant and
machinery imported from
STATE OF
After the very challenging
conditions of the fiscal year
2008-09 (FY09), the domestic economy staged a positive
turnaround during the second half of
the fiscal year FY10 as the
result of the targeted stimulus
packages and other
timely initiatives taken by the Government, thereby justifying
the faith in the
inherent strengths and resilience of
Indian economy, even though
the improved growth trajectory has been accompanied by higher levels of inflationary outlook.
Despite the gradual
withdrawal of the
stimulus measures which
were introduced in
fiscal year 2009, private consumption and investment,
two important domestic
demand drivers recovered strongly in
FY11 as the
confidence of the customer and investor was restored.
Expectations of the
rapid economic recovery in FY11 were
by and large
fulfilled, resulting in the GDP growth of 8.5%.
Overall, the economy finished the
year ending 31st March, 2011 on a
solid footing, still
one of the fastest growing
economies globally and
well positioned to attain the high growth trajectory. These
factors helped in
increasing the household income resulting in higher consumption.
Subject being a leader in the synthetic leather industry
has been able
to leverage the emerging
opportunities in the
evolving scenario of
revival and renewed growth. The
Company has delivered
the exemplary performance in the
FY11 with the growth of nearly 51% compared to
the previous year with the net sales of Rs. 2485.563 Millions.
The Company is leveraging upon lower labour cost as compared
to other competitors in the developed countries and
this unleashes an opportunity to
enter into high quality conscious European and American
markets. They are
proud to mention here that they have marked the
presence in the developed
European and American markets.
They are confident
enough that with the low
labour capital ratio
and continuous research and
development activities, the Company will
continue to increase
the market share in European
and American markets
thereby increasing the
profitability.
The Company is committed to offer products at the most competitive prices
while fulfilling overall
parameters defined by
the customers. The
Directors perceive that
the business of the Company stands
on a sound
platform and is running well. MUL`s business is supported by a strong
back- end in procurement,
manufacturing, product development,
information technology and human
resource Management.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
For Indian synthetic leather industry, the Financial Year 2010-2011 (FYI
1) was a year full of opportunities as well as challenges.
The economy grew at 8.5 % during FY11, as against 7.4 % during the
previous year. Increase in household income resulted in higher consumption and
larger investment in the capital market. Still, there are some challenges
ahead. Rising inflation has been a cause of serious concern.
To keep inflation under control, the RBI has been hawkish on interest
front and increased the interest rates on several occasions.
It is widely admitted that the country is getting the global recognition
as an emerging economic power and a preferred investment destination for the
global players. Corporate giants have made sizable overseas acquisitions.
Moreover, the visit of the world leaders to
Indian Industry is gearing up to leverage its strengths towards
maximizing benefits.
OPERATIONAL
REVIEW
Though uncertainty prevailed in global market during FY11, however, MUL
managed to post one of the best performances as compared to the previous years.
MUL is one of the largest manufacturers of Synthetic Leather in
The domestic automobile sector, especially the passenger vehicles,
continues to grow very strongly. The strong auto sales growth continues to
drive MUL’s sales growth. In automotive OEM space, MUL supplies to companies
like Maruti, Honda Motorcycles and Scooters India (P) Limited, Hero Honda,
Eicher Motors, MandM, Tata Motors etc.
The production during FY11 was 14.13 million linear meters as against
11.98 million linear meters in the previous year. The Company has achieved a
turnover of Rs.2691.447 Millions in FYI I against a turnover of Rs. 1761.469
Millions in the year 2009-10(FY1O).
Earnings before interest, depreciation and taxes increased to Rs.408.579
Millions in FYI 1 from Rs.280.186 Millions in FY10.
Profit after Tax (PAT) went up to Rs. 252.718 Millions in 2010-11 from
Rs. 162.152 Millions in 2009-10.
Earning per share (EPS) went up to Rs. 46.69 in 2010-11 from Rs. 29.95
in 2009-10.
The strength of the Company’s business strategies and competence has been
demonstrated by its spectacular performance during FYI 1.
The Turnover of the company has increased by 52.80% from Rs. 1761.469
Millions to Rs. 2691.447 Millions and the production has increased by 17.95 %
from 11.98 million linear meter to 14.13 million linear meter . The reason for
the high percentage growth in turnover in comparison to production was higher
input cost, better price realization, value additions etc.
RESEARCH AND
DEVELOPMENT
MUL lays strong emphasis on the research and development activities and
is continuously improving its business by a high quality research and
development (R AND D). The Company has laid oit training programs to improve
and upgrade skills of its employees to keep pace with the changing market
scenario. MUL has continued its focus on its in-house research and development.
The R AND D division continues to pay more attention on developing the products
to suit customer’s requirements. They have developed special products for
automotive OEMs in Europe and
In FY lithe R AND D has been made to develop the environment friendly
finishes for global OEM market requirements, which will replace conventional
solvent based finishes; eliminating the use of chemicals, restricted in the
European and US markets. It will ensure replacing with the environment friendly
chemicals; developing the new formulations as a measure of cost control and
better raw material management. These efforts of the R and D wing have lead
them far ahead of its competitors and increased its supplies to the US
Automotive OEM Market.
The dominance of MUL as a brand in PU/PVC synthetic leather market is
likely to increase in the coming years, supported by the buoyancy in domestic
as well as global sales, in view of the sustained resilience of sales and
profitability and the ongoing improvement in R AND D.
BUSINESS OUTLOOK
Consumption growth in
The whole gamut of fashion products including garments, bags and
furnishings are not only driving growth but also facilitating margin expansion,
as these products require more customization and better quality.
Auto replacement market is another significant market segment for the
Company. Unlike cyclicality of auto OEM market, the replacement market is a
stable market and displays characteristics of a consumer market. Moreover, the
consumer of automobile sector in
As such, the business outlook seems to be promising. The same can also
be seen from the performance of the company in the highly uncertain global
market. Apart from increase in domestic sales, the exports have increased by
188.80% from Rs.167.180 Millions in FY10 to Rs.482.802 Millions in FY11. In the
current fiscal also, they expect the exports to increase significantly, in view
of the successful supplier evaluation and product approval by leading Auto OEMs
of the world.
FIXED ASSETS
·
Land and Site Development
·
Building and Premises
·
Plant and Machinery (Imported)
·
Plant and Machinery (Indigenous)
·
Diesel Generator Set
·
Computers and Peripherals
·
Office and Other Equipments
·
Furniture and Fixtures
·
Vehicles
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
|
As
on 31.03.2011 Rs.
in Millions |
|
Letter of Credit |
361.889 |
|
Demand under disputes Excise Duty (The company has filed appeal against this demand) |
0.769 |
|
Service Tax Demand |
2.296 |
|
Estimated amount of Contracts remaining to be executed on Capital
Account (Net of Advances) |
65.423 |
AS PER WEBSITE
Profile:
They were established and started operations in the year 1994 with an installed capacity of 400,000 Linear Meters per month. The guiding principle of the organization has always been fulfilment of customer requirement and progressive thinking. With constant human and technological development, the company today stands profitably with an installed capacity of 1.4 Million Linear Meters per month which is fully utilized. They have placed the order for the 4th Coating Line which will increase the capacity, further, to 1.9 Million Linear Meters per month from September 2011.
They have a full range of machinery to fulfill the Printing, Embossing,
Lacquering, Sueding and Laminating needs. The company
possesses fully equipped Physical, Chemical and Product Development
Laboratories capable of testing nearly all the properties of Artificial Leather
for different segments and applications.
Enterprise Resource Planning (ERP) / IT is now a part and parcel of all
functions in the company and with constant persistence, the organization has
understood and also finds it a better way to stay organized, improve
productivity, communicate faster within the organization and ensure product and
process traceability from start to end. They have been certified with ISO
9001:2008 (Quality Management System) which is demonstrative of the commitment
towards continual improvement.
BOARD OF
DIRECTORS:
Mr. Suresh Kumar
Poddar ( Age – 64 )
Chairman and Managing Director.
A B.Sc, Science Graduate, he promoted the company in 1994 and has
marvelous entreprenual skills and is a veteran in the field of Artificial
Leather / PVC Vinyl. Before starting his own manufacturing he was a trader of
Artificial Leather in the Kolkatta for 25 years and has brought into the
company his rich experience. Under his leadership the company has gone from
strength to strength and today is the leading Vinyl supplier in the country.
Mr. Manav Poddar (
Age – 36 )
Excecutive Director.
A B.Com Hons, Commerce Graduate, he is the son of Mr. Suresh Kumar
Poddar. He joined the company on the 1st of November, 2002, and has to his
credit 16 years of experience in General Management. For the first couple of
years of his career he worked in various group companies of Mayur and gained
hands - on experience in all functions of an organization. Today his focus is
mainly on TQM (Total Quality Management) and wants to see the company go the
Japanese way for Quality, Productivity and overall Management.
Mr. Arun Kumar
Bagaria ( Age – 38 )
Excecutive Director.
A MBA in Marketing from U.K, he is the son – in – law of Mr. Suresh
Kumar Poddar. He joined the company in 2007 and has 11 years of experience
mainly in commercial activities and general management also.
Mr. Kanwarjit
Singh (Age – 70)
Independent and Non – Excecutive Director.
A Masters in Mathematics and Physical Studies from U.K, he is a well
known Tax and Financial Adviser. He was appointed as an Independent Director in
the company in 2007. He is a veteran in the field of Taxation and has rendered
his services to the Government of India as Chief Commissioner of Income Tax,
however, retired currently. He has served at very senior positions in Public
Sector Banks and Public Sector Trading Houses and has considerable experience
in Auditing and Law Departments. He doesn’t hold any shares in the company.
Mr. Rameshwar
Pareek ( Age – 66 )
Independent and Non – Excecutive Director.
A B.Com Hons., Commerce Graduate and M.A in Economics he retired as General
Manager in Rajasthan Finance Corporation. He holds rich industrial exposure as
he worked in the Bureau of Industrial Promotion also. He is, therefore, fully
conversant with the working of Govt. Departments and the Industry. He doesn’t
hold any shares in the company.
Mr. Ratan Kumar
Roongta ( Age – 62 )
Independent and Non – Executive Director.
A Masters in Commerce ( Financial Management ) and a JAIIB (Junior
Associate of Indian Institute of Banking and Finance). He has handled diverse
assignments in various leading banks in the country at very senior positions
like Regional and Zonal Head. His expertise and experience lies in the areas of
Banking, Finance, Risk Assessment, Corporate Governance and Information
Technology. He doesn’t hold any shares in the company
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] 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.47.84 |
|
|
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.