|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
NITREX CHEMICALS INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
QUEST INTERNATIONAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1212-13, Ansal Tower, 38 Nehru Palce, New Delhi – 110019 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.09.2010 |
|
|
|
|
Date of
Incorporation : |
07.02.2001 |
|
|
|
|
Com. Reg. No.: |
55-109548 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.390.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U00000DL2001PLC109548 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Industrial Chemicals and Nitrocellulose. |
|
|
|
|
No. of Employees
: |
9 (Approximately) (Only Delhi) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 540000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
to be some losses being incurred by the company. However trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Piyush |
|
Designation : |
Administrative Assistant |
|
Contact No.: |
91-11-49114911 |
|
Date : |
10.08.2012 |
LOCATIONS
|
Registered Office / Head Office / Regional Offices 1 : |
1212-13, Ansal Tower, 38, Nehru Palce, New Delhi – 110019, India |
|
Tel. No.: |
91-11-49114911 |
|
Fax No.: |
91-11-49114922 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory: |
Near Waterworks, Village Agrama, District Valsad 396 001, |
|
Tel. No.: |
91-2632-254001 |
|
Fax No.: |
91-2632-249564 |
|
E-Mail : |
|
|
|
|
|
Regional Office 2: |
2/24 Happy House, Vakola, Santa Cruz (East) , Mumbai 400 055,
Maharashtra, India |
|
Tel. No.: |
91-22-26672261 |
|
Fax No.: |
91-22-26672233 |
|
E-Mail : |
|
|
|
|
|
Regional Office 3: |
E-5, HIG Flats,
Adyar Apartments, Kottur Garden, Chennai – 600085, Tamilandu, India |
|
Tel. No.: |
91-44-24470265 |
|
Fax No.: |
91-11-49114922 |
|
E-Mail : |
|
|
|
|
|
Consignment Agents : |
KRS Chemical Company Contact: Kamal Kapor Vishal Distributors (Private) Limited Contact : Sudhir Malik Asia Contact: Srinagesh Mumbai Pradip Corporation, D/3 Jeevan Jyoti, Contact: Rajendra Mashru / Kunal Mashru Chennai R N Iyer and Son Contact: Mr K Sundar Kolkata Mohta Brothers (Private) Limited Contact: M K Mohta |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Bipin Charanjit Lal |
|
Designation : |
Managing Director |
|
Address : |
S-258, Greater Kailash, Part II, New Delhi 110 048, India |
|
Date of Birth/Age : |
01.02.1955 |
|
Qualification: |
B Tech, MBA |
|
Experience: |
33 Years |
|
Date of Appointment : |
24.04.2007 |
|
DIN No.: |
01476224 |
|
|
|
|
Name : |
Mr. Mahendra Gumanmal Lodha |
|
Designation : |
Director |
|
Address : |
85, Sunrise Park, Opposite Drive-in-Road, Thaltej, Ahmedabad 380 054,
Gujarat, India |
|
Date of Birth/Age : |
04.08.1956 |
|
Date of Appointment : |
11.08.2008 |
|
DIN No.: |
00012920 |
|
|
|
|
Name : |
Mr. M. R .Rajaram |
|
Designation : |
Director |
|
Address : |
H2/E-123, DLF City, Phase 5, Gurgaon 122 002, Haryana, India |
|
Date of Birth/Age : |
15.03.1946 |
|
Date of Appointment : |
07.02.2001 |
|
DIN No.: |
00161064 |
|
|
|
|
Name : |
Mr. Gautam Mithalal Jain |
|
Designation : |
Additional Director |
|
Address : |
7, Nandi Hill, Near Bhav Birjar Temple, Opposite ISRO, Satellite,
Ahmedabad 380 015, Gujarat, India |
|
Date of Birth/Age : |
18.06.1952 |
|
Date of Appointment : |
11.08.2008 |
|
DIN No.: |
00160167 |
KEY EXECUTIVES
|
Name : |
Mr. Piyush |
|
Designation : |
Administrative Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ganapati Rathinam |
|
2 |
|
Aradhana Chatterjee |
|
1 |
|
Sanjay Agarwal |
|
1 |
|
Nitrex Mauritius Limited |
|
8350000 |
|
Sirius Fianical Services Private Limited |
|
5750000 |
|
Rasna Processors Private Limited |
|
2000000 |
|
Mehndra Lodha |
|
840000 |
|
Dish Infin Consultants Private Limited |
|
120000 |
|
Pankaj Chadha |
|
190000 |
|
Samir Ashta |
|
120000 |
|
Anand Thiyagarajan |
|
32000 |
|
Sharat Tripathi |
|
10000 |
|
Amul Niphadkar |
|
4000 |
|
Nitrex Chemicals Employee Stock Option Trust |
|
424000 |
|
|
|
|
|
Total |
|
17840004 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Nitrex Mauritius Limited |
|
8200000 |
|
CDC Group Plc |
|
13000000 |
|
|
|
|
|
Total |
|
21200000 |
As on 29.03.2011
|
Names of Allottees (Preference Shares) |
|
No. of Shares |
|
IDBI Bank Limited, India |
|
10746200 |
|
|
|
|
|
Total |
|
10746200 |
Equity Share Break up (Percentage of Total Equity)
As on 31.12.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
46.80 |
|
Bodies corporate |
44.11 |
|
Directors or relatives of Directors |
4.71 |
|
Other top fifty shareholders |
4.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Chemicals and Nitrocellulose. |
|
|
|
|
Exports : |
|
|
Products : |
·
Industrial Chemicals ·
Nitrocellulose |
|
Countries : |
·
Turkey ·
Italy ·
Egypt |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
USA ·
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.09.2009)
|
Particulars |
Installed
Capacity |
|
Valsad |
6000 |
|
Jhagadia |
2000 |
Note: Installed Capacity in Value and or
quantity being a technical matter and the higher capacity installed and the permissibility
there of is as certified by the managements.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
Sun Chemical Group SPA |
||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
9 (Approximately) (Only Delhi) |
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Standard
Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New
Delhi - 110001, India ·
IDBI
Bank Limited, IDBI Tower, WTC Complex, Cuff Parade, Mumbai-400005,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. in Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hitesh Prakash Shah and Comapny Chartered Accountants |
|
Address : |
105, Sakar –I, 1st Floor, Ashram Road, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26586683/85 |
|
Fax No.: |
91-79-26586684 |
|
PAN.: |
APGPS0174L |
|
|
|
|
Subsidiaries : |
Excelex Biopolymers Private Limited CIN No.: U24119DL2006PTC153535 |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital : Rs.499.400 Millions
Issued, Subscribed & Paid-up Capital : Rs.497.862
Millions
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17940000 |
Equity Shares |
Rs.10/- each |
Rs.179.400 Millions |
|
21250000 |
Preference Shares |
Rs.10/- each |
Rs.212.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.391.900
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17840004 |
Equity Shares |
Rs.10/- each |
Rs.178.400
Millions |
|
21200000 |
Preference Shares |
Rs.10/- each |
Rs.212.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.390.400 Millions |
Note:
Preference Shares 1,200,000 issued in 2007 –
08 are fully convertible into equity shares at the conversion price of Rs.25
per shares. The earliest date of conversion is 3 years from the date of
allotment i.e. October 9, 2010
Preference Shares 7,000,000 issued in 2007-8
are fully convertible into equity shares and the converted equity shares rank
parri – passu to the existing equity shares capital. The earliest date of
conversion is 3 years from the date of allotment i.e. September 17, 2011
Preference Shares 13,000,000 issued in 2009-10
are fully convertible into equity shares and the converted equity shares rank
parri – passu to the existing equity shares capital. The conversion is
excersiable at any at the option of the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
390.400 |
252.000 |
112.000 |
|
|
2] Share Application Money |
0.000 |
8.400 |
0.000 |
|
|
3] Reserves & Surplus |
23.500 |
23.500 |
69.084 |
|
|
4] (Accumulated Losses) |
(278.317) |
(147.916) |
0.000 |
|
|
NETWORTH |
135.583 |
135.984 |
181.084 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
761.710 |
888.752 |
839.950 |
|
|
2] Unsecured Loans |
7.737 |
11.402 |
26.447 |
|
|
TOTAL BORROWING |
769.447 |
900.154 |
866.397 |
|
|
DEFERRED TAX LIABILITIES |
61.881 |
73.403 |
78.010 |
|
|
|
|
|
|
|
|
TOTAL |
966.911 |
1109.541 |
1125.491 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
655.857 |
803.332 |
892.948 |
|
|
Capital work-in-progress |
116.690 |
93.852 |
106.832 |
|
|
|
|
|
|
|
|
INVESTMENT |
99.683 |
99.682 |
14.433 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.051
|
102.147 |
66.042 |
|
|
Sundry Debtors |
164.923
|
168.242 |
121.411 |
|
|
Cash & Bank Balances |
2.346
|
0.813 |
14.221 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
83.061
|
83.298 |
185.737 |
|
Total
Current Assets |
344.381
|
354.500 |
387.411 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
231.144
|
219.970 |
245.708 |
|
|
Other Current Liabilities |
9.254
|
10.234 |
16.369 |
|
|
Provisions |
9.302
|
11.621 |
14.056 |
|
Total
Current Liabilities |
249.700
|
241.825 |
276.133 |
|
|
Net Current Assets |
94.681
|
112.675 |
111.278 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
966.911 |
1109.541 |
1125.491 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1512.745 |
756.923 |
791.325 |
|
|
|
Other Income |
38.271 |
39.002 |
44.437 |
|
|
|
TOTAL |
1551.016 |
795.925 |
835.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
1163.332 |
523.483 |
591.262 |
|
|
|
Staff Cost |
124.498 |
91.947 |
97.518 |
|
|
|
Administrative, Selling and Distribution Expenses |
229.434 |
118.039 |
172.483 |
|
|
|
Exceptional Items |
(48.481) |
65.407 |
0.000 |
|
|
|
Prior Period Expenses/Income |
0.084 |
2.916 |
0.000 |
|
|
|
TOTAL |
1468.867 |
801.792 |
861.263 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
82.149 |
(5.867) |
(25.501) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
78.415 |
93.865 |
95.167 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3.734) |
(99.732) |
(120.668) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
145.657 |
97.073 |
93.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
(141.923) |
(196.805) |
(214.275) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.522 |
3.306 |
1.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(130.401) |
(193.499) |
(213.212) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(147.916) |
45.583 |
258.795 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(278.317) |
(147.916) |
45.583 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
265.265 |
258.466 |
|
|
TOTAL EARNINGS |
NA |
265.265 |
258.466 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
71.574 |
129.643 |
|
|
TOTAL IMPORTS |
NA |
71.574 |
129.643 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(7.35) |
(16.60) |
(21.32) |
|
The above information has been parted by Mr. Piyush - Administrative
Assistant
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.41)
|
(24.73) |
(25.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.38)
|
(26.00) |
(27.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(41.21)
|
(55.52) |
(55.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.05)
|
(1.45) |
(1.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.52
|
8.40 |
6.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.47 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprise and
others |
27.578 |
5.452 |
5.789 |
|
Others |
203.566
|
214.518 |
239.919 |
|
Total |
231.144
|
219.970 |
245.708 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
Registered office of the company has been shifted
from D-43, South Extension- II, New Delhi – 110049, India to the present
address w.e.f. 24.05.2010
RESULTS OF OPERATIONS
This is the sixth full fiscal year (Comprising of 18 months)
of the Company’s Operations and it has generated Sales of Rs.1522.500 Millions
and incurred Loss before Tax of Rs.141.920 Millions.
In view of the operational limitations the
management has continued its efforts to reduce debt obligations of the company,
m continuation to the One Time Settlement reached with ABN Amro Bank in the
previous financial year, this year also the company has reached settlement for
one of the loans granted by Standard Chartered Bank (guaranteed by CDC) of
Rs.170.000 Millions Under the terms of Settlement CDC has subscribed to
Compulsory Convertible Preference Shares to finance repayment of Standard
Chartered Bank Loan The gain arising due to this settlement is reflected in
exceptional gains.
To deal with the situation arising due to unprecedented
increase in the prices of Key Feed Stock Raw Cotton Linter (RCL) the management
is proposing to shift to alternate feed stock
BUSINESS REVIEW
The operations during the period, continued to faced
uncontrollable and unfavorable conditions, when heavily impacted the
profitability of the Company. The continued closure of the JME unit resulted m
the non-recovery of outstanding charges and interest cost on the loans taken
for the project "he operations at the o:rej urnl located in
Valsad also suffered losses. This was due to steep rise in prices of key raw
materials. The year also witnessed continued high interest cost and unfavorable
foreign exchange rates. These factors together have Significantly contributed
to the losses incurred by the Company. The Directors are working upon an
improvement plan for the Company by shifting to alternate feed stock from
present feed stock of RCL There is a key renewal of the water storage agreement
for Valsad manufacturing site, material issue to this have a substantial
effects on The viability of the enterprises.
Bharuch Eco Aqua Limited has expanded the capacity
of common fluent treatment plant (CERT). As a result of that the company is
working to recommission the JME unit as main operating unit in next fiscal
year;
Due to the reasons mentioned above ana till the time
JME project become fully operational with alternate feed stock, the short to
medium term performance of the company may continue to be under pressure.
Standard Chartered Sank has restored the working
capital limits at original level of Rs 100.000 Millions and also given m
principal sanction for additional term loan of Rs 70.000 Millions for Capital
Expenditure requirements of the company
SHARE CAPITAL
During the year, the Company in the Extraordinary
General Meeting of the Company held on 8th January 2009 increased
its Authorised Share Capital from Rs.233.500 Millions to Rs.253.500 Millions
Further, the Company in the Extraordinary General Meeting of the Company held
on 13th March, 2009 increased its Authorised Share Capital from
Rs.253.500 Millions To Rs.261.900 Millions. Now the Authorised Share Capital of
The Company of Rs 391.900 Millions is divided into 1,79,40,000 Equity Shares of
Rs.10/- each and 212,50,000 Preference Shares of Rs 10/- each. The Company
allotted 13,000,000 Preference Shares of Rs.10/- each at par to CDC in 2009-10
Pursuant to this allotment the Paid-up Equity Capital of the Company is
Rs.170.000 Millions and Paid-up Preference Share Capital of the Company is
Rs.212.000 Millions.
Fixed Assets
Tangible
Assets:
Intangible
Assets:
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.55.17 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.68.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.