MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GULSHAN CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
E- 12, Greater Kailash – I, Delhi - 110048 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.05.1985 |
|
|
|
|
Com. Reg. No.: |
55-020270 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.52.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231DL1985PLC020270 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sodium Hydrosulphite and Sodium Sulphite.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 640000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. But
there appears slight dip in the profitability recorded by the company.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country’s growth, which has averaged more than 7% per year since
1997. India’s diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India’s output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis – in large
part because of strong domestic demand – and growth exceeded 8% year-on-year in
real terms. However, India’s economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government’s fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India’s medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
CASH CREDIT : CRISIL BB |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation |
|
Date |
17 October, 2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
LETTER OF CREDIT AND BANK GUARANTEE : CRISIL A4+ |
|
Rating Explanation |
Having minimal degree of safety regarding timely payment of financial
obligation it carry very high credit risk are susceptible to default. |
|
Date |
17 October, 2011 |
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.
LOCATIONS
|
Registered Office : |
E- 12, Greater Kailash – I, Delhi – 110048, India |
|
Tel. No.: |
91-11-26217424 / 29237424 / 26421112 |
|
Fax No.: |
91-11-2924875 |
|
E-Mail : |
DIRECTORS
As on 24.08.2011
|
Name : |
Mr. Pradeep Kumar Jain |
|
Designation : |
Managing director |
|
Address : |
W-121, 1st Floor, Greater Kailash – II, New Delhi – 110078,
India |
|
Date of Birth/Age : |
15.12.1952 |
|
Qualification: |
Chemical Engineer (USA) |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00006397 |
|
PAN No.: |
AAGPJ2525B |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL1990PTC042314 |
CLASS
INVESTMENTS PRIVATE LIMITED |
Director |
07/12/1990 |
07/12/1990 |
- |
Active |
NO |
|
2 |
U24231DL1985PLC020270 |
GULSHAN
CHEMICALS LIMITED |
Managing
director |
30/09/2011 |
30/09/2006 |
- |
Active |
NO |
|
Name : |
Mrs. Arti Pradeep Kumar Jain |
|
Designation : |
Whole-time director |
|
Address : |
W-121, 1st Floor, Greater Kailash – II, New Delhi – 110078, India |
|
Date of Birth/Age : |
24.11.1956 |
|
Qualification: |
BA, MA |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00006429 |
|
PAN No.: |
AHJPJ6992L |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL1990PTC042314 |
CLASS
INVESTMENTS PRIVATE LIMITED |
Director |
07/12/1990 |
07/12/1990 |
- |
Active |
NO |
|
2 |
U24231DL1985PLC020270 |
GULSHAN
CHEMICALS LIMITED |
Whole-time
director |
30/09/2011 |
30/09/2006 |
- |
Active |
NO |
|
Name : |
Gulisha Jain |
|
Designation : |
Director |
|
Address : |
W-121, 1st Floor, Greater Kailash – II, New Delhi – 110078, India |
|
Qualification: |
BBA, MBA |
|
Date of Birth/Age : |
15.10.1985 |
|
Date of Appointment : |
10.08.2006 |
|
DIN No.: |
00918176 |
|
PAN No.: |
AAGPJ2526C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Pradeep Kumar Jain |
|
4000000 |
|
Arti Pradeep Kumar Jain |
|
700000 |
|
Chander Kumar Gulshan Rai Jain |
|
400 |
|
Gulisha Pradeep Kumar Jain |
|
245800 |
|
Kanak Jain |
|
400 |
|
Santosh Jain |
|
4000 |
|
Savani Jain |
|
245800 |
As on 24.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sodium Hydrosulphite and Sodium Sulphite.
|
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Sodium Hydrosulphite |
MT |
15000 |
12000 |
10214.49 |
|
Sodium Sulphite |
MT |
4500 |
3600 |
2751.55 |
Note: (The Auditors have relied on the disposition of the management with regard to capacities of production as above.)
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Industrial Development Bank of India Limited,
IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
State Bank of India, Commercial Branch, Vardhman
Trade Centre, Plot No.3and4, 2nd Floor, DDA Building, Nehru Place, New Delhi
– 110019, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sumant Agarwal and Company Chartered Accountants |
|
Address : |
A-58, Anand Vihar, Delhi – 110092, India |
|
PAN No.: |
AACFS6840A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5900000 |
Equity Shares |
Rs.10/- each |
Rs.59.000 Millions |
|
10000 |
Preference Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
Total |
|
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5200000 |
Equity Shares |
Rs.10/- each |
Rs.52.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
52.000 |
52.000 |
52.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
109.158 |
101.054 |
85.185 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
161.158 |
153.054 |
137.185 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.818 |
80.933 |
110.300 |
|
|
2] Unsecured Loans |
50.000 |
45.000 |
35.000 |
|
|
TOTAL BORROWING |
99.818 |
125.933 |
145.300 |
|
|
DEFERRED TAX LIABILITIES |
31.716 |
34.145 |
34.539 |
|
|
|
|
|
|
|
|
TOTAL |
292.692 |
313.132 |
317.024 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
143.598 |
146.874 |
153.967 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
58.021
|
41.814 |
22.792 |
|
|
Sundry Debtors |
97.450
|
103.773 |
95.272 |
|
|
Cash & Bank Balances |
1.585
|
0.936 |
2.714 |
|
|
Other Current Assets |
(0.129)
|
(0.133) |
1.086 |
|
|
Loans & Advances |
92.685
|
90.061 |
91.511 |
|
Total
Current Assets |
249.612
|
236.451 |
213.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.509
|
34.463 |
24.415 |
|
|
Other Current Liabilities |
4.862
|
4.963 |
2.548 |
|
|
Provisions |
30.147
|
30.767 |
23.355 |
|
Total
Current Liabilities |
100.518
|
70.193 |
50.318 |
|
|
Net Current Assets |
149.094
|
166.258 |
163.057 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
292.692 |
313.132 |
317.024 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
510.943 |
509.817 |
498.312 |
|
|
|
Other Income |
16.544 |
9.533 |
5.393 |
|
|
|
TOTAL (A) |
527.487 |
519.350 |
503.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
283.579 |
277.590 |
|
|
|
|
Manufacturing Service Costs |
158.467 |
130.082 |
|
|
|
|
Employee Related Expenses |
3.801 |
3.192 |
|
|
|
|
Administrative Selling Other Expenses |
26.520 |
25.864 |
|
|
|
|
TOTAL (B) |
472.367 |
436.728 |
424.744 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.120 |
82.622 |
78.961 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.545 |
25.066 |
17.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.575 |
57.556 |
61.952 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
16.420 |
16.257 |
15.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.155 |
41.299 |
46.251 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.955 |
16.321 |
1.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.200 |
24.978 |
44.734 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.100 |
71.290 |
46.136 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
4.474 |
|
|
|
Dividend |
|
|
13.000 |
|
|
|
Tax on Dividend |
|
|
2.209 |
|
|
|
Previous year adjustment |
|
|
(0.103) |
|
|
BALANCE CARRIED
TO THE B/S |
90.480 |
84.100 |
71.290 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
82.695 |
123.086 |
65.240 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.31 |
4.80 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.26
|
4.81 |
8.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.92
|
8.10 |
9.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40
|
10.77 |
12.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.27 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
1.28 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48
|
3.37 |
4.24 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The performance of the company during the year was stable. The year continued to witness extremely volatile conditions with regards to the prices of the main product and the raw materials.
The company continues with its drive to reduce costs and improve its operations. The cogeneration plant is being further optimized for better efficiency. The materials consumptions are being reduced by developing and adopting innovative processes. The production capacity is being upgraded by plant improvement efforts to achieve greater economy of scale. The impact of these major reforms would be visible in years to come.
CONTINGENT
LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Guarantees, LC issued given to Banks, etc. in respect of third Parties |
0.301 |
0.301 |
|
Sales Tax Liability outstanding on account of non-receipt of C-Forms for the past three financial years. |
6.117 |
10.435 |
|
Sales Tax Liability outstanding on account of non-issuance of C-Forms for the past three financial years |
0.000 |
1.234 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24231DL1985PLC020270 |
|
Name of the company |
GULSHAN CHEMICALS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
E- 12, Greater Kailash – I, Delhi – 110048, India E-mail Id : gulshanchemicals.1985@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90047925 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others (Inventories, Receivables, Goods-in-transit) |
|
Particular of charge holder |
State Bank of India, Commercial Branch, Vardhman Trade Centre, Plot
No.3and4, 2nd Floor, DDA Building, Nehru Place, New Delhi – 110019, India E-mail : sbi.04298@sbi.co.in |
|
Nature of instrument creating charge |
1. Sanction Advice Dt.10.10.2011 vide Letter No.:
CBNP/AMT-II/2011-12/687 2. Letter regarding the grant of Individual Limits within the Overall
Limit vide Form-C.5 Dt.13.10.2011 3. Supplemental Agreement-Hypothecation of Goods and Assets for
Increase in Overall Limit vide Form-C.2-A Dt.13.10.2011 4. Board Resolution Dt.11.10.2011 5. CC Limit enhanced from Rs.60.000 Millions to Rs.80.000 Millions. 6. BG Limit enhanced from Rs.2.500 Millions to Rs.5.000 Millions. 7. LC(Inland/Foreign) Limit enhanced from Rs.12.500 Millions to
Rs.20.000 Millions |
|
Date of instrument Creating the charge |
13/10/2011 |
|
Amount secured by the charge |
Rs.105.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 1. Cash Credits:- Base Rate + 5% (present effective rate is 15%) 2. Bank Guarantee:- (As per bank's extant instructions) 3. Letter of Credit:- (As per bank's extant instructions Terms of Repayment As per Agreement Dt.13.10.2011 and Sanction Advice Dt.10.10.2011 Margin 1. Raw Materials @ 25% 2. Stock-in-Process @ 25% 3. Finished Goods @ 25% 4. Stores and Spares @ 25% 5. Letter of Credit and Bank Guarantee @ 10% (Maximum Usance period
permitted is upto 180 days) 6. Book Debts / Receivables (Cover Period upto 120 Days) @ 40% Extent and Operation of the charge 1. 1st Charge on Stock of Raw Material, Finished Goods, Stock-in-Process
in godown / in-transit and Stores and Spares, Book Debts and all movable
assets 3. 1st Charge on all Fixed Assets present and future, at A595 and
A595A, RIICO Industrial Area, Bhiwadi, Rajasthan 4. 1st Charge on Land and Building situated at A595 and A595A, RIICO
Industrial Area, Bhiwadi, Rajasthan by way of Equitable Mortgage 5. Rest of the Terms and Conditions as per Agreement Dt.13.10.2011 and
Sanction Advice Dt.10.10.2011 Others 1. Penal Interest @ 1%, on non-submission of Stock Statement, Renewal
Data and Quarterly Certificate for quality of receivables 2. Penal Interest @ 1% on any irregularities 3. Commitment Charges @ 0.25%, utilization of limit is below 60% 4. Rest of the Terms and Conditions as per Agreement Dt.13.10.2011 and
Sanction Advice Dt.10.10.2011 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
1st Charge on Stock of Raw Material, Finished Goods, Stock-in-Process
in godown / in-transit and Stores and Spares, Book Debts and all movable
assets. 1st Charge on Land and Building situated at A595 and A595A, RIICO
Industrial Area, Bhiwadi, Rajasthan by way of Equitable Mortgage 1st Charge on all Fixed Assets situated at A595 and A595A, RIICO Industrial
Area, Bhiwadi, Rajasthan - 301019 |
|
Date of instrument modifying the charge |
25.06.2009 |
|
Particulars of the present modification |
1. CC Limit enhanced from Rs.60.000 Millions to Rs.80.000 Millions. 2. BG Limit enhanced from Rs.2.500 Millions to Rs.5.000 Millions. 3. LC(Inland/Foreign) Limit enhanced from Rs.12.500 Millions to
Rs.20.000 Millions 4. Full Interchangeability between Letter of Credit (LC) and Bank
Guarantee (BG) 5. Rest of the Terms and Conditions as per Sanction Advice Dt.10.10.2011
vide Letter No.: CBNP/AMT-II/2011-12/687 |
FIXED ASSETS:
·
Land
·
Building Office
·
Building Factory
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Energy Saving Equipments
·
Water Pollution Control
Equipment
·
Computer
·
Vehicles
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.55.65 |
|
|
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
48 |
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.