MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
INNOCORP LIMITED |
|
|
|
|
Registered
Office : |
Plot No.41, Road No.6, IDA, Mallapura, Hyderabad – 500076, Andhra
Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.09.1994 |
|
|
|
|
Com. Reg. No.: |
018364 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.79.414
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999AP1994PLC018364 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDI00788E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1171J |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
The Company provides
infrastructural services for the power transmission and distribution sector. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The financial
position of the company appears to be unhealthy. It has earned minimal profits from its operations during 2011. There
appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The share price of the company is undervalued. The company can be considered for business dealings with great
caution. |
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) |
|
|
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 |
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 : |
Plot No.41, Road No.6, IDA, Mallapura, Hyderabad – 500076, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-65990114/ 27158152 |
|
Fax No.: |
91-40-27179628 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Prasad V S S Garapati |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. K. Saraswathi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sahu Garapati |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Venkaiah Doniparthi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Devineni Madhusudhan Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Cherukuri Subrahmanyam |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2012)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1117817 |
14.08 |
|
|
988700 |
12.45 |
|
|
2106517 |
26.53 |
|
|
|
|
|
|
|
|
|
|
189000 |
2.38 |
|
|
189000 |
2.38 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2295517 |
28.91 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
50800 |
0.64 |
|
|
50900 |
0.64 |
|
|
|
|
|
|
|
|
|
|
396097 |
4.99 |
|
|
|
|
|
|
|
|
|
|
1973928 |
24.86 |
|
|
818220 |
10.30 |
|
|
|
|
|
|
2406738 |
30.31 |
|
|
2398983 |
30.21 |
|
|
7755 |
0.10 |
|
|
5594983 |
70.45 |
|
|
|
|
|
Total Public
shareholding (B) |
5645883 |
71.09 |
|
|
|
|
|
Total (A)+(B) |
7941400 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
7941400 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
The Company provides
infrastructural services for the power transmission and distribution sector. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Injection Moulded Items |
MT |
1700 |
-- |
|
Plastic Chairs |
Nos. |
-- |
0 |
|
Tableware & Kitchenware |
Nos. |
-- |
2138415 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· UCO Bank Tolichowki, Hyderabad, Andhra Pradesh, India · Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
J B R K and Company Chartered Accountant |
|
Address : |
118, 5th Floor, Maruthi
Complex, Near Yashoda Hospitals, Somajiguda, Hyderabad, Andhra Pradesh, India
|
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7941400 |
Equity Shares |
Rs.10/- each |
Rs.79.414
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 |
79.414 |
79.414 |
79.414 |
|
|
2] Share Application Money |
4.025 |
4.025 |
4.025 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(6.654) |
(7.308) |
(4.751) |
|
|
NETWORTH |
76.785 |
76.131 |
78.688 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.233 |
1.063 |
10.230 |
|
|
2] Unsecured Loans |
2.052 |
0.719 |
25.105 |
|
|
TOTAL BORROWING |
7.285 |
1.782 |
35.335 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.070 |
77.913 |
114.023 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42.545 |
43.086 |
50.985 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.083 |
4.083 |
4.083 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.385
|
12.336 |
14.942 |
|
|
Sundry Debtors |
2.805
|
15.401 |
18.805 |
|
|
Cash & Bank Balances |
2.269
|
3.214 |
3.284 |
|
|
Other Current Assets |
26.874
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.863
|
16.874 |
40.004 |
|
Total
Current Assets |
43.196
|
47.825 |
77.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2.042
|
14.523 |
13.510 |
|
|
Other Current Liabilities |
3.712
|
4.387 |
6.799 |
|
|
Provisions |
0.000
|
0.400 |
0.000 |
|
Total
Current Liabilities |
5.754
|
19.310 |
20.309 |
|
|
Net Current Assets |
37.442
|
28.515 |
56.726 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.229 |
2.229 |
|
|
|
|
|
|
|
|
TOTAL |
84.070 |
77.913 |
114.023 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
64.463 |
69.732 |
103.978 |
|
|
|
Other Income |
0.852 |
0.184 |
25.377 |
|
|
|
TOTAL |
65.315 |
69.916 |
129.355 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decrease) in Stock |
(1.933) |
0.188 |
9.258 |
|
|
|
Manufacturing Expenses |
51.914 |
57.588 |
89.899 |
|
|
|
Administrative Expenses |
7.853 |
7.992 |
110.617 |
|
|
|
Miscellaneous Expenses – Written Off |
2.230 |
0.000 |
0.781 |
|
|
|
TOTAL |
60.064 |
65.768 |
210.555 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5.251 |
4.148 |
(81.200) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.464 |
0.956 |
15.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.787 |
3.192 |
(96.630) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.069 |
3.076 |
4.836 |
|
|
|
|
|
|
|
|
|
Less |
FRINGE BENEFITS
TAX |
0.000 |
0.000 |
0.140 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
0.084 |
(2.673) |
(4.659) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
0.802 |
(2.557) |
(106.265) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.149 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
0.653 |
(2.557) |
(106.265) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(75.128) |
(72.571) |
33.694 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(74.475) |
(75.128) |
(72.571) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.08 |
-- |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
6th
Quarter |
|
Net Sales |
23.230 |
16.050 |
28.790 |
28.840 |
28.920 |
35.970 |
|
Total Expenditure |
20.750 |
14.700 |
22.420 |
25.810 |
25.600 |
32.130 |
|
PBIDT (Excl OI) |
2.480 |
1.350 |
6.370 |
3.030 |
3.320 |
3.840 |
|
Other Income |
0.030 |
0.050 |
0.000 |
0.000 |
0.000 |
0.120 |
|
Operating Profit |
2.510 |
1.390 |
6.370 |
3.030 |
3.320 |
3.960 |
|
Interest |
0.700 |
0.000 |
1.040 |
1.280 |
0.790 |
1.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1.810 |
1.390 |
5.330 |
1.750 |
2.530 |
2.860 |
|
Depreciation |
0.900 |
1.140 |
1.140 |
1.480 |
1.400 |
1.400 |
|
Profit Before Tax |
0.910 |
0.260 |
4.190 |
0.280 |
1.130 |
1.460 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.910 |
0.260 |
4.190 |
0.280 |
1.130 |
1.460 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.910 |
0.260 |
4.190 |
0.280 |
1.130 |
1.460 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.00
|
(3.66) |
(82.15) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.24
|
(3.67) |
(102.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.94
|
(2.81) |
(83.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.03) |
(1.35) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.28 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.51
|
2.48 |
3.79 |
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
FINANCIAL
HIGHLIGHTS
The kind notice that even though there has been good growth in plastic
division the overall turnover of the Company was satisfactory, recorded a
nominal net profit. The directors are hopeful of good performance and
profitability in future years.
The company has availed Rs.12.500 Millions working Capital limits and
Rs.21.500 Millions term loan from UCO Bank by extending Land and Building and
Machinery as collateral security towards expansion of the activities.
The company has already acquired two injection molding machines of 450
MT and 550 MT in the months of June, 2011 and August, 2011 respectively and put
into use forthwith.
MANAGEMENT
DISCUSSION & ANALYSIS
INDUSTRY SCENARIO
The potential Indian market has motivated Indian entrepreneurs to acquire
technical expertise, achieve high quality standards and build capacities in
various facets of the booming plastic industry. Phenomenal developments in the
plastic machinery sector coupled with matching developments in the
petrochemical sector, both of which support the plastic processing sector, have
facilitated the plastic processors to build capacities to service both the
domestic market and the markets in the overseas.
The plastic processing sector comprises of over 30,000 units involved in
producing a variety of items through injection molding, blow molding, extrusion
and calendaring. The capacities built in most segments of this industry coupled
with inherent capabilities has made us capable of servicing the overseas
markets. The economic reforms launched in India since 1991, have added further
fillip to the Indian plastic industry. Joint ventures, foreign investments,
easier access to technology from developed countries etc have opened up new
vistas to further facilitate the growth of this industry.
BUSINESS OUTLOOK
The immense potential of Indian plastic industry has motivated Indian
manufacturers to acquire technical expertise, achieve superior quality
standards and build capacities in different facets of the booming plastic
industry. Substantial developments in the plastic machinery sector coupled with
matching developments in the petrochemical sector, both of which support the
plastic processing industry, have facilitated the plastic processors to develop
capacities to cater both the domestic as well as overseas exports.
OVER VIEW OF
OPERATIONS
The company has achieved turnover of Rs.67.248 Millions as against
Rs.69.728 Millions for the previous year and incurred nominal profit of
Rs.0.653 Millions Compared to net loss of Rs.2.557 Millions in the last year.
OUTLOOK AND
STRATEGY FOR THE CURRENT YEAR
The company has availed Rs.12.500 Millions working Capital limits and
Rs. 21.500 Millions term loan from UCO Bank by extending Land and Building and
Machinery as collateral security towards expansion of the activities.
The company has already acquired two injection molding machines of 450
MT and 550 MT in the months of June, 2011 and August, 2011 respectively and put
into use forthwith.
The company during the year, transferred Rs.26.874 Millions represent
net of current assets and liabilities relating to erstwhile Cable and Project
Divisions whose operations were ceased since year 2009- 10 to Inno Projects (P)
Limited, an associate company.
FUTURE OUTLOOK
The Indian plastic industry clearly has the potential to continue its
fast growth. However, over the next few years, competition in the industry is
expected to increase considerably, as a result of global trends, which will
become applicable to the liberalizing economy of country. To survive the
competition, both polymer manufacturers and processors will need to adopt
radically new methods and approaches to reduce costs, improve market and
customer service and management of performance.
WEBSITE DETAILS
PROFILE:
Company is a result of an untiring and focused tryst of a
young team of dynamic individuals, whose sole aim is to excel. As the companies
name suggests, it thrives on innovation and at the same time, doing it on the
corporate scale. The company believes that it must always think ahead and at
the same time laterally in order to garner the opportunities that come in the
way in order to take the company from stride to stride. A step at a time – with
consolidation being the mantra to be adhered at all the times. With this being
the cornerstone of their philosophy, company has achieved rock solid position
amongst its peers in various divisions of it operations. Being a conformist,
rather than a confrontationist is the apt description of this more than one-decade
young company.
From the modest
beginnings in 80’s company has grown to achieve a turnover of Rs.300 Million in
the previous financial year. This, compared on YOY basis, represents an
impressive growth of 600%. This was feasibly only due to the diversification of
the Company into profitable Greenfield areas. Company was conceived as
Innovations Showrooms Private Limited in 1983 to market the consumer durables.
In 1994, the company went to become a public limited company Known as Innosoft
Technologies Limited [formerly known as Innovations International Exim Limited]
with an authorized capital of Rs. 70.00 Millions with a main objective of
setting up a production unit for manufacture of Plastic Moulded Products and
was established in the Industrial Development Area at Plot No. 41, IDA,
Mallapur, Ranga Reddy District. All the required Plant and Machinery and other
facilities were installed in the state of the Art 25,000 sq.ft. Manufacturing
facility.
In 1996, the company
headed by its Founder and Chairman and Managing Director, Mr. Garapati, went
for public issue and was successfully subscribed. In 2006 the company’s name is
changed to Innocorp Limited and is apart from its core business is also
providing total infrastructural services for Power Transmission and
Distribution sector like the power cable manufacturing and laying of LT and HT
lines. Under the dynamic leadership of its Founder and Chairman and Managing
Director and a young and vibrant team the company has recorded consistent
growth every year since the inception. Today over a period of more than 2
decades from its inception the company has grown in leaps and bounds to a
profitable company with its various divisions of Plastic, Power and Trade. Not
with standing all the success it has achieved it continues to diversify onto
new frontiers and greener pastures with versatility and Innovation.
Company focuses on manufacturing power infrastructure
and trading. The Company provides infrastructural services for the power
transmission and distribution sector. Its services include construction of low
temperature (LT) and high temperature (HT) lines, supply of equipment
manufactured in its own facilities and providing services in the areas of
modernization of the power sector and information technology (IT) power
initiatives. As of March 31, 2011, the Company had an installed capacity of
1700 metric tons of injection molded items. During the fiscal year ended March
31, 2011, the Company produced 21,38,415 numbers of tableware and kitchenware.
The Company offers a range of manufacturing facilities to provide various needs
of plastic industries. Its Innoplast product range includes consumer durables,
such as chairs, stools, tables; engineering plastics upto a unit weight of
2,400 grams; thermoplastic insulators; components for washing machines,
refrigerators, and other mould.
CORPORATE GOVERNANCE:
Company has
committed itself to the ethos of the best corporate management practices. In
furtherance of these, there are the following committees, which, as their name
suggests, look after the focused subject in order to ensure shareholder value
and commitment to highest standards of corporate management:
Audit Committee.
· Investor Grievance Committee.
· Remuneration and Manpower Committee.
· Management Committee.
These groups meet at
pre fixed intervals with an exhaustive agenda to discuss thread bare the
issues, problems et al and to confirm that the company stays on desired path at
all times. The deliberations of these committees in a concise form are available
on the web site of the company for all to see. Company is always pleased to
answer any queries from any person or agency about these matters at all times.
Company with its
Power infrastructure and Plastic Division are well equipped to carry out all
the tests on the incoming material, material in process and on finished
products of its manufacturing divisions. In the final testing stage, Company
can carry out Routine, Acceptance and Type tests in accordance with the stated
requirements of a particular standard.
The facility is well
equipped and calibrated to test equipment with duly laid down manuals to ensure
that only the best material passes out from the gates of its factories.
Company, pursuant to
its belief that only the best production facilities coupled with best services
can attract a good customer, strives to improve its testing capabilities from
time to time by equipping itself with up to date equipment and processes.
Company always
accorded top priority for the Research and Development activities as it
strongly believes that the marketing of the products of any organisation is
possible only through continuous up gradation and development of all its
technical and natural resources, which in turn will help it in producing a
competitive product with best of features.
FUTURE PLANS:
On other new
frontiers, company is in active dialogue with various gulf based investors to
establish a power cable manufacturing plant at UAE.
Company is also in the
process of entering the field of Real Estate and construction, which is zooming
northward. The company is entering into MOUs’ with various NRIs’ and corporate
from the GULF in this regard.
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 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.54.56 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.