|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PEARL POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
204, Rohit House 3, Tolstoy Marg, New Delhi - 110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.02.1971 |
|
|
|
|
Com. Reg. No.: |
05-005535 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 271.568 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209DL1971PLC005535 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of PET Containers and Bottles |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under Liquidation Process |
|
|
|
|
Payment Behaviour : |
- |
|
|
|
|
Litigation : |
- |
|
|
|
|
Comments : |
Subject is a company which is under the liquidation process. The operations are carried out by the subject during 2012 and it has
incurred loss. Business is active. Payments are reported to be slow. The considered for business dealings only on a safe and secured 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 |
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 : |
204, Rohit House 3, Tolstoy Marg, New Delhi - 110001 India |
|
Tel. No.: |
91-11-41417917-21 |
|
Fax No.: |
91-11-41417596 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Work 1: |
B-3/2, MIDC District Raigad, Mahad- 403302,Maharashtra, India |
|
|
|
|
Work 2 / North
Marketing Office : |
2-A, Sector-18, HSIIDC Industrial Area, Gurgaon-122016, Haryana, India |
|
Tel. No.: |
91-124-4096000 |
|
Fax No.: |
91-124-4010191 / 91-9310782103 |
|
E-Mail : |
|
|
|
|
|
Work 3 / South
Marketing Office : |
13-A, Part-I Jigani Industrial Area, District Anekal, Bangalore - 562106, Karnataka, India |
|
Tel. No.: |
91-80-7825326 / 7825577 / 91-7483121061 |
|
Fax No.: |
91-80-7825579 |
|
|
|
|
Work 4: |
Khasra Number 512-513, Village-Sandholi (Baddi), Tehsil-Nalagarh District- Solan, Himachal Pradesh, India |
|
|
|
|
Work 5: |
Plot Number 45, Sector-3, Village Kalyanpur, Tehsil Kichha, District U.S. Nagar, IIE, Pantnagar, Uttaranchal, India |
|
|
|
|
West Marketing
Office : |
Kamanwala Chambers, 2nd Floor, New Udyog Mandir Premises Number 2 Mogul lane, Mahim (West), Mumbai – 400016 |
|
Tel. No.: |
91-22-24457644 / 24450716-17 / 91-9323732505 |
|
Fax No.: |
91-22-24449348 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Chand Seth |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Varun Seth |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Dr. Sai Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh Mehra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahavir Singh |
|
Designation : |
Nominee Director (HSIIDC) |
KEY EXECUTIVES
|
Name : |
Ms. Chandni Gupta |
|
Designation : |
Company Secretary |
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 |
|
|
|
|
|
|
|
|
3452638 |
20.51 |
|
|
5703165 |
33.88 |
|
|
9155803 |
54.39 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9155803 |
54.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5410 |
0.03 |
|
|
460 |
0.00 |
|
|
670162 |
3.98 |
|
|
8700 |
0.05 |
|
|
684732 |
4.07 |
|
|
|
|
|
|
2204687 |
13.10 |
|
|
|
|
|
|
2351140 |
13.97 |
|
|
2169026 |
12.88 |
|
|
269544 |
1.60 |
|
|
46254 |
0.27 |
|
|
223290 |
1.33 |
|
|
6994397 |
41.55 |
|
Total Public shareholding (B) |
7679129 |
45.61 |
|
Total (A)+(B) |
16834932 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
16834932 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of PET Containers and Bottles |
|
|
|
|
Products : |
Industrial Products Pearl Pet - Retail |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.C Bhalla and Company Chartered Accountant |
|
Address : |
B-5, Sector-6, Noida-201301, Uttar Pradesh, India |
|
|
|
|
Related parties
where control exists : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
2000000 |
Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
16834932 |
Equity Shares |
Rs.10/- each |
Rs.168.349 Millions |
|
|
1033000 |
5% Non Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs.103.300 Millions |
|
|
|
Less: Calls in Arrears |
|
Rs. 0.081 Millions |
|
|
|
Total |
|
Rs.271.568 Millions
|
|
After: 20.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
2000000 |
Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
16834932 |
Equity Shares |
Rs.10/- each |
Rs.168.349 Millions |
|
|
1033000 |
5% Non Cumulative Redeemable Preference Shares |
Rs. 100/-each |
Rs.103.300 Millions |
|
|
|
Total |
|
Rs.271.649 Millions
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
271.568 |
185.768 |
227.768 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
304.319 |
304.990 |
298.281 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
575.887 |
490.758 |
526.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
329.960 |
348.750 |
376.297 |
|
|
2] Unsecured Loans |
87.522 |
242.974 |
232.198 |
|
|
TOTAL BORROWING |
417.482 |
591.724 |
608.495 |
|
|
DEFERRED TAX LIABILITIES |
94.204 |
97.196 |
98.734 |
|
|
|
|
|
|
|
|
TOTAL |
1087.573 |
1179.678 |
1233.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
762.225 |
771.998 |
762.517 |
|
|
Capital work-in-progress |
0.057 |
0.000 |
6.321 |
|
|
|
|
|
|
|
|
INVESTMENT |
66.653 |
86.787 |
86.788 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
235.412
|
217.130 |
183.008 |
|
|
Sundry Debtors |
335.170
|
319.899 |
322.682 |
|
|
Cash & Bank Balances |
40.487
|
32.781 |
58.586 |
|
|
Other Current Assets |
28.055
|
26.163 |
0.000 |
|
|
Loans & Advances |
41.107
|
182.287 |
110.878 |
|
Total
Current Assets |
680.231
|
778.260 |
675.154 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
227.801
|
248.121 |
222.312 |
|
|
Other Current Liabilities |
158.434
|
175.658 |
46.310 |
|
|
Provisions |
35.358
|
33.588 |
28.880 |
|
Total
Current Liabilities |
421.593
|
457.367 |
297.502 |
|
|
Net Current Assets |
258.638
|
320.893 |
377.652 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1087.573 |
1179.678 |
1233.278 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2144.631 |
1892.939 |
1716.941 |
|
|
|
Other Income |
21.230 |
15.300 |
13.801 |
|
|
|
TOTAL (A) |
2165.861 |
1908.239 |
1730.742 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1362.693 |
|
|
|
|
|
Purchase of traded goods |
0.000 |
7.498 |
|
|
|
|
Changes in inventories of finished goods Stock in Process and Stock in Trade |
(26.364) |
(25.120) |
1548.562 |
|
|
|
Employees benefits expense |
182.034 |
170.677 |
|
|
|
|
Other expenses |
478.977 |
472.536 |
|
|
|
|
Prior period adjustments |
0.060 |
(0.409) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
1997.400 |
1733.895 |
1548.562 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
168.461 |
174.344 |
182.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.028 |
88.715 |
71.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.433 |
85.629 |
110.885 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84.095 |
79.059 |
75.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(6.662) |
6.570 |
35.538 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.992) |
(0.146) |
12.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(3.670) |
6.716 |
22.981 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.449 |
69.740 |
44.767 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (incl. tax) |
0.001 |
0.007 |
0.008 |
|
|
|
Transfer to Capital Redemption Reserve |
17.500 |
42.000 |
10.500 |
|
|
|
Transfer from Debenture Redemption Reserve |
0.000 |
(5.000) |
(12.500) |
|
|
BALANCE CARRIED
TO THE B/S |
18.278 |
39.449 |
69.74 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EARNING (FOB) |
6.535 |
2.409 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
174.300 |
8.967 |
0.184 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.153 |
|
|
|
Traded Goods |
0.000 |
5.702 |
0.000 |
|
|
TOTAL IMPORTS |
174.300 |
14.669 |
1.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.22) |
0.40 |
NA |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
523.230 |
526.220 |
|
Total Expenditure |
|
510.560 |
511.100 |
|
PBIDT (Excl OI) |
|
12.670 |
15.120 |
|
Other Income |
|
3.430 |
8.550 |
|
Operating Profit |
|
16.100 |
23.670 |
|
Interest |
|
21.290 |
20.870 |
|
Exceptional Items |
|
0.000 |
(3.400) |
|
PBDT |
|
(5.190) |
(0.600) |
|
Depreciation |
|
21.500 |
21.390 |
|
Profit Before Tax |
|
(26.690) |
(21.990) |
|
Tax |
|
0.000 |
0.000 |
|
Profit After Tax |
|
0.000 |
(21.990) |
|
Net Profit |
|
(26.690) |
(21.990) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
(0.17)
|
0.35 |
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.31)
|
0.34 |
2.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.46)
|
0.42 |
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.01 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
2.14 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.70 |
2.27 |
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development:
The plastic industry of India has a big market potentiality and is gradually prospering. This, potentiality of the market will surely actuate the entrepreneurs to invest in this industry. Entrepreneurs are trying to provide high quality plastic products; it is amongst the booming industries at the global level. The plastic Industry chain can be classified into two primary segments, viz. the Upstream which is the manufacturing of polymers and the Downstream which is the conversion of polymers into plastic articles. It has become the key drivers of innovations & application development. The rising general demand for plastics as a substitute for other materials mutes the cyclical effects. The potentiality of plastic industry India propels other associated industries to grow side by side. The Company is one of the leading manufacturers and exporters of PET bottles and containers representing the Indian Plastic Industry under the brand name “PEARLPET” with dominance in both institutional and retail segment. Its production facilities, most strategically placed at 5 locations namely: Baddi, Gurgaon, Pant Nagar, Mahad and Jigani, in close proximity to our diversified customer base, involved in manufacturing of blow-moulded PET bottles & containers and other injection-moulded plastic products.
Financial performance
with respect to operational performance:
During the year under review, the Company registered a turnover of Rs. 2262.500 Millions, thereby reporting a growth of 13% over the previous year's turnover of Rs. 2002.400 Millions. The Gross sales have improved tremendously over a period of last five years by approx 50% since the Financial Year 2007-2008.
However, on account of significant increase in raw material prices, and change in inventories, the Company incurred a loss of Rs. 3.670 Millions. However, the Company is forward looking about improving and expanding its operations to capture the market potential to its advantage.
Economic Scenario and
Industry Outlook:
Last few years have been tumultuous for plastics and petrochemicals sector due to steep rise in oil prices, which has adversely affected the global economies. However, worldwide plastics Industry witnessed a steady growth rate this year which is reflected in the increased consumption figures of all types of plastic materials. On the purchase power parity basis, it is one of the top five global industries and is expected to be the third largest by the turn of this decade.
World-wide, the plastics and polymer consumption will have an average growth rate of 5% and it will touch a figure of 227 million tons by 2015. Globally, it is projected that PET (Bottle grade) will have the highest growth rate of about 11% Annual Average Growth Rate (AAGR) amongst all polymers.
The Indian plastic industry has a Demand Potential of 12.5 MMT, and Investment Potential of Rs. 840000.000 Millions in 2011-12. According to vision 2015, the consumption of Polymers will increase upto 15% CAGR i.e. 18.9 million tones and the turnover of plastic Industry is expected to increase up to Rs.0.1 33 Million. The number of processing units from the current 30,000 is expected to increase to 40,000, a 33% growth which will in-turn also increase the employment potential of the sector. The per capita consumption of plastic products in India is growing and is moving towards 8% GDP Growth in near future.
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.54.74 |
|
|
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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.