|
Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRAUER AND WEIL ( |
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|
|
|
Registered Office : |
‘Growel House’, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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Date of Incorporation : |
25.11.1957 |
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Com. Reg. No.: |
11-010975 |
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Capital Investment
/ Paid-up Capital : |
Rs. 226.706 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74999MH1957PLC010975 |
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|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMG08103E |
|
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|
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PAN No.: [Permanent
Account No.] |
AAACG3741K |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchanges. |
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Line of Business : |
Manufacturing of Metal Finishing Chemicals, Equipments and Plating Plants. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5403388 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having satisfactory track. There appears a slight dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
‘Growel House’, |
|
Tel. No.: |
91-22-28879173 / 28876664 / 66993000 / 66993200 |
|
Mobile No: |
91-9892214311 [Mr. Wasi Ansari] |
|
Fax No.: |
91-22-28877165 / 28871291 / 66993010 / 66993030 / 20 / 11 |
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E-Mail : |
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Website : |
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Factories : |
Located at: ·
Dadra ·
Barotiwala
(H.P) ·
Vapi ·
Samba
(Jammu) ·
Alandi
(Pune) · Chembur (Mumbai) |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Umeshkumar N. More |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Nirajkumar U. More |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Rameshkumar R. More |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.06.1950 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
Since 24.03.1982 |
|
Other Directorships |
o
o Waluj Beverages Private Limited o Indoswe Engineering Private Limited o Avanti Cables Private Limited o Shree M.P.J. Builders Private Limited |
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|
|
|
Name : |
Mr. Madan Mohan Chaturvedi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Rohan Shah |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Suresh
Pareek |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Harish D. Juthani |
|
Designation : |
Director |
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|
Name : |
Mr. Rohitkumar R. More |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. K C Srivastava |
|
Designation : |
Director |
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|
|
Name : |
Mr. Yogesh Samat |
|
Designation : |
Director |
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|
|
Name : |
Mr. Vinod Haritwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Noel Jacob |
|
Designation : |
Company secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of promoter and Promoter Group |
|
|
|
Indian |
|
|
|
Individual / HUF |
69665250 |
30.73 |
|
Bodies corporate |
87204800 |
38.47 |
|
|
|
|
|
(B) Public Shareholdings |
|
|
|
Institutions |
|
|
|
Mutual Funds |
20620 |
0.01 |
|
Financial Institutions/Banks |
22000 |
0.01 |
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|
|
|
|
Non – Institution |
|
|
|
Bodies corporate |
11968038 |
5.28 |
|
Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
42362575 |
18.69 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
12599603 |
5.56 |
|
Any other |
|
|
|
Non Resident Indians |
1390452 |
0.61 |
|
Foreign Corporate Bodies |
684912 |
0.30 |
|
Clearing Member |
787500 |
0.35 |
|
|
|
|
|
Total |
226705750 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Metal Finishing Plants, Equipment Chemicals, Buffing and Finishing Compounds, Mops, Wheels and Brushes. |
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Products : |
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PRODUCTION STATUS (As On : 31.03.2011)
|
Particulars |
Unit |
|
Installed
Capacity |
|
Electroplating Chemicals and Enthone Chemicals |
Tons |
|
23428 |
|
Electroplating Basic Chemicals |
Tons |
|
2050 |
|
Intermdediatory Chemicals |
Tons |
|
1200 |
|
Paints, Enamels and Varnishes |
KL |
|
7329 |
|
Oil Bound Distempers |
MT |
|
1380 |
* Includes Production for
Inter Manufacturing Unit, Captive Consumption & Free Samples
** The Company is
manufacturing different types of Plants and equipments on made to order basis,
quantitywise information is not feasible
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes : 1
Term loan from punjab national bank and the saraswat
co-op bank are secured by pari-passu first charge by way of joint venture
mortgage of deposit of title deeds of immovable properties of the company at
kandivali 2
Term loan from the saraswat co-op bank limited is
secured by legal mortgage of fixed assets including land and building of its
paint division at Mumbai 3
Term
loan from Punjab National Bank for Sambha unit at Jammu is secured by first
charge on the block of assets of Sambha unit 4
Working capital facilities are secured by
hypothecation of all stocks. moveable assets and book debts by way of first
charge on Pari-Passu basis and are further collaterally secured by second
Pari-Passu charge on the block assets of Shopping Mall at Kandivli, Mumbai.
Working Capital facilities are from Punjab National Bank are further
collaterally secured by first charge on the block assets of Samba. 5
Hire
purchase credits are secured by hypothecation of specific assets purchased
there against.
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
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|
|
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Subsidiaries : |
·
·
Grauer and Weil (Shanghai) Limited |
|
|
|
|
Associates : |
·
Growel Goema (I) Private Limited ·
Growel Sidasa Industries Private Limited ·
Grauer and Weil ( |
CAPITAL STRUCTURE
AS ON : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,670,575 |
Equity Shares |
Rs. 10/- each |
Rs. 226.706
millions |
|
|
|
|
|
Notes :
Of the above:
i)
154500 Equity Shares were
allotted as fully paid up pursuant to contacts without payment being received
in cash.
ii)
11593495 Equity shares were
allotted as fully paid up Bonus shares by capitalization of capital reserve,
capital redemption reserve, general reserve and securities premium account.
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 |
226.706 |
226.706 |
127.877 |
|
|
2] Share Capital
Suspense |
0.000 |
0.000 |
98.829 |
|
|
3] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves &
Surplus |
1124.141 |
1006.222 |
866.121 |
|
|
5] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1350.847 |
1232.928 |
1092.827 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1409.686 |
1215.253 |
886.810 |
|
|
2] Unsecured
Loans |
123.528 |
68.119 |
60.437 |
|
TOTAL BORROWING
|
1533.214 |
1283.372 |
947.247 |
|
|
DEFERRED TAX
LIABILITIES |
140.824 |
103.446 |
63.008 |
|
|
|
|
|
|
|
TOTAL
|
3024.885 |
2619.746 |
2013.082 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2261.356 |
1047.817 |
872.593 |
|
Capital work-in-progress
|
25.297 |
962.134 |
750.231 |
|
|
|
|
|
|
|
INVESTMENT
|
16.399 |
16.409 |
16.436 |
|
DEFERREX TAX ASSETS
|
21.196 |
24.648 |
14.650 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
490.513
|
347.429
|
253.177
|
|
|
Sundry Debtors
|
610.567
|
446.793
|
386.822
|
|
|
Cash & Bank Balances
|
90.818
|
69.337
|
38.537
|
|
|
Other Current Assets
|
4.436
|
3.709
|
2.548
|
|
|
Loans & Advances
|
274.667
|
190.628
|
182.089
|
Total Current Assets
|
1471.001
|
1057.896
|
863.173
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
445.803
|
268.889
|
250.914
|
|
|
Current Liabilities
|
236.285
|
140.504
|
97.811
|
|
|
Provisions
|
88.276
|
79.765
|
65.277
|
Total Current Liabilities
|
770.364
|
489.158
|
414.002
|
|
Net Current Assets
|
700.637
|
568.738
|
449.172
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
3024.885 |
2619.746 |
2013.082 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2692.188 |
2185.936 |
1934.236 |
|
|
|
Business conducting Fees |
102.148 |
56.228 |
54.349 |
|
|
|
Other Income |
41.214 |
20.456 |
58.981 |
|
|
|
TOTAL (A) |
2835.550 |
2262.620 |
2047.566 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1597.833 |
1256.582 |
1145.692 |
|
|
|
Salaries, Wages, Bonus, etc. |
251.811 |
206.866 |
199.299 |
|
|
|
Other Expenditure |
552.280 |
426.812 |
440.784 |
|
|
|
TOTAL (B) |
2401.924 |
1890.260 |
1785.775 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
433.626 |
372.360 |
261.791 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
158.213 |
99.070 |
86.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
275.413 |
273.290 |
175.330 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.555 |
43.921 |
40.418 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
202.858 |
229.369 |
134.912 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
58.739 |
65.140 |
9.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
144.119 |
164.229 |
125.707 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
236.495 |
109.417 |
6.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.000 |
16.000 |
12.500 |
|
|
|
Dividend |
18.136 |
18.137 |
9.068 |
|
|
|
Tax on Dividend |
2.942 |
3.012 |
1.541 |
|
|
BALANCE CARRIED
TO THE B/S |
345.536 |
236.497 |
109.417 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
336.460 |
297.730 |
273.940 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
376.470 |
347.670 |
344.090 |
|
|
|
Stores & Spares |
5.480 |
0.920 |
0.070 |
|
|
|
Capital Goods |
15.300 |
0.810 |
18.180 |
|
|
TOTAL IMPORTS |
397.250 |
349.400 |
362.340 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.36 |
7.24 |
5.54 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
736.600 |
810.300 |
820.800 |
1014.600 |
|
Total Expenditure |
610.200 |
648.200 |
676.800 |
839.800 |
|
PBIDT (Excl OI) |
126.400 |
162.10 |
144.000 |
174.800 |
|
Other Income |
2.100 |
(0.900) |
3.000 |
1.200 |
|
Operating Profit |
128.500 |
161.200 |
147.000 |
176.000 |
|
Interest |
54.200 |
49.100 |
47.700 |
58.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
74.300 |
112.100 |
99.300 |
117.200 |
|
Depreciation |
25.000 |
25.900 |
23.100 |
25.600 |
|
Profit Before Tax |
49.3000 |
86.200 |
76.200 |
91.600 |
|
Tax |
12.300 |
15.100 |
24.900 |
21.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
37.000 |
71.100 |
51.300 |
70.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
37.000 |
71.100 |
51.300 |
70.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.08
|
7.26
|
6.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.54
|
10.49
|
6.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44
|
10.77
|
7.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.19
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71
|
1.52
|
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.16
|
2.08 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
MANAGEMENT DISCUSSION AND
ANALYSIS
AN OVERVIEW OF BUSINESS
PERFORMANCE
During the year 2010-11,
the net revenue of the Company grew by 25.32% to Rs. 2835.55 Million (from Rs.
2262.62 Million in previous year 2009-IO).An overview of the performance of
different business segments of the Company is as under:
Chemical Segment: The Company is the industry leader in this segment
and manufactures and sells chemicals required for metal finishing, their
intermediates and other speciality chemicals as well as pretreatment processes
and industrial oils. The Company's chemical plants at Vapi and Dadra have been
certified under ISO 9000:2000 and the plant at Barotiwala under ISO 14000. The
net revenue of chemical segment grew toRs. 1914.67 Million (from Rs. 1601.08
Million).
Engineering Segment: The Company is one of the leading manufacturers and
provider of turnkey solutions for electroplating plants and their components,
effluent treatment plants and other engineering products, from its plant
located at Alandi, Pune. The engineering business regained a part of its lost
ground and its net revenues increased byl4l.93% to Rs. 342.46 Million (from Rs.
141.55 Million).
Shoppertainment Segment: The Company has undertaken development of a large
shopping mall cum entertainment complex area 'Growel's 101' at Kandivli, Mumbai
comprising of 750,000 sq. ft. in phases. The phase-l comprising 100,000 sq. ft.
area has been operational with full occupancy since 2005-06. The net revenue
from Phase-l was Rs. 53.38 Million (previous year Rs.56.20 Million). The
Phase-ll with additional 300,000 sq. ft. area was launched in August, 2010 and
is 80% occupied. Full occupancy is expected to reach by March, 2012.
Paints Segment: The Paints Division of the Company has contributed a
net income of Rs. 474.54 Million during the year which was marginally higher
than the previous financial year. However, the Company is confident that in the
current year with adequate changes in the product mix, there will be greater
revenues contributing to the overall growth of the Company. The Plant at
Chembur, Mumbai is ISO 14001:2004 and is capable of manufacturing a wide range
of paints for a variety of applications for a host of industries.
FINANCIAL PERFORMANCE
The highlights of financial
performance of the Company for the year under review are as under:
·
The
Net Profit after Tax for the year decreased by 12.24% to Rs.144.12 Million
mainly due to interest and depreciation on account of Phase II of the Mall
being operational since August 2010.
·
The
Company incurred total Capital Expenditure of Rs. 1227.68 Million, largely for
the Shoppertainment project.
·
The
Borrowings increased by Rs. 59.14 Million mainly on account of Loans to fund
the Shoppertainment project.
·
The
Working Capital (Net Current Assets) increased by 131.90 Million.
·
The
Debt Equity Ratio of the Company improved to 1.14 (from 1.04).
OPPORTUNITIES, THREATS,
RISKS, CONCERNS AND OUTLOOK
Due to recessionary
scenario, there has been a mixed pattern in the sales and production of the Company's
customer segments. However, since the Company's sales are fairly wide spread,
these should see a healthy rebound in near future. Though the competition from
national as well as international players is getting intense by the day, the
Company expects to maintain its lead with superior R and D and a strong
marketing network in India and Overseas. The Company continues to associate
with international manufacturers to offer the widest and latest options to its
customers.
The Company has recently
diversified into synergic and allied fields of surface treatment/finishes e.g.
pre-treatment processes, oils and lubricants and industrial paints. With the
expected revival of industrial growth in the engineering sector emerging on the
horizon, the demand for such products presents excellent prospects. It is felt
that such market synergies provide a good opportunity for additional growth to
their businesses in these fields in coming years.
The Company has commenced
commercial production at new 4000 MT manufacturing facility at Jammu, which is
not only a low cost manufacturing base, but also enjoys important fiscal
benefits which will help the Company to increase its competitive edge. Despite
slow down in commercial real estate market, the Company has booked sizeable
area for leasing to leading retail brands in phase-ll of the Shopper tainment
Mall, which is expected to be in full occupancy by March, 2012.
FUTURE PROSPECTS
With the signs of revival
of economic activities seen globally, various initiatives being pursued by the
management for business development, new product offerings, cost reduction and
productivity gains and fructification of recent investments would provide
substantial impetus to the future prospects in the long run and the Company
expects to further consolidate and strengthen its leadership position in the
surface finishing industry, grow business and improve profitability.
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.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.