MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEOGEN CHEMICALS LIMITED |
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|
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Formerly Known
As : |
NEOGEN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
115, Vardhman Industrial Complex, Old Agra Road, Next to Golden
Palace, Thane - 400 601, Maharashtra |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.03.1989 |
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Com. Reg. No.: |
11-050919 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC050919 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10061C |
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PAN No.: [Permanent Account No.] |
AAACN5836E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Organic and Inorganic Chemicals such as Bromine and
Lithium. |
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|
|
No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 443000 |
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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 established company having satisfactory track. 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 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.
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CRISIL |
P4+ |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Madhavi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-21723716 |
|
Date : |
24.07.2012 |
LOCATIONS
|
Registered Office : |
115, Vardhman Industrial Complex, Old Agra Road, Next to Golden
Palace, Thane - 400 601, Maharashtra, India |
|
Tel. No.: |
91-22-21723716 |
|
Mobile No.: |
91-9769483963 (Ms. Madhavi) |
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Fax No.: |
91-22-21721083 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
43, TTC Industrial Area, Opposite Electronics Zone, Mahape, Navi
Mumbai – 400 710, |
|
Tel. No.: |
91-22-27781825 |
|
Fax No.: |
91-22-27781372/ 74 |
|
Area : |
20000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Godown : |
Godown No. 1, 2, 3 and 4, Patil Compound, Bhiwandi, Mumbai, |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Haridas Thakarshi Kanani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
802, |
|
Date of Birth/Age : |
30.09.1945 |
|
Date of Appointment : |
07.03.1989 |
|
Voter ID No.: |
RCT5226840 |
|
DIN No.: |
00185487 |
|
|
|
|
Name : |
Mrs. Beena Haridas Kanani |
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Designation : |
Whole Time Director |
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Address : |
802, |
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Date of Birth/Age : |
15.07.1947 |
|
Date of Appointment : |
07.03.1989 |
|
Voter ID No.: |
RCT5226857 |
|
DIN No.: |
00185791 |
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|
|
|
Name : |
Mr. Jayprakash Harilal Akkad |
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Designation : |
Director |
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Address : |
Kumud Bhavan, 2, Thanawala Lane, Vile Parle (East), Mumbai, |
|
Date of Birth/Age : |
13.12.1950 |
|
Date of Appointment : |
16.08.1991 |
|
Voter ID No.: |
MT/08/038/0600711 |
|
DIN No.: |
00355033 |
KEY EXECUTIVES
|
Name : |
Ms. Madhavi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Haridas Thakarshi Kanani |
|
1749430 |
|
Beena Haridas Kanani |
|
375000 |
|
Haren Haridas Kanani |
|
250000 |
|
Pallika Haridas Kanani |
|
125000 |
|
Mohit Punamchand Shah |
|
10 |
|
B.T. Kaushal |
|
10 |
|
H.T. Kanani (HUF) |
|
520 |
|
P.P. Shah (HUF) |
|
10 |
|
Parthasarthi Krishnakumar Rana |
|
10 |
|
Sanjay Mehta |
|
10 |
|
|
|
|
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Total |
|
2500000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors
or relatives of directors |
|
99.99 |
|
Other
top fifty shareholders |
|
0.01 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Organic and Inorganic Chemicals such as Bromine and
Lithium. |
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Products : |
v
Bromine v
Lithium
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed Capacity Per Year |
Installed Capacity Per Year |
Actual Production (Quantity in Kgs.) |
|
Organic Chemicals |
N.A. |
1200000 |
785818 |
|
Inorganic Chemicals |
N.A. |
1200000 |
1129498 |
GENERAL INFORMATION
|
Suppliers : |
·
Garda Chemicals |
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Customers |
· Thermax · Ranbaxy |
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No. of Employees : |
65 (Approximately) |
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Bankers : |
v
State Bank of Wagle Industrial Estate Branch, Road No.22, Wagle Estate, Thane – 400604, Maharashtra, India v Bank of India, Wagle Industrial Estate Branch, Road No.22, Wagle Estate, Thane – 400064, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Hitesh Reshamwala Associates Chartered Accountants |
|
Address : |
1st Floor, National Insurance Building, 27, A.K. Nayak
Marg, Opposite New Excelsior Cinema, Fort, Mumbai – 400 001, Maharashtra,
India |
|
Tel. No.: |
91-22-22071763/ 67357350 |
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Email: |
|
|
PAN No.: |
AAEPR3793D |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2750000 |
Equity Shares |
Rs.10/- each |
Rs.27.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
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|
|
|
|
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 |
25.000 |
15.000 |
19.770 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
85.872 |
69.275 |
56.552 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
110.872 |
84.275 |
76.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
140.470 |
98.811 |
72.496 |
|
|
2] Unsecured Loans |
13.445 |
30.111 |
54.095 |
|
|
TOTAL BORROWING |
153.915 |
128.922 |
126.591 |
|
|
DEFERRED TAX LIABILITIES |
9.331 |
9.597 |
8.671 |
|
|
|
|
|
|
|
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TOTAL |
274.118 |
222.794 |
211.584 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
76.700 |
80.456 |
74.149 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
Advance for Capital Goods |
2.418 |
0.156 |
0.995 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
137.821
|
99.184 |
108.814 |
|
|
Sundry Debtors |
102.620
|
60.588 |
53.192 |
|
|
Cash & Bank Balances |
11.181
|
9.615 |
14.109 |
|
|
Other Current Assets |
34.345
|
30.167 |
28.297 |
|
|
Loans & Advances |
19.861
|
16.387 |
18.120 |
|
Total
Current Assets |
305.828
|
215.941 |
222.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.742
|
63.048 |
70.045 |
|
|
Other Current Liabilities |
5.267
|
5.201 |
0.862 |
|
|
Provisions |
1.819
|
5.510 |
15.185 |
|
Total
Current Liabilities |
110.828
|
73.759 |
86.092 |
|
|
Net Current Assets |
195.000
|
142.182 |
136.440 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
274.118 |
222.794 |
211.584 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
476.197 |
380.179 |
350.477 |
|
|
|
Other Income |
4.918 |
4.541 |
2.292 |
|
|
|
TOTAL (A) |
481.115 |
384.720 |
352.769 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
297.661 |
172.335 |
179.677 |
|
|
|
Consumption of stores and spares |
1.282 |
1.462 |
2.136 |
|
|
|
(Increase) / decrease in finished goods, work-in-progress |
(34.922) |
31.471 |
2.754 |
|
|
|
Salaries, wages and bonus |
3.855 |
3.495 |
3.874 |
|
|
|
Managerial Remuneration |
2.408 |
2.415 |
2.220 |
|
|
|
Payment of auditors |
0.180 |
0.180 |
0.180 |
|
|
|
Insurance Expenses |
0.759 |
0.812 |
0.846 |
|
|
|
Power and fuel |
14.987 |
13.078 |
16.459 |
|
|
|
Other Expenditure |
127.638 |
98.205 |
89.848 |
|
|
|
TOTAL (B) |
713.848 |
323.453 |
297.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.267 |
61.267 |
54.775 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
30.082 |
28.923 |
27.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.185 |
32.344 |
26.888 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.338 |
5.776 |
5.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.847 |
26.568 |
21.870 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.935 |
9.578 |
9.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
20.912 |
16.990 |
12.730 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.782 |
36.059 |
30.632 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
2.000 |
2.000 |
|
|
|
Interim Dividend on Equity Shares |
3.701 |
0.000 |
0.000 |
|
|
|
Preference Shares Redemption Reserve |
0.000 |
0.000 |
1.012 |
|
|
|
Proposed Dividend on Equity Shares (Prorata) |
0.000 |
3.000 |
3.000 |
|
|
|
Dividend on Preference Shares |
0.000 |
0.647 |
0.668 |
|
|
|
Corporate Dividend Tax |
0.614 |
0.620 |
0.623 |
|
|
BALANCE CARRIED
TO THE B/S |
60.379 |
46.782 |
36.059 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY ON F.O.B. BASIS |
101.001 |
95.718 |
110.337 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
107.918 |
82.872 |
64.978 |
|
|
TOTAL IMPORTS |
107.918 |
82.872 |
64.978 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.30 |
11.33 |
8.49 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
570.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.660.000 Millions
The above information has been parted by Ms. Madhavi – Accounts Manager.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.35
|
4.42
|
3.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.48
|
6.99
|
6.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.06
|
8.96
|
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.32
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
2.40
|
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
2.93
|
2.58 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
- For Goods |
82.047 |
57.465 |
|
|
- For Expenses |
21.695 |
5.583 |
|
|
|
|
|
|
|
Total |
103.742
|
63.048 |
70.045 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last four years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
TRADE REFERENCE:
· Thermax
· Ranbaxy
· Garda Chemicals
OPERATIONS:
The total sales excluding Sales Tax and
Central Excise Duty during the
year has increased by 22.68% but due to world wide increase in fuel cost the profit
grown up only up to 16.92%. However, the effect of increase in Raw Material price could be passed on
to the customer due to good
pricing power of the products of the Company, thereby not
much affecting the profit of the
Company.
OUTLOOK FOR THE
FUTURE:
The performance of
the Company is improving year-by-year due
to introduction of high tech innovative product portfolio supported by aggressive
in-house R and D. The some trend is expected in this year also as few more high
technology products which ore in
pipe line in R and D ore also expected to result into
commercial- production in the current year i.e. 2011-12. This can be
achieved by addition of some complimentary new equipments and
improving and enhancing utility capacity
by replacing old energy inefficient equipment with high efficient equipments with higher capacity.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in
millions) |
|
a) Estimated amount of contract remaining to
be executed on capital account and not provided for |
0.690 |
|
b) Contingent liability for Letter of Credit
issued by the Bank and Bank Guarantee for Excise, Customs etc. |
38.495 |
FORM 8
|
Corporate identity number of the company |
U24200MH1989PLC050919 |
|
Name of the company |
NEOGEN CHEMICALS LIMITED |
|
Address of the registered office or of the principal place of business in |
115, Vardhman Industrial Complex, Old Agra Road, Next to Golden
Palace, Thane - 400 601, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90142236 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of Wagle Industrial Estate Branch, Road No. 22, Wagle Estate, Thane – 400
604, |
|
Nature of instrument creating charge |
Memorandum for recording extension of mortgage by deposit of title
deeds covering enhanced limits and/or creation of equitable mortgage on additional
properties for existing limit and enhanced limits and additional facilities. |
|
Date of instrument Creating the charge |
22.02.2011 |
|
Amount secured by the charge |
Rs.236.600 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest WC - Interest at 5% Margin above the BR Which is presently 8.25% p.a.
w.e.f 03.01.11. Present Effective rate 13.25% p.a. Terms of Repayment The Fresh Corporate Loan for Rs.29.300 millions is to be repaid. The
Fresh Term Loan for Rs.20.000 millions is to be repaid. All other existing
Term Loans of the Company will continue to be repaid as per the original
terms and conditions of the sanction. Margin Ram Materials (Imported) - 25%, Ram Materials (Indigenous) - 25%, Semi
finished goods - 40%, Finished goods - 33.33%, Components / Consumable /
Spares - 25%, Domestic receivables (90 days) - 25%, Export Packing Credit -
10%, Term Loan (Fresh) - 25%, LC - 15%, BG - 15%. Extent and Operation of the charge Security to cover Principal amount together with interest, costs,
charges and expenses etc. Others DCC - Rs.95.000 millions, (Sub limit for BD within overall DCC Limit)
(Rs.77.500 millions), (EPC Limit within overall DCC limit) (Rs.50.000
millions), (EBP/EBD Non LC limit within overall DCC Limit) - (Rs.30.000
millions), Corporate Loan Fresh - Rs.29.300 millions, Corporate Loan Existing
- Rs.13.300 millions, TL Fresh - Rs.20.000 millions, TL Existing - Rs.11.000
millions, LC (Inland/Import) - Rs.65.000 millions, BG (Within overall NFB
Limit) (Rs.10.000 millions),FCL Sales/Purchase Rs.150.000 millions (Notional
ind @ 2% of FC Limit) Rs.3.000 millions, Total - Rs.236.600 millions. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Plot No. 43, TTC Industrial Area, Mahape, Navi
Mumbai, All that piece or parcel of land known as Plot No. 43, in the Trans
Thane Creek, Industrial Area, within the village limit of Mahape, ·
Taluka and Registration, Sub District Thane
District and Registration District Thane containing by ad measurement 1842
sq. mtrs. or thereabouts and bounded as follows: ·
On or towards the North by - |
|
Particulars of the present modification |
The Borrowers by way of equitable mortgage by deposit of title deeds of
Immovable properties at Plot No. 43, TTC Industrial Area, Mahape, Navi Mumbai
has provided further security to secure the Enhanced Facility Rs.236.600
millions. |
FIXED ASSETS
v Land
v
v Plant and Machineries
v Furniture and Fixtures
v Quality Control Installments
v Office Equipments
v I T Equipments
v Motor Car
v R and D Equipment
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.56.02 |
|
|
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.