|
Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROLEX LANOLIN PRODUCTS LIMITED |
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|
|
|
Registered
Office : |
Rolex House, Level 1, 114 Tejpal Industrial Estate, Andheri Kurla Road,
Sakinaka, Mumbai – 400072, Maharashtra |
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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 : |
30.03.1990 |
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|
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Com. Reg. No.: |
11-056023 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 0.900 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1990PLC056023 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14573G |
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|
|
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PAN No.: [Permanent Account No.] |
AAACR3499P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Lanolin. |
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|
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No. of Employees
: |
50 (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 70000 |
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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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Dinesh Darji |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-28512345 |
|
Date : |
29.03.2012 |
LOCATIONS
|
Registered Office : |
Rolex House, Level 1, 114 Tejpal Industrial Estate, |
|
Tel. No.: |
91-22-28512345 / 22012345 |
|
Fax No.: |
91-22-28517777 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
City Liason Office : |
52/58 Babu Genu Road, Level 1, 24-26 Jivraj Shamji
Building, Off Princess Street, |
|
Tel. No.: |
91-22-22012345 |
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Fax No.: |
91-22-22015950 |
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|
|
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Factory 1 : |
Unit No. 14, Ground Floor, New Tejpal Industrial Premises Co-operative Society Limited, Sakinaka, Andheri Kurla Road, Andheri (East), Opposite –Tech Plaza, Mumbai – 400072, Maharashtra, India |
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Factory 2 : |
Plot No. 6309, Phase IV, G.I.D.C., Near Pumphouse Phase
III, Vapi, |
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Warehouse : |
Located at ·
Antop Hill ·
Sewree ·
Bhiwandi |
DIRECTORS
AS ON 27.08.2011
|
Name : |
Mr. Hasmukh Nathalal Zaveri |
|
Designation : |
Director |
|
Address : |
8/B, Giriraj, 11, |
|
Date of Birth/Age : |
19.06.1939 |
|
Date of Appointment : |
03.11.1990 |
|
DIN No.: |
00861250 |
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|
|
|
Name : |
Mr. Hasit Hasmujh Zaveri |
|
Designation : |
Director |
|
Address : |
8/B, Giriraj, 11, |
|
Date of Birth/Age : |
24.08.1965 |
|
Date of Appointment : |
13.03.1990 |
|
DIN No.: |
00861184 |
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|
|
|
Name : |
Mrs. Hansa Hasmukh Zaveri |
|
Designation : |
Director |
|
Address : |
8/B, Giriraj, 11, |
|
Date of Birth/Age : |
31.01.1941 |
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Date of Appointment : |
13.03.1990 |
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DIN No.: |
00117557 |
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|
|
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Name : |
Mrs. Falguni Hasit Zaveri |
|
Designation : |
Director |
|
Address : |
8/B, Giriraj, 11, |
|
Date of Birth/Age : |
22.07.1964 |
|
Date of Appointment : |
08.12.1996 |
|
DIN No.: |
00117604 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Darji |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2011
|
Names of Shareholders |
No. of Shares |
|
Hansa Hasmujh Zaveri |
25940 |
|
Hasit Hasmujh Zaveri |
25940 |
|
Hasmukh Nathalal Zaveri |
20839 |
|
Falguni Hasit Zaveri |
17281 |
|
Total |
90000 |
AS ON 27.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Lanolin. |
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Exports : |
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Products : |
Lanolin |
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Countries : |
·
Srilanka ·
Pakistan ·
Bangladesh |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Australia |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Advance |
GENERAL INFORMATION
|
Suppliers : |
·
Hindustan Unilever Limited ·
Johnson and Johnson |
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|||||||||||||||||||||||||||||||||||||||||||||
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Customers : |
Retailer and Manufacturer ·
Aditya Birla ·
Rayond Limited ·
Ostwal Woolen Mills Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
Union
Bank of Princess Street Branch, ·
CIti Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Vora and Associates Chartered Accountant |
|
Address : |
103, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-22005934 / 22031110 |
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Fax No.: |
91-22-22063289 |
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Pan No.: |
AACFV6555H |
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|
|
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Sister Concern : |
Consolident Solvent and Chemical Corporation |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3990000 |
Equity Shares |
Rs.10/- each |
Rs. 39.900 Millions |
|
10000 |
8% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
Total |
|
Rs. 40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.10/- each |
Rs. 0.900
Million |
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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 |
0.900 |
0.900 |
0.900 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
16.630 |
15.383 |
11.757 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
17.530 |
16.283 |
12.657 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.445 |
16.974 |
20.330 |
|
|
2] Unsecured Loans |
11.937 |
14.006 |
1.162 |
|
|
TOTAL BORROWING |
20.382 |
30.980 |
21.492 |
|
|
DEFERRED TAX LIABILITIES |
0.981 |
1.019 |
1.103 |
|
|
|
|
|
|
|
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TOTAL |
38.893 |
48.282 |
35.252 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.055 |
12.094 |
12.260 |
|
|
Capital work-in-progress |
3.056 |
0.000 |
0.045 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.100 |
5.100 |
5.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.107
|
10.823
|
9.570 |
|
|
Sundry Debtors |
13.490
|
14.405
|
6.106 |
|
|
Cash & Bank Balances |
6.608
|
10.532
|
5.457 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.921
|
1.509
|
0.521 |
|
Total
Current Assets |
35.126
|
37.269 |
21.654 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.558
|
4.504 |
2.612 |
|
|
Other Current Liabilities |
9.886
|
0.207
|
0.444 |
|
|
Provisions |
0.000
|
1.470
|
0.751 |
|
Total
Current Liabilities |
15.444
|
6.181 |
3.807 |
|
|
Net Current Assets |
19.682
|
31.088
|
17.847 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.893 |
48.282 |
35.252 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
131.471 |
146.794 |
87.132 |
|
|
|
Other Income |
0.413 |
0.493 |
0.358 |
|
|
|
TOTAL (A) |
131.884 |
147.287 |
87.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
101.989 |
108.010 |
58.224 |
|
|
|
Manufacturing Expenses |
9.314 |
8.871 |
6.649 |
|
|
|
Office and Administrative Expenses |
12.187 |
16.237 |
11.813 |
|
|
|
Selling and Distribution Expenses |
1.421 |
2.356 |
2.177 |
|
|
|
TOTAL (B) |
124.911 |
135.474 |
78.863 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.973 |
11.813 |
8.627 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.929 |
3.621 |
3.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.044 |
8.192 |
5.549 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.254 |
1.249 |
1.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1.790 |
6.943 |
4.345 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.543 |
2.267 |
1.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.247 |
4.676 |
2.789 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.640 |
10.482 |
7.693 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.468 |
0.000 |
|
|
|
Dividend |
0.000 |
0.900 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.150 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
14.887 |
13.640 |
10.482 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
10.107 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.86 |
51.96 |
30.81 |
|
Expected Sales (2011-2012) : Rs. 150.000 Millions
The above information has been parted by Mr. Dinesh Darji.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.95
|
3.17
|
3.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.36
|
4.73
|
4.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.88
|
14.06
|
12.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.43
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
2.28
|
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
6.03
|
5.69 |
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. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors for Goods |
4.803 |
4.140 |
1.996 |
|
Creditors for Expenses |
0.755 |
0.364 |
0.616 |
|
Total |
5.558 |
4.504 |
2.612 |
OPERATIONS
The sales and operating income during the year has reduce from Rs.
147.300 Millions to Rs. 131.800 Millions during the year. The Net profit before
taxes was Rs. 1.790 Millions (P. Y. Rs. 6.942 Millions). Between July and
November 2010, the company received inferior quality raw material imported from
China, to the extent of 105 MT which resulted in very low yield of finished
lanolins which in turn evidently affected the overall profitability. On the
other hand the company was unable to increase the prices of finished Lanolins
during this period as bulk quantity contracts were already signed with no
possibility of price increase. As a corrective measure, imports from these
sources were halted and procurement diverted locally. However the imported
inputs had to be consumed irrespective of its quality. The prices of all
industrial grades of finished Lanolins were taken up gradually since December
all the way into March. February and March are off season months for the Pune /
Non-industrial grades of Lanolins and therefore there were no major changes
effected in increasing the price in this period. Coupled with Zero Limits from
standard Chartered Bank having applied to Union Bank of India as the sole
Banker in November 2011.
Sanction of revised / increased limits was under active consideration by
Union Bank of India during March 2011. The directors are confident of a much
better performance in the year 2011-2012 even though the primary Raw Material
continues to be shortage worldwide.
FORM 8
|
Corporate identity
number of the company |
U24110MH1990PLC056023 |
|
Name of the
company |
ROLEX LANOLIN PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Rolex House, Level 1, 114 Tejpal Industrial Estate, Andheri Kurla Road, Sakinaka, Mumbai – 400 072, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Union Bank of
India , Princess Street Branch, Devkaran Mansion, Samaldas Gandhi Marg,
Princess Street, Mumbai – 400 002, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
hypothecation of bills |
|
Date of
instrument Creating the charge |
02.11.2011 |
|
Amount secured by
the charge |
Rs. 35.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest cash credit
(hypothecation) limit : interest at base rate + 4.50% within which FDBP
/ FUDBP limit : interest at base rate + 1.50% Terms of repayment On Demand Margin As per sanction
terms. Extent and operation of the charge To secure an
amount of Rs.35.000 Millions granted by the bank to the company as under :- Nature of
facility
amount Cash credit (hypothecation) : Rs.35.000 Millions Within which FDBP
/ FUDBP: (Rs.5.000 Millions) Total
..................................: Rs.35.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
Purchase from or negotiate
a bill or bills of exchange drawn or accepted or endorsed against goods and /
or merchandise or shipping or other documents and / or hold such or any other
bill or bills of exchange and / or documents for collection on the borrower's
account under lien to the bank. |
|
Charge
identification number of the charge to be modified |
10300839 |
|
Particulars of
the present modification |
The Bank Has
Granted FDBP / FUDBP Limit of Rs.5.000 Millions Within The Cash Credit
(Hypothecation) Limit of Rs.35.000 Millions. |
TRADE REFERENCES:
·
Aditya Birla
·
Rayond Limited
·
Ostwal Woolen Mills Limited
·
Hindustan Unilever Limited
·
Johnson and Johnson
FIXED ASSETS
·
·
Plant and Machinery
·
Computer
·
Vehicle
·
Furniture and Fittings
·
Office Equipments
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. 51.14 |
|
|
1 |
Rs. 81.41 |
|
Euro |
1 |
Rs. 68.22 |
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 |
YES |
|
--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.