MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAJRATAN GLOBAL WIRE LIMITED |
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Registered
Office : |
“Rajratan House” 11/2, Dhenu Market, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.09.1988 |
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Com. Reg. No.: |
10-004778 |
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Capital
Investment/ Paid-up Capital: |
Rs.43.518 Millions |
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CIN No.: [Company Identification
No.] |
L27106MP1988PLC004778 |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Carbon Steel Wire. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2342000 |
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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 a well established company having satisfactory track. Profitability of the
company appears to be low. However, networth of company appears to be
satisfactory. 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 (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
“Rajratan House” 11/2, Dhenu Market, |
|
Tel. No.: |
91-731-2546401/3928171 |
|
Fax No.: |
91-731-2542534 |
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E-Mail : |
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Factory : |
Plot No. 200 –A and B, Sector I, Industrial Area, Pithampur, District
Dhar (Madhya Pradesh) |
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Tel. No.: |
91-7292-253375/252904 |
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Fax No.: |
91-7292-253357 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Chandanmal Chordia (Resigned on 5th May 2010) |
|
Designation : |
Chairman |
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|
Name : |
Mr. Sunil Chordia |
|
Designation : |
Managing Director |
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|
Name : |
Mr. S.S Mehta |
|
Designation : |
Director |
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|
Name : |
Mr. P.D. Nagar |
|
Designation : |
Director |
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|
Name : |
Mr. Abhishek Dalmia |
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Designation : |
Director |
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|
Name : |
Mr. Chandrashekar Bobra |
|
Designation : |
Director |
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Name : |
Mrs. Sangita Chordia |
|
Designation : |
Director |
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Date of Appointment : |
05.05.2010 |
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|
Name : |
Mr. Deepesh Trivedi |
|
Designation : |
C.O.O and Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Vineet Chopra |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.04.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
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Individuals / Hindu Undivided Family |
1546190 |
35.53 |
|
Bodies Corporate |
1164301 |
26.75 |
|
Sub Total (A)
(1) |
2710491 |
62.28 |
|
|
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(B) Public
Shareholding |
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|
1. Institutions |
|
|
|
Financial Institutions / Banks |
1000 |
0.02 |
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Sub Total |
1000 |
0.02 |
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2. Non
Institutions |
|
|
|
Bodies Corporate |
1057403 |
24.30 |
|
Individual shareholders holding nominal share capital up to Rs.0.100
million |
355178 |
8.16 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 million |
190704 |
4.38 |
|
Any Other Specify |
37024 |
0.85 |
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|
|
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Non Residents |
874 |
0.02 |
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Clearing Members |
34159 |
0.78 |
|
Hindu Undivided Family |
1991 |
0.05 |
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Sub Total |
1640309 |
37.69 |
|
|
|
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Total Public
Share holding |
1641.309 |
37.72 |
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Total A + B |
4351800 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Carbon Steel Wire. |
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Product: |
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PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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|
MT |
NA |
30000 |
29227.642 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
IDBI Bank Limited, Alankar Chambers, |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Fadnis and Gupte Chartered Accountants |
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Address : |
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Companies /Entitles under the control of Key Management
Personnel |
·
Rajratan Resources Private Limited ·
Rajratan Investment Limited ·
Cee Cee Engineering Industries Private Limited |
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Subsidiary: |
·
Rajratan Thai Company Limited, ·
Swaraj Technocraft Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4351800 |
Equity Shares |
Rs.10/- each |
Rs.43.518
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 |
43.518 |
43.518 |
43.518 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
542.036 |
469.114 |
385.833 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
585.554 |
512.632 |
429.351 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
483.173 |
415.198 |
452.023 |
|
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2] Unsecured Loans |
19.308 |
48.894 |
39.012 |
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TOTAL BORROWING |
502.481 |
464.092 |
491.035 |
|
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DEFERRED TAX LIABILITIES |
86.869 |
83.939 |
83.629 |
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|
|
|
|
|
|
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TOTAL |
1174.904 |
1060.663 |
1004.015 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
461.180 |
428.713 |
438.673 |
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Capital work-in-progress |
0.188 |
10.864 |
2.216 |
|
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|
|
|
|
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INVESTMENT |
239.045 |
178.415 |
169.274 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
115.981
|
71.972 |
62.333 |
|
|
Sundry Debtors |
328.821
|
317.373 |
266.660 |
|
|
Cash & Bank Balances |
7.046
|
1.280 |
56.186 |
|
|
Other Current Assets |
0.029
|
0.008 |
0.005 |
|
|
Loans & Advances |
60.085
|
92.296 |
51.821 |
|
Total
Current Assets |
511.962
|
482.929 |
437.005 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
12.071
|
12.678 |
20.230 |
|
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Other Current Liabilities |
16.237
|
13.994 |
13.819 |
|
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Provisions |
9.163
|
13.587 |
9.104 |
|
Total
Current Liabilities |
37.471
|
40.259 |
43.153 |
|
|
Net Current Assets |
474.491
|
442.670 |
393.852 |
|
|
|
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|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1174.904 |
1060.663 |
1004.015 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
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Income |
1608.455 |
1479.217 |
1446.658 |
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|
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Other Income |
7.773 |
4.707 |
4.925 |
|
|
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TOTAL |
1616.228 |
1483.924 |
1451.583 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material Consumed |
1029.422 |
906.287 |
|
|
|
|
Cost of Traded Goods |
61.260 |
85.358 |
|
|
|
|
Manufacturing Expenses |
187.424 |
165.794 |
|
|
|
|
Payment For Employees |
70.601 |
56.815 |
|
|
|
|
Other Expenses |
77.629 |
57.289 |
|
|
|
|
|
1426.336 |
1271.543 |
|
|
|
|
Increase/Decrease in inventory |
(25.785) |
(9.266) |
|
|
|
|
TOTAL |
1400.551 |
1262.277 |
1264.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
215.677 |
221.647 |
186.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
60.363 |
50.274 |
68.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
155.314 |
171.373 |
118.543 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
33.412 |
31.286 |
30.496 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
121.902 |
140.087 |
88.047 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Adjustment |
0.000 |
(0.484) |
(0.085) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
41.342 |
49.653 |
30.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
80.560 |
91.918 |
57.268 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.628 |
10.347 |
8.171 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
50.000 |
50.000 |
|
|
|
Dividend |
6.528 |
6.528 |
4.352 |
|
|
|
Tax on Dividend |
1.109 |
1.109 |
0.740 |
|
|
BALANCE CARRIED
TO THE B/S |
106.551 |
44.628 |
10.347 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
156.358 |
98.940 |
151.275 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.655 |
125.813 |
123.736 |
|
|
|
Stores & Spares |
0.000 |
0.082 |
0.276 |
|
|
|
Capital Goods |
1.377 |
1.637 |
1.445 |
|
|
|
Trading Goods |
44.376 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
54.408 |
127.532 |
125.457 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.51 |
20.89 |
13.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd Qurtered |
3rd Qurtered |
|
Audited/Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net sales |
456.570 |
415.910 |
454.720 |
|
Total Expenditure |
391.990 |
371.880 |
412.300 |
|
PBIDT (Excl OI) |
64.580 |
44.030 |
42.420 |
|
Other Income |
0.210 |
0.130 |
0.490 |
|
Operating Profit |
64.790 |
44.150 |
42.910 |
|
Interest |
16.750 |
18.490 |
20.830 |
|
Exceptional terms |
0.000 |
0.000 |
0.000 |
|
PBDT |
48.040 |
25.260 |
22.080 |
|
Depreciation |
8.770 |
8.860 |
9.000 |
|
PROFIT BEFORE TAX |
39.270 |
16.410 |
13.080 |
|
Tax |
12.700 |
5.160 |
3.850 |
|
Provision and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
26.580 |
11.250 |
9.230 |
|
Extra ordinary items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expense |
0.000 |
0.000 |
0.000 |
|
Net Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
26.580 |
11.250 |
9.230 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.98
|
6.19 |
3.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.58
|
9.47 |
6.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.53
|
15.37 |
10.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.27 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.98 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.66
|
11.99 |
10.13 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
PERFORMANCE
HIGHLIGHTS:
The Company has registered an increase of 9% in net sales to Rs.1610.000 Millions as against Rs.1480.000 Millions in previous year. The Company’s operations remained profitable though at a lower level than the previous year due to increase in prices of wire rod (which could not be fully passed on to customers) coupled with higher finance cost resulted in decrease in PBT to Rs.121.900 Millions as compared to Rs.140.100 Millions in previous year.
PROSPECTS AND
OUTLOOK:.
The Indian economy has sustained higher growth trend so far. All demand drivers for tyre industry viz. automobile industry, road infrastructure development, growing economy and increasing exports are showing the strong growth trends. Therefore The Company anticipates better demand and targets a growth of 25% in FY 2011-12. However, rising raw material cost, fuel prices and hardening interest cost continue to remain a cause of concern. To mitigate this, the Company has planned several corrective measures viz. superior product mix. increasing volumes, improve productivity, product quality and ensuring overall operational efficiencies.
SUBSIDIARY COMPANIES:
Rajratan Thai Wire Company Limited, Thailand (RTWL) recorded growth of 37% in sales volume i.e. 12752 MT as compared to 9267 MT previous year. Net Sales stood at Rs.540.000 Millions as compared to Rs.360.000 Millions in previous year. However, due to weak demand, global competition and delays in getting approvals from prime customers has adversely affected the margins. Net loss stood at Rs.15.500 Millions as compared to Rs.26.200 Millions previous year. To meet increased capital requirement, the company further subscribed a sum of Rs.57.141/- to equity share capital of wholly owned subsidiary during the year.
RTWL is working hard to get approvals of the major tyre companies that will significantly improve the performance and company is targeting a growth of 50%in F.Y.2011-12.
During the year, the Company has acquired additional 31,500 fully paid equity shares of Swaraj Technocrafts Private Limited (STPL) representing 18% of the equity share capital of STPL, consequently. its shareholding in STPL stands at 68% and it has become a Subsidiary Company.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments:
Steel wire business in
Contingent Liability:
a) The
company has given the Corporate Guarantee for the credit facilities availed by
Rajaratan Thai Wire Company Limited,
b) The demands have been raised by Income Tax department against the company after assessment for following years though the company has filled appeals before the appropriate authorities against such assessment orders.
A.Y. 2007-08 Rs.0.135 Millions
FIXED ASSETS:
·
Free hold Land
·
Lease hold Land
·
Site Development
·
·
Plant and Machinery
· E.T.P and Machinery
· Electrical Installation
· Office Equipment
· Furniture and Fixtures
· Vehicles
· Computer Peripherals
· ERP Software
·
Capital Work in Progress
Web Site Details
Profile:
Rajratan Global Wire
Limited (RGWL) is one of the leading manufacturer of High
Carbon Steel Wire in
RGWL has most modern factory at Pithampur, which is 25 Km
from
In a short span of time RGWL has achieved leadership position in Tyre Bead Wire business in India having a global scale of operation and to take the tradition of quality & excellence further, RGWL has formed a 100% subsidiary company Rajratan Thai Wire Company Limited (RTWL) and started an ultra modern facility to produce Automotive Tyre Bead Wire in Thailand. This is a true step towards globalization efforts of RGWL.
RGWL is an ISO TS 16949 (2002) certified company for its entire range of automotive tyre bead wires.
UNAUDITED FINANCIAL RESULTS FOR QUARTER AND NINE MONTHS ENDED ON
31.12.2011.
Rs. in Millions
|
Particular |
Quarter Ended |
Nine Month Ended |
|
|
|
Unaudited |
Unaudited |
|
|
|
30.09.2011 |
31.12.2011 |
31.12.2011 |
|
Net Sales /Income from Operations |
4129.640 |
4503.510 |
13177.540 |
|
(b) Other Operating Income |
29.440 |
43.660 |
94.350 |
|
Expenditure |
|
|
|
|
(Increase)/decrease in stock in trade and work-in
Progress |
121.270 |
134.120 |
267.100 |
|
Consumption of raw materials |
2636.730 |
2963.260 |
8489.160 |
|
Purchase of Traded Goods |
113.220 |
95.770 |
346.850 |
|
Employee Cost |
203.720 |
215.960 |
627.270 |
|
Manufacturing Expense |
482.890 |
553.960 |
1521.230 |
|
Depreciation |
88.550 |
90.000 |
266.260 |
|
Other Expenditure |
161.040 |
151.820 |
509.990 |
|
Total Expenditure |
3807.420 |
4204.890 |
12027.860 |
|
Profit from Operations before Other Income and
Interest |
351.660 |
334.280 |
1244.030 |
|
Other Income |
1.270 |
4.850 |
8.260 |
|
Profit Before Interest |
352.930 |
339.130 |
1252.290 |
|
Interest |
188.890 |
208.260 |
564.610 |
|
Profit/ (Loss) after interest but before
Exceptional Items |
164.040 |
133.870 |
687.690 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit /Loss from Ordinary Activities
before tax |
164.040 |
130.870 |
687.690 |
|
Tax Expense : |
51.550 |
38.550 |
217.070 |
|
Net Profit for the period |
112.490 |
92.320 |
470.620 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
435.180 |
435.180 |
435.180 |
|
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
-- |
-- |
-- |
|
Basic and
diluted Earnings per share for the period, for the year to date (not
annualized) and for the previous year – Rs. |
2.58 |
2.12 |
10.81 |
|
Public
shareholding |
1641299 |
1641309 |
1641309 |
|
Percentage of Shareholding |
37.72 |
37.72 |
37.72 |
|
Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged / Encumbered Number of
Shares |
556000 |
683500 |
683500 |
|
Percentage of
Shares (as a % of
the total shareholding of promoter and promoter group) |
20.51 |
25.22 |
25.22 |
|
Percentage of
Shares (as a % of
the total share capital of the company) |
12.78 |
15.71 |
15.71 |
|
b)
b) Non - encumbered Number of Shares |
2154501 |
2026991 |
2026991 |
|
Percentage of
Shares (as a % of the
total shareholding of promoter and promoter group) |
79.49 |
74.78 |
74.78 |
|
Percentage of
Shares (as a % of
the total share capital of the company) |
49.50 |
46.58 |
46.58 |
SEGMENT REPORTING
Rs. in Millions
|
Particular |
Quarter Ended |
Nine Month Ended |
|
|
|
Unaudited |
Unaudited |
|
|
|
30.09.2011 |
31.12.2011 |
31.12.2011 |
|
Segment Revenue |
|
|
|
|
a). Bed Wire Segment |
4159.080 |
4547.170 |
13271.890 |
|
b) Windmill Segment |
28.890 |
7.460 |
71.780 |
|
Total |
4187.970 |
4554.630 |
13343.670 |
|
Less : Inter Segment Revenue |
28.890 |
7.460 |
71.780 |
|
Net Sales / Income
from Operation |
4159.080 |
4547.170 |
13271.890 |
|
Segment Results |
|
|
|
|
a). Bed Wire Segment |
338.750 |
345.650 |
1226.170 |
|
b) Windmill Segment1 |
14.180 |
(6.520) |
26.120 |
|
Total |
352.930 |
339.130 |
1252.290 |
|
Less : Interest |
188.890 |
208.260 |
564.610 |
|
Total Profit /
(Loss) Before Tax |
164.040 |
130.870 |
687.680 |
|
Capital Employed
(Segment assets - Segment
Liabilities) |
|
|
|
|
a). Bed Wire Segment |
5802.850 |
5906.110 |
5906.110 |
|
b) Windmill Segment |
430.960 |
420.040 |
420.040 |
|
Total |
6233.810 |
6326.150 |
6326.150 |
Notes:
·
1 The
above results have been reviewed by the Audit Committee and taken on record by
Board of Directors in its meeting held on 23rd January 2012
·
The Statutory
Auditors have carried out a “Limited Review” of the results for the quarter
ended on 31st December, 2011
·
Results
of wholly owned subsidiary "Rajratan Thai Wire Company Limited",
·
Out of
683500 equity shares of promoters are pledged/encumbered, 471000 equity shares
are pledged/encumbered for raising
loans/margins for hedging foreign currency risks of the Company
The status of the Investor's
complaints:-
(a)
Pending
at the beginning of the quarter: NIL
(b) Received & disposed off
during the quarter: NIL
(c)
Pending at the end of the quarter: NIL
·
Previous
period figures have been regrouped, reworked, wherever necessary
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.