MIRA INFORM REPORT

 

 

Report Date :

23.05.2012

 

IDENTIFICATION DETAILS

 

Name :

CARGILL INDIA PRIVATE LIMITED

 

 

Registered Office :

111, Rectangle – I, Saket District Center, New Delhi-110017

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

12.04.1996

 

 

Com. Reg. No.:

55-118008

 

 

Capital Investment / Paid-up Capital :

Rs.410.458 Millions

 

 

CIN No.:

[Company Identification No.]

U15440DL1996PTC118008

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food Products. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 7900000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having satisfactory track. It is a part of Cargill, USA. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In view of strong holding, 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

111, Rectangle – I, Saket District Center, New Delhi-110017, India

Tel. No.:

91-11-46010389

Fax No.:

91-11-46010390

E-Mail :

India_cargillgroup@cargill.com

 

 

Corporate Office 1 :

14th Floor, Building 9 A DLF Cyber City, Phase III Gurgaon-122002 Haryana, India

Tel. No.:

91-124-2358939/ 4090489

Fax No.:

91-124-2358977

 

 

Corporate office 2 :

99, Hope Farm, Hoody Whitefield Road, Bangalore-550066, Karnataka, India

 

 

DIRECTORS

 

AS ON 30.09.2011

 

Name :

Mr. Siraj Azmat Chaudhry

Designation :

Director

Address :

S-12B, Windsor Court, DLF Phase IV, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

08.01.1967

Date of Appointment :

22.09.2008

DIN No.:

00161853

Other Directorship :

 

 

S.

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U74999DL1979PLC136409

CARGILL FOODS INDIA LIMITED

Managing director

20-10-05

20-10-05

Amalgamated

NO

2

U15440DL1996PTC118008

CARGILL INDIA PRIVATE LIMITED

Director

30-09-08

22-09-08

Active

NO

 

 

Name :

Mr. Viraghavan Sankaran

Designation :

Director

Address :

519-A, Hamilton Court, DLF Phase IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

07.04.1964

Date of Appointment :

30.09.2008

DIN No.:

00174728

Other Directorship :

 

 

S.

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U15142PN2003PTC018125

GLOBAL OILS AND FATS LIMITED

Director

20-10-05

20-10-05

Amalgamated

NO

2

U74999DL2003PLC136410

GLOBAL OILS AND FATS LIMITED

Director

20-10-05

20-10-05

Amalgamated

NO

3

U15440DL1996PTC118008

CARGILL INDIA PRIVATE LIMITED

Director

30-09-08

30-09-08

Active

NO

 

 

Name :

Mr. Maheep Kumar Shukla

Designation :

Director

Address :

106, C2C Block, Pocket-II, Janak Puri, New Delhi – 110058, Delhi, India

Date of Birth/Age :

01.10.1974

Date of Appointment :

16.12.2009

Din No.:

02901473

 

 

KEY EXECUTIVES

 

Name :

Ms. Jyoti Arora

Designation :

Company Secretary

Address :

H. No. 768/22, Street No. 2, Gandhi Nagar, Gurgaon-122001, Haryana, India

Date of Birth/Age :

25.07.1981

Date of Appointment :

21.01.2008

Pan No.:

AIAPA1497K

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2011

 

Names of Shareholders

No. of Preferences Shares

No. of Equity Shares

Cargill Mauritius Limited, Mauritius

--

40348554

Cargill International Trading PTE Limited, Singapore

--

2

Cargill Global Trading India Private Limited, India

1250000

--

 

 

 

Total

1250000

40348556

 

AS ON 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food Products. 

 

 

Products :

·         Animal Nutrition

·         Coal

·         Cotton

·         Flavor Systems

·         Ferrous      

·         Grain and Oilseeds

·         Refined Oils

·         Sugar and Sugar Support Centre

·        Trade and Structured Finance

 

PRODUCT DESCRIPTIONS

ITC CODE

Corn

11031300

Palmolein Oil

15132900.10

Soyameal

230400.02

Food Flavours

3302.10

 

 

Brand Names :

·         “RATH”

·         “SWEEKAR” 

 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Licensed capacity / Installed Capacity *

 

Particulars

Unit

Licensed Capacity

Edible oil refining

MT per annum

1140000

Aqua feed

MT per annum

36000

Emulsion and food flavors

MT per annum

2500

Others * *

MT per annum

190800

 

Note:

 

·         *As certified by the management and not verified by the Auditor being a technical matter.

 

·         **Represents installed capacity of distilled fatty acid (25500 MT), acid oil (13800 MT), hydro vasnaspati (150000 MT) and packing film extrusion (1500 MT).

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Not Available

 

 

Facilities :

Unsecured Loan

As on 31.03.2011

[Rs. in Millions]

As on 31.03.2010

[Rs. in Millions]

Short term loans and advance (repayable within one year)

 

 

Form banks

 

 

Rupee loan

4422.693

3361.161

Foreign currency loan

13682.318

7050.686

Form others

 

 

Other debt unsecured

99.358

112.150

Total

18204.369

10523.997

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountant

Address :

Building No. 10, 8th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon 122002, Haryana, India

Tel. No.:

91-124-2549191

Fax No.:

91-124-2549101

 

 

Holding Company:

Cargill Mauritius Limited, Mauritius

 

 

Ultimate Holding Company:

Cargill Incorporated, USA

 

 

Fellow Subsidiaries:

·         Cargill International S A, Geneva

·         Cargill International Trading Pte Limited, Singapore

·         Carval India Private Limited

·         Black River Advisors India Private Limited

·         Cargill Ocean Transportation, Singapore

·         P. T. Cargill, Indonesia

·         Cargill Asia Pacific Treasury Limited, Singapore

·         Cargill Agricola S A

·         Cargill Feed SDN BHD

·         Cargill TSF Asia Pte Limited, Singapore

·         Cargill Financial Services Corporation, USA

·         Cargill PLC, UK

·         Cargill Global Trading India Private Limited

·         Cargill (Malaysia) SDN BHD

·         Cargill France

·         Cargill Europe BVBA , Belgium

·         Poliamba Limited

·         Cargill Asia-Pacific Holdings Pte Limited, Singapore

·         Cargill Flavours System UK Limited

·         Cargill Phillipines Inc.

·         Cargill Palm Products SDN, BHD, Malaysia

·         Cargill Flavours System US,  LLC

·         Cargill Investment China Limited

·         Cargill BV, Amsterdam

·         Cargill Capital and Financial Services India Private Limited

·         Cargill Vietnam Limited

·         CAN Technologies Inc, US

·         Cargill Ferrous International, US

·         Mosaic India Private Limited, India

·         M A Cargill Trading

·         Cargill Cotton Limited

·         Cargill Enterprise Inc, Russia

·         Cgl Agri Purina Inc, South Korea

·         Cargill SAS , France

·         Cargill Grain and Oilseeds (Yangjiang) Limited

·         Cargill Japan Limited

·         Cargill Hong Kong Limited

·         Agribrands Purina (Fushun) Feedmill Company Limited

·         Cargill Protein Feed (Dongguan) Limited

·         Cargill Oil Packers BVBA

·         Cargill Tarim Ve Gida Sanayi Ve Ticaret As

·         CTP (PNG) Limited

·         CTP Holdings Pte Limited

·         Cargill SACI Sucursal, Uruguay

·         Cargill President Holdings Pte Limited

·         Agribrands Purina Guatemala

·         Cargill Australia Limited

·         Cargill France S.A.

·         Cargill Holdings B.V.

·         Cargill Investments (China) Limited

·         Cargill Nutriproducts Inc

·         Cargill RSA Holdings

·         Cargill Siam Limited

·         Cargill Tropical Palm Holdings Pte Limited

·         Cargill Global Trading Solutions India Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

120,000,000

Equity Shares

Rs.10/- each

Rs.1200.000 Millions

26,000,000

Preferences Shares

Rs.10/- each

Rs.260.000 Millions

 

Total

 

Rs.1460.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

40,348,556

Equity Shares

Rs.10/- each

Rs.403.486 Millions

1,250,000

Preferences Shares

Rs.10/- each

Rs.12.500 Millions

 

 

 

Rs.415.986 Millions

 

As on 31.03.2011

 

Authorised Capital:

No. of Shares

Type

Value

Amount

120,000,000

Equity Shares

Rs.10/- each

Rs.1200.000 Millions

26,000,000

Preference Share

Rs.10/-each

Rs.260.000 Millions

 

Total

 

Rs.1460.000 Millions

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

39,795,893

Equity Shares

Rs.10/- each

Rs.397.958 Millions

1,250,000

Preference Share

Rs.10/-each

Rs.12.500 Millions

 

Total

 

Rs.410.458 Millions

 

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

410.458

410.458

397.873

2] Share Application Money

67.425

0.000

1.701

3] Reserves & Surplus

1871.997

1871.997

1632.880

4] (Accumulated Losses)

(360.092)

(1017.998)

(1313.405)

NETWORTH

1989.788

1264.457

719.049

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

18204.369

10523.997

6656.812

TOTAL BORROWING

18204.369

10523.997

6656.812

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

20194.157

11788.454

7375.861

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2505.465

1669.297

1438.110

Capital work-in-progress

562.796

217.421

362.741

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
14091.460
12629.697
7735.270

 

Sundry Debtors
4332.589
1449.497
1748.429

 

Cash & Bank Balances
2729.816
1825.819
1190.110

 

Other Current Assets
0.000
83.539
0.000

 

Loans & Advances
2508.522
1771.873
2012.276

Total Current Assets
23662.387
17760.425
12686.085

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
7212.441

9751.504

6138.279

 

Other Current Liabilities
(817.769)
(2048.471)
804.932

 

Provisions
141.819
155.656
167.864

Total Current Liabilities
6536.491
7858.689
7111.075

Net Current Assets
17125.896
9901.736
5575.010

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

20194.157

11788.454

7375.861

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

66653.020

63958.270

61420.840

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

65089.450

63030.950

59467.660

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

65089.450

63030.950

59467.660

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1563.570

927.320

1953.180

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

508.660

460.690

542.950

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1054.910

466.630

1410.230

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

254.080

197.390

301.830

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

800.830

269.240

1108.400

 

 

 

 

 

Less

TAX                                                                  (H)

142.920

16.880

45.280

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

657.910

252.360

1063.120

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1018.000)

(1313.410)

(2376.530)

 

 

 

 

 

Add

Transitional adjustment on adoption of AS 30 [net of provision for tax of Rs.8.810 millions in previous year]

0.000

43.050

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(360.090)

(1018.000)

(1313.410)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports*

[Includes merchanting sales of Rs.6988.077 millions and sales of the overseas branch amounting to Rs.655.235 millions.]

NA

13876.075

18220.584

 

 

Agency Fees

NA

164.247

172.488

 

 

Other Income

NA

54.788

94.405

 

TOTAL EARNINGS

NA

14095.110

18487.477

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

16228.755

11482.930

 

 

Stores & Spares

NA

13.716

47.865

 

 

Capital Goods

NA

0.186

22.148

 

TOTAL IMPORTS

NA

16242.657

11552.943

 

 

 

 

 

 

Earnings Per Share (Rs.)

16.53

6.34

26.72

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.99
0.39
1.73

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
3.06
1.38
7.84

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.40
0.21
1.54

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
12.43
14.54
19.14

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
3.62
2.26
1.78

 

 

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

Yes

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

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

No

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

Yes

 

NOTE:

 

Registered office of the company has been shifted from 13, Abdul Fazal Road, New Delhi – 110001, Delhi, India to the present address w.e.f. 09.08.2007

 

PERFORMANCE FOR THE YEAR:

 

The company is that it has achieved a turnover of Rs.64862.110 millions (net of excise duty) during the financial year 2010-11, showing a growth of 4.65% over previous year. it has also reported a net profit of Rs.800.830 millions (before tax) during the current year with a growth of 197% over the profits of previous year.

 

MATERIAL CHANGES DURING THE YEAR:

 

The company is to announce that it has acquired 4623269 shares of face value of Rs.10/- in AWB Krishi Suvidha Parisar (Kota) Private Limited from AWB Mauritius Private Limited on 11th May 2011.

 

The company has also acquired 2802126 shares of face value of Rs.10 in AWB Krishi Upaaj Vipnan Parisar (Talera) Private Limited from AWB Mauritius Private Limited on 11th May 2011.

 

CONTINGENT LIABILITIES:

 

Particulars

 

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

Claims against the Company not acknowledged as debts

 

 

Others

2.471

2.471

Sales tax matters (liability on account of non submission of statutory declaration forms and others)

208.138

192.646

Income Tax Act, 1961#

1832.932

1795.417

Custom duty # #

120.942

120.942

Excise duty###

28.373

28.373

Total

2192.856

2139.849

 

Note: # this includes the following:

 

Assessment Year

Amount Assessed after setting off the carry forward losses (Rs. in Millions)

Tax Demand (Rs. in Millions)

Current Appellate Authority

2003-2004

343.251

120.138

ITAT

2004-2005

169.351

88.049

CIT(A)

2006-2007

3210.091

1624.745

ITAT

 

1.    # # This represents order passed by the Deputy Commissioner of Customs & Central Excise, Nellore dated 7 October 2009 assessing the Bill of Entry no. 23/09-10 dated 10 June 2009 as bill of entry for home consumption and determining a liability of Rs.120.942 millions as payable by the company in respect of 10,000 MT raw sugar imported at Krishnapatanam port. Currently, the company has filed appeal against this order to the relevant authorities.

 

2.    ### Pertains to excise duty credit availed at Kurkumbh plant on imported material, on which import duty has been paid using DEPB license amounting to Rs. 28.373 millions (previous year Rs. 28.373 millions).

 

fixed ASSETS:

 

·         Freehold land

·         Leasehold land

·         Building – Plant

·         Building – Office

·         Land development

·         Plant and Machinery

·         Computer

·         Office equipment

·         Vehicles

·         Furniture and fixture

·         Goodwill

 

WEBSITE DETAILS:

 

PROFILE:

 

Cargill maintains a number of businesses in India, with operations including the handling and processing of a wide range of products, including refined oils, grain and oilseeds, sugar, cotton and animal feed. In addition, Cargill develops flavour systems and operates a value investing business. The presence in India has been growing since we began a joint venture operation in 1987.

 

 

Cargill milestones in India

 

1986

Sets up Liaison office in New Delhi. Trading activities include petroleum, wheat and sugar.

1988-92

Cargill Seeds incorporated as a 51% JV at Bangalore with local partner

JV buyout : Cargill becomes 100% owner of Seeds business

1996

Cargill India set up as a 100 % owned trading company, Cargill India Private Limited 

Expanded trading to Vegetable oils, Molasses

Trade and Structured Finance starts operations

1997

Begins primary sugar supply business

First vegetable oil domestic sales commence from Chennai terminal

Country Office set up in Delhi.

All businesses combined under Cargill India

1998

Exits seed business as part of a global divestiture to Monsanto

First desk of Grain and Oils Seeds business begin operations

1999

Ferrous trading desk set up in Mumbai

2000

Packaged foods business under Nature Fresh brand launched with wheat products

2003

Acquires Duckworth Group UK and  starts flavor business in India

Nature Fresh brand transitions into refinery unit for sale in packed form

2004

Enters into JV with Prakash Parakh (2 entities – Parakh Foods Limited and Global Oils and Fats Limited).

As a result, “Gemini” brand of refined oil and two oil refineries in West Coast of India comes into portfolio

Commercial production of oil refineries at Paradip in East Coast of India and at Kandla in West Coast begins

2005

Acquires 100% stake in JV; new BU formed `Refined Oils  India’

2006

Establishes Animal Nutrition business

Refined Oils India enters into institutional oil selling to large Food industry

2007

Launches Cotton trading business

Coal and Ocean Transportation businesses start operations in India

2008

Launches Kutch Livelihood and Education Advancement Program in Kutch district, Gujarat in partnership with CARE

Launches Oliante brand of olive oil

2010

Refined Oils India becomes Cargill Foods India.

Acquires `Rath’ brand of Vanaspati (hydrogenated fat)

Production starts at Silkroad Sugar Private Limited JV with EID Parry, in Kakinada Andhra Pradesh

Launches Fast-track nutrition project in 3 districts of Madhya Pradesh in partnership with UN World Food Program

2011

Acquires `Sweekar’ brand of sunflower refined oil.

AWB global acquisition enables leveraging existing asset base of AWB in India in the form of grain storage facilities.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.88

UK Pound

1

Rs.86.84

Euro

1

Rs.70.20

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.