MIRA INFORM REPORT
|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SWATI SOAPS |
|
|
|
|
Registered
Office : |
Plot No. 13, Road, No.3, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1991 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 millions (As on
31.03.2011) |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Toilet Soaps and Herbal Cosmetics,
Essential Oils, Natural Cosmetics etc. |
|
|
|
|
No. of Employees
: |
25 (Approximately) (In Office + In Factory) |
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 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory concern having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
Mr. Srinivass N. Murthy |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9849036711 |
|
Date : |
31.08.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 13, Road, No.3, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23088817 |
|
Mobile No.: |
91-9849036711 (Mr. Srinivass N. Murthy) |
|
Fax No.: |
91-40-23551916 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Khadi Gramodyog Maha Vidyalaya, Rajendra Nagar, Hyderabad – 500 030,
Andhra Pradesh, India |
SOLE PROPRIETOR
|
Name : |
Mr. Srinivass N. Murthy |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.Com |
Note:
The proprietor of the concern was changed from
Mr. N.L. Murthy to Mr. Srinivass N. Murthy.
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Toilet Soaps and Herbal Cosmetics,
Essential Oils, Natural Cosmetics etc. |
|
|
|
|
Products : |
v Turmeric Soap v Flower Soaps v Kewada Soap v Rose
Soap v Champa Soap v Rose Heart Soap v Lemon Soap v Sandal Soap v Jasmine Soap v Transparent Glycerin Soaps v Essential Oils v Neem Soap v Handmade Natural Soaps v African Black Soap v Tea Tree Oil v Attar Soap |
|
|
|
|
Exports : |
|
|
Products : |
v
Toilet Soaps v
Herbal Cosmetics v
Essential Oils v
Natural Cosmetics |
|
Countries : |
v
v
USA v
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 Days and 60 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days and 60 Days) |
GENERAL INFORMATION
|
Customers : |
Others (Importer and Distributor) |
|
|
|
|
No. of Employees : |
25 (Approximately) (In Office + In Factory) |
|
|
|
|
Bankers : |
v Indian Bank,
Karola v Axis Bank,
Corporate Banking Branch, Begumpet, Hyderabad, Andhra Pradesh, India |
|
|
|
|
Facilities : |
Overdraft
Facilities: Rs.0.500 Million
(From Axis Bank) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Poorma Chandro Rao Chartered Accountants |
|
Address : |
Karola |
|
|
|
|
Associates/Subsidiaries : |
Quintessence Address: Plot No.127,
CIE, Gandhinagar, Kukatpally, Activity: Manufacturer of
Soaps and Cosmetics. |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.2.500 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
25.000 |
25.000 |
20.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.30.000 millions
The above information has been parted by Mr. Srinivass N. Murthy.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
No |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office address of the company has been shifted from “Plot
No.127, CIE, Gandhinagar, Kukatpally, Hyderabad – 500 037, Andhra Pradesh,
India” to the present address.
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.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
NO |
|
--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 |
|
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 |
- |
MIRA INFORM REPORT
|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MERBOK MDF LANKA (PVT) LIMITED |
|
|
|
|
Registered Office : |
# 9/5, Thambiah Avenue, Colombo-07 |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Date of Incorporation : |
22.12.2000 |
|
|
|
|
Com. Reg. No.: |
PV 10311 |
|
|
|
|
Legal Form : |
Private Limited Liability Company (In Operation) |
|
|
|
|
Line of Business : |
Manufacture & Export of MDF
Boards |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Sri Lanka |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Sri LankA - ECONOMIC OVERVIEW
Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.
|
Source
: CIA |
GENERAL- Basic information at a glance
|
Name of Subject of Inquiry |
: |
MERBOK MDF LANKA (PVT) LIMITED |
|
Legal Form & Status |
: |
Private Limited Liability Company (In Operation) |
|
Chairman |
: |
Robert Kokshoorn |
|
Primary Line of Business |
: |
Manufacture
& Export of MDF Boards |
|
Head office,
Factory & Place of
Business |
: |
Export Processing Zone, Ratnapura Road, Gurugoda Horana. Sri Lanka Tel.
No: (00 94 34) 225 5502 / 429 8639 / 225 5476 / 225 5477 Fax.
No: (00 94 34) 225 5504 E-Mail: sales@merbok.com |
|
No. of Employees |
: |
-Not
Disclosed- |
COMPANY DETAILS-Registration and
Shareholder Details
|
Registration No |
: |
N (PVS) 27617 |
||
|
Date of Registration |
|
22nd
December 2000 |
||
|
Re-registration No |
: |
PV 10311 |
||
|
Date of Re-registration |
|
18th December 2008 |
||
|
Registered Office |
: |
# 9/5, Thambiah Avenue, Colombo-07, Sri Lanka. |
||
|
Board of Directors As At 14th December 2010 |
: |
Robert Kokshoorn |
Chairman |
|
|
Richard Anthony Whithman |
Director |
|||
|
Dominic Andrla |
Director |
|||
|
Maxwell Alexender Norris |
Director |
|||
|
Issued Share Capital |
: |
Rs.
540,000,000.00 |
||
|
Nominal Value of Share |
: |
Rs. 10.00 |
||
|
Share Holders As At 14th December 2010 |
: |
Share Holders |
No. of Shares |
|
|
Richard Anthony Whithman |
01 |
|||
|
Merbok Hilir Group (BVI) Limited |
53,999,999 |
|||
|
Auditors |
: |
Ford Rhodes Thornton & Company |
||
|
Company Secretaries |
: |
Jacey &
Company |
||
|
Bankers |
: |
-Not Disclosed- |
||
CURRENT INVESTIGATION
·
History.
The Subject Company MERBOK MDF LANKA (PVT) LIMITED is a Private Limited
liability Company incorporated on 22nd December 2000 under the
registration number N (PVS) 27617
and then re-registered under the registration number PV 10311 on 18th
December 2008, in terms of Registrar of companies Act. # 7 of 2007.
·
Location.
The Subject Company is located at client Export Processing Zone, Ratnapura
Road,Gurugoda Horana. Approx. 40 kilo meters from Colombo.
Operational Details.
General
The subject company primary
line of business is Manufacture &
Export a of MDF Boards.
Products
Merboard Gold
Merbok Thinpanel
Merbok Compactiono
Merboard MR
Merbok Global Art
Export Country
Indian
Sub Continent, Middle East
No of Employees
Not Disclosed
·
Director Details
01)
|
Name |
Robert Kokshoorn |
|
PP Number |
BA0079874 |
|
Nationality |
Dutch |
02)
|
Name |
Richard Anthony Whithman |
|
PP Number |
E 7074474 |
|
Nationality |
Australia |
03)
|
Name |
Dominic Andrla |
|
ID Number |
761076803 |
|
Nationality |
Sri Lankan |
04)
|
Name |
Maxwell Alexander Norris |
|
PP Number |
761034312 |
|
Nationality |
British |
·
Financial Data
The company
has declined to provide information on its finances.
In Sri Lanka, Private
Limited Liability Companies do not publish their Accounts for
Public use, other than the
shareholders.
·
Trade references
The subject company did not provide
any trade references
·
Credit
Recommendations
Since no financial
information has been forthcoming from the company, it is not possible to
comment on the merits or otherwise of the company.
No computerised data bases exist to make checks whether the partners or
the company has any legal action or lawsuit initiated against any of them but
informal (but not in-depth) checks do not indicate any such cases in the public
knowledge.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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%)