MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEMETALL-RAI INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
PYRENE-RAI METAL TREATMENTS LIMITED |
|
|
|
|
Registered
Office : |
Gate No. 569, Pune Nagar Road, Village Karegaon Bhima, Taluka, Shirur,
Pune-412207, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.10.1964 |
|
|
|
|
Com. Reg. No.: |
11-131374 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920PN1964PLC131374 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11488B PNEC07837E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2287P |
|
|
|
|
Legal Form : |
A Closely
Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Metal Furnishing Chemicals and Equipments. |
|
|
|
|
No. of Employees
: |
145 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1680000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A [Long Term] |
|
Rating Explanation |
This rating have adequate degree of safety regarding timely servicing
of financial obligation such instruments carry low credit risk. |
|
Date |
31.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 [Short Term] |
|
Rating Explanation |
This rating are considered to have very strong degree of safety
regarding timely payment of financial obligation such instruments carry
lowest credit risk. |
|
Date |
31.07.2012 |
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 [General Details]
|
Name : |
Mr. Vinod Walunj |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-2137-618000 |
|
Date : |
12.09.2012 |
LOCATIONS
|
Registered / Head
Quarter / Factory / Corporate Office: |
Gate No. 569, Pune Nagar Road, Village Karegaon Bhima, Taluka Shirur,
Pune-412207, Maharashtra, India |
|
Tel. No.: |
91-2137-666751 / 54 / 616000 / 616200 |
|
Fax No.: |
91-2137-253128 |
|
E-Mail : |
k.narayanswamy@chemetail-rai.co.in
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Regional Office : |
Located At:
|
|
|
|
|
Branch Office : |
Located At:
|
|
|
|
|
Factory: |
Located At:
|
DIRECTORS
AS ON 14.06.2012
|
Name : |
Mr. Shaindranajit Charanjit Rai |
|
Designation : |
Director |
|
Address : |
G5, |
|
Date of Birth/Age : |
01.02.1956 |
|
Date of Appointment : |
14.06.1975 |
|
Din No.: |
00050950 |
|
|
|
|
Name : |
Mr. Manu Tandon |
|
Designation : |
Director |
|
Address : |
16, Solitaire, 4 Samadhi road, |
|
Date of Birth/Age : |
24.07.1943 |
|
Date of Appointment : |
24.05.2012 |
|
Din No.: |
00087615 |
|
|
|
|
Name : |
Mr. Ram Nath |
|
Designation : |
Director |
|
Address : |
57-58, Gulestan, |
|
Date of Birth/Age : |
01.05.1928 |
|
Date of Appointment : |
23.10.1964 |
|
Din No.: |
00602875 |
|
|
|
|
Name : |
Mr. Asis Ray |
|
Designation : |
Director |
|
Address : |
A1/602, |
|
Date of Birth/Age : |
25.12.1952 |
|
Date of Appointment : |
19.01.2010 |
|
Din No.: |
01420166 |
|
|
|
|
Name : |
Mr. Michael John Watson |
|
Designation : |
Director |
|
Address : |
Flat 41A, Branksome 3A, Trgunter Path Mid Levels, Hong Kong |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
20.12.2005 |
|
Din No.: |
02239076 |
|
|
|
|
Name : |
Joris Merckx |
|
Designation : |
Director |
|
Address : |
Kerkstraat 18, 3391, Meensel-Kiezegem, Kiezegem-063005, Belgium |
|
Date of Birth/Age : |
02.07.1964 |
|
Date of Appointment : |
10.12.2008 |
|
Din No.: |
02512484 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Walunj |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ram Nath, Indira Nath and Rabindra Nath |
|
29398 |
|
Indira Nath, Ram Nath and Gitanjali Kapur |
|
29401 |
|
Gitanjali Kapur |
|
34049 |
|
Rabindra Nath |
|
36700 |
|
Rabindra Nath and Indira Nath |
|
17452 |
|
Shailendrajit Rai and Pamela Rai |
|
60060 |
|
Usha Rai and Meenal Gidwani |
|
4977 |
|
Shailendrajit Rai and Usha Rai |
|
24000 |
|
Usha Rai and Shailendrajit Rai |
|
1500 |
|
Usha Rai and Shailendrajit Rai |
|
995 |
|
Shailendrajit Rai |
|
42989 |
|
Vinita Chandra |
|
42990 |
|
Meenal Gidwani |
|
42989 |
|
Chemetall India Company Limited, Bluchley, MKI, IPB |
|
294000 |
|
Chemetall |
|
73500 |
|
|
|
|
|
TOTAL
|
|
735000 |
AS ON 14.06.2012
|
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] |
|
50.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Metal Furnishing Chemicals and Equipments. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Powder
Chemicals |
MT |
2102 |
1910 |
|
Liquid
Chemicals |
MT |
11479 |
5160 |
|
Liquid Chemicals |
KL |
-- |
2659 |
|
Powder / Liquid Chemicals |
NOS |
-- |
17207 |
NOTE:
- The installed
capacity has been certified by the Management and relied upon by the
auditors without verification, this being a technical matter.
- Actual
production includes quantities processed by third parties as per specifications
given by the Company and excludes quantities for captive consumption.
- The installed
capacity in respect of liquid chemicals cannot be expressed separately in
volume tens (KL) and therefore has been included in liquid d Chemicals in
MT.
- Figures in
brackets are in respect of the corresponding previous year.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
Mahendra and Mahendra |
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No. of Employees : |
145 [Approximately] |
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Bankers : |
Canara
Bank, Fort (Main) Branch, Warden House, |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B-Wing, |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
Pan No.: |
AACFD4815A |
|
|
|
|
Related Parties
: |
·
Chemetall Gmbh, Germany ·
Chemetall India Company Limited, UK ·
Alicon Castalloy Limited, India ·
Enkei Wheels (India) Limited, India ·
U C Rai Holdings Private Limited, India ·
Raico Private Limited, India ·
Atlas Castalloy Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- each |
RS.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
735000 |
Equity Shares |
Rs. 10/-
each |
Rs.7.350
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 |
7.350 |
7.350 |
7.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
413.103 |
319.672 |
218.988 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
420.453 |
327.022 |
226.338 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.841 |
17.375 |
18.709 |
|
|
2] Unsecured Loans |
0.000 |
1.400 |
1.900 |
|
|
TOTAL BORROWING |
5.841 |
18.775 |
20.609 |
|
|
DEFERRED TAX LIABILITIES |
7.300 |
10.400 |
13.600 |
|
|
|
|
|
|
|
|
TOTAL |
433.594 |
356.197 |
260.547 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
177.628 |
195.217 |
198.208 |
|
|
Capital work-in-progress |
48.446 |
7.096 |
5.982 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
85.960
|
72.820
|
65.146
|
|
|
Sundry Debtors |
223.893
|
177.586
|
147.040
|
|
|
Cash & Bank Balances |
98.633
|
98.340
|
7.088
|
|
|
Other Current Assets |
0.296
|
0.037
|
12.686
|
|
|
Loans & Advances |
23.298
|
23.013
|
22.691
|
|
Total
Current Assets |
432.080
|
371.796
|
254.651
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
143.661
|
136.887 |
159.417
|
|
|
Other Current Liabilities |
10.431
|
14.017
|
11.722
|
|
|
Provisions |
70.468
|
67.008
|
32.462
|
|
Total
Current Liabilities |
224.560
|
217.912
|
203.601
|
|
|
Net Current Assets |
207.520
|
153.884
|
51.050
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
5.307 |
|
|
|
|
|
|
|
|
TOTAL |
433.594 |
356.197 |
260.547 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1033.175 |
840.635 |
699.017 |
|
|
|
Other Income |
10.807 |
99.081 |
24.733 |
|
|
|
TOTAL |
1043.982 |
939.716 |
723.750 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
504.576 |
401.617 |
|
|
|
|
Employee Related Expenses |
110.834 |
94.737 |
611.046 |
|
|
|
Administrative Selling Other Expenses |
183.642 |
164.165 |
|
|
|
|
TOTAL |
799.052 |
660.519 |
611.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
244.930 |
279.197 |
112.704 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.261 |
3.537 |
5.472 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
243.669 |
275.660 |
107.232 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
32.889 |
33.335 |
14.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
THE FOLLOWING ITEMS |
0.000 |
0.000 |
93.200 |
|
|
|
|
|
|
|
|
|
Add |
COMPENSATION OF
TERMINATION OF AGENCY AGREEMENT |
0.000 |
0.000 |
12.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
210.780 |
242.325 |
105.886 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
68.573 |
75.116 |
38.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
142.207 |
167.209 |
67.586 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS / (SHORT)
PROVISION FOR CURRENT TAXATION IN RESPECT OF EARLIER YEARS |
NA |
NA |
0.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
226.188 |
142.226 |
97.041 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
26.460 |
0.000 |
|
|
|
Proposed Dividend |
48.777 |
30.503 |
13.524 |
|
|
|
Tax on Dividend |
|
9.563 |
2.298 |
|
|
|
Transfer to General Reserve |
14.220 |
16.721 |
6.779 |
|
|
BALANCE CARRIED
TO THE B/S |
305.398 |
226.188 |
142.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
20.200 |
12.572 |
19.142 |
|
|
|
Freight and Insurance on above |
1.474 |
0.836 |
0.771 |
|
|
|
Commission Earnings |
3.637 |
1.965 |
22.766 |
|
|
|
Other Earnings |
0.000 |
0.168 |
12.666 |
|
|
TOTAL EARNINGS |
25.311 |
15.541 |
55.345 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
114.610 |
98.339 |
77.931 |
|
|
|
Traded Finished Goods |
2.543 |
7.784 |
5.196 |
|
|
|
Capital Goods |
3.073 |
4.084 |
0.791 |
|
|
TOTAL IMPORTS |
120.226 |
110.207 |
83.918 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
193.48 |
227.49 |
92.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.62
|
17.79 |
9.34
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.40
|
28.83 |
15.15
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.57
|
42.74 |
22.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.74 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.72 |
0.99
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.70 |
1.25
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
SUNDRY CREDITORS |
|
|
|
|
Creditors due
small micro enterprises |
5.019 |
1.566 |
|
|
Creditors due
others |
138.642 |
135.321 |
|
|
TOTAL |
143.661 |
136.887 |
159.417
|
|
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 |
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 |
Yes |
|
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 |
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 |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
Registered office of the company has been shifted from Nirlon House, 254-B, Dr. A. B. Road, Worli, Mumbai- 400018, Maharashtra to the present address w.e.f.01.01.2008.
COMPANY OPERATIONS:
The year under
report (31.03.11) has resulted in a net profit of Rs. 142.207 Millions after
providing Rs.32.889 Millions for Depreciation and Rs. 74.000 Millions for
Taxation. This amount together with the Profit of Rs.226.188 Millions brought
forward from earlier years aggregating to Rs.368.396 Millions is available for
appropriation.
The Company’s
income grew by 22.3% over the previous year. Profit before Tax has, come down
by 13% over the previous year. (Previous year higher PBT/PAT due to Property
Sale of Kalyan at Rs. 81.7 Million). The Operational PBT has significantly
increased by 35% compared to the previous year mainly due to higher volumes,
lower over heads and better product mix.
The outlook for the coming year is positive.
CONTINGENT LIABILITY:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Excise Duty |
3.419 |
3.419 |
|
TOTAL |
3.419 |
3.419 |
FIXED ASSETS:
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Motor
Vehicles
- Improvement
to Leasehold Premises
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.55.52 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.