MIRA INFORM REPORT
|
Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
JOTUN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
502, 5th Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160431 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1111.817
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24224MH2006PTC160431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ12022D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ6665J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Liquid Paints and Powder Coatings. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Jotun AS’, Norway. It is an established company having a moderate track record. It has achieved some growth in its sales during 2012. It has incurred
heavy loss from its operation. There appear huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
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 |
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 DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
502, 5th Floor, |
|
Tel No.: |
91-22-28224600 / 67872100 / 26848932 |
|
Fax No.: |
91-22-28205900 / 26848920 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D- 280, MIDC, Ranjangaon, Shirur, Pune – 419204, |
|
Tel. No.: |
91-2138-671300 / 230300 |
|
Fax No.: |
91-2138-671399 / 230399 |
|
E-Mail : |
|
|
|
|
|
Warehouse : |
Located at: v Bhivandi |
|
|
|
|
Sales Office : |
|
|
Tel No.: |
91-44-28419420/ 28510861 |
|
Fax No.: |
91-44-28419513 |
|
Email : |
|
|
|
|
|
Branch : |
Located at v Surat |
DIRECTORS
AS ON 23.11.2012
|
Name : |
Mr. Esben Hersve |
|
Designation : |
Director |
|
Address : |
Orneveien17, Sadefjord, 003209, Norway |
|
Date of Birth/Age : |
27.06.1960 |
|
Qualification : |
Bachelor Degree in International Management (BI) |
|
Date of Appointment : |
06.06.2007 |
|
DIN No.: |
02012551 |
|
|
|
|
Name : |
Mr. Erik Reinholt Aaberg |
|
Designation : |
Director |
|
Address : |
P. O. Box 3671, Dubai 009714, United Arab Emirates |
|
Date of Birth/Age : |
18.08.1951 |
|
Qualification : |
Oslo School of Business Management (BI) |
|
Date of Appointment : |
06.06.2007 |
|
DIN No.: |
00082179 |
|
|
|
|
Name : |
Mr. Martin Ai Leng Chew |
|
Designation : |
Director |
|
Address : |
The Meadows 5, Villa 40, Street- II, Dubai, United Arab Emirates |
|
Date of Birth/Age : |
02.09.1967 |
|
Qualification : |
Diploma in Polytechnic, Singapore |
|
Date of Appointment : |
26.06.2009 |
|
DIN No.: |
02478901 |
|
|
|
|
Name : |
Mr. Liang Hoong Wong |
|
Designation : |
Director |
|
Address : |
33, Hindhede Walk, Apartment-07-11, Singapore 587 968 |
|
Date of Birth/Age : |
03.11.1958 |
|
Qualification : |
Diploma |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
02614703 |
KEY EXECUTIVES
|
Name : |
Ms. Flora Das |
|
Designation : |
Secretary |
|
Address : |
c/201, Laxmi Narayan Apartment, Jesal Park, Bhayendar, Mumbai-401105,
Maharashtra, India |
|
Date of Birth/Age : |
19.08.1986 |
|
Date of Appointment : |
12.03.2012 |
|
PAN No.: |
ALXPD8563B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.11.2012
|
Names of Shareholders |
No. of Shares |
|
Jotun AS, Norway |
127848334 |
|
Jotun Powder Coatings AS, Norway |
6860000 |
|
TOTAL
|
134708334 |
AS ON 24.10.2012
|
Names of Allottees |
No. of Shares |
|
Jotun AS, Norway |
16666667 |
|
TOTAL
|
16666667 |
AS ON 23.11.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Liquid Paints and Powder Coatings. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paint |
Ltrs |
16,000,000 |
10,399,271 |
|
Powder |
Kgs |
4,000,000 |
2,872,540 |
NOTE
Licensed capacity for
the product manufactured by the company is not mandated and hence not
disclosed. Installed Capacity as stated above is as per management estimate and
has not been verified by auditor as same being technical matter
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
CITI Bank N.A., CITI Group Centre, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
14th Floor, The
Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra,
India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company : |
·
Jotun AS, Norway |
|
|
|
|
Associates/ Fellow Subsidiaries : |
·
Jotun Singapore Pte. Limited ·
Jotun Australia Pty. Limited ·
Jotun Abu Dhabi Limited (L.L.C.) ·
Jotun Paints Europe Limited ·
Jotun (Malaysia) Sdn. Bhd. ·
Jotun Paints (Vietnam) Company Limited ·
Jotun Powder Coatings (Vietnam) Company Limited ·
Jotun Thailand Limited ·
Jotun U.A.E. Limited (L.L.C.) ·
Jotun F.Z.E. ·
Jotun Cosco Marine Coatings (HK) Company Limited ·
Jotun Powder Coatings India Private Limited. ·
Jotun Italia S.p.A ·
El-Mohandes Jotun Egypt (S.A.E.) ·
Chokwang Jotun Limited ·
Jotun Paints South Africa (Pty) Limited ·
Jotun Powder Coatings (Thailand) Limited ·
Jotun Powder Coatings UAE Limited (L.L.C.) ·
Jotun Cosco Marine Coatings (GZ) Company Limited ·
Jotun Coatings (Zhangjiagang) Company Limited ·
Jotun Danmark A/S ·
Jotun Powder Coatings AS Norway ·
Jotun Brasil Imp. Exp and Industria de Tintas
Ltda. ·
P.T. Jotun Indonesia ·
Jotun Boya Sanayive Ticaretas ·
Jotun Saudia Company Limited ·
Jotun Iberica S.A. ·
Jotun Powder Coatings Saudi Arabia Company
Limited ·
Jotun Paints, Inc. ·
Jotun Cosco Marine Coatings (Qingdio) Company
Limited ·
Jotun Hellas Limited ·
Jotun Finland ·
Jotun Lima Peru |
CAPITAL STRUCTURE
AFTER 23.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134708334 |
Equity Shares |
Rs.10/- each |
Rs. 1347.083
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
132000000 |
Equity Shares |
Rs.10/- each |
Rs. 1320.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111181667 |
Equity Shares |
Rs.10/- each |
Rs. 1111.817
Millions |
|
|
|
|
|
AS ON 23.11.2012
Authorised Capital : Rs. 1500.000 Millions
Issued,
Subscribed & Paid-up Capital : Rs. 1430.417 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1111.817 |
1111.817 |
843.500 |
|
|
2] Share Application Money |
68.600 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(640.053) |
(229.840) |
310.740 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(838.768) |
|
|
NETWORTH |
540.364 |
881.977 |
315.472 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
80.000 |
330.782 |
|
|
2] Unsecured Loans |
1699.726 |
790.228 |
987.450 |
|
|
TOTAL BORROWING |
1699.726 |
870.228 |
1318.232 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2240.090 |
1752.205 |
1633.704 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
710.204 |
717.053 |
808.570 |
|
|
Capital work-in-progress |
6.894 |
1.418 |
6.687 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
904.192
|
595.697
|
469.093
|
|
|
Sundry Debtors |
1068.074
|
765.472
|
723.600
|
|
|
Cash & Bank Balances |
61.251
|
177.263
|
51.808
|
|
|
Other Current Assets |
0.239
|
0.811
|
0.000
|
|
|
Loans & Advances |
297.077
|
199.202
|
153.690
|
|
Total
Current Assets |
2330.833
|
1738.445 |
1398.191 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
572.429
|
509.813
|
430.462
|
|
|
Other Current Liabilities |
182.488
|
170.907
|
131.385
|
|
|
Provisions |
52.924
|
23.991
|
17.897
|
|
Total
Current Liabilities |
807.841
|
704.711 |
579.744 |
|
|
Net Current Assets |
1522.992
|
1033.734
|
818.447
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2240.090 |
1752.205 |
1633.704 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3045.444 |
2567.053 |
2100.856 |
|
|
|
Other Income |
8.240 |
5.560 |
6.611 |
|
|
|
TOTAL |
3053.684 |
2572.613 |
2107.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses including Depreciation |
|
2598.251 |
|
|
|
|
Prior Period Adjustment for communication expenses |
|
|
|
|
|
|
TOTAL |
3212.197 |
2598.251 |
2511.186 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION |
(158.513) |
(25.638) |
[Including |
|
|
|
|
|
|
Depreciation |
|
|
Less |
DEPRECIATION |
249.846 |
212.808 |
Expenses] |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX AMORTISATION |
(408.359) |
(238.446) |
|
|
|
|
|
|
|
|
|
|
|
AMORTISATION |
(1.853) |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(410.212) |
(238.446) |
(403.719) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
1.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(410.212) |
(238.446) |
(404.937) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(433.831) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(838.768) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB) |
19.531 |
29.541 |
21.469 |
|
|
|
Sales Support Fee |
1.312 |
8.921 |
0.000 |
|
|
|
Rental income assets |
1.193 |
1.711 |
0.000 |
|
|
|
Technical service fees |
0.182 |
0.787 |
0.000 |
|
|
TOTAL EARNINGS |
22.218 |
40.960 |
21.469 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
4.103 |
7.184 |
26.700 |
|
|
|
Raw Materials |
1394.877 |
913.628 |
672.779 |
|
|
|
Traded Goods |
204.149 |
138.693 |
200.738 |
|
|
TOTAL IMPORTS |
1603.129 |
1059.505 |
900.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.48) |
(2.50) |
(4.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(13.43)
|
(9.27) |
(19.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.47)
|
(9.29) |
(19.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.49)
|
(9.71) |
(18.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.76)
|
(0.27) |
(1.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.15
|
0.99 |
4.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89
|
2.47 |
2.41 |
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 |
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 |
No |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
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 |
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Foreign Currency Term Loans from Others |
457.380 |
401.760 |
|
Working Capital Loans from Banks |
1104.000 |
120.000 |
|
Other Loans and Advances |
138.346 |
268.468 |
|
|
|
|
|
TOTAL |
1699.726 |
790.228 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
572.429
|
509.813
|
430.462
|
|
|
|
|
|
|
TOTAL |
572.429
|
509.813
|
430.462
|
CORPORATE INFORMATION
Subject was incorporated
on 10th March, 2006 as a 99.99% subsidiary of Jotun AS, Norway (or 'the Holding
Company'). The Company is into operation of manufacturing Liquid Paints and
Powder Coatings.
PERFORMANCE
The operations of the
plant are improving at a steady rate and they are deploying their resources in
the best possible way to increase the business volumes.
During the year,
the Company has scaled new heights and has set new benchmark in terms of sales.
However, due to increase in Raw materials costs and higher investments in
market, expenses also increased.
MERGER UPDATES
The Company has
undergone the process of merger between Jotun Powder Coatings (India) Private
Limited (the Transferor Company) merged with Jotun India Private Limited ('the
Transferee Company') and following Scheme of Merger u/s 391 read with section
394 of the Companies Act 1956 in relation thereto was filed in the High Court
of Mumbai.
The said Scheme of
Merger be and is hereby approved by the Hon'ble High Court of Judicature,
Mumbai and the order was approved and delivered from High Court dated
30.03.2012 effecting the amalgamation w.e.f 01st April 2010.
Certified copy of order was received on 06.04.2012. The company has therefore
complied with all regulations and compliances held with various regulatory
affairs on effect of the merger
FIXED ASSETS
v Leasehold Land
v Building
v Leasehold
Improvements
v Office Equipment
v Computer / EDP
Equipment
v Plant and
Machinery
v Motor Vehicles
v Furniture and
Fixture
v Software Expenses
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 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] 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 |
|
|
1 |
Rs. 83.54 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.