MIRA INFORM REPORT
|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH FIBRES
LIMITED |
|
|
|
|
Registered
Office : |
205, Marol Bhavan, 2nd Floor, Marol Co-operative Industrial Estate
Limited, M.V. Road, J.B. Nagar Post Andheri East, Mumbai - 400059,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.12.1989 |
|
|
|
|
Com. Reg. No.: |
11-54580 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 50.884 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1989PLC054580 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of
Manmade Fibers |
|
|
|
|
No. of Employees
: |
95 (Approximately) |
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 900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. K. D. Sanghva |
|
Designation : |
Senior Manager (Accounts) |
|
Date : |
31.01.2013 |
LOCATIONS
|
Registered Office : |
205, Marol Bhavan, 2nd Floor, Marol Co-operative Industrial Estate
Limited, M.V. Road, J.B. Nagar Post Andheri East, Mumbai - 400059,
Maharashtra, India |
|
|
Tel. No.: |
91-22-28599428 |
|
|
Fax No.: |
91-22-28599429 |
|
|
E-Mail : |
||
|
Website : |
||
|
|
|
|
|
Head Office : |
401-402, "TaKsh Paradigm", 5 Charotar, Co-operative Housing Society, old Padra Road, Vadodara - 390005, India |
|
|
Tel. No.: |
91-265-2337247/2356308 |
|
|
Fax No.: |
91-265-2339490 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 1 : |
Block 460/P,
Village Post Tundav, Taluka Savli, District Vadodara - 391775, Gujarat, India |
|
|
|
|
|
|
Factory 2 : |
Located at
Tundav, Savli, Vadodara and Gujarat |
|
|
|
|
|
|
Branches : |
Delhi 121, Priya
Enclave, Near Karkardooma C, New Delhi - 119001, India Tele/Fax :
91-11-23731560 E-Mail: delhi@zenithfibres.com Kolkata 225D, A.J.C. Bose
Road, Calcutta - 700020, West Bengal, India Tele/Fax : 91-33-22474107/
253 E-Mail : kolkata@zenith.com |
|
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Ajay Kumar Rungta |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
73 Years |
|
Qualification: |
M. Com., L. L. B., A. B. T. I. |
|
|
|
|
Name : |
Mr. Amitabha
Ghosh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. I. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev
Rungta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajeev
Rungta |
|
Designation : |
Director |
|
Date of
Birth/Age : |
51 Years |
|
|
|
|
Name : |
Mr. Abhishake
Rungta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukund
Beriwala |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. D. Sanghva |
|
Designation : |
Senior Manager (Accounts) |
|
|
|
|
Name : |
Dr. S. R.
Vengsarkar |
|
Designation : |
Advisor |
|
Date of Birth/Age : |
75 Years |
|
|
|
|
Name : |
Mr. Bankim
Purohit |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Category of
Shareholders |
Number of Shares |
Percentage |
|
A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
77330 |
1.75 |
|
|
2143776 |
48.48 |
|
|
2221106 |
50.22 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
2221106 |
50.22 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
27600 |
0.62 |
|
|
27600 |
0.62 |
|
|
|
|
|
|
313196 |
7.08 |
|
|
|
|
|
|
1466363 |
33.16 |
|
|
377800 |
8.54 |
|
|
16281 |
0.37 |
|
|
3999 |
0.09 |
|
|
12282 |
0.28 |
|
|
2173640 |
49.15 |
|
Total Public
shareholding (B) |
2201240 |
49.78 |
|
Total (A)+(B) |
4422346 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4422346 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Manmade Fibers |
PRODUCTION STATUS As on
31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polypropylene Staple Fibre |
MT |
S.I.A. Registration obtained for 3,000 MT Per Annum |
3900 (3900) |
3830 (3398) |
GENERAL INFORMATION
|
No. of Employees : |
95 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. Jain And Hindocha Chartered Accountant |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5754527 |
Equity Shares |
Rs.10/- each |
Rs. 57.545
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4422346 |
Equity Shares |
Rs.10/- each |
Rs. 44.223
Millions |
|
|
Forfeited Shares (amount originally paid) |
|
Rs. 6.661
Millions |
|
|
Total |
|
Rs. 50.884 Millions |
Reconciliation of
Number of Shares
|
Shares outstanding as at 1st April 2011/1st April 2010 |
4422346 |
|
Shares outstanding as at 31st March 2012/31st March 2011 |
4422346 |
List of Shareholders
holding more than 5% of the total number of Shares issued by the Company :
|
Name of the
shareholder |
|
|
Demris Finvest Private Limited |
481500 |
|
Galaxy Dealers Private Limited |
325810 |
|
Rainy Fiscal Services Private Limited |
560100 |
|
Shark Barter Private Limited |
450000 |
The Company has issued only one class of equity shares having a par value of Rs.10 per share. Each holder of Equity Share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting.
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 |
50.884 |
50.884 |
50.884 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
178.345 |
153.187 |
136.141 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
229.229 |
204.071 |
187.025 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.338 |
1.349 |
3.935 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3.338 |
1.349 |
3.935 |
|
|
DEFERRED TAX LIABILITIES |
7.911 |
9.875 |
12.902 |
|
|
|
|
|
|
|
|
TOTAL |
240.478 |
215.295 |
203.862 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.793 |
52.097 |
62.269 |
|
|
Capital work-in-progress |
16.195 |
0.104 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.405
|
32.901 |
26.566 |
|
|
Sundry Debtors |
51.836
|
36.302 |
40.276 |
|
|
Cash & Bank Balances |
102.082
|
91.209 |
78.902 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.376
|
27.891 |
20.963 |
|
Total
Current Assets |
212.699
|
188.303 |
166.707 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.807
|
4.425 |
12.136 |
|
|
Other Current Liabilities |
10.306
|
8.508 |
1.508 |
|
|
Provisions |
15.096
|
12.276 |
11.470 |
|
Total
Current Liabilities |
38.209
|
25.209 |
25.114 |
|
|
Net Current Assets |
174.490
|
163.094 |
141.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
240.478 |
215.295 |
203.862 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
504.282 |
393.789 |
339.754 |
|
|
|
Other Income |
13.633 |
11.031 |
9.849 |
|
|
|
TOTAL (A) |
517.915 |
404.820 |
349.603 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
334.749 |
274.041 |
215.791 |
|
|
|
Change in inventories of finished goods/ Waste and work in progress |
5.297 |
(2.581) |
5.431 |
|
|
|
Employees benefits expenses |
19.089 |
17.904 |
15.861 |
|
|
|
Other expenses |
93.629 |
67.461 |
62.391 |
|
|
|
TOTAL (B) |
452.764 |
356.825 |
299.474 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.151 |
47.995 |
50.129 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.552 |
1.454 |
1.579 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.599 |
46.541 |
48.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.427 |
9.478 |
9.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.172 |
37.063 |
39.034 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.760 |
12.282 |
10.207 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35.412 |
24.781 |
28.827 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR YEAR
ADJUSTMENT (NET) |
0.000 |
24.588 |
0.190 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.382 |
13.424 |
92.548 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
6.633 |
6.634 |
|
|
|
Dividend |
NA |
1.102 |
1.127 |
|
|
|
Tax on Dividend |
NA |
2.500 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3.382 |
13.424 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
171.756 |
138.193 |
98.479 |
|
|
TOTAL EARNINGS |
171.756 |
138.193 |
98.479 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.561 |
2.808 |
15.622 |
|
|
|
Stores & Spares |
8.818 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.026 |
0.142 |
0.000 |
|
|
TOTAL IMPORTS |
11.405 |
2.950 |
15.622 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.00 |
5.60 |
6.47 |
|
QUARTERLY RESULTS
|
Particular |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st Quarter |
2nd Quarter |
|
|
|
UnAudited |
UnAudited |
|
Net Sales |
|
135.800 |
138.640 |
|
Total Expenditure |
|
115.890 |
126.170 |
|
PBIDT (Excl OI) |
|
19.910 |
12.470 |
|
Other Income |
|
3.560 |
4.720 |
|
Operating Profit |
|
23.450 |
17.190 |
|
Interest |
|
0.450 |
0.560 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
23.000 |
16.630 |
|
Depreciation |
|
2.500 |
2.630 |
|
Profit Before Tax |
|
20.500 |
14.000 |
|
Tax |
|
6.730 |
3.680 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
13.770 |
10.320 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
13.770 |
10.320 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.84
|
6.12 |
8.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.74
|
9.41 |
11.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.64
|
15.42 |
17.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.57
|
7.47 |
6.64 |
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 |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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] |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development:
Man-made fibre industry is well poised for reasonable growth despite slow down in European and certain other markets. Polypropylene fibre industry was not growing at the same rate as Polyester fibre because many sectors where PP should be used is replaced by Polyester because of lower prices. Certain novel uses have been found in some sectors where use of PP fibre cannot be replaced and this augurs well for PP fibre industry and it should also show similar growth as other fibres.
Segment-wise
operational performance:
The Company operates into only one business segment – Manufacturing of Man Made Fibres.
Turnover for the year ended 31st March, 2012 amounted to Rs. 534.994 Millions as against Rs. 417.755 Millions last year. Operating profit stood at Rs. 65.409 Millions as against Rs. 48.187 Millions in the previous year. Cash profit was at Rs. 63.858 Millions as against Rs. 46.733 Millions in the earlier year. Profit before tax stood at Rs. 54.432 Millions as against Rs.37.255 Millions in the earlier year and Profit after tax was at Rs. 35.412 Millions as against Rs. 24.781 Millions in the previous year.
Production during the year was higher at 4172 tons as against 3830 tons in the previous year. Sales of fibre including self consumption for conversion was 4223 tons as compared to 3809 tons last year. Sales of yarn was at 1078 tons as compared to 636 tons last year.
The year under review saw highest revenues, production and sales
during a year since inception of the Company.
Outlook:
The general outlook for the industry is bright. Several sectors have been identified where use of PP fibre will be essential. Besides traditional need in various "infrastructure sector" its use has started in fabrics used for soil erosion and collection of ashes from power plants. To take advantage of expected increase in demand the company has augmented its capacity and commercial production should commence from June 2012.
FIXED ASSETS
- Land
- Buildings
- Plant and Machineries
- Furniture and Fixture
- Office Equipments
- Electric Fittings
- Vehicles
- Computers
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.32 |
|
|
1 |
Rs. 84.60 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
UDS |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.