MIRA
INFORM REPORT
|
Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRIMACY INDUSTRIES LIMITED (w.e.f. 18.09.2007) |
|
|
|
|
Formerly Known
As : |
PRIMACY INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Udayam Building, Manipal
- 576104, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss) |
|
|
|
|
Date of
Incorporation : |
03.09.2004 |
|
|
|
|
Com. Reg. No.: |
08-034633 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.154 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24242KA2004PLC034633 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP04931D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP3568L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Paraffin Wax Candles. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears sharp dip in the profitability during 2012. Mr. Dattatreya, Deputy Manger has provided us with general information
but denied to disclose any financial detail. Subject is exposed to the risks relating to product and geographical
concentration, seasonality in business, large working capital requirements
and volatility in wax prices. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some
caution. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating |
|
Rating Explanation |
Suspended |
|
Date |
December 18, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating |
|
Rating Explanation |
Suspended |
|
Date |
December 18, 2012 |
Reason for Suspension: Inadequate information from the company.
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. Dattatreya |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-824-2405220 |
|
Date : |
07.02.2013 |
LOCATIONS
|
Registered Office : |
Udayam Building, Manipal - 576104, Karnataka, India |
|
Tel. No.: |
91-824-2405220/ 21 |
|
Fax No.: |
91-824-2405219 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Factory : |
Plot No. 7A, Baikampady Industrial Area, Mangalore – 575
011, |
|
Tel. No.: |
91-824-2405220/ 24 /21 |
|
Fax No.: |
91-824-2405219 |
|
E-Mail : |
DIRECTORS
As on 02.08.2012
|
Name : |
Mr. Tonse Guatham Pai |
|
Designation : |
Managing Director |
|
Address : |
38, Ananth Nagar, Manipal – 576104, Karnataka, India |
|
Date of Birth/Age : |
26.09.1974 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
03.09.2004 |
|
DIN No.: |
00120314 |
|
|
|
|
Name : |
Mr. Sandhya Satish Pai |
|
Designation : |
Director |
|
Address : |
38, Ananth Nagar, Manipal – 576104, Karnataka, India |
|
Date of Birth/Age : |
26.02.1947 |
|
Qualification : |
SSLC |
|
Date of Appointment : |
26.01.2006 |
|
DIN No.: |
00120225 |
|
|
|
|
Name : |
Mr. Belle Monappa Hegde |
|
Designation : |
Director |
|
Address : |
Manjunath, Pais Hills, Bejai Mangalore, Dakshina Kannada – 575004, Karnataka, India |
|
Date of Birth/Age : |
18.08.1938 |
|
Qualification : |
MBBS |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00128203 |
|
|
|
|
Name : |
Mr. Raghbir Kumar Sehgal |
|
Designation : |
Director |
|
Address : |
No. 1015, Sector 278, Chandigarh – 160019, India |
|
Date of Birth/Age : |
03.04.1937 |
|
Qualification : |
BS (CIVIL) |
|
Date of Appointment : |
03.09.2004 |
|
DIN No.: |
02555557 |
|
|
|
|
Name : |
Mr. Travis Ryan Propes |
|
Designation : |
Director |
|
Address : |
212, King George ST, Daniel Island, South Carolina |
|
Date of Birth/Age : |
06.06.1975 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
26.01.2006 |
|
DIN No.: |
02698958 |
|
|
|
|
Name : |
Mary Frances Van De Venter Propes |
|
Designation : |
Director |
|
Address : |
162, Rebellion Farm, Charleston, South Carolina |
|
Date of Birth/Age : |
29.04.1952 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
26.01.2006 |
|
DIN No.: |
02700182 |
|
|
|
|
Name : |
Mr. Mahendra Prakash Srivastava |
|
Designation : |
Director |
|
Address : |
3/89, Vikas Khad, Gomtinagar, Lucknow – 226010, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.08.1955 |
|
Qualification : |
BS, PHD, MA |
|
Date of Appointment : |
03.09.2004 |
|
DIN No.: |
02850152 |
KEY EXECUTIVES
|
Name : |
Mr. Dattatreya |
|
Designation : |
Deputy Manager |
|
|
|
|
Name : |
M V Bhat |
|
Designation : |
Company Secretary |
|
Address : |
Noopura, Vyasa Rao Road, Kadri Mangalore, Dakshina Kannada
– 575003, Karnataka, India |
|
Date of Birth/Age : |
03.04.1953 |
|
Date of Appointment : |
01.12.2010 |
|
PAN No.: |
ABOPB9822E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dr. Mahendra Srivastav |
|
45575 |
|
Raghbir K Sehgal |
|
289198 |
|
T. Gautham Pai |
|
1000 |
|
Rolf Bartke |
|
55615 |
|
K. Laxminarayan Rao |
|
16 |
|
Sadashiva Pai B. |
|
1 |
|
K. Govindraya Kamath |
|
1 |
|
Vanita G. Pai |
|
1 |
|
T. Satish U. Pai |
|
1000 |
|
Sandhya S. Pai |
|
1000 |
|
GP Global Limited, Dubai |
|
2608136 |
|
Total |
|
3001543 |
As on 02.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
88.75 |
|
Directors or relatives of Directors |
11.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Paraffin Wax Candles. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Perfumed and Decorative Candles |
||||
|
Countries : |
USA |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit (30 days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash and Credit (30 days) |
PRODUCTION STATUS (As on 31.03.2011)
Installed capacity
The installed capacity is to produce 20,000 MT of candles of various shapes and sizes per annum.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Syndicate Bank, Manipal
Main Branch, Manipal – 576104, Karnataka, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sriramulu Naidu and Company Chartered Accountants |
|
Address : |
3-12-1394/52, Ram Bhavan Complex, Kodiabail, Manglore -
575003, Karnataka, India |
|
Tel. No.: |
91-824-2441164/ 0464 |
|
PAN.: |
AAOFS3877R |
|
|
|
|
Holding : (As on 31.03.2011) |
GP Global Limited |
|
|
|
|
Wholly owned
Subsidiary: (As on 31.03.2011) |
MVP Group International Inc. |
|
|
|
|
Associates: (As on 31.03.2011) |
· Primacy Global Enterprises Private Limited · Sharath Investments Private Limited · Manipal Media Network Limited |
CAPITAL STRUCTURE
As on 02.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.100/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3001543 |
Equity Shares |
Rs.100/-
each |
Rs.300.154
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
300.154 |
111.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
674.232 |
200.921 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
974.386 |
311.921 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1167.095 |
1059.295 |
|
|
2] Unsecured Loans |
|
0.893 |
0.000 |
|
|
TOTAL BORROWING |
|
1167.988 |
1059.295 |
|
|
DEFERRED TAX LIABILITIES |
|
29.719 |
16.123 |
|
|
|
|
|
|
|
|
TOTAL |
|
2172.093 |
1387.339 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
193.991 |
188.710 |
|
|
Capital work-in-progress |
|
1283.504 |
751.932 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
234.043
|
172.489 |
|
|
Sundry Debtors |
|
370.860
|
253.912 |
|
|
Cash & Bank Balances |
|
37.988
|
56.747 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
147.200
|
100.404 |
|
Total
Current Assets |
|
790.091
|
583.552 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
86.814
|
127.312 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
8.679
|
9.543 |
|
Total
Current Liabilities |
|
95.493
|
136.855 |
|
|
Net Current Assets |
|
694.598
|
446.697 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2172.093 |
1387.339 |
|
Note: Balance Sheet for the year 2012 is not
available, only Profit and Loss Account is available
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1505.182 |
1318.359 |
1202.836 |
|
|
|
Other Income |
48.313 |
38.466 |
16.712 |
|
|
|
TOTAL (A) |
1553.495 |
1356.825 |
1219.548 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1003.508 |
832.081 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(7.153) |
(21.767) |
1147.338 |
|
|
|
Employee benefit expense |
136.921 |
128.046 |
|
|
|
|
Other expenses |
278.584 |
189.962 |
|
|
|
|
Exceptional items |
(4.652) |
0.000 |
|
|
|
|
TOTAL (B) |
1407.208 |
1128.322 |
1147.338 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
146.287 |
228.503 |
72.210 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
75.083 |
66.858 |
43.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.204 |
161.645 |
28.587 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/ AMORTISATION (F) |
18.932 |
17.107 |
15.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
52.272 |
144.538 |
128.938 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
(6.814) |
13.596 |
2.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
59.086 |
130.942 |
125.995 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
318.863 |
187.921 |
105.990 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
13.000 |
|
|
|
Dividend |
NA |
0.000 |
26.640 |
|
|
|
Tax on Dividend |
NA |
0.000 |
4.435 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
318.863 |
187.921 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1205.497 |
1204.933 |
|
|
TOTAL EARNINGS |
NA |
1205.497 |
1204.933 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
540.613 |
527.377 |
|
|
|
Stores & Spares |
NA |
0.000 |
0.222 |
|
|
|
Capital Goods |
NA |
6.406 |
2.289 |
|
|
TOTAL IMPORTS |
NA |
547.019 |
529.888 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.52 |
65.43 |
113.51 |
|
%2012-Feb-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.80
|
9.65 |
10.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.47
|
10.96 |
10.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
14.69 |
16.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.15 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
1.20 |
3.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
8.27 |
4.26 |
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 |
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 |
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 |
Yes |
CONTINGENT
LIABILITIES (As on 31.03.2011)
a. Bank Guarantees
The Company has executed a General Security Bond of Rs. 70.000 Millions (Pr. yr Rs.70.000 Millions) in favour of the President of India represented by the Deputy Commissioner of Customs, Panambur, Mangalore. On the above security 5% Bank Guarantee of Rs. 3.500 Millions (Pr. yr Rs.3.500 Millions) is given. To obtain this Bank Guarantee the Company has deposited Rs.0.175 Million with Syndicate Bank. During the year this deposit has been renewed and restated with Rs. 0.234 Million inclusive of Accrued interest.
b. Value Added Tax (VAT)
Commercial Tax department has raised demand for VAT refunded amount of Rs 3.455 Millions on Capital Goods Purchased for the financial year 2005-06, against which the company has filed an Appeal before the Tribunal. The refund of an equal amount has been withheld by the department and the same has been included in 'Advances recoverable in cash or in kind'. The case is not settled and hence the balance is sustained in the books
c. Debtors
Two of the domestic customers have defaulted in payment of bills amounting to Rs. 0.250 Million. Having failed to elicit proper response this customers, the company has filed suits against them during the financial year 2009-10. Out of the above two customers, Mr. Kiran Rao has been adjudged as defaulter by the Hon'ble Majistrate of Mangalore District Court has issued notice to recover Rs. 0.081 Million being trade recoveries from him. The other case of M/s. Vintage Cards and Creations Limited being pursued in the Mangalore District Court.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Other external commercial borrowings unsecured |
0.893 |
0.000 |
|
Total |
0.893 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24242KA2004PLC034633 |
|
Name of the
company |
PRIMACY
INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Udayam Building, Manipal - 576104, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others (hypothecation of machinery, furniture and fixtures) |
|
Particular of
charge holder |
Syndicate Bank, Manipal
Main Branch, Manipal – 576104, Karnataka, India |
|
Nature of
instrument creating charge |
Composite Hypothecation Agreement Confirmation of Creation of Second / Subsequent Equitable Mortgage |
|
Date of
instrument Creating the charge |
26.07.2012 |
|
Amount secured by
the charge |
Rs.38.588 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest LIBOR + 350BPS
P.A. Terms of Repayment Repayable in 20
eqi of US $ 35000 each. Extent and Operation of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limit by way of
first charge. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of Machinery, Furniture and Fixtures etc. at a total project cost estimated at 50.300 Millions All that piece and parcel of land, known as Plot No 7A, Baikampady Industrial Area, situated in S No 30, 119 and 120 of Baikampady Village, Mangalore Taluk, Mangalore Sub-District and Revenue District |
FIXED ASSETS
· Building
· Plant machinery
· Office equipments
· Factory equipments
· Other equipments
· Furniture fixtures
· Vehicles
· Computer
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] 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.53.68 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.