MIRA
INFORM REPORT
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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
BHURUKA GASES LIMITED |
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Registered
Office : |
Plot No.5A and 6, Doddanekundi Industrial Area, White Field Road Mahadeyapura Post, Bangalore – 560048, Karnataka, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
25.05.1974 |
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Com. Reg. No.: |
08-002568 |
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Capital Investment
/ Paid-up Capital : |
Rs. 33.740 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1974PLC002568 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB04340A |
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PAN No.: [Permanent Account No.] |
AAACB5984D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Trading of Industrial Gases |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2550000 |
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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 good track record.
Financially the company has performed well during the current year.
Performance capacity of the company is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
EXTERNAL AGENCY RATING
CARE Rating as on April 2012
CARE has suspended the rating due to lack of information.
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.
LOCATIONS
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Registered Office : |
Plot No.5A and 6, Doddanekundi Industrial Area, White Field Road Mahadeyapura Post, Bangalore – 560048, Karnataka, India |
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Tel. No.: |
91-80-41818200 (50 Lines) |
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Fax No.: |
91-80-41148753 / 28524243 |
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E-Mail : |
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Website : |
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Delhi Office : |
C/O IIHMR Building, 2nd Floor, Plot No. 3, SAF Pocket, Sector 18A, Phase-II, Near Veer Awas/ Kargil Apprt Dwaraka, New Delhi-110075, India |
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Fax No.: |
91-11-30418906 |
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E-Mail : |
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Chennai Bottling
Unit : |
No 6th, North Terminus Road, Tollgate Chennai-600101 Tamilnadu, India |
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Tel. No.: |
91-44-25912172/ 25917006 |
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E-Mail : |
DIRECTORS
As on 10.09.2012
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Name : |
Mr. Ramesh Chandra Purohit |
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Designation : |
Director |
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Address : |
841, Hal 2nd Stage, Indiranagar, Bangalore – 560075,
Karnataka, India |
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Date of Birth/Age : |
28.10.1948 |
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Date of Appointment : |
01.04.2004 |
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DIN No.: |
00627616 |
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Other
Directorship
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Name : |
Mr. Satya Narayan Agarwal |
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Designation : |
Whole-time director |
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Address : |
11/3, Nandidurg Road, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
25.01.1945 |
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Date of Appointment : |
20.07.1992 |
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DIN No.: |
00111187 |
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Other Directorship
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Name : |
Mr. Sarosh Jehangir Ghandy |
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Designation : |
Director |
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Address : |
“Ushtana” Aparanta Enclave, Village, Siddhapur, Whitefield Post,
Bangalore – 560066, Karnataka, India |
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Date of Birth/Age : |
21.12.1937 |
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Date of Appointment : |
29.04.2004 |
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DIN No.: |
00031237 |
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Other
Directorship
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2012
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Names of Shareholders |
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No. of Shares |
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Bhoruka Gases Holding Limited, India |
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13496154 |
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Total |
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13496154 |
As on 10.09.2012
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Bodies corporate |
99.00 |
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Directors or relatives of Directors |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trading of Industrial Gases |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Air Sparation Unit Gases |
Cu. Mtrs |
31940000 |
28495006 |
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Other Cylinder Gases |
Cu. Mtrs |
376680 |
356768 |
Note:
1. NA represents not applicable in view of Government of India’s
notification No.S.O.477 (E) dated 25th July 1991.
2. Excludes Iternal consumption and Trade good (a) Oxygen-38307 (b)
Nitrogen-Nil
3. As certified by the management and accepted by the auditors.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited, Corporate Banking Branch, Express Building", Second Floor, No.1. Queen's Roa, Bangalore - 560001, Karnataka, India · State Bank of India, Industrial Finance Branch, 61, Residency Plaza, Residency Road, Bangalore - 560025, Karnataka, India · Lakshmi Vilas Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.S Agarwala and Company Chartered Accountants |
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Address : |
No 48 Lavelle Raod, Bangalore – 560001, Karnataka, India |
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PAN.: |
AAGFR1901H |
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Holding Company : |
Bhuruka Gases Holdings Private Limited CIN No.: U85110KA1995PTC017689 |
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Subsidiaries : |
Bhoruka Overses Pte Limited |
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Associate : |
·
Bhoruka Power Corporation Limited ·
Prabhudhan Development Trust |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
54000000 |
Equity Shares |
Rs.2.5/- each |
Rs.135.000 Millions |
|
150000 |
Preference Shares |
Rs.100/- each |
Rs.15.000 Millions |
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Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
13496154 |
Equity Shares |
Rs.2.5/-
each |
Rs.33.740
Millions |
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The Company has only one class of equity shares having a par value of Rs.2.50 per share, Each shareholder Is eligible for 1 vote per share, in the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding. The Company has not allotted any shares pursuant to contract without payment being received in cash or by way of bonus shares. However, effective from 21.05.2010 and as per as per the Order dated 17.03.2010 of Hon'b le High Court of Karnataka 575320 shares were bought beck /reduced on payment of premium at Rs.38.50 per share.
Reconciliation of
Shares outstanding ate the beginning and it the end of the reporting period:
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Particular |
No. of Shares |
Rs. In Millions |
|
No. of shares at the beginning of the year |
13496154 |
33.740 |
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Add shares Issued during the year |
-- |
-- |
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Les$: shire$ reduced during the year |
-- |
-- |
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Balance at the end
of the year |
13496154 |
33.740 |
Details of shares
held by shareholders holding more than 5% of the aggregate shares In the
Company:
|
Particular |
No. of Shares Hold |
% of Holding |
|
Bhoruka Gases Holding Limited, India |
13496154 |
100% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
33.740 |
33.740 |
35.180 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
604.956 |
509.259 |
498.562 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
638.696 |
542.999 |
533.742 |
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LOAN FUNDS |
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1] Secured Loans |
75.937 |
134.289 |
131.867 |
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2] Unsecured Loans |
293.380 |
274.032 |
53.396 |
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TOTAL BORROWING |
369.317 |
408.321 |
185.263 |
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DEFERRED TAX LIABILITIES |
66.443 |
71.660 |
48.569 |
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TOTAL |
1074.456 |
1022.980 |
767.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
482.628 |
434.319 |
338.705 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
322.691 |
307.869 |
186.532 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.134
|
33.484 |
20.958 |
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Sundry Debtors |
68.222
|
65.365 |
64.435 |
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Cash & Bank Balances |
151.214
|
134.190 |
34.495 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
95.161
|
103.467 |
182.692 |
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Total
Current Assets |
344.731
|
336.506 |
302.580 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
24.030
|
25.386 |
27.705 |
|
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Other Current Liabilities |
11.347
|
9.796 |
12.401 |
|
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Provisions |
40.217
|
20.532 |
20.137 |
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Total
Current Liabilities |
75.594
|
55.714 |
60.243 |
|
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Net Current Assets |
269.137
|
280.792 |
242.337 |
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|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
1074.456 |
1022.980 |
767.574 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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|
|
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Income |
476.932 |
434.041 |
373.143 |
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|
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Service Income |
0.000 |
0.000 |
49.551 |
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Other Income |
26.142 |
16.893 |
16.253 |
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|
|
TOTAL (A) |
503.074 |
450.934 |
438.947 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20.859 |
|
|
|
|
|
Cost of Trading Materials |
10.833 |
11.415 |
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|
|
|
Manufacturer and Operating Costs
|
224.009 |
204.139 |
|
|
|
|
Changes in Inventories of Finished Goods |
(2.711) |
0.068 |
315.789 |
|
|
|
Employee Benefit Expense |
39.492 |
37.961 |
|
|
|
|
Other Expenses |
33.445 |
28.335 |
|
|
|
|
TOTAL (B) |
325.927 |
305.757 |
315.789 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
177.147 |
145.177 |
123.158 |
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|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.991 |
20.489 |
6.945 |
|
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|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
161.156 |
124.688 |
116.213 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.990 |
55.156 |
51.754 |
|
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|
|
|
|
|
|
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PROFIT BEFORE
TAX (E-F) (G) |
104.166 |
69.532 |
64.459 |
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|
|
|
|
|
|
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Less |
TAX (H) |
38.469 |
36.666 |
35.140 |
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|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
95.697 |
32.866 |
29.319 |
|
|
|
|
|
|
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|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Good on FOB basis |
4.903 |
0.814 |
0.776 |
|
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TOTAL EARNINGS |
4.903 |
0.814 |
0.776 |
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.879 |
14.332 |
16.252 |
|
|
|
Store and Spares |
5.489 |
|
5.782 |
|
|
|
Capital Goods |
27.900 |
65.387 |
|
|
|
TOTAL IMPORTS |
38.268 |
84.091 |
22.034 |
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.09 |
2.44 |
2.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
19.02
|
7.29 |
6.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.84
|
16.02 |
17.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.59
|
9.02 |
10.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.13 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.85 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.56
|
6.04 |
5.02 |
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 |
No |
|
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) |
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 |
Yes |
OPERATIONAL
HIGHLIGHTS;
During the year, it is heartening to report that, the company posted a total income of Rs.503.074 Millions (Net of taxes and duties Rs.59.400 Millions) against Rs.450.934 Millions (Net of taxes and duties Rs.52.500 Millions) Y-o-Y an Increase of about 12%. Due to continued and unstinted growth oriented efforts at all levels, the Company was able to sustain the uptrend in its operational and financial results. As a result of this, during the year, the Company earned an operational Profit before
Interest, Depreciation and Tax (EBIDTA) of Rs.177.147 Millions as against Rs.145.177 Millions during the previous year an increase of 22%. The profit before tax (PBT) is Rs. 104.166 Millions against Rs.69.532 Millions year-on-year a significant increase of 5096, The Net Profit/Retained after Tax [PAT] and deferred tax adjustments transferred to Balance Sheet is Rs,95.697 Millions {after an adjustment MAT credit of Rs,22.900 Millions and MAT credit entitlement of Rs,7.600 Millions) against Rs.32.866 Millions year-on-year.
NEW UNITS/FACILITIES
The Company had during 2010-11 purchased 85 cents of industrial land in Vallur Village, Pomeri Taluk, Thiruvallur District, Chennai to relocate bottling unit from its rented premises. Further, 5 acres of land was purchased from Karnataka Industrial Area Development Board (KIADBJ, Harohalli Industrial Area, Kanakapura Road to establish infrastructure for Hydrogen, Ultra High Pure Oxygen and/or relocation of Methane Plant, Calibration Gas Manufacturing facility etc from its Mahadevapura facility. During the year the Chennai Unit has been relocated and is functional at its new location on Its own premises involving an Investment of about Rs.10.700 Millions on need based infrastructure, plant and machinery and other equipment. The manufacturing facility at Harohalli also been functional with the Installation of Hydrogen Unit imported from USA, need based infrastructure, plant and machinery and other equipment involving an investment of about Rs.72.100 Millions. In Harohalli Unit the facility for manufacture of other new products/gases and relocation of Methane Plant from Its current Mahadevapura location will be implemented In a phased manner.
FUTURE OUTLOOK:
As reported during previous year, keeping in view of tremendous growth potential the Company has been laying great emphasis on possible increase in the activities and turnover of Calibration/Specialty gases and in this direction new gases of ultra high pure purity are being added year after year. The Company has been actively focused on downstream Investments in Edible oil and Bio-Diesel venture in Australia through Its Subsidiary Company viz., Bhoruka Overseas Pte Limited incorporated In Singapore.
CONTINGENT LIABILITY NOT PROVIDED FOR (As on 31.03.2011)
·
Claim against the company
but not acknowledged as debt Rs.22.824 Million
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U85110KA1974PLC002568 |
|
Name of the
company |
BHURUKA GASES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.5A and 6, Doddanekundi Industrial Area, White Field Road Mahadeyapura Post, Bangalore – 560048, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Express Building", Second Floor, No.1. Queen's Roa, Bangalore - 560001, Karnataka, India |
|
Nature of
instrument creating charge |
Deed of equitable
mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
14.07.2012 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest At base
rate+2.50% p.a currently at 12.50% p.a payable monthly. Terms of Repayment The Term loan
shall be repaid in 54 equal monthly installments of Rs.2.222 Millions and
last installment of Rs.2.234 Millions The repayment shall commence after 9
months from the date of fist disbursement. Extent and Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that piece and parcel of the Plot No : SA and 6, Sy No.76 and 77, S A, 6 in the Doddanekundi Industrial Area, 2nd Stage, Mahadevapura Village, Krishnarajapuram Hobli, Bangalore South Taluk and District, measuring 4 Hectares and 2774 Sq.mtrs. |
FIXED ASSETS
·
Factory Building
·
Plant and Machinery
·
Computer
·
Furniture
·
Office Equipment
·
Vehicles
WEBSITE DETAILS
PROFILE
Bhuruka Group, founded by a great visionary, philanthropist and humanitarian Mr. P.D. Agarwal, is a highly diversified Industrial House/Group which is into Power Generation (The first Company in the private sector to successfully set up a hydro power station in the post independence era), Steel (Engineering and Stevedoring), Industrial Gases, I.T. Parks, Education, Community Welfare and allied activities .
Subject is a manufacturer, importer, exporter of specialty, rare gas products, industrial and liquid gas products. It is a SAP-R3 environment company. It was established in 1974 has been in Operation since then as a independent, successful, dependable and quality conscious manufacturer situated in the city limit of Bangalore “The Silicon Valley of India”.
To facilitate its product range, Bhuruka has installed and commissioned modern 120 TPD Air Separation Plant designed and built by Linde, Germany. Linde Plant is capable of producing cryogenic products of the highest purity up to 6 grades and is produced by the latest State-of-the-Art Linde rectification process with structured packed columns. They also have additional facilities like Ultra High Purity Oxygen-99.999% plant (The only manufacturer in India), High purity Methane Plant (The only one manufacturer in India),High pure gases and gas mixture bottling division, Hydrogen Plant, Specialty and Calibration gas mixtures Division, and Medical Gases Bottling Plants etc.
To ensure the quality of the product range, Bhuruka has installed and commissioned a full range of quality control instruments, which will ensure the products, are analyzed for its purity during manufacturing process and before dispatch. Quality and safety are visible at BGL and endeavors constant up-gradation of its facility and training of its personnel to achieve customer satisfaction.
Subject under its umbrella has an ISO 9001:2008and ISO/IEC 17025 certified department, namely Calibration Gases Division. It is a separate facility with a number of sophisticated computerized Gas Chromatographs,(Varian make, Perkin ,Gowmac, Thermofisher make etc ) Analyzers and Precision gravimetric equipments to produce and certify calibration gases as per specific need of customers regarding composition, purity, analytical accuracy.
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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.