MIRA
INFORM REPORT
|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAH PAPER MILLS LIMITED |
|
|
|
|
Registered
Office : |
Angiline Apartment, B/202, 2nd Floor, Vile
Parle (West), Mumbai – 400056, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.07.1990 |
|
|
|
|
Com. Reg. No.: |
11-057464 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.162.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010MH1990PLC057464 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6438F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company engaged in the Manufacturing of Paper and
generation of Power |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 4200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a 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.
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 |
CARE |
|
Rating |
LONG TERM RATING : CARE BBB+ |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
March, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative
(91-260-2432388)
LOCATIONS
|
Registered Office : |
Angiline Apartment, B/202, 2nd Floor, Vile
Parle (West), Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-26161932 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Hirji Tejshi Shah |
|
Designation : |
Director |
|
Address : |
Plot no 279, Residential Area, Opposite Gyandham School, Vapi, Valsad - 396195, Gujarat, India |
|
Date of Birth/Age : |
23.08.1938 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.09.1999 |
|
PAN No.: |
ACIPS0068E |
|
DIN No.: |
00140063 |
|
|
|
|
Name : |
Mr. Amritlal Khimji Shah |
|
Designation : |
Director |
|
Address : |
Haria, Plot No 207, Residential Area GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
22.11.1944 |
|
Date of Appointment : |
08.08.1990 |
|
Qualification : |
B. Com |
|
PAN No.: |
AAIPS0295H |
|
Voter ID No.: |
GJ/26/182/030286 |
|
DIN No.: |
00140411 |
|
|
|
|
Name : |
Mr. Girish Sarvotham Shetty |
|
Designation : |
Whole-time director |
|
Address : |
306, Rajlaxmi Co-Operative Housing Society, Near Gunjan Cinema, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
28.12.1973 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00144740 |
|
|
|
|
Name : |
Mr. Hemant Gamanlal Modi |
|
Designation : |
Director |
|
Address : |
B-103, Amardham Apartment, Tithal Road, Tithal, Valsad – 396001, Gujarat, India |
|
Date of Birth/Age : |
15.09.1963 |
|
Qualification : |
B. Com, MBA, E. MBA |
|
Date of Appointment : |
07.10.2002 |
|
DIN No.: |
00145130 |
|
|
|
|
Name : |
Mr. Shailendra Raichand Shah |
|
Designation : |
Director |
|
Address : |
14, Swaminarayan Darshan, Dr. R. P. Road. Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1957 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00145201 |
|
|
|
|
Name : |
Mr. Mahesh Khetshi Maru |
|
Designation : |
Director |
|
Address : |
A/204, 2nd Suyog Mandir CHS Limited, Ram Mandir Road, Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
24.06.1966 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.08.1999 |
|
DIN No.: |
00145681 |
|
|
|
|
Name : |
Mr. Ashok Zaverchand Shah |
|
Designation : |
Whole-time director |
|
Address : |
S-2 Paras Apartment, Residential Area, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
25.09.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
13.02.1991 |
|
Voter ID No.: |
GJ/26/182/024599 |
|
DIN No.: |
00146132 |
|
|
|
|
Name : |
Mr. Mahendra Hirji Shah |
|
Designation : |
Managing director |
|
Address : |
202. Ashwamedh, Sarojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
16.05.1959 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
27.07.1990 |
|
PAN No.: |
ACTPS9864K |
|
Voter ID No.: |
GJ/26/182/096311 |
|
DIN No.: |
00190008 |
|
|
|
|
Name : |
Mr. Parsottam Mohanbhai Gadhesria |
|
Designation : |
Director |
|
Address : |
RCF 14/160, Chanod Colony, GIDC, Vapi, Valsad – 396195, Gujarat, India |
|
Date of Birth/Age : |
03.02.1954 |
|
Qualification : |
BE. Chem. |
|
Date of Appointment : |
29.11.2007 |
|
DIN No.: |
01885419 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
1.00 |
|
Bodies corporate |
|
44.00 |
|
Directors or relatives of directors |
|
52.00 |
|
Other top fifty shareholders |
|
3.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company engaged in the Manufacturing of Paper and generation of Power |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, MIS Corporate Branch, 1st Floor, Shanti Complex, GIDC, Vapi, Vapi - 396194, Gujarat, India |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Gujarat
Industrial Investment Corporation Limited, Chunibhai Chambers,
Ashram Road, Ahmedabad - 380009, Gujarat, India |
|
|
|
|
Auditors : |
|
|
Name : |
R.R. Muni and Company Chartered Accountants |
|
Address : |
2543, Gokul, Building No. 55, Gandhi Nagar, Bandra (East).
Mumbai – 400051, Maharashtra, India |
|
|
|
|
Associates : |
· Shah Financial Services Limited · S. G. Industries · Shah Pulp and Paper Mills Limited · Enem Marketing Private Limited · Mahavir Packaging · Shreenath Paper Agency · Global Packers · Amar Packaging · Shah Containers Private Limited · Pushpam Containers Private Limited · Jalaram Land Dev. Corpn. · Just Pack Private Limited · Natvar Properties Private Limited · Adarsh Packaging |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11250000 |
Equity Shares |
Rs.10/- each |
Rs.112.500
Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
Rs.162.500 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 |
162.500 |
162.500 |
162.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
888.976 |
766.907 |
637.364 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1051.476 |
929.407 |
799.864 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
790.095 |
777.045 |
922.234 |
|
|
2] Unsecured Loans |
286.924 |
155.058 |
228.598 |
|
|
TOTAL BORROWING |
1077.019 |
932.103 |
1150.832 |
|
|
DEFERRED TAX LIABILITIES |
135.039 |
123.166 |
115.661 |
|
|
|
|
|
|
|
|
TOTAL |
2263.534 |
1984.676 |
2066.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1020.548 |
977.205 |
1009.002 |
|
|
Capital work-in-progress |
20.593 |
2.345 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.941 |
3.019 |
3.041 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
925.336
|
758.641 |
607.033 |
|
|
Sundry Debtors |
617.034
|
575.113 |
459.142 |
|
|
Cash & Bank Balances |
115.425
|
117.899 |
216.544 |
|
|
Other Non-Current Assets |
90.009
|
94.809 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.033 |
106.942 |
|
|
Loans & Advances |
333.805
|
220.340 |
221.126 |
|
Total
Current Assets |
2081.609
|
1766.835 |
1610.787 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
687.574
|
643.299 |
478.524 |
|
|
Other Current Liabilities |
170.186
|
117.174 |
25.953 |
|
|
Provisions |
4.397
|
4.255 |
52.062 |
|
Total
Current Liabilities |
862.157
|
764.728 |
556.539 |
|
|
Net Current Assets |
1219.452
|
1002.107 |
1054.248 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.066 |
|
|
|
|
|
|
|
|
TOTAL |
2263.534 |
1984.676 |
2066.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3676.677 |
3313.165 |
2886.344 |
|
|
|
Other Income |
57.894 |
26.082 |
21.997 |
|
|
|
TOTAL (A) |
3734.571 |
3339.247 |
2908.341 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2395.607 |
2159.319 |
|
|
|
|
Purchases of stock-in-trade |
9.608 |
69.689 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
5.681 |
(9.842) |
|
|
|
|
Employee benefit expense |
58.194 |
51.021 |
|
|
|
|
Other Expenses |
794.825 |
645.081 |
|
|
|
|
Exceptional items |
(4.947) |
(4.947) |
|
|
|
|
TOTAL (B) |
3258.968 |
2910.321 |
2533.373 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
475.603 |
428.926 |
374.968 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
216.412 |
170.003 |
151.153 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
259.191 |
258.923 |
223.815 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.779 |
64.520 |
64.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
190.412 |
194.403 |
159.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.876 |
58.204 |
39.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
128.539 |
136.199 |
120.133 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
72.478 |
3.186 |
126.523 |
|
|
|
Stores & Spares |
5.606 |
5.244 |
7.719 |
|
|
TOTAL IMPORTS |
78.084 |
8.430 |
134.242 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.43 |
12.11 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.44 |
4.08 |
4.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.18 |
5.87 |
5.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.14 |
7.08 |
6.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84 |
1.83 |
2.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
2.31 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
687.574 |
643.300 |
478.524 |
DETAILS OF
UNSECURED LOANS
(Rs.
In Millions)
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term |
|
|
|
Intercorporate deposits |
33.723 |
30.129 |
|
Loans and advances from directors |
0.900 |
0.250 |
|
Loans and advances from others |
11.367 |
10.335 |
|
Other loans and advances |
30.189 |
30.471 |
|
|
|
|
|
Short Term |
|
|
|
Term loans from banks |
175.000 |
0.000 |
|
Intercorporate borrowings |
32.678 |
30.547 |
|
Loans and advances from directors |
0.567 |
7.226 |
|
Other loans and advances |
2.500 |
46.100 |
|
Total |
286.924 |
155.058 |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
The Company has posted a 10% increase in Turnover overcoming the crisis faced due to accidental explosion and floods at the factory and has regained the turnover levels of the year 2009-10. The production is updated with the market requirements to ensure optimum utilization of capacity and avoidance of dead stock. Paper industry is an integral part of the Nation’s economy as it contributes to its growth and development. To compete in the global village, the industry continues to upgrade its capacities and technologies by high capital investment. It also faces huge challenges like shortage f Raw Material, and threat of cheaper imports from China and Indonesia. The demand for writing printing paper is driven by the levels of literacy, public and private spending on education and level of business activity, while demand for kraft paper is linked to growth of packaging industry, industrial production and development in packaging technology and substitution by other materials. The market for kraft paper as well as writing /printing paper is looking satisfactory for the future operations of the Company. The Company has planned to expand the production capacity of the kraft unit by 10500 TPA at an expected cost of Rs.170.000 Millions.
CONTINGENT
LIABILITIES
Contingent liabilities are disclosed when the Company has a possible or a present obligation and it is probable that a cash outflow will not be required to settle the obligation
a) The value of Bills Of Exchange discounted during the year and outstanding at the end of the year amounted to Rs.31.373 Millions.
b) Appeals against demand of Rs.4.907 Millions towards tax, interest and penalty levied on claim of Cenvat is pending before the Commissioner of Central Excise (Appeals), Daman. Liability on account of such demand is contingent on the decision of the appellate authority.
c) A Demand of Rs.5.454 Millions has been raised against the Company by the Sales Tax Department, Surat on account of the differential amount of Purchase Tax including interest and penalty. An appeal is filed before the Joint Commercial Tax Commissioner (Appeals) 2, Vadodara against the said order. The liability of the demand is contingent till the disposal of appeal by the Appellate authority
d) During the year, the company has provided a bank guarantee of Rs.199.129 Millions to seven parties as an obligation towards contracts entered into with the said parties. The liability attached therewith is contingent on non fulfillment of terms of the contract.
e) A reference is filed by an employee of Ruby Paper Mills Pvt. Ltd. making the Company as a Joint Respondent before Labour Court at Valsad. A claim is made by the Petitioner for dues receivable as an employee of the said Ruby Paper Mills Ltd. from whom the Company purchased Land, Building, Plant & Machinery in an auction conducted at the instance of their bankers. In the absence of any proprietary of the relationship of employment with the Petitioner, the claim does not survive against the Company and has been duly denied.
f) The assessment of Central sales tax for the year 2007-08 has resulted in a liability of Rs.2.114 Millions. The Company has preferred an appeal against the said order and has made a payment of Rs.0.400 Million to procure necessary stay from recovery. The liability is contingent till the receipt of the appellate order.
g) Capital Contracts outstanding as at the year end are amounting to approximately Rs.80.500 Millions.
FIXED ASSETS:
· Land and Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
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 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.