MIRA
INFORM REPORT
|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
DECO MICA LIMITED |
|
|
|
|
Registered
Office : |
306, 3rd Floor, Iscon Mall, Star Bazar Building, Jodhpur Char
Rasta, Satellite, Ahmedabad-380015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.06.1988 |
|
|
|
|
Com. Reg. No.: |
04-010807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 42.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L20299GJ1988PLC010807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00980A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD8652J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Decorative Laminated Sheet. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 305000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. The
reserve of the company seems to be improving. However, the company have improved its performance capacity from past
few years. The outlook may be revised to positive if company registers higher
revenue growth and maintains operating profitability. Trade relations are reported to be fair. Business is active. Payments
are slow but correct. The company can be considered for business dealings with some caution. Note: Not traded in BSE and NSE from last 30 days |
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 |
CRISIL |
|
Rating |
BB+ (Long term rating) |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligations. |
|
Date |
19.10.2012 |
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 PARTED BY
|
Name : |
Mr. Rajesh Shah |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9327924089 |
|
Date : |
14.01.2013 |
LOCATIONS
|
Registered Office : |
306, 3rd Floor, Iscon Mall, Star Bazar Building, Jodhpur Char
Rasta, Satellite, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-26763691 / 32988875 |
|
Mobile No.: |
91-9327924089 (Mr. Rajesh Shah) |
|
Fax No.: |
91-79-40028458 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 1195, Village Rajpur, Chhatral, |
|
Tel. No.: |
91-2764-278501 |
|
|
|
|
Factory 2 : |
34, Omkar House, C G Road, Navarangpura, Ahmedabad – 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26763691 |
|
Fax No.: |
91-79-40028458 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Vijay Kumar Agarwal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vishal V. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Udaybhan V. Tripathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harishbhai Joshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Santosh Devi Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manoj Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikas Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harshad Joshi |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2931600 |
69.80 |
|
|
2931600 |
69.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2931600 |
69.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
27100 |
0.65 |
|
|
27100 |
0.65 |
|
|
|
|
|
|
314000 |
7.48 |
|
|
|
|
|
|
686000 |
16.33 |
|
|
241300 |
5.75 |
|
|
1241300 |
29.55 |
|
Total Public shareholding (B) |
1268400 |
30.20 |
|
Total (A)+(B) |
4200000 |
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) |
4200000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Vijay Kumar D Agarwal |
15,76,100 |
37.53 |
|
Addit F/G Vishal V Agarwal |
2,03,600 |
4.85 |
|
Santoshdevi V Agarwal |
2,07,000 |
4.93 |
|
Agarwal Shraddha Vishal |
1,20,200 |
2.86 |
|
Aarya Vikas Agarwal |
1,94,100 |
4.62 |
|
Khwaish Vikas Agarwal |
1,00,000 |
2.38 |
|
Vikas Vijaybhai Agarwal |
93,100 |
2.22 |
|
Vishal V Agarwal |
71,100 |
1.69 |
|
Vishal Kumar Agarwal |
67,200 |
1.60 |
|
Ruchira Vikaskumar Agarwal |
55,000 |
1.31 |
|
Vikash Kumar Agarwal |
54,000 |
1.29 |
|
Vanita Vijay Kumar Agarwal |
41,900 |
1.00 |
|
Ruchira Agarwal |
41,100 |
0.98 |
|
Vikas Agarwal |
20,700 |
0.49 |
|
Santoshdevi V Agarwal |
30,000 |
0.71 |
|
Vanita V Agarwal |
35,800 |
0.85 |
|
Ruchira V Agarwal |
20,700 |
0.49 |
|
Total |
29,31,600 |
69.80 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Jaishri Properties and Export Private Limited |
106300 |
2.53 |
|
Durolam Limited |
104800 |
2.50 |
|
Krishan Maliram Agarwal HUF |
68200 |
1.62 |
|
Shankarlal Agarwal |
53300 |
1.27 |
|
Tarun Kumar Jain |
43000 |
1.02 |
|
Total |
375600 |
8.94 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Decorative Laminated Sheet. |
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Products : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China · Germany |
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Terms : |
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|
Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Decorative Laminated Sheets |
In Pcs |
-- |
10.20 Lacs
Sheets |
-- |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
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No. of Employees : |
250 (Approximately) |
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Bankers : |
State Bank of India, Ahmedabad, Gujarat, India |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.T. Shah and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Related Parties : |
·
Heritage
Board Limited, Gandhidham ·
Salasar
Laminates Limited, Chhatral ·
V.K.A. Finance and Investment Company ·
Multi Shaper Private Limited ·
Tanish Industries ·
Par Export ·
Dumlam Limited ·
V K Foundation |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4200000 |
Equity Shares |
Rs.10/- each |
Rs. 42.000 Millions |
|
|
|
|
|
The company has only one class of shares referred to as Equity shares
having face value of Rs. 10/- Each Holder of equity share is entitled to
1 vote per share.
in the event of liquidation of the Company, the holders of equity shares
will be entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts. However, no such preferential amounts
exist currently, The distribution will be in proportion to the number of equity
shares held by the shareholder.
Reconciliation of the number of shares outstanding and the amount of
share capital as at 31.03.2012 and
31.03.2011 is set out below.
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
Rs. In millions |
|
Shares at the beginning |
4200000 |
42.000 |
|
Addition |
0.000 |
0.000 |
|
Deletion |
0.000 |
0.000 |
|
Shares at the
end |
4200000 |
42.000 |
The details of shareholders holding more than 5% shares is set
out below.
|
Name of
Shareholder |
31.03.2012 |
|
|
|
No. of Shares |
% held |
|
Mr. Vijay Agarwal |
1576100 |
37.53% |
|
Mrs. Santoshdevi Agarwal |
237000 |
5.64% |
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 |
42.000 |
42.000 |
42.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.287 |
23.786 |
13.122 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
76.287 |
65.786 |
55.122 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.113 |
15.134 |
18.486 |
|
|
2] Unsecured Loans |
28.712 |
20.791 |
22.262 |
|
|
TOTAL BORROWING |
39.825 |
35.925 |
40.748 |
|
|
DEFERRED TAX LIABILITIES |
3.985 |
4.266 |
4.224 |
|
|
|
|
|
|
|
|
TOTAL |
120.097 |
105.977 |
100.094 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33.373 |
29.527 |
25.531 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.007 |
0.007 |
0.007 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32.635
|
26.194 |
32.612 |
|
|
Sundry Debtors |
111.413
|
110.528 |
108.004 |
|
|
Cash & Bank Balances |
5.790
|
2.891 |
1.333 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.074
|
8.369 |
4.191 |
|
Total
Current Assets |
159.912
|
147.982 |
146.140 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.909
|
56.431 |
68.611 |
|
|
Other Current Liabilities |
4.971
|
10.944 |
0.000 |
|
|
Provisions |
5.315
|
4.162 |
2.973 |
|
Total
Current Liabilities |
73.195
|
71.537 |
71.584 |
|
|
Net Current Assets |
86.717
|
76.445 |
74.556 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
120.097 |
105.979 |
100.094 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
255.067 |
250.159 |
229.406 |
|
|
|
Other Income |
2.268 |
0.155 |
1.538 |
|
|
|
TOTAL (A) |
257.335 |
250.314 |
230.944 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
177.889 |
170.510 |
|
|
|
|
Employee Benefits Expense |
18.613 |
15.724 |
247.305 |
|
|
|
Other Expenses |
39.143 |
35.227 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
(3.233) |
4.752 |
|
|
|
|
TOTAL (B) |
232.412 |
226.213 |
209.820 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.923 |
24.101 |
22.649 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.357 |
5.568 |
6.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.566 |
18.533 |
16.019 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.738 |
2.334 |
2.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15.828 |
16.199 |
13.954 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.328 |
5.535 |
5.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
10.500 |
10.664 |
8.099 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.323 |
10.659 |
2.560 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
31.823 |
21.323 |
10.659 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.963 |
19.378 |
37.659 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
1.811 |
2.800 |
1.022 |
|
|
TOTAL IMPORTS |
37.774 |
22.178 |
38.681 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.50 |
2.54 |
1.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
75.420 |
82.160 |
|
Total Expenditure |
|
68.680 |
76.360 |
|
PBIDT (Excl OI) |
|
6.740 |
5.800 |
|
Other Income |
|
0.030 |
0.340 |
|
Operating Profit |
|
6.770 |
6.140 |
|
Interest |
|
1.660 |
1.380 |
|
Exceptional Items |
|
0.010 |
0.000 |
|
PBDT |
|
5.100 |
4.760 |
|
Depreciation |
|
0.770 |
0.820 |
|
Profit Before Tax |
|
4.330 |
3.940 |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
4.330 |
3.940 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
4.330 |
3.940 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.08
|
4.26 |
3.5 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.21
|
6.48 |
6.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.19
|
9.13 |
8.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.25 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
1.63 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.07 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable |
62.909
|
56.431 |
68.611 |
|
|
|
|
|
|
Total |
62.909
|
56.431 |
68.611 |
|
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 |
No |
|
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 |
OPERATIONS
During the year,
the company's net sales increase to Rs.257.336 millions as compared to
Rs.250.159 millions during the previous year showing the growth of over 2.8%
compared to previous year.
During the year,
the company has carried out debottienecking of the existing facilities, by
installation of additional machines and modification of the existing facilities
wherever needed. This has helped the company in achieving the improvement of
the quality of products and it has also enabled the company in achieving the
desired growth in sales despite the recessionary conditions and competition
leading to some pressure in the margins.
MANAGEMENT
DISCUSSION AND ANALYSIS
Overall Review:
The overall performance during the financial year 2011-2012 has been
satisfactory.
Financial Review:
Total turnover for
the year ended 31st March, 2012 was Rs.255.000 millions. This
Increase was mainly on account
of Improvement in manufacturing process and sales promotion drive, Better
working capital management was also one of the emphasis on which proper
weightage was laid upon.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Buyers Credit |
8.855 |
0.000 |
|
Loan from Relatives |
19.857 |
20.791 |
|
Total |
28.712
|
20.791 |
FIXED ASSETS
·
Land
·
Factory Buildings
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
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.54.64 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.