MIRA
INFORM REPORT
|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEO CORP INTERNATIONAL LIMITED (w.e.f. 29.01.2008) |
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Formerly Known
As : |
NEO SACK LIMITED |
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Registered
Office : |
220, Mahavir Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
15.02.1985 |
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Com. Reg. No.: |
11-223220 |
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Capital
Investment / Paid-up Capital : |
Rs.380.222
Millions |
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CIN No.: [Company Identification
No.] |
L24132MH1985PLC223220 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLN00154A |
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PAN No.: [Permanent Account No.] |
AAACN6513A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacture of technical textiles. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track record. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB |
|
Rating Explanation |
Having Moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
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Date |
January, 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. Rajat |
|
Designation : |
Marketing Head |
|
Contact No.: |
91-9810745728 |
|
Date : |
18.01.2013 |
LOCATIONS
|
Registered/
Regional Marketing Office 1 : |
220, Mahavir Industrial Estate, |
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Tel. No.: |
91-22-26879510 |
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Mobile No.: |
91-9810745728 (Mr. Rajat) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
‘Trivedi Chambers’ 2, |
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Tel. No.: |
91-731-4211900/ 01 |
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Fax No.: |
91-731-4211944 |
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Email : |
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Factory : |
Sector 1, Plot No.62/63/64-A, Industrial Area, Pithampur –
454 775, |
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Tel. No.: |
91-7292-410400 (2 Lines) |
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Fax No.: |
91-7292-420499 |
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Email : |
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Geotech
Worldwide (A Division of NCIL) : |
Plot# A-12 and A-13 SEZ
II Sector 3, (Apparel and |
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Techtextil
(100% EOU) (A Division of NCIL) : |
Plot # 64-A, Industrial
Area Sector 1, Pithampur, District Dhar – 454 775 Madhya Pradesh, |
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Branch
Office : |
Located at: v Ahmedabad v Kolkata v
v
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Regional Marketing Office : |
Also located at: v
v Kolkata v Mumbai v Ahmedabad v
v
v Mangalore |
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International
Office : |
Located at: v
v
v
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DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Kailashchandra S. Trivedi |
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Designation : |
Chairman cum Whole Time Director |
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Name : |
Mr. Sunil Kumar Trivedi |
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Designation : |
Managing Director |
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Name : |
Mr. Sanjay Trivedi |
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Designation : |
Executive Director |
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Name : |
Mr. Pradhuman Sharma |
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Designation : |
Whole Time Director |
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Name : |
Mr. Shrawan Kumar Patodi |
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Designation : |
Independent Director |
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Name : |
Mr. Ladharam Patel |
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Designation : |
Independent Director |
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Name : |
Mr. Rolland Coderre |
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Designation : |
Independent Director |
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Name : |
Ms. Shobha Dube |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Swati Gangrade |
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Designation : |
Company Secretary |
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Name : |
Ms. Vaishali Jain |
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Designation : |
Asst. CS and Compliance Officer |
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Name : |
Mr. Rajat |
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Designation : |
Marketing Head |
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BOARD COMMITMENTS |
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Audit Committee: |
v
Mr. Shrawan Kumar Patodi (Chairman) v
Ms. Swati Gangrade (Secretary) v
Mr. Ladhram Patel v Ms. Shobha Dube* |
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Remuneration
Committee: |
v
Mr. Shrawan Kumar Patodi (Chairman) v
Ms. Swati Gangrade (Secretary) v
Mr. Ladhram Patel v Ms. Shobha Dube* |
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Shareholders
Grievance Committee: |
v
Mr. Shrawan Kumar Patodi (Chairman) v
Ms. Swati Gangrade (Secretary) v
Mr. Ladhram Patel v Ms. Shobha Dube* |
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* Appointed w.e.f. September 1, 2012 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
3933998 |
20.15 |
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|
799984 |
4.10 |
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|
4733982 |
24.25 |
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Total shareholding of Promoter and Promoter Group (A) |
4733982 |
24.25 |
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(B) Public Shareholding |
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|
5600 |
0.03 |
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|
200 |
0.00 |
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|
1035562 |
5.30 |
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|
1041362 |
5.33 |
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|
8984556 |
46.02 |
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|
2506717 |
12.84 |
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|
1829197 |
9.37 |
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|
426384 |
2.18 |
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|
310310 |
1.59 |
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116074 |
0.59 |
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13746854 |
70.42 |
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Total Public shareholding (B) |
14788216 |
75.75 |
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Total (A)+(B) |
19522198 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
-- |
0.00 |
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|
18500000 |
0.00 |
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|
18500000 |
0.00 |
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Total (A)+(B)+(C) |
38022198 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of technical textiles. |
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Products : |
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Exports : |
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Products : |
v
Technical Textiles |
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Countries : |
v
European Countries v
Arab Countries |
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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 |
Installed Capacity |
Actual Production |
|
Agrotech |
Kg |
2000000 |
1930414 |
|
Packtech |
Kg |
21000000 |
20085218 |
|
Geotech |
Kg |
600000 |
137054 |
|
RP Granuals / Master Batch |
Kg |
1500000 |
-- |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
v
State Bank of v State Bank of Travancore v
State Bank of v Punjab National Bank v IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.P. Garg and Company Chartered Accountants |
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Address : |
Vastu Bhawan', 1st
Floor, 71 Dhar Kothi |
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Subsidiaries : |
v
Euro Plast Limited, v Sacos Indigo Private Limited v
Netflex Infracon Limited v
Polybase (HK) Limited, H.K. v
Poly Logic International Private Limited |
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|
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Associates : |
v Panam Packers Private Limited v Synergy Education International Private Limited v Vishwkarma Creations Private Limited v Olympain Investors and Traders Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
69000000 |
Equity Shares |
Rs.10/- each |
Rs.690.000
Millions |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
Total
|
|
Rs.700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38022198 |
Equity Shares |
Rs.10/- each |
Rs.380.222
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 |
380.222 |
140.222 |
158.088 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1813.270 |
800.542 |
426.220 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2193.492 |
940.764 |
584.308 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1405.255 |
890.993 |
722.842 |
|
|
2] Unsecured Loans |
133.427 |
130.321 |
23.891 |
|
|
TOTAL BORROWING |
1538.682 |
1021.314 |
746.733 |
|
|
DEFERRED TAX LIABILITIES |
82.820 |
37.092 |
25.686 |
|
|
|
|
|
|
|
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TOTAL |
3814.994 |
1999.170 |
1356.727 |
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
782.751 |
482.877 |
295.802 |
|
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Capital work-in-progress |
331.658 |
172.996 |
101.340 |
|
|
|
|
|
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|
INVESTMENT |
468.495 |
185.777 |
81.110 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
878.389
|
573.997
|
295.626 |
|
|
Sundry Debtors |
640.135
|
647.169
|
495.792 |
|
|
Cash & Bank Balances |
107.714
|
46.973
|
57.542 |
|
|
Other Current Assets |
693.378
|
501.326
|
602.571 |
|
|
Loans & Advances |
999.832
|
134.105
|
57.765 |
|
Total
Current Assets |
3319.448
|
1903.570
|
1509.296 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
596.028
|
457.090
|
503.213 |
|
|
Other Current Liabilities |
412.754
|
238.057
|
95.151 |
|
|
Provisions |
78.576
|
50.903
|
32.770 |
|
Total
Current Liabilities |
1087.358
|
746.050
|
631.134 |
|
|
Net Current Assets |
2232.090
|
1157.520
|
878.162 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.313 |
|
|
|
|
|
|
|
|
TOTAL |
3814.994 |
1999.170 |
1356.727 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2839.884 |
2310.666 |
1756.227 |
|
|
|
Other Income |
60.007 |
84.305 |
4.798 |
|
|
|
TOTAL |
2899.891 |
2394.971 |
1761.025 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Material Consumed |
2284.107 |
1952.441 |
1552.825 |
|
|
|
Purchase
of Stock in Trade |
18.109 |
42.497 |
|
|
|
|
Change
in Inventories of Finished Goods, Work in Process and Stock in Trade |
(148.631) |
(203.842) |
|
|
|
|
Employee
Benefits Expenses |
75.227 |
73.806 |
|
|
|
|
Other Expenses |
228.399 |
201.273 |
|
|
|
|
TOTAL |
2457.211 |
2066.175 |
1552.825 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
442.680 |
328.796 |
208.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
185.530 |
136.885 |
64.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
257.150 |
191.911 |
144.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
37.378 |
25.226 |
26.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
219.772 |
166.685 |
117.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
53.978 |
24.825 |
25.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
165.794 |
141.860 |
92.175 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
403.175 |
272.017 |
187.404 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
2.500 |
2.500 |
|
|
|
Dividend |
NA |
7.011 |
4.327 |
|
|
|
Tax on Dividend |
NA |
1.191 |
0.735 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
403.175 |
272.017 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
913.710 |
873.027 |
499.680 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.520 |
77.267 |
51.232 |
|
|
|
Stores & Spares |
0.546 |
0.000 |
0.466 |
|
|
|
Capital Goods |
164.596 |
86.547 |
69.507 |
|
|
TOTAL IMPORTS |
181.662 |
163.814 |
121.205 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.44 |
12.04 |
10.65 |
|
Expected Sales (2012-2013): Rs.3000.000 millions
The above information has been parted by Mr. Rajat (Marketing Head).
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
898.800 |
1090.540 |
|
Total Expenditure |
|
749.280 |
956.200 |
|
PBIDT (Excl OI) |
|
149.520 |
134.340 |
|
Other Income |
|
0.000 |
0.000 |
|
Operating Profit |
|
149.520 |
134.340 |
|
Interest |
|
67.820 |
58.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
81.700 |
75.540 |
|
Depreciation |
|
11.780 |
11.790 |
|
Profit Before Tax |
|
69.920 |
63.750 |
|
Tax |
|
21.780 |
24.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
48.150 |
39.750 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
48.150 |
39.750 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.72
|
5.92
|
5.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.74
|
7.21
|
6.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.36
|
7.98
|
6.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.18
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
1.88
|
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.55
|
2.39 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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
|
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term loans from Banks (Secured by first charge on Hypothecations of Vehicles) |
11.905 |
9.382 |
|
From Directors |
0.289 |
0.175 |
|
From Bodies Corporates |
121.233 |
120.764 |
|
Total
|
133.427 |
130.321 |
YEAR IN
RETROSPECT
The
Company has recorded a turnover of Rs.2839.900 Millions as against Rs.2310.700
Millions in the previous year. The Net profit (after tax and extra ordinary
items) for the financial year ended 31st March, 2012 increased to
Rs.165.800 Millions from Rs.141.900 Millions in the previous year representing
an increase of 16.84% profit after tax.
Technical
Textiles offers a huge opportunity in
To
facilitate the growth of this industry in
Given the
fact that Government policy have played a critical role in the advancement of
Technical textiles Indian Technical Textile Association is expected to maintain close interaction with Government of
India in formulating a National Technical Textiles Policy focusing on removing
the ambiguities in the system which are hampering the growth of the sector,
helping bring in legislation which will help spur usage in India and
recommending fiscal and non fiscal norms which would aid the industry to
achieve its true potential.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERVIEW
In
The close
linkage of the textile industry to agriculture and the ancient culture and
traditions of the country make the sector unique in comparison with the
textiles industry of other countries. This also provides the industry with the
capacity to produce a variety of products suitable to the different market
segments, both within and outside the country. Thus, the growth and all around
development of this industry has a direct bearing on the improvement of the
economy of the nation.
SYNOPSISON GROWTH
OF NCIL
Subject
was incorporated in Year 15th February 1985.
Company
since its inception in 1985, is dedicated in making tailor designed products
under Packtech. Company reached the status of a fore-runner internationally as
a reliable supplier of Packtech products.
With its
current growth initiative, Company has entered into other technical textile
segments like Geotech and Agrotech.
Company is
a listed Public Limited Company with an equity base of Rs.380.200 Millions. It
is listed on the Bombay Stock Exchange, Madhya Pradesh Stock exchange and Luxembourg
Stock Exchange. It approached public for subscription in 1992 and went through
Rights issue in 1996. Company acquired one
Company
also enjoys a Star Export House status recognized by the Government of India
continuously from 1994 in view of the Company's excellent Export performance.
COMPANY’ OUTLOOK
The technical
textile business is one of the most promising and faster growing areas for
global and Indian textile industry. Company has planned for systematic and
continuous addition of several products under various technical textile
segments. The object behind the same is to provide holistic solution to
customer. For example geogrids, geonet and geomembrane shall make basket of
geosynthetics complete. With consistent modernization and expansion with
machinery of latest technology, it is expected that the Company will be able to
improve efficiency and successfully face global competition and will be one of
the leading players in the domestic as well as international markets.
As a
strategy, they always wanted to be one-stop shop for all woven packaging needs
of the customers. To this end, they have developed as a multi-product,
multi-location and multi-market company serving to the needs of their
customers. They also propose to further invest in forward and backward
integration.
The
company's growth graph with respect to the financials showed a steep upward
trend on account of diversification into the value added Packtech products
likes FIBC's for packaging of food products; leno bags and additions of
Agrotech products
FIXED ASSETS:
v Land and Site Development
v Plant and Machinery
v Building
v Electricity Installation
v Office Equipment
v Vehicles
v Fire Extinguisher
v Furniture and fixture
v Weighing Scales
v Computer
v Wind Mill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.