MIRA
INFORM REPORT
|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEOGEN CHEMICALS LIMITED |
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|
Formerly Known
As : |
NEOGEN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
115, Vardhman Industrial Complex, Old Agra Road, Next to Golden
Palace, Thane - 400 601, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.03.1989 |
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Com. Reg. No.: |
11-050919 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.000 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U24200MH1989PLC050919 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10061C |
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PAN No.: [Permanent Account No.] |
AAACN5836E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Organic and Inorganic Chemicals. |
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No. of Employees
: |
75 (Approximately) |
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 556000 |
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|
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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 an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BB |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
November 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 : |
Ms. Madhavi Kulkarni |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-21723716 |
|
Date : |
24.07.2013 |
LOCATIONS
|
Registered Office : |
115, Vardhman Industrial Complex, Old Agra Road, Next to Golden Palace,
Thane - 400 601, Maharashtra, India |
|
Tel. No.: |
91-22-21723716 |
|
Mobile No.: |
91-9769483963 (Ms. Madhavi) |
|
Fax No.: |
91-22-21721083 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Factory : |
43, TTC Industrial Area, Opposite Electronics Zone, Mahape, Navi
Mumbai – 400 710, |
|
Tel. No.: |
91-22-27781825 |
|
Fax No.: |
91-22-27781372/ 74 |
|
Area : |
20000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Godown : |
Godown No. 1, 2, 3 and 4, Patil Compound, Bhiwandi, Mumbai, |
DIRECTORS
As on : 15.09.2012
|
Name : |
Mr. Haridas Thakarshi Kanani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
802, |
|
Date of Birth/Age : |
30.09.1945 |
|
Date of Appointment : |
07.03.1989 |
|
Voter ID No.: |
RCT5226840 |
|
DIN No.: |
00185487 |
|
|
|
|
Name : |
Mrs. Beena Haridas Kanani |
|
Designation : |
Whole Time Director |
|
Address : |
802, |
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Date of Birth/Age : |
15.07.1947 |
|
Date of Appointment : |
07.03.1989 |
|
Voter ID No.: |
RCT5226857 |
|
DIN No.: |
00185791 |
|
|
|
|
Name : |
Mr. Jayprakash Harilal Akkad |
|
Designation : |
Director |
|
Address : |
Kumud Bhavan, 2, Thanawala Lane, Vile Parle (East), Mumbai, |
|
Date of Birth/Age : |
13.12.1950 |
|
Date of Appointment : |
16.08.1991 |
|
Voter ID No.: |
MT/08/038/0600711 |
|
DIN No.: |
00355033 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 15.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Haridas Thakarshi Kanani |
|
1749970 |
|
Beena Haridas Kanani |
|
375000 |
|
Haren Haridas Kanani |
|
250000 |
|
Pallika Haridas Kanani |
|
125000 |
|
B B Reshamwala |
|
10 |
|
B.T. Kaushal |
|
10 |
|
Sanjay Mehta |
|
10 |
|
Total |
|
2500000 |
Equity Share Break up (Percentage of Total Equity)
As on : 15.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Organic and Inorganic Chemicals. |
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Products : |
v
Bromine v
Lithium
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Exports : |
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Products : |
Organic and Inorganic Chemicals |
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Countries : |
v
v
v
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v
v
v
v
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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 |
Licensed Capacity Per Year |
Installed Capacity Per Year |
Actual Production (Quantity in Kgs.) |
|
Organic Chemicals |
N.A. |
1200000 |
785818 |
|
Inorganic Chemicals |
N.A. |
1200000 |
1129498 |
GENERAL INFORMATION
|
Suppliers : |
Garda Chemicals |
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Customers : |
End Users v Voltas Limited, |
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No. of Employees : |
75 (Approximately) |
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Bankers : |
v State Bank of India, Wagle Industrial Estate Branch, Road No.22, Wagle Estate, Thane – 400604, Maharashtra, India v
State Bank of |
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Facilities : |
Rs in Millions
NOTE 1 :
Note 2 :
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Auditors : |
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|
Name : |
Hitesh Reshamwala Associates Chartered Accountants |
|
Address : |
1st Floor, National Insurance Building, 27, A.K. Nayak
Marg, Opposite New Excelsior Cinema, Fort, Mumbai – 400 001, Maharashtra,
India |
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Tel. No.: |
91-22-22071763/ 67357350 |
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Email: |
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|
PAN No.: |
AAEPR3793D |
CAPITAL STRUCTURE
As on : 15.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2750000 |
Equity Shares |
Rs.10/- each |
Rs. 27.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
25.000 |
25.000 |
|
(b) Reserves & Surplus |
|
114.162 |
85.872 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
139.162 |
110.872 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
28.650 |
33.983 |
|
(b) Deferred tax liabilities (Net) |
|
9.427 |
9.331 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1.572 |
1.817 |
|
Total Non-current Liabilities (3) |
|
39.649 |
45.131 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
111.965 |
103.193 |
|
(b)
Trade payables |
|
130.258 |
105.968 |
|
(c)
Other current liabilities |
|
22.669 |
21.047 |
|
(d) Short-term
provisions |
|
11.000 |
5.612 |
|
Total Current Liabilities (4) |
|
275.892 |
235.820 |
|
|
|
|
|
|
TOTAL |
|
454.703 |
391.823 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
78.936 |
76.640 |
|
(ii)
Intangible Assets |
|
0.206 |
0.060 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
0(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
6.739 |
3.301 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
85.881 |
80.001 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
177.522 |
137.821 |
|
(c)
Trade receivables |
|
105.278 |
98.937 |
|
(d) Cash
and cash equivalents |
|
17.738 |
11.180 |
|
(e)
Short-term loans and advances |
|
30.882 |
28.209 |
|
(f)
Other current assets |
|
37.402 |
35.675 |
|
Total Current Assets |
|
368.822 |
311.822 |
|
|
|
|
|
|
TOTAL |
|
454.703 |
391.823 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
15.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
69.275 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
84.275 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
98.811 |
|
|
2] Unsecured Loans |
|
|
30.111 |
|
|
TOTAL BORROWING |
|
|
128.922 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.597 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
222.794 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
80.456 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
Advance for Capital Goods |
|
|
0.156 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
99.184 |
|
|
Sundry Debtors |
|
|
60.588 |
|
|
Cash & Bank Balances |
|
|
9.615 |
|
|
Other Current Assets |
|
|
30.167 |
|
|
Loans & Advances |
|
|
16.387 |
|
Total
Current Assets |
|
|
215.941 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
63.048 |
|
|
Other Current Liabilities |
|
|
5.201 |
|
|
Provisions |
|
|
5.510 |
|
Total
Current Liabilities |
|
|
73.759 |
|
|
Net Current Assets |
|
|
142.182 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
222.794 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
572.592 |
430.359 |
380.179 |
|
|
|
Other Income |
11.185 |
4.918 |
4.541 |
|
|
|
TOTAL (A) |
583.777 |
435.277 |
384.720 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
Changes in Inventories of Finished Goods |
|
|
|
|
|
|
Employees Benefits Expenses |
|
|
|
|
|
|
Payment of auditors |
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
Prior Period Expenses |
|
|
|
|
|
|
TOTAL (B) |
496.009 |
369.044 |
323.453 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
87.768 |
66.233 |
61.267 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.258 |
29.048 |
28.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.510 |
37.185 |
32.344 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.543 |
6.338 |
5.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
49.967 |
30.847 |
26.568 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.866 |
9.935 |
9.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
34.101 |
20.912 |
16.990 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
60.377 |
46.780 |
36.059 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
3.000 |
2.000 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
3.701 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares (Prorata) |
5.000 |
0.000 |
3.000 |
|
|
|
Dividend on Preference Shares |
0.000 |
0.000 |
0.647 |
|
|
|
Corporate Dividend Tax |
0.811 |
0.614 |
0.620 |
|
|
BALANCE CARRIED
TO THE B/S |
85.667 |
60.377 |
46.782 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings on FOB Basis |
233.729 |
101.001 |
95.718 |
|
|
TOTAL EARNINGS |
233.729 |
101.001 |
95.718 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
137.083 |
107.918 |
82.872 |
|
|
TOTAL IMPORTS |
137.083 |
107.918 |
82.872 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.64 |
11.30 |
11.33 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
660.000 |
Expected Sales ( 2013-2014 ) : Rs. 800.000 Millions
The above information has been parted by Mr. Madhavi Kulkarni (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.84
|
4.80 |
4.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.73
|
7.17 |
6.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.30
|
9.79 |
8.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.28 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.01
|
1.24 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.34 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT :
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Current Maturities of Long term debt |
19.577 |
16.738 |
NA |
|
Total |
19.577 |
16.738 |
NA |
FINANCIAL RESULTS :
The company has achieved highest sales growth of 34.22 % since
inception of the company. This was achieved due to excellent increase in export
business by 112.0 % over previous year mainly by increasing business in
japanese market where they have toughest quality standards. The profit during
the year went up 62.98 % due
to utilising better capacity inspite of unit fuel cost gone by nearly 50 %
CAPITAL AND FINANCE :
The working capital facility of Rs. 125.000 Millions
was enjoyed by the company during the year. State Bank of
OUTLOOK FOR THE FUTURE :
The performance of the Company is improving
year-by-year due to introduction of high tech innovative product portfolio
supported by aggresive in-house R&D. The same trend is expected in this
year also as few more high technology products which are in pipe-line in
R&D are also expected to result into commercial production in the current
year, i.e., 2012-13 based on the proposed expansion plans.
UNSECURED LOANS :
(Rs in Millions)
|
PARTICULARS |
31.03.2012
|
31.03.2011
|
|
Long term
borrowings : |
|
|
|
Deposits |
|
|
|
From friends and relatives |
7.050 |
1.535 |
|
From inter corporate |
2.700 |
0.000 |
|
Short term
borrowings |
|
|
|
Loans repayable on demand |
0.000 |
0.804 |
|
Inter corporate Deposits |
0.000 |
10.500 |
|
Fixed deposits from friend and relatives |
2.675 |
0.605 |
|
Total |
12.425 |
13.444 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1. |
10004918 |
06/11/2007 |
134,900,000.00 |
STATE BANK OF |
Wagle Industrial Estate Branch,, Thane
(West), Thane, Mumbai - 400604, |
A26920629 |
|
2. |
90140785 |
15/06/2002 |
65,000,000.00 |
STATE BANK OF |
Magle Industrial Estate, Thane, Mumbai -
400604, |
-- |
|
3. |
90142777 |
11/03/2000 |
14,000,000.00 |
STATE BANK OF |
Magle Industrial Estate, Thane, Mumbai -
400604, |
-- |
|
4. |
90142236 |
14/02/2013 * |
295,700,000.00 |
STATE BANK OF |
Eastern Express Highway, Gala No 9 and 10,
Sun, Magn |
B72667769 |
|
5. |
90141699 |
17/07/1991 * |
3,700,000.00 |
STATE BANK OF |
Netaji Subhas |
-- |
|
6. |
90145850 |
17/07/1999 * |
4,500,000.00 |
STATE BANK OF |
Netaji Subhas |
-- |
FIXED ASSETS
v Land
v
v Plant and Machineries
v Furniture and Fixtures
v Quality Control Installments
v Office Equipments
v I T Equipments
v Motor Car
v R and D 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 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. 59.45 |
|
|
1 |
Rs. 91.24 |
|
Euro |
1 |
Rs. 78.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.