MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI BOARD AND PAPER MILLS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.09.1969 |
|
|
|
|
Com. Reg. No.: |
11-014398 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.36.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1969PLC014398 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established company having fine track record.
General financial position of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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 |
CRISIL |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate risk. |
|
Date |
13.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
13.12.2012 |
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 BY
|
Name : |
Mr. Naresh Karla |
|
Designation : |
Chief Accountant |
|
Contact No.: |
91-2522-280641 |
|
Date : |
28.03.2013 |
LOCATIONS
|
Registered Office / Factory : |
Plot No.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
|
Tel. No.: |
91-2522-280641 |
|
Fax No.: |
91-2522-280643 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq. ft. (Approximately) |
|
Location : |
Owned |
|
|
|
|
Correspondence Address : |
Ground Floor, Samruddhi Apartments, Road #38, Station Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
|
Tel. No.: |
91-22-26552951 / 26552952 / 26552953 |
|
Fax No.: |
91-22-26552956 |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Mr. Dineshchandra Chandulal |
|
Designation : |
Chairman |
|
Address : |
Aurum Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
|
Date of Birth/Age : |
16.10.1938 |
|
Date of Appointment : |
12.02.1973 |
|
DIN No.: |
00167581 |
|
|
|
|
Name : |
Mr. Rajesh Natvarlal Modi |
|
Designation : |
Whole Time Director |
|
Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1954 |
|
Date of Appointment : |
24.06.2000 |
|
PAN No.: |
AFPPM6400E |
|
DIN No.: |
00167599 |
|
|
|
|
Name : |
Mr. Manish Mahendra Patel |
|
Designation : |
Director |
|
Address : |
12,13 Cross Road, V. V. Mohalla, Near Water Tank, Mysore-570002, India |
|
Date of Birth/Age : |
18.05.1959 |
|
Date of Appointment : |
26.03.1990 |
|
DIN No.: |
00128179 |
|
|
|
|
Name : |
Mr. Kirit Natvarlal Modi |
|
Designation : |
Director |
|
Address : |
17th Floor, B-Wing, EDEN Hall, Dr. A. B. Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1949 |
|
Date of Appointment : |
25.06.2004 |
|
DIN No.: |
00167607 |
|
|
|
|
Name : |
Mr. Ajay Dineshchandra Patel |
|
Designation : |
Whole Time Director |
|
Address : |
Aurum, Behind Tata Institute of Social Science, Deonar, Sion Trombay
Road, Mumbai-400088, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1968 |
|
Date of Appointment : |
25.06.2004 |
|
DIN No.: |
00466905 |
|
|
|
|
Name : |
Mr. Harshad Natvarlal Modi |
|
Designation : |
Whole Time Director |
|
Address : |
201-B, Ruby Apartment, 7th Road, J.V.P.D. Scheme, Juhu, Mumbai-400049,
Maharashtra, India |
|
Date of Birth/Age : |
18.06.1952 |
|
Date of Appointment : |
25.06.2004 |
|
PAN No.: |
AEAPM8485M |
|
DIN No : |
00167613 |
|
|
|
|
Name : |
Mr. Jitendra Ambalal Patel |
|
Designation : |
Director |
|
Address : |
70, Sopan Building Cooperative Housing Society, Ghorapuri,
Pune-411013, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1946 |
|
Date of Appointment : |
25.06.2004 |
|
DIN No : |
00248302 |
|
|
|
|
Name : |
Mr. Rachit Rajesh Modi |
|
Designation : |
Director |
|
Address : |
701, Neel Sagar, 23-B, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
01.03.1986 |
|
Date of Appointment : |
26.03.2010 |
|
PAN No.: |
AJOPM1797P |
|
DIN No : |
02850945 |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Karla |
|
Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
Note:
- Shareholder
details file attached.
- List
of Allottee As On 12.12.2012 file attached.
AS ON 25.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
81.88 |
|
Other top fifty shareholders |
18.12 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Kraft Paper, Kraft and Test. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||
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Bankers : |
Canara Bank, Station Road, Kalyan-421301, Maharashtra, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Vijay T Parmar and Company Chartered Accountant |
|
Address : |
101, Nadhav Building Apartment, Gaushala Road, Shivaji Path, Opposite
Bank of Maharashtra, Kalyan-421301, Maharashtra, India |
|
Tel. No.: |
95251-2311009 |
|
Mobile No.: |
91-9821416960 |
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Fax No.: |
95251-2317655 |
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E-Mail : |
|
|
Pan No.: |
ABOPP2499R |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3600000 |
Equity Shares |
Rs.10/- each |
Rs. 36.000
Millions |
|
|
|
|
|
AS ON 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7200000 |
Equity Shares |
Rs.10/- each |
Rs. 72.000
Millions |
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|
|
|
|
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 |
36.000 |
36.000 |
36.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
342.357 |
273.842 |
215.020 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
378.357 |
309.842 |
251.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
276.007 |
257.417 |
211.022 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
276.007 |
257.417 |
211.022 |
|
|
DEFERRED TAX LIABILITIES |
59.922 |
36.690 |
37.749 |
|
|
|
|
|
|
|
|
TOTAL |
714.286 |
603.949 |
499.791 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
397.862 |
222.127 |
234.666 |
|
|
Capital work-in-progress |
17.347 |
56.636 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
137.813
|
142.754
|
117.255
|
|
|
Sundry Debtors |
187.083
|
199.800
|
181.820
|
|
|
Cash & Bank Balances |
6.659
|
15.155
|
8.273
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
167.282
|
170.051
|
101.820
|
|
Total
Current Assets |
498.837
|
527.760 |
409.168 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
86.646
|
112.915
|
66.164 |
|
|
Other Current Liabilities |
0.927
|
0.393
|
20.847
|
|
|
Provisions |
112.188
|
89.267
|
57.033
|
|
Total
Current Liabilities |
199.761
|
202.575 |
144.044 |
|
|
Net Current Assets |
299.076
|
325.185
|
265.124
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
714.286 |
603.949 |
499.791 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1805.996 |
1756.707 |
1372.155 |
|
|
|
Other Income |
38.424 |
1.336 |
0.782 |
|
|
|
TOTAL (A) |
1844.420 |
1758.043 |
1372.937 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1038.855 |
974.363 |
|
|
|
|
Employee benefit expense |
58.603 |
57.751 |
|
|
|
|
Other expenses |
581.888 |
590.308 |
|
|
|
|
Purchases of stock-in-trade |
(9.732) |
(1.295) |
|
|
|
|
TOTAL (B) |
1669.614 |
1621.127 |
1295.809 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
174.806 |
136.916 |
77.128 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.469 |
25.001 |
23.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
147.337 |
111.915 |
53.383 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.568 |
16.355 |
17.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
122.769 |
95.560 |
36.342 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.931 |
30.441 |
34.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
76.838 |
65.119 |
1.959 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
893.065 |
825.733 |
671.362 |
|
|
|
Stores & Spares |
3.756 |
4.097 |
2.766 |
|
|
|
Capital Goods |
20.941 |
30.786 |
5.087 |
|
|
|
Dyes and Chemicals |
3.461 |
3.624 |
2.728 |
|
|
TOTAL IMPORTS |
921.223 |
864.240 |
681.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.79 |
17.79 |
0.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.17
|
3.70 |
0.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.80
|
5.44 |
2.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.69
|
12.74 |
5.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.31 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73
|
0.83 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.60 |
2.84 |
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 |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
86.646
|
112.915
|
66.164 |
|
|
|
|
|
|
TOTAL |
86.646
|
112.915
|
66.164 |
OPERATIONS
Production for the
year has been 59,177 tons against 58,672 tons of previous year’s production.
During the year gross income has gone up by 5.81 % from Rs. 1833.900 Millions
to Rs. 1940.500 Millions giving a pretax profit of Rs. 122.769 Millions
compared to Rs. 95.560 Millions of the previous year.
Net profit after
interest (Rs. 27.469 Millions), depreciation (Rs. 24.567 Millions) and
provision of income tax (Rs. 22.700 Millions) has been Rs. 100.069 Millions
against Rs. 64.060 Millions of the previous year.
During the year
both production and profitability have remained stagnant mainly on account
non-availability of additional requirement of steam to run all three paper
machines as newly purchased Thermax low pressure water tube boiler was erected
and put into operation only during the 4th quarter of the accounting
year Besides, inspite of all round increase in prices of waste paper,
chemicals, coal, power and general stores, the Company could not procure
adequate price increase of finished products as market could not absorb the
increase. Devaluation of Indian rupee against dollar had also played a
significant part in an all round increase of imported waste prices.
FINANCES
From the cash
generation of Rs. 14733.614 Millions including depreciation of Rs. 24.567
Millions, the company has repaid Rs. 26.915 Millions to Canara Bank against
term loans leaving an outstanding of Rs. 11.192 Millions as at 31st
March 2012. The balance amount has been utilised in working capital and for
expansion project PM-III Boiler and ESP.
During the current
year up to 31st July 2012, the company’s has repaid two term loans
of Rs. 10.300 Millions and Rs. 31.500 Millions respectively and have commenced
servicing term loan of Rs. 72.639 Millions and have repaid installment
amounting to Rs. 838.300 Millions hereby leaving a balance of Rs. 64.306
Millions.
FORM 8
|
Corporate
identity number of the company |
U99999MH1969PLC014398 |
|
Name of the
company |
LAXMI BOARD AND
PAPER MILLS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.2, MIDC Area, Kalyan, Bhiwandi Road, Saravali, Kalyan,
Thane-421311, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10047112 |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank, Station Road, Kalyan-421301, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter confirming
extension of equitable mortgage created by deposit of title deeds. |
|
Date of
instrument Creating the charge |
01.09.2012 |
|
Amount secured by
the charge |
Rs. 420.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
letter Terms of repayment As per sanction
letter Margin As per sanction
letter Extent and operation of the charge Security to secure
enhanced credit facilities together with interest, cost, expenses, charges,
commission etc. etc. as collateral security. |
|
Short particulars
of the property charged (Including location of the property) |
Mortgage created
by deposit of title deeds in respect of Plot No. 2 admeasuring about 21110.19
sq. mtrs and construction
thereon situated at Bhiwandi Kalyan Road Industrial Area of Saravli, Taluka
Bhiwandi District thane as Collateral security |
|
Date of
instrument modifying the charge |
18.07.2008 |
|
Particulars of
the present modification |
The Original
Mortgage created on 07-04-2007 now further modified extending the mortgage to
secure enhanced credit facilities to the extent of Rs. 420.700 Millions together
with interest, cost, expenses, charges, commission etc. |
FIXED ASSETS
- Land
- Buildings
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
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. 54.38 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.