MIRA
INFORM REPORT
|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLOSURE SYSTEMS INTERNATIONAL (I) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 35 and 36, Soukya Road, Kacherkanahalli, Hosakote Taluk,
Bangalore – 560067, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.08.2009 |
|
|
|
|
Com. Reg. No.: |
08-055324 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.752
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25194KA2009FTC055324 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Plastic Closures. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. The external
borrowing seems to be huge. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a safe and
secured 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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.
LOCATIONS
|
Registered Office : |
Survey No. 35 and 36, Soukya Road, Kacherkanahalli, Hosakote Taluk,
Bangalore – 560067, Karnataka, India |
|
Tel. No.: |
91-80-30943500 |
|
Fax No.: |
91-80-30943500 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant : |
Kacherkanahalli, Hosakote Taluk, Bangalore, Karnataka, India |
DIRECTORS
As on: 29.11.2012
|
Name : |
Mr. Robert Eugene Smith |
|
Designation : |
Director |
|
Address : |
102, W. Laredo, Way South, Drive Carmel, Indian 46032 |
|
Date of Birth/Age : |
24.11.1956 |
|
Date of Appointment : |
28.08.2009 |
|
DIN No.: |
02463430 |
|
|
|
|
Name : |
Mr. Ahmed Mohammed Sharif |
|
Designation : |
Director |
|
Address : |
House No. 588, Road No 1919, Block 919, East Riffa, Riffa, Bahrain |
|
Date of Birth/Age : |
06.06.1955 |
|
Date of Appointment : |
28.08.2009 |
|
DIN No.: |
02510035 |
|
|
|
|
Name : |
Mr. Sunil Sharma |
|
Designation : |
Alternate director |
|
Address : |
Apt#432, Tzed Homes, Varthur Main Road, Whitefield, Bangalore – 560067, Karnataka, India |
|
Date of Birth/Age : |
19.10.1969 |
|
Date of Appointment : |
20.12.2011 |
|
DIN No.: |
02463971 |
|
|
|
|
Name : |
Mr. Suresh Krishnankutty Nambiar |
|
Designation : |
Alternate director |
|
Address : |
C/O, Gulf Closure Wll, P.B. 2715, Factory 936, Road No 115, Area 601, Sitra Industrial Area, Manama 601, Bahrain |
|
Date of Birth/Age : |
08.09.1961 |
|
Date of Appointment : |
02.10.2009 |
|
DIN No.: |
02510017 |
|
|
|
|
Name : |
Mr. Malcolm Peter Bundey |
|
Designation : |
Additional director |
|
Address : |
S681 Jaffa Court, East Dr, Apt 38, Indianapolis IN 46260 |
|
Date of Birth/Age : |
01.09.1961 |
|
Date of Appointment : |
20.12.2011 |
|
DIN No.: |
05141540 |
MAJOR SHAREHOLDERS
As on: 29.11.2012
|
Names of Shareholders |
|
No. of Shares |
|
Closure Systems International B.V., Netherlands |
|
975205 |
|
Beverage Packaging Holdings (Luxembourg) III S.A.R.L, Munsbach |
|
1 |
|
Total |
|
975206 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.11.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Plastic Closures. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1&2 Murphy Road, Ulsoor,
Bangalore - 560008, Karnataka, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Ultimate Holding
Company : |
Packaging Holdings Limited, New Zealand. (PHLNL) |
|
|
|
|
Holding Company: |
Beverage Packaging Holdings (Luxembourg) III SARL. (BPHLS) |
|
|
|
|
Immediate
Holding Company Parties under
common control with whom transactions have taken place during the year: |
Closure Systems International BV, Netherlands (CSIBV) |
|
|
|
|
Fellow
Subsidiaries : |
·
Beverage Packaging Holdings (Luxembourg) III
S.A.R.L. (BPHLS) ·
Closure Systems International Nepal Private
limited (CSINPL) ·
Gulf Closures W.L.L (GCWLL) ·
Closure Systems International Inc (CSII) ·
Closure Systems International HQ (CSIHQ) ·
Closure Systems International Tianjin Ltd (CSITL)
·
Closure Systems International Espana SLU
(CSIESLU) ·
Closure Systems International Newyork (CSINY) ·
Closure Systems International Deutschland GMBH
(CSID) ·
Alcoa CSI Egypt (ACSIEG) ·
Closure Systems International Hongkong Limited
(CSIHK) ·
Closure Systems International Reynolds Pkg
(CSIRPKG) ·
Reynolds Packaging Service (RPS) |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,325,000 |
Equity Shares |
Rs.10/- each |
Rs.23.250 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
975,206 |
Equity Shares |
Rs.10/- each |
Rs.9.752
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 |
|
9.752 |
9.752 |
|
(b) Reserves & Surplus |
|
(91.211) |
6.903 |
|
(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) |
|
(81.459) |
16.655 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
102.370 |
89.400 |
|
(b) Deferred tax liabilities (Net) |
|
1.112 |
0.874 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
103.482 |
90.274 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
113.330 |
51.500 |
|
(b) Trade payables |
|
84.094 |
66.559 |
|
(c) Other current
liabilities |
|
128.166 |
116.288 |
|
(d) Short-term provisions |
|
0.110 |
0.099 |
|
Total Current Liabilities (4) |
|
325.700 |
234.446 |
|
|
|
|
|
|
TOTAL |
|
347.723 |
341.375 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
149.907 |
167.287 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
1.891 |
8.948 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
19.862 |
11.800 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
171.660 |
188.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
94.290 |
95.742 |
|
(c) Trade receivables |
|
26.649 |
3.379 |
|
(d) Cash and cash
equivalents |
|
0.323 |
6.865 |
|
(e) Short-term loans and
advances |
|
50.863 |
46.474 |
|
(f) Other current assets |
|
3.938 |
0.880 |
|
Total Current Assets |
|
176.063 |
153.340 |
|
|
|
|
|
|
TOTAL |
|
347.723 |
341.375 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.252 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
46.369 |
|
|
4] (Accumulated Losses) |
|
|
(6.794) |
|
|
NETWORTH |
|
|
44.827 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
44.827 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.174 |
|
|
Capital work-in-progress |
|
|
69.871 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
14.355 |
|
|
Other Current Assets |
|
|
10.509 |
|
|
Loans & Advances |
|
|
1.101 |
|
Total
Current Assets |
|
|
25.965 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
42.020 |
|
|
Other Current Liabilities |
|
|
9.163 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
51.183 |
|
|
Net Current Assets |
|
|
(25.218) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
44.827 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
123.075 |
26.675 |
0.000 |
|
|
|
Other Income |
0.000 |
2.709 |
0.638 |
|
|
|
TOTAL (A) |
123.075 |
29.384 |
0.638 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
59.312 |
40.323 |
|
|
|
|
Purchase stock- in- trade |
12.384 |
6.531 |
|
|
|
|
Changes in inventories of finished goods, work- in- progress and stock in trade |
(6.353) |
(35.987) |
|
|
|
|
Employee benefits expense |
32.124 |
24.290 |
|
|
|
|
Other expenses |
79.622 |
44.000 |
|
|
|
|
TOTAL (B) |
177.089 |
79.157 |
(7.331) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(54.014) |
(49.773) |
(6.693) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.477 |
5.092 |
0.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(68.491) |
(54.865) |
(6.711) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.623 |
18.306 |
0.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(98.114) |
(73.171) |
(6.740) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(98.114) |
(73.171) |
(6.740) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(79.965) |
(6.794) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(178.079) |
(79.965) |
(6.794) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
6.962 |
1.326 |
0.000 |
|
|
|
Service Income |
7.325 |
0.000 |
0.000 |
|
|
|
Reimbursement of expenses |
0.519 |
1.066 |
0.000 |
|
|
TOTAL EARNINGS |
14.806 |
2.392 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
60.016 |
52.012 |
0.000 |
|
|
|
Capital Goods |
8.129 |
72.803 |
39.662 |
|
|
|
Stores & Spares |
6.368 |
9.758 |
0.000 |
|
|
|
Others |
8.781 |
6.531 |
0.000 |
|
|
TOTAL IMPORTS |
83.294 |
141.104 |
39.662 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(100.61) |
(95.44) |
(37.25) |
|
%20PRIVATE%20LIMITED%20-%20234490%2007-Sep-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(79.72)
|
(249.00) |
(1056.43) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(79.72)
|
(274.31) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.37)
|
(22.01) |
(25.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.20
|
(4.39) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.65)
|
8.46 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54
|
0.65 |
0.51 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE: The registered office of the company has been shifted from 202-206, Tolstoy House, 15 Tolstoy Marg,
Delhi – 110001, India to present address w.e.f. 04.08.2010.
GENERAL INFORMATION:
The Company incorporated on August 28,2009, is a subsidiary of Closure Systems International B.V. Netherlands, part of Reynolds Packaging group, which was acquired by Rank group of New Zealand in March, 2008. The Company has started commercial operations in August 2010 and is engaged in manufacturing and selling of Plastic Closures. The Company has manufacturing plant at Kacherkanahalli, Hosakote Taluk, Bangalore Rural, India.
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
External Commercial Borrowings (The above term loan is obtained from Closure Systems International BV, Netherlands, the immediate holding company is repayable in half yearly instalments beginning from April, 2014 along with the interest at 6 Months LIBOR plus 3 percent margin per annum.) |
102.370 |
89.400 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital demand loan - From Bank (The above loan is covered under a guarantee furnished by Packaging Holdings Limited, New Zealand, the ultimate holding company.) |
113.330 |
51.500 |
|
Total |
215.700 |
140.900 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR THE COMPANY.
FIXED ASSETS:
· Leasehold Improvements
· Plant and Machinery
· Computers
· Office Equipments
· Furniture and Fixtures
· Electrical Installation
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.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.