MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIC INDIA LIMITED (w.e.f. 06.08.2004) |
|
|
|
|
Formerly Known
As : |
COATES OF INDIA LIMITED |
|
|
|
|
Registered Office
: |
Transport Depot Road, Kolkata - 700088, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
02.04.1947 |
|
|
|
|
Com. Reg. No.: |
21-015202 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 91.790 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24223WB1947PLC015202 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALC00179E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC0703C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Printing Inks, Surface Coatings and Allied Products. |
|
|
|
|
No. of Employees
: |
603 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the
company is sound. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA-“ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
08.02.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+“ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
08.02.2013 |
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
|
Name : |
Mr. Sandeep Chatterjee |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-33-24496591 |
|
Date : |
05.04.2014 |
LOCATIONS
|
Registered/ Corporate Office / Factory 1 : |
Transport Depot Road, Kolkata - 700088, West Bengal, India |
|
Tel. No.: |
91-33-24496591-96, 24493984/ 85/ 24492345/ 46 |
|
Fax No.: |
91-33-24495267 / 2311 / 0433 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Chandivali Farm,
Off Saki Vihar Road, Mumbai - 400072, Maharashtra, India |
|
|
|
|
Factory 3 : |
C - 55 A and B,
Phase II, Dist. Gautam Budh Nagar, Noida - 201305, Uttar Pradesh, India |
|
|
|
|
Factory 4 : |
Plot No.633 and
634, G.I.D.C. Industrial Estate, Phase IV, Vatva, Ahmedabad - 382445,
Gujarat, India |
|
|
|
|
Factory 5 : |
66A, Bommasandra
Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562158, Karnataka,
India |
|
|
|
|
Sales Office and Depots : |
Located at: v Bangalore v Hyderabad v Madurai v Baroda v Kanpur v Chennai v Delhi |
DIRECTORS
As on: 31.12.2012
|
Name : |
Dr. Prabir Kumar Dutt |
|
Designation : |
Chairman and Chief Executive Officer |
|
Address: |
Flat No.2A, 2nd Floor, P-384/B, Kevatala Lane, Kolkata –
700029, West Bengal, India |
|
Date of Birth/Age : |
14.02.1942 |
|
Qualification : |
M. Tech, Ph.D |
|
Date of Appointment : |
02.05.1984 |
|
|
|
|
Name : |
Mr. Dipak Banerjee |
|
Designation : |
Director |
|
Address: |
57A, Garcha Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
19.02.1946 |
|
Date of Appointment : |
08.03.2001 |
|
|
|
|
Name : |
Mr. Samir Bhaumik |
|
Designation : |
Managing Director |
|
Address: |
Flat No.302, Pearl Court, III Essel Towers, Main Mehrauli, Gurgaon
Road, Gurgaon – 122002, Haryana, India
|
|
Date of Birth/Age : |
21.11.1953 |
|
Qualification : |
B.Com (Hons),
LLB, FCA |
|
Date of Appointment : |
29.10.2007 |
|
|
|
|
Name : |
Mr. Subir Bose |
|
Designation : |
Director |
|
Address: |
37, Abhiripukur Road, Kolkata, West Bengal, India |
|
Date of Birth/Age : |
10.12.1949 |
|
Date of Appointment : |
27.07.2007 |
|
|
|
|
Name : |
Mr. Paul Koek |
|
Designation : |
Director |
|
Address: |
76, Bayshore Road, #04-17, Costa Del Sol, Singapore |
|
Date of Birth/Age : |
14.06.1960 |
|
Date of Appointment : |
29.06.2004 |
|
|
|
|
Name : |
Mr. Bhaskar Nath Ghosh |
|
Designation : |
Director |
|
Address: |
Flat no5E, 11 Broad Street, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
31.01.1946 |
|
Date of Appointment : |
25.07.2009 |
|
|
|
|
Name : |
Mr. Kazuo Kudo |
|
Designation : |
Director |
|
Address: |
2 Marina Boulevard, The Sail Marina Bay Singapore |
|
Date of Birth/Age : |
03.01.1954 |
|
Date of Appointment : |
02.06.2010 |
|
|
|
|
Name : |
Mr. Utpal Sengupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Timir Baran Chatterjee |
|
Designation : |
Senior Executive Vice President (Corporate Affairs and Legal) and
Company Secretary |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B.Com (Hons), M.Com, FCS, MIIA ( |
|
Experience : |
32 Years |
|
Date of Appointment : |
21.08.1996 |
|
|
|
|
Name : |
Mr. Sandip Chatterjee |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Audit Committee: |
Mr. Dipak Banerjee - Chairman |
|
|
Mr. Subir Bose |
|
|
Mr. Bhaskar Nath Ghosh |
|
|
Mr. Paul Koek |
|
|
|
|
Shareholders’/ Investors’ Grievance Committee : |
Mr. Utpal Sengupta - Chairman |
|
|
Dr. Prabir Kumar Dutt |
|
|
Mr. Paul Koek |
|
|
|
|
Remuneration Committee: |
Mr. Dipak Banerjee – Chairman |
|
|
Kazuo Kudo |
|
|
Mr. Paul Koek |
|
|
|
|
Name : |
Mr. Sandeep Chatterjee |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
6586077 |
71.75 |
|
|
6586077 |
71.75 |
|
Total shareholding
of Promoter and Promoter Group (A) |
6586077 |
71.75 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9 |
0.00 |
|
|
174 |
0.00 |
|
|
240 |
0.00 |
|
|
50 |
0.00 |
|
|
473 |
0.01 |
|
|
|
|
|
|
462677 |
5.04 |
|
|
|
|
|
|
1423452 |
15.51 |
|
|
624801 |
6.81 |
|
|
81497 |
0.89 |
|
|
27856 |
0.30 |
|
|
53539 |
0.58 |
|
|
102 |
0.00 |
|
|
2592427 |
28.24 |
|
Total Public
shareholding (B) |
2592900 |
28.25 |
|
Total (A)+(B) |
9178977 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9178977 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing Inks, Surface Coatings and Allied Products. |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity** |
Actual
Production |
|
Printing Inks |
Tonnes |
N.A. |
60,288 |
42,209 |
|
Press Room Chemicals |
Tonnes |
N.A. |
360 |
53 |
|
Rubber Blankets |
Sq. Yards |
N.A. |
-- |
9,563 |
Note: * Under the Industrial Policy Statement dated
24th July 1991 and the Notification issued there under, no licensing is
required for the Company's products.
** As certified by the Management.
GENERAL INFORMATION
|
No. of Employees : |
603 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Bank of Baroda · State Bank of India · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Plot No. Y-14, Block EP, Sector V, Salt Lake, Electronics Complex,
Bidhan Nagar, Kolkata – 700091, West Bengal, India |
|
|
|
|
Holding Company : |
DIC Asia Pacific Pte Ltd., Singapore |
|
|
|
|
Ultimate Holding Company : |
DIC Corporation, Japan |
|
|
|
|
Fellow Subsidiaries : |
· DIC Graphics Corporation · DIC Investments Japan, LLC. · DIC Machinery & Printer's Supplies, Inc. · TOPIC. Company Limited · Hamamatsu DIC · DIC Kyushu Polymer Company Limited · DIC Color Coatings, Inc. · DIC Kitanihon Polymer Company Limited · DIC Kako Inc. · Oxirane Chemical Corp. · Mizushima Kasozai, Inc. · Nippon Epoxy Resin Manufacturing Company Limited · Japan Formalin Company, Inc. · DIC Bayer Polymer Limited · DH Material Inc. · Japan Fine Coatings, Inc. · SUNDIC Incorporated · DIC Plastics, Inc. · DIC Molding, Inc. · Techno Science, Inc. · DIC EP Corporation · YD Plastics Company Limited · Fuji Label Company Limited · DIC Filtec, Inc. · Nihon Packaging Material Company Limited · DIC Lifetec Company Limited · DIC Decor, Inc. · DIC Interior Company Limited · Renaissance, Inc. · DIC Estate Company Limited · Seiko PMC Corp. · Tsuruga Terminals Co. · Tsuruga Chemicals Service Co. · DIC Color Design, Inc. · DC Katsuya Company Limited · Earthrise Nutritionals LLC · Earthrise Holdings Inc. · DIC Holdings B.V. · DIC Performance Resins GmbH · DIC Holdings Austria GmbH · Zhongshan DIC Colour Company Limited · DIC(China)Company Limited · Hainan DIC Microalgae Company Limited · Qingdao DIC Fine chemicals Company Limited · Qingdao DIC Liquid Crystal Company Limited · P.T. Pardic Jaya Chemicals · DIC Philippines, Inc. · DIC (Vietnam) Company Limited · DIC Fine Chemicals Private Limited · DIC Pakistan Limited · DIC Lanka (Private) Limited · DIC New Zealand Ltd · DIC Australia Pty Ltd · Allmake Rollers Limited · Camus Water Technologies LLC · Coates Brothers(Caribbean)Limited · Sun Chemical (South Africa) (Pty.) Limited · Coates Brothers(West Africa)Limited · Coates Screen Inks GmbH. · DIC Europe GmbH · DIC Imaging Products U.S.A., LLC · DIC International (USA), LLC · ECG Holdings Limited · Gibbon Finecal Limited · Glenside Properties Limited · Hartman d.o.o. · Hartmann Druckfarben GmbH · Hartmann-Sun Chemical EOOD · Inmobiliaria Sunchem, S.A. de C.V. · Lorilleux Maroc S.A. · Weesp Unlimited · Tintas S.A. · Mondis Manufacturers Insurance Company N.V. · New England Manufacturers Insurance Corp. · ParkerWilliams Design Limited · Rycoline Products, LLC · SC Funding LLC · SC(Puerto Rico) Ink · Sinclair del Centro America S.A. · Sinclair S.A. · Sun Branding Solutions Limited · Sun Chemical (Chile) S.A. · Sun Chemical A/S · Sun Chemical A/S (formerly:Coates Lorilleux A/S) · Sun Chemical AB · Sun Chemical AG · Sun Chemical AG (S.A., Limited) · Sun Chemical Albania SHPK · Sun Chemical B.V. · Sun Chemical Delta B.V. · Sun Chemical Central Europe Beteiligungs GmbH · Shanghai DIC Ink Company Limited · Shenzhen-DIC Company Limited · DIC (Shanghai) Company Limited · Changzhou Huari New Material Company Limited · Deqing DIC Synthetic Resins, Limited · DIC (Guangzhou) Company Limited · Suzhou Lintong Chemical Science Corp. · DIC Synthetic Resins (Zhongshan) Company Limited · DIC Graphics Taiyuan Company Limited · DIC Graphics (Guangzhou) Limited · TOA-DIC Zhangjiagang Chemicals Company Limited · Seiko PMC (Zhangjiagang) Corp. · DIC Zhangjiagang Chemicals Company Limited · Shenzhen DIC Chemicals Company Limited · Nantong DIC Color Company Limited · Shanghai Showa Highpolymer Company Limited · Shanghai DIC Pressure-sensitive Adhesive · Materials Company Limited · Seiko PMC (Shanghai) Commerce & Trading Corp. · DIC (Nantong) Metallic Pigment Company Limited · Lianyungang DIC Color Company Limited · DIC Trading (HK) Limited · Tien Lee Hong Company Limited · DIC Graphics (Hong Kong) Limited · DIC Graphics Chia Lung Corp. · DIC (Taiwan) Limited · Lidye Chemical Company Limited · DIC Colorants Taiwan Company Limited · DIC Korea Corp. · Aekyung Chemical Company Limited · Kangnam Chemical Company Limited · DIC korea liquid crystal Company Limited · DIC Alkylphenol Singapore Pte., Limited · DIC Compounds (Malaysia) Sdn. Bhd. · DIC (MALAYSIA) Sdn. Bhd. · Bridgestone REI Komposit Sdn. Bhd. · Samling Housing Products Sdn. Bhd. · DIC Epoxy (Malaysia) Sdn.Bhd. · DIC Graphics (Thailand) Company Limited · Siam Chemical Industry Company Limited · Coates Thailand Limited TFE Company Limited · DIC Color (Thailand) Company Limited · DIC RESINS (Thailand) Company Limited · P.T. DIC Astra Chemicals · PT. DIC Graphics · Sun Chemical Central Europe Holding & Co KG · Sun Chemical Corp. · Sun Chemical de Centro America, S.A. de C.V. · Sun Chemical de Panama, S.A. · Sun Chemical do Brasil Ltda. · Sun Chemical for Graphic Arts S.A.E · Sun Chemical Group Coöperatief U.A. · Sun Chemical Group S.p.A. · Sun Chemical Holding B.V. · Sun Chemical Holding GmbH · Sun Chemical Ink Ireland · Sun Chemical Inks A/S · Sun Chemical Inks S.A. · Sun Chemical Investments LLC · Sun Chemical Lasfelde GmbH · Sun Chemical Limited · Sun Chemical Management, L.L.C. · Sun Chemical N.V./S.A. · Sun Chemical Nyomdafestek Kereskedelmi Es · Gyatro KFT (Sun Chemical KFT) · Sun Chemical of Michigan LLC · Sun Chemical Osterode Druckfarben GmbH · Coates Brothers(East Africa)Limited · Coates Brothers (Zambia) Limited (formerly:Coates · Zambia Limited j · Sun Chemical Oy · Sun Chemical Pigments S.L.(formerly:Coates Lorilleux S.A.) · Sun Chemical Portugal-Tintas Graficas Ltda. · Sun Chemical Printing Ink d.o.o. · Benda-Lutz Werke GmbH · Benda-Lutz Skawina Sp. z.o.o. · Benda-Lutz Alpoco Sp. z.o.o. · Benda-Lutz Volzhsky ooo · Benda-Lutz Corporation · Sun Chemical S.A. · Sun Chemical S.A. de C.V. · Sun Chemical S.A.S · Sun Chemical s.r.l. · Sun Chemical Sp (z.o.o) (formerly:Sun Chemical · Sp (z.o.o)(Limited) · Sun Chemical Turkey · Sun Chemical Ukraine Limited · Sun Chemical ZAO · Sun Chemical, d.o.o.e.l. · Sun Chemical Holding (Hong Kong) Limited · Sun Chemical Trading |
|
|
·
|
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,178,977 |
Equity Shares |
Rs.10/- each |
Rs. 91.790
Millions |
|
|
|
|
|
Reconciliation of number
of Equity Shares outstanding
|
|
As on 31.12.2012 |
|
|
|
(No. of shares) |
(Rs. in Million) |
|
Shares outstanding as at the beginning of the year |
9,178,977 |
91.790 |
|
Shares outstanding as at the end of the year |
9,178,977 |
91.790 |
Rights, preferences
and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of Rs.10.00 per Equity Share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
|
|
As on 31.12.2012 |
|
|
|
(No. of shares) |
(% of holding) |
|
Shares held by the
Holding Company |
|
|
|
DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
|
|
|
|
|
Shareholders
holding more than 5% of the Shares in the Company |
|
|
|
DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
There were no shares issued pursuant to contracts without payment being received in cash, by way of bonusissue and no shares were bought back in the period of five years immediately preceeding the date as at which the Balance Sheet is prepared.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
91.790 |
91.790 |
|
(b) Reserves & Surplus |
|
2739.560 |
2567.290 |
|
(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) |
|
2831.350 |
2659.080 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
82.140 |
69.210 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
17.290 |
21.520 |
|
Total
Non-current Liabilities (3) |
|
99.430 |
90.730 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
340.380 |
227.040 |
|
(b) Trade payables |
|
821.820 |
945.450 |
|
(c) Other current liabilities |
|
410.660 |
280.130 |
|
(d) Short-term provisions |
|
45.140 |
55.110 |
|
Total
Current Liabilities (4) |
|
1618.000 |
1507.730 |
|
|
|
|
|
|
TOTAL |
|
4548.780 |
4257.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
916.900 |
762.330 |
|
(ii) Intangible Assets |
|
33.880 |
0.000 |
|
(iii) Capital work-in-progress |
|
67.580 |
134.450 |
|
(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 |
|
34.590 |
42.960 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
1052.950 |
939.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1145.400 |
1035.280 |
|
(c) Trade receivables |
|
2023.390 |
1884.350 |
|
(d) Cash and cash equivalents |
|
49.010 |
140.480 |
|
(e) Short-term loans and
advances |
|
272.120 |
257.230 |
|
(f) Other current assets |
|
5.910 |
0.460 |
|
Total
Current Assets |
|
3495.830 |
3317.800 |
|
|
|
|
|
|
TOTAL |
|
4548.780 |
4257.540 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
91.790 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2345.460 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2437.250 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
114.800 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
114.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
68.820 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2620.870 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
714.580 |
|
|
Capital work-in-progress |
|
|
57.640 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
854.370
|
|
|
Sundry Debtors |
|
|
1491.420
|
|
|
Cash & Bank Balances |
|
|
176.440
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
330.330
|
|
Total
Current Assets |
|
|
2852.560
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
865.930
|
|
|
Other Current Liabilities |
|
|
44.880
|
|
|
Provisions |
|
|
93.100
|
|
Total
Current Liabilities |
|
|
1003.910
|
|
|
Net Current Assets |
|
|
1848.650
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2620.870 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SALES |
|
|
|
|
|
Income |
7159.910 |
6769.940 |
5533.610 |
|
|
Other Income |
4.430 |
31.490 |
119.070 |
|
|
TOTAL
(A) |
7164.340 |
6801.430 |
5652.680 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5076.870 |
|
|
|
|
Purchases of Stock-in-Trade |
302.910 |
294.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(17.090) |
(67.870) |
|
|
|
Employees benefits expense |
434.340 |
411.690 |
|
|
|
Other expenses |
897.450 |
818.710 |
|
|
|
Extraordinary Income |
0.000 |
0.000 |
|
|
|
TOTAL
(B) |
6694.480 |
6289.290 |
4894.960 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
469.860 |
512.140 |
757.720 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.040 |
42.000 |
23.250 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
415.820 |
470.140 |
734.470 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
100.900 |
88.240 |
85.970 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
314.920 |
381.900 |
648.500 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
99.970 |
117.390 |
141.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
214.950 |
264.510 |
507.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1292.060 |
1096.680 |
693.790 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
21.490 |
26.450 |
51.000 |
|
|
Dividend |
5.960 |
5.960 |
7.620 |
|
|
Tax on Dividend |
36.720 |
36.720 |
45.890 |
|
|
Total
(M) |
64.170 |
69.130 |
104.510 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
1442.840 |
1292.060 |
1096.680 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on FOB basis |
332.420 |
317.502 |
243.517 |
|
|
Commission |
1.420 |
1.621 |
2.001 |
|
|
TOTAL
EARNINGS |
333.840 |
319.123 |
245.518 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1681.670 |
1625.521 |
1290.369 |
|
|
Spare Parts |
4.060 |
6.627 |
12.981 |
|
|
Capital Goods |
55.050 |
41.345 |
43.506 |
|
|
Goods Traded in |
210.450 |
224.415 |
200.283 |
|
|
TOTAL
IMPORTS |
1951.230 |
1897.908 |
1547.139 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
23.42 |
28.82 |
55.28 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
3.00 |
3.89 |
8.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.40 |
5.64 |
11.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.02 |
9.26 |
18.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.14 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16 |
2.20 |
2.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
91.790 |
91.790 |
|
Reserves & Surplus |
2,567.290 |
2,739.560 |
|
Net
worth |
2,659.080 |
2,831.350 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
227.040 |
340.380 |
|
Total
borrowings |
227.040 |
340.380 |
|
Debt/Equity
ratio |
0.085 |
0.120 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,533.610 |
6,769.940 |
7,159.910 |
|
|
|
22.342 |
5.760 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,533.610 |
6,769.940 |
7,159.910 |
|
Profit |
507.400 |
264.510 |
214.950 |
|
|
9.17% |
3.91% |
3.00% |
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 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) |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.12.2012 |
As on 31.12.2011 |
|
Short term
borrowings |
|
|
|
Short Term Loans |
230.000 |
100.000 |
|
|
|
|
|
Total |
230.000 |
100.000 |
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC ENVIRONMENT
In economic terms, the year 2012 has been a challenging one for India. It has seen the slowest rate of growth in a decade with 5 per cent GDP growth during the year. The year started in the shadow of the policy reversal on FDI policy in multi-brand retail, followed by a working budget without major policy reforms and concrete steps to control fiscal deficit, current account deficits, subsidies and tapering growth. While a slow recovery of the world economy is partly responsible for this downward trajectory, the rupee depreciation in 2012 has imposed severe challenges to control input cost, particularly companies with high import contents. The manufacturing sector has taken a dip and growing at 1.9 per cent. This is the lowest pace of growth for manufacturing sector in the past fourteen years. The private consumption has also posted a growth of 4.1 per cent, lowest in the last decade. Consumer industry, which is a major growth driver for their industry, has been very disappointing. Consumer goods contracted by 4.5 per cent on year to year basis in December, 2012. This is the sharpest contraction since 2009. Publishing and Print media have also registered a sharp contraction of 24 per cent and 21 per cent respectively.
However, there are few positive areas. Annual FDI was the highest during the year 2012. Annual food production was a new record. FII inflow amounting to Rs. 1181 billion as of 18th December 2012 is the highest among emerging economies. With policy corrections and investment friendly decisions, the long term GDP targets can still be achieved. However, the year 2012 as a whole has been rough in terms of economic and political developments.
PERFORMANCE REVIEW
In spite of all adverse economic environment, the Company has been able to maintain growth in Revenue from
Rs.6747.550 million to Rs.7123.860 million registering an increase of 5.58 per cent. Profit before tax was Rs. 314.920 as against Rs.381.900 in the previous year. Profit for the year has been significantly affected by imposition of Entry Tax in West Bengal coupled with significant depreciation of rupee during the year.
OUTLOOK
The fourth quarter of 2012 has seen a positive approach from the Government to restore economy to 7-8 percent growth rate. However, the situation till now is fragile and 2013 looks to be an uncertain year. Persistent price rises, even during the period where commodity prices are down internationally, does not have much space for monetary easing. It is hoped that Government will carry out reforms including fiscal consolidation and regaining investors confidence. The Country has recently enacted reforms to allow more foreign investment in the retail sector which is expected to be a growth driver for their industry. They do hope more will be done if the world's second largest populous nation is to return to the near double digit rate of growth.
CONTINGENT LIABILITIES
Contingent Liabilities not provided for in
respect of:
(a) Income Tax matters Rs. 20.390 Millions
(2011 - Rs. 32.670 Millions) pending in appeals.
(b) Disputed Sales Tax, Excise Duties, etc.
Rs. 293.550 Millions (2011 - Rs.288.750 Millions) for which appeals before the
relevant authorities are pending disposal.
The future cash outflow on account of above
cannot be determined at this stage.
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED ON 31ST
DECEMBER, 2013
(Rs. In Millions)
|
Sr. No |
Particulars |
|
||
|
Quarter Ended (Unaudited) |
Half year Ended
(Unaudited) |
|||
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from operations |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
1821.032 |
1893.581 |
7086.639 |
|
|
(b) Other Operating Income |
9.933 |
6.388 |
30.392 |
|
|
Total income from operations
(net) (a) + (b) |
1830.965 |
1899.969 |
7117.031 |
|
2 |
Expenses (a) Cost of materials consumed |
1355.129 |
1388.086 |
5004.241 |
|
|
(b) Purchases of stock-in-trade |
130.382 |
63.954 |
338.756 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(100.413) |
(6.763) |
8.110 |
|
|
(d) Employee benefits expense |
91.060 |
109.076 |
439.445 |
|
|
(e) Depreciation and amortisation expense |
31.462 |
30.038 |
121.864 |
|
|
(f) Other expenditure |
291.282 |
260.165 |
1048.843 |
|
|
Total expenses |
1798.902 |
1844.556 |
6961.259 |
|
3 |
Profit / (Loss) from operations before other income, finance costs
and exceptional items(1-2) |
32.063 |
55.413 |
155.772 |
|
4 |
Other Income |
7.532 |
0.002 |
8.939 |
|
5 |
Profit / (Loss) from ordinary activities before finance
costs and exceptional items(3 + 4) |
39.595 |
55.415 |
164.711 |
|
6 |
Finance costs |
12.643 |
9.859 |
44.727 |
|
7 |
Profit / (Loss) from ordinary activities after
finance costs but before exceptional items(5 - 6) |
26.952 |
45.556 |
119.984 |
|
8 |
Exceptional
items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from ordinary activities before tax
(7 + 8) |
26.952 |
45.556 |
119.984 |
|
10 |
Tax Expense Deferred |
(29.581) (1.886) |
4.640 6.789 |
(10.167) 4.784 |
|
11 |
Net Profit / (Loss) from ordinary activities after
tax (9-10) |
58.419 |
34.127 |
125.367 |
|
12 |
Extraordinary
Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the
period (11 -12) |
58.419 |
34.127 |
125.367 |
|
14 |
Paid-up
equity share capital (Nominal value Rs. 10 per share) |
91.790 |
91.790 |
91.790 |
|
15 |
Reserve
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
2821.990 |
|
16(i) |
Earnings per share (before extraordinary items)
(of Rs. 10/- each) (not annualised): |
|
|
|
|
* |
(a) Basic |
6.36 |
3.72 |
13.66 |
|
|
(b) Diluted |
6.36 |
3.72 |
13.66 |
|
|
Earnings
per share (after extraordinary items) (of Rs. 10/- each) (not annualised): |
|
|
|
|
* |
(a) Basic |
6.36 |
3.72 |
13.66 |
|
|
(b) Diluted |
6.36 |
3.72 |
13.66 |
|
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public shareholding
- Number of shares |
|
|
|
|
|
-
Numbers of Shares |
2592900 |
2592900 |
2592900 |
|
|
-
Percentage of shareholding |
28.25% |
28.25% |
28.25% |
|
2 |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged
/ Encumbered - Number of shares |
-- |
-- |
-- |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
-
Number of shares |
6586077 |
6586077 |
6586077 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage
of shares (as a % of the total share capital of the company) |
71.75% |
71.75% |
71.75% |
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED
31ST DECEMBER 2013
(Rs. In Millions)
|
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
|
|
|
|
Segment
Revenue |
Inks |
1696.009 |
1770.285 |
6673.268 |
|
|
|
Lamination
Adhesive |
125.023 |
123.296 |
413.371 |
|
|
|
Net
Sales |
1821.032 |
1893.581 |
7086.639 |
|
|
|
|
|
|
|
|
|
Segment
Results (Profit/(Loss) |
Inks |
9.761 |
62.299 |
177.960 |
|
|
before
tax and Interest ) |
Lamination
Adhesive |
4.456 |
23.460 |
35.459 |
|
|
|
|
|
|
|
|
|
|
Total |
14.217 |
85.759 |
213.419 |
|
|
|
Less: Unallocable
Expenses |
(22.843) |
31.356 |
53.157 |
|
|
|
Less :
Interest |
12.462 |
9.814 |
44.036 |
|
|
|
Add:
Unallocable income |
2.354 |
0.967 |
3.758 |
|
|
|
Total
Profit Before Tax |
26.952 |
45.556 |
119.984 |
|
|
|
|
|
|
|
|
|
Capital
Employed |
Inks |
2670.523 |
2726.529 |
2670.523 |
|
|
(
Segment Assets - Segment Liabilities) |
Lamination
Adhesive |
397.108 |
350.593 |
397.108 |
|
Particulars |
Quarter ended 31.12.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
2 |
|
Disposed
of during the quarter |
2 |
|
Remaining
unresolved at the end of the quarter |
NIL |
STATEMENT OF ASSETS AND LIABILITIES AS ON 31ST DECEMBER 2013
(Rs. In Millions)
|
SOURCES
OF FUNDS |
31.12.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
91.790 |
|
(b) Reserves & Surplus |
2821.990 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
2913.780 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term
borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
86.915 |
|
(c) Other long
term liabilities |
0.000 |
|
(d) long-term
provisions |
16.445 |
|
Total Non-current
Liabilities (3) |
103.360 |
|
|
|
|
(4) Current Liabilities |
|
|
(a)
Short term borrowings |
232.884 |
|
(b)
Trade payables |
883.915 |
|
(c) Other
current liabilities |
294.360 |
|
(d) Short-term
provisions |
46.095 |
|
Total Current
Liabilities (4) |
1457.254 |
|
|
|
|
TOTAL |
4474.394 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a)
Fixed Assets |
975.707 |
|
(b) Non-current
Investments |
0.001 |
|
(c) Deferred tax
assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
33.117 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
1008.825 |
|
|
|
|
(2) Current assets |
|
|
(a) Current
investments |
0.000 |
|
(b)
Inventories |
1083.937 |
|
(c)
Trade receivables |
2026.670 |
|
(d) Cash
and cash equivalents |
64.002 |
|
(e)
Short-term loans and advances |
285.589 |
|
(f)
Other current assets |
5.371 |
|
Total
Current Assets |
3465.569 |
|
|
|
|
TOTAL |
4474.394 |
Note:
The above audited financial results for the year ended 31st December 2013 duly reviewed by the Audit Committee, were taken on record by the Board of Directors at its meeting held on 5th February 2014.
The Board has recommended payment of dividend of Rs. 4 per share (2012: Rs. 4 per share) for the
Financial Year ended 31st December 2013.
Figures for quarter ended 31st December 2013 are the balancing figures between audited figures in respect of the financial year and the published year to date figures upto 30th September 2013.
Figures have been regrouped / rearranged wherever considered necessary.
FIXED ASSETS:
Tangible assets:
v Land – Freehold
v Land – Leasehold
v Buildings
v Plant and Machinery
v Furniture and Equipments
v Vehicles
v Computers
Intangible assets
v Computer Software
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. 59.95 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.