MIRA INFORM REPORT
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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AVANTOR PERFORMANCE MATERIALS INDIA LIMITED (w.e.f 02.03.2013) |
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Formerly Known
As : |
RFCL LIMITED |
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Registered
Office : |
1201 to 1206, 12th Floor, Pinnacle Business Tower, Shooting
Range Road, Surajkund, Faridabad – 121009, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.01.1991 |
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Com. Reg. No.: |
05-048501 |
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Capital
Investment / Paid-up Capital : |
Rs.74.963 Millions |
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CIN No.: [Company Identification
No.] |
U24209HR1991PLC048501 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in Animal Health Care and Diagnostic
Business. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1691000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having moderate track record. Management has witnessed an acceptable revenue base, whereas has
reported a low net profitability as against a previous year loss. However, trade relations seem to be fair. Business is active and is
yet to realize significant integration benefits post the acquisition by its
parent. Payment terms are reported as slow but correct. In view of the strong financial and operational support from its
parent, the company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities BB+ |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial obligations. |
|
Date |
November 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Non fund based facilities A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
November 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Praneet Kumar |
|
Designation : |
Sales Manager |
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Contact No.: |
91-129-4267000 |
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Date : |
02.12.2014 |
LOCATIONS
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Registered Office / Headquarters : |
1201 to 1206, 12th Floor, Pinnacle Business Tower, Shooting
Range Road, Surajkund, Faridabad – 121009, Haryana, India |
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Tel. No. : |
91-129-4267000 |
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Fax No. : |
91-129-4267299 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sushil Mehta |
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Designation : |
Managing Director |
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Address : |
MA-1/6-2A, Garden Estate, DLF Phase-3, Gurgaon - 122002, Haryana, India |
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Date of Birth/Age : |
09.03.1957 |
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Date of Appointment : |
06.12.2005 |
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DIN No. : |
01010831 |
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Other Directorship :
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Name : |
Beng Hong Lim |
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Designation : |
Additional director |
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Address : |
13 Jalan Camar 4/25 Villa Damansara, Kota Damansara, Petaling Jaya Selangor, 47810, Malaysia |
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Date of Appointment : |
17.10.2014 |
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DIN No. : |
02547659 |
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Other Directorship :
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Name : |
Mr. Ashok Kumar Jain |
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Designation : |
Whole-time Director |
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Address : |
J-157, J Pocket , Sarita Vihar, New Delhi - 110076, India |
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Date of Birth/Age : |
02.07.1966 |
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Date of Appointment : |
22.06.2012 |
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DIN No. : |
05332592 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Eti Suri |
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Designation : |
Secretary |
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Address : |
G-74,1st Floor, G Block, South City II, Sector 51, Gurgaon - 122001, Haryana, India |
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Date of Birth/Age : |
05.03.1985 |
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Date of Appointment : |
20.07.2012 |
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PAN No.: |
BOWPS6989H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Avantor Performance Materials Mauritius II Limited |
7496305 |
|
Avantor Performance Materials Sdn. Bhd. |
1 |
|
Avantor Performance Materials Mauritius Limited |
1 |
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Avantor Performance Materials B.V. |
1 |
|
Avantor Performance Materials Holding B.V. |
1 |
|
Avantor Performance Materials Cayman Limited |
1 |
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Avantor Performance Materials Holdings S.A. |
1 |
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Total |
7496311 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 : |
Subject is engaged in Animal Health Care and Diagnostic
Business. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara –
390015, Gujarat, India |
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Facilities : |
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Auditors : |
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Name : |
Deloitte
Haskins and Sells Chartered Accountants |
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Address : |
7th
Floor, Building 10 - Tower B, DLF Cyber Ci ty Complex, Phase-2, Gurgaon,
Haryana, India |
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PAN
No. : |
AABFD2095B |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding company : |
v Avantor Performance MaterialsHoldings S.A., Luxembourg, the ultimate Holding Company (APM Luxco) v
Avantor Performance Materials Mauritius II
Limited, Holding Company (APM Mauritius II) |
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Fellow Subsidiaries
(with whom the Company had transactions during the year) : |
v Avantor Performance Materials, Inc., U.S.A.(APM USA) v Avantor Performance Materials SdnBhd, Malaysia (APM MAL) v Avantor Performance Materials B.V., The Netherlands (APM NHL) v Avantor Performance Materials Holdings B.V., The Netherlands( APMH NHL) v JT Baker Chemicals Private limited (JTBC) v Avantor Performance Materials Trading (Shanghai) Co. Ltd., China (APM China) v Avantor Performance Materials Taiwan Co. Ltd., Taiwan (APM Taiwan) v Avantor Performance Materials Poland SA, Poland (APM Poland) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7496311 |
Equity Shares |
Rs.10/- each |
Rs.74.963 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
74.963 |
74.963 |
71.863 |
|
(b) Reserves & Surplus |
516.953 |
504.840 |
576.050 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
591.916 |
579.803 |
647.913 |
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
919.760 |
908.779 |
902.313 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.480 |
6.478 |
5.273 |
|
(d) long-term
provisions |
9.909 |
14.159 |
19.056 |
|
Total Non-current
Liabilities (3) |
935.149 |
929.416 |
926.642 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
6.266 |
101.406 |
|
(b) Trade
payables |
1095.953 |
878.799 |
516.800 |
|
(c) Other current
liabilities |
177.177 |
187.591 |
198.105 |
|
(d) Short-term
provisions |
5.390 |
5.694 |
7.934 |
|
Total Current
Liabilities (4) |
1278.520 |
1078.350 |
824.245 |
|
|
|
|
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TOTAL |
2805.585 |
2587.569 |
2398.800 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
869.978 |
886.397 |
887.878 |
|
(ii)
Intangible Assets |
17.314 |
24.686 |
29.734 |
|
(iii)
Capital work-in-progress |
12.278 |
12.783 |
13.010 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
134.636 |
173.585 |
164.797 |
|
(e) Other Non-current
assets |
4.181 |
9.934 |
22.883 |
|
Total Non-Current
Assets |
1038.387 |
1107.385 |
1118.302 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
655.333 |
584.236 |
551.561 |
|
(c) Trade
receivables |
884.052 |
725.241 |
591.142 |
|
(d) Cash
and cash equivalents |
121.313 |
82.207 |
27.242 |
|
(e)
Short-term loans and advances |
96.492 |
80.559 |
105.499 |
|
(f) Other
current assets |
10.008 |
7.941 |
5.054 |
|
Total Current
Assets |
1767.198 |
1480.184 |
1280.498 |
|
|
|
|
|
|
TOTAL |
2805.585 |
2587.569 |
2398.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3016.355 |
2887.221 |
2421.261 |
|
|
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Other Income |
31.868 |
11.031 |
42.615 |
|
|
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TOTAL |
3048.223 |
2898.252 |
2463.876 |
|
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|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
874.117 |
880.685 |
682.629 |
|
|
|
Purchases of Stock-in-Trade |
950.130 |
893.787 |
694.044 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(65.743) |
(35.309) |
(64.358) |
|
|
|
Employees benefits expense |
271.836 |
284.824 |
241.235 |
|
|
|
Exceptional Items |
0.000 |
49.942 |
0.000 |
|
|
|
Other expenses |
832.951 |
851.972 |
732.265 |
|
|
|
TOTAL |
2863.291 |
2925.901 |
2285.815 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
184.932 |
(27.649) |
178.061 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.842 |
101.438 |
86.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
88.090 |
(129.087) |
91.559 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
75.976 |
94.022 |
62.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
12.114 |
(223.109) |
29.111 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
12.114 |
(223.109) |
29.111 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(29.92) |
(4.05) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.40 |
-7.73 |
1.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
6.13 |
-0.96 |
7.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43 |
-8.67 |
1.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
-0.38 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.55 |
1.58 |
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.37 |
1.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
71.863 |
74.963 |
74.963 |
|
Reserves & Surplus |
576.050 |
504.840 |
516.953 |
|
Net worth |
647.913 |
579.803 |
591.916 |
|
|
|
|
|
|
long-term borrowings |
902.313 |
908.779 |
919.760 |
|
Short term borrowings |
101.406 |
6.266 |
0.000 |
|
Total borrowings |
1003.719 |
915.045 |
919.760 |
|
Debt/Equity ratio |
1.549 |
1.578 |
1.554 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2421.261 |
2887.221 |
3016.355 |
|
|
|
19.245 |
4.473 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2421.261 |
2887.221 |
3016.355 |
|
Profit |
29.111 |
(223.109) |
12.114 |
|
|
1.20% |
(7.73%) |
0.40% |
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 |
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 |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debentures others |
800.000 |
800.000 |
|
Loans repayable on demand from others |
119.760 |
108.779 |
|
|
|
|
|
Total |
919.760 |
908.779 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10305446 |
29/02/2012 * |
550,000,000.00 |
ICICI BANL LIMITED |
LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA,
Gujarat - 390015, INDIA |
B34029280 |
* Date of charge modification
CORPORATE INFORMATION
The Company was incorporated on 22 January, 1991 in the name of Ranbaxy Bio Chemicals Limited. The name of the Company was changed to Ranbaxy Fine Chemicals Limited on 26 February, 1996 and to RFCL Limited on 17 November, 2006 and further to Avantor Performance Materials India Limited on 22 March, 2013. Pursuant to a business purchase agreement entered into with Ranbaxy Laboratories Limited on 30 September 2005, the Animal Health Care and Diagnostic Business Divisions were taken over by the Company as a going concern on a slump sale basis with effect from November 30, 2005.
Pursuant to the Composite scheme of Arrangement, Amalgamation and Reconstruction under Section 391 to 394 of the Companies Act, 1956 between the Company, Vetnex Animal Health Limited (VAHL) and Alved Pharma and Foods Private Limited, the entire Vetnex Division of the Company was de-merged and was transferred to VAHL with effect from April 1, 2008.
Pursuant to the Share Purchase Agreement effective November 3, 2010 and the Amended and Restated Share Purchase Agreement dated February 24, 2011 entered between IDBI Trusteeship Services Limited, Dynamic India Fund I, Rainbow Fund Trust, GLG Emerging Markets Special Situations Fund and various individual shareholders of the Company (hereinafter collectively referred to as the Sellers) and Avantor Performance Materials Holdings S.A., Luxembourg and Avantor Performance Materials Mauritius II Limited (hereinafter collectively referred to as the Purchasers), the Sellers have sold 100% of the issued, subscribed and paid up equity share capital of the Company to the Purchasers on February 28, 2011. Accordingly, the Company became subsidiary of Avantor Performance Materials Mauritius II Limited.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
œ Leasehold Improvements
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.61.92 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.