MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED (w.e.f 18.09.2007) |
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Formerly Known
As : |
ENDURING PLASTICS PRIVATE LIMITED |
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Registered
Office : |
Plastics Avenue, P.O. Jawahar Nagar, Vadodara – 391 320, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.04.2007 |
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Com. Reg. No.: |
04-050658 |
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Capital Investment
/ Paid-up Capital : |
Rs.1086.225
millions |
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CIN No.: [Company Identification
No.] |
U25202GJ2007PTC050658 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDE00346D |
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PAN No.: [Permanent Account No.] |
AABCE7565N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacturing and trading of Advanced Engineering Thermoplastics and Polycarbonate Sheets. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12134000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “SABIC Innovative Plastics Holding
Singapore Pte Limited, Singapore”. It is an established company having a satisfactory track record. The company has recorded slight dip in the profitability during
financial year 2013 however, general financial position of the company is
good. No borrowings recorded by the company.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Jwalant Khopkar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-265-3068551 |
|
Date : |
18.02.2014 |
LOCATIONS
|
Registered Office : |
Plastics Avenue, P.O. Jawahar Nagar, Vadodara – 391 320, Gujarat,
India |
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Tel. No.: |
91-265-3068551/ 552/ 3068520 |
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Fax No.: |
91-265-2232144 |
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E-Mail : |
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Website : |
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Factory : |
Located
at: ·
Vadodara |
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Branch Office : |
Located at: ·
Gurgaon ·
Mumbai ·
Bangalore ·
Pune ·
Chennai |
DIRECTORS
AS ON 29.08.2013
|
Name : |
Mr. Mahesh Kumar Sharma |
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Designation : |
Director |
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Address : |
C-103, Carlton Estate-1, DLF, Phase-V, Gurgaon – 122 002, Haryana,
India |
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Date of Birth/Age : |
29.04.1978 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
02317348 |
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Other Directorship :
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Name : |
Mr. Janardhanan Ramanujalu |
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Designation : |
Director |
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Address : |
Plot 14, No.30, Fourth Layout, Teachers Colony, Chennai – 600 099, Tamilnadu,
India |
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Date of Birth/Age : |
10.06.1963 |
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Qualification : |
Master’s
in Business Administration |
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Date of Appointment : |
29.08.2013 |
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DIN No.: |
05297560 |
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Other Directorship :
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Name : |
Mr. Sanjiv Vasudeva |
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Designation : |
Director |
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Address : |
J-10, Ground Floor, Saket, New Delhi – 110 017, India |
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Date of Birth/Age : |
27.02.1968 |
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Qualification : |
Bachelors
of Engineering |
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Date of Appointment : |
29.08.2013 |
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DIN No.: |
06570945 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Jwalant Khopkar |
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Designation : |
Finance Department |
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|
Name : |
Mr.
Venugopal K. |
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Designation : |
Director,
Electrical Industrial and Lighting Marketing |
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Name : |
Mr.
Anurag Buch |
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Designation : |
Senior
Manager, Product Marketing, SF&S, India |
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Name : |
Mr.
Manoj Sahoni |
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Designation : |
Director,
Asia Pacific Compounding, Manufacturing |
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Name : |
Mr.
Mayank Jain |
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Designation : |
Director,
Asia Pacific Supply Chain |
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Name : |
Mr.
Mukesh Kumar |
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Designation : |
Secretary |
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Address : |
100B,
Mayur Vihar, Phase III, New Delhi – 110 091, India |
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Date of Birth/Age : |
06.09.1977 |
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Date of Appointment : |
25.01.2011 |
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PAN No.: |
AUXPK6377P |
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E-Mail: |
MAJOR SHAREHOLDERS
AS ON 29.08.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Sabic Innovative Plastics Holding Singapore Pte Limited, Singapore |
93479751 |
86.06 |
|
Sabic Innovative Plastics GP B.V., Netherlands |
15142794 |
13.94 |
|
Total |
108622545 |
100.00 |
AS ON 29.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and trading of Advanced Engineering Thermoplastics and Polycarbonate Sheets. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed
Capacity has not been disclosed as the Company is not required to obtain
license for these products.
|
Particulars |
Unit |
Installed
Capacity (As certified by
Management) |
Actual
Production |
|
Advanced Engineering Plastics |
M.T. |
28010 |
19432 |
|
Polycarbonate Sheets |
M.T. |
3946 |
2557 |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
·
HDFC Bank Limited ·
ABN Amro Bank, Bangalore, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R.
Batliboi and Co. LLP Chartered
Accountants |
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Address : |
Golf View Corporate,
Tower - B, Sector-42, Sector Road, Gurgaon – 122 002, Haryana, India |
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PAN No.: |
ACHFS9180N |
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Holding Company: |
SABIC Innovative Plastics Holding Singapore Pte Limited, Singapore |
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Ultimate Holding Company: |
Saudi
Basic Industries Corporation |
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Group companies where common control exists
(Fellow Subsidiaries) and where transactions have taken place during the
year: |
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CAPITAL STRUCTURE
AS ON 29.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
114900000 |
Equity Shares |
Rs.10/- each |
Rs.1149.000 millions |
|
100000 |
Preference Shares |
Rs.10/- each |
Rs.1.000 million |
|
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Total |
|
Rs.1150.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
108622545 |
Equity Shares |
Rs.10/- each
|
Rs.1086.225
millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1086.225 |
1086.225 |
1086.225 |
|
(b) Reserves & Surplus |
1947.297 |
1783.655 |
1597.830 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3033.522 |
2869.880 |
2684.055 |
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.119 |
0.728 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
45.277 |
42.534 |
40.624 |
|
Total
Non-current Liabilities (3) |
45.277 |
42.653 |
41.352 |
|
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|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
2688.716 |
2155.424 |
1059.109
|
|
(c)
Other current liabilities |
95.854 |
88.876 |
102.350
|
|
(d)
Short-term provisions |
104.317 |
81.447 |
103.103
|
|
Total
Current Liabilities (4) |
2888.887 |
2325.747 |
1264.562 |
|
|
|
|
|
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TOTAL |
5967.686 |
5238.280 |
3989.969 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
786.205 |
760.378 |
481.824 |
|
(ii)
Intangible Assets |
0.000 |
6.989 |
16.409 |
|
(iii)
Capital work-in-progress |
14.263 |
25.601 |
95.637 |
|
(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) |
7.694 |
56.740 |
80.618 |
|
(d) Long-term Loan
and Advances |
107.329 |
118.191 |
29.207 |
|
(e)
Other Non-current assets |
0.463 |
0.647 |
0.465 |
|
Total
Non-Current Assets |
915.954 |
968.546 |
704.160 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1767.912 |
1379.885 |
1219.673
|
|
(c)
Trade receivables |
2236.660 |
2222.022 |
1749.729
|
|
(d)
Cash and cash equivalents |
303.473 |
159.519 |
74.397
|
|
(e)
Short-term loans and advances |
742.293 |
508.239 |
242.010 |
|
(f)
Other current assets |
1.394 |
0.069 |
0.000 |
|
Total
Current Assets |
5051.732 |
4269.734 |
3285.809 |
|
|
|
|
|
|
TOTAL |
5967.686 |
5238.280 |
3989.969 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales / Income |
12555.200 |
10683.900 |
9242.800 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
408.500 |
365.600 |
818.500 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
3.200 |
2.000 |
1.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
405.300 |
363.500 |
817.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
83.400 |
87.700 |
79.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
321.900 |
275.900 |
737.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
158.300 |
90.100 |
253.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
163.600 |
185.800 |
484.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
FORWARD TO THE B/S |
163.600 |
185.800 |
484.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
70.000 |
76.500 |
81.200 |
|
|
TOTAL EARNINGS |
70.000 |
76.500 |
81.200 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.51
|
1.71 |
4.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.56 |
2.58
|
7.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.41 |
5.35
|
19.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.10
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75 |
1.84
|
2.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1086.225 |
1086.225 |
1086.225 |
|
Reserves & Surplus |
1597.830 |
1783.655 |
1947.297 |
|
Net worth |
2684.055 |
2869.880 |
3033.522 |
|
|
|
|
|
|
long-term borrowings |
0.728 |
0.119 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.728 |
0.119 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Net Sales / Income |
9242.800 |
10683.900 |
12555.200 |
|
|
|
15.592 |
17.515 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Net Sales / Income |
9242.800 |
10683.900 |
12555.200 |
|
Profit |
484.400 |
185.800 |
163.600 |
|
|
0.052 |
0.017 |
0.013 |
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 |
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 |
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 |
Notes:
·
The registered office of the company has been
shifted from Dharmsingh Park NH No.8, P.B. No.3, Nadiad, Kheda – 387 002,
Gujarat, India to present address w.e.f. 30.08.2007.
·
No Charges Exist for Company.
BACKGROUND:
The Company is a subsidiary
of SABIC Innovative Plastics Holding Singapore Pte Limited, Singapore. The
Company is engaged in the manufacturing and trading of Advanced Engineering
Thermoplastics and Polycarbonate Sheets.
SEGMENT REPORTING:
The Company operates in two
segments - Specialty film and Sheets [SFS] and Resin. The Company has chosen
business segment as its primary segment considering nature of products and
services provided, with each segment representing a strategic business unit
that offers different products and serves different markets.
The description of the type
of products provided by each reportable segment are as follows
- Specialty film and Sheets
[SFS]: The Segment is engaged in the manufacturing and trading of Polycarbonate
Sheets and films
- Resin: The Segment is
engaged in the manufacturing and trading of advanced engineering
thermoplastics.
PERFORMANCE REVIEW:
The Company achieved a Net
Turnover of Rs.12555.200 millions during the Financial Year, up by 17.5%, as
against Rs.10683.900 millions for the previous financial year. The growth in
the turnover is contributed by growth in specific industry segments and
management efforts to increase market share. The Profit before Interest,
Depreciation and Taxes of the Company was Rs.163.600 millions as against Rs.185.800
millions for the previous financial Year. Total Production for the financial
year was 30,826 MT as against 27,180 MT for the previous financial year.
ENGINEERING PLASTICS INDUSTRY:
The engineering plastics
industry has evolved significantly in the past decades with rapid increase in
applications of high performing engineering resins with enhancing properties
such as strength, high weather resistance, light weight and high workability
catering to markets like automotive, building and construction, optical media,
telecom and electrical wiring devices.
Indian engineering plastics
industry has grown at 15% per annum historically.
The company has grown in
volumes by about 15% in Resin business and 12% in Specialty Film and Sheets
business. The revenue growth is 17.5%. The prices of products are highly
influenced by the changes in price of Benzene and Crude Oil in addition to
demand and supply factors and foreign exchange fluctuations.
PROJECTS AT MANUFACTURING FACILITY, VADODARA:
During the year, number of
infrastructure, EHSS improvement and growth projects have been executed at
Vadodara site. Waste Water Treatment Plant up gradation with clariflocculator
and on line TOC measurement capability was established, new dies were installed
to support business growth and feeder capabilities were improved to enhance
quality at the plant. Additionally, projects like new Canteen and Recreation
centre for employees along with Site security system upgradation with IP based
surveillance cameras were executed.
CONTINGENT LIABILITIES NOT PROVIDED FOR ARE
AS FOLLOWS:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Income
tax Cases (Note 1) |
58.502 |
58.502 |
|
Claims
against the Company not acknowledged as debt |
20.500 |
20.500 |
|
VAT
assessment cases |
6.798 |
-- |
Note 1: During the transfer
price assessment for AY 08-09, The Addl. CIT [TPO]-I, Ahmedabad in his order
passed u/s 92CA (3) of the Income Tax Act 1961, has made upward adjustment of Rs.123.475
millions to the income towards the arm's length price pertaining to trading
segment of the business. Accordingly Income tax assessment order u/s 143(3) has
been passed and Income tax demand of Rs.58.502 millions has been raised vide
notice u/s 156 of the Income tax act, 1961 dated 23.01.2012. The Company has
preferred an appeal before the Income Tax Appellate Tribunal and the management
believes that the Company has a good chance of winning the case.
Note 2: During the transfer
pricing assessment for AY 2009-10, the Addl. CIT (TPO), Ahmedabad made addition
of Rs.16.658 millions on account of management cross charge. The assessing
officer has further made an additional disallowance amounting to Rs.5.855
millions on account of loans and advances written off during the year. The
assessing officer then proceeded on March 14th 2013 and passed a
draft assessment order under section 144C(1) of the Income Tax Act, 1961
incorporating both the adjustments. The Company has preferred an appeal against
the draft assessment order before the Dispute Resolution Panel on 11th
April 2013.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Vehicles
·
Leasehold Improvements
Intangible
Assets
·
Computer Software
·
Non-compete
fees, Brand license and technical knowhow
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
50 |
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.