MIRA INFORM REPORT
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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SIKA INDIA PRIVATE LIMITED |
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Formerly Known
As : |
SIKA QUALCRETE PRIVATE LIMITED QUALCRETE INDIA PRIVATE LIMITED |
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Registered
Office : |
620, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.06.1984 |
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Com. Reg. No.: |
21-037631 |
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Capital Investment
/ Paid-up Capital : |
Rs.18.884 Millions |
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CIN No.: [Company Identification
No.] |
U24119WB1984PTC037631 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS13302C |
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PAN No.: [Permanent Account No.] |
AAECS1119F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Construction Chemicals. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 75000 |
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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 an established company having moderate track record. Company has incurred a loss from its operation in the current year
i.e. 2013. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 PARTED BY
|
Name : |
Mr. Puneet Gupta |
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Designation : |
Chief Financial Officer |
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Email: |
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Date : |
18.02.2014 |
LOCATIONS
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Registered / Head Office : |
620, |
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Tel. No.: |
91-33-24466594 / 6958 / 24472448 / 2449 / 2501 / /2505 /9503 / 6594 / 8480, 24582134 |
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Fax No.: |
91-33-24688688 / 2665 / 23978688 |
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E-Mail : |
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Website : |
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Corporate Office : |
601, A Wing, Infinity Tower, Mindspace Off Link Road, Malad West, Mumbai- 400064, Maharashtra, India |
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Tel. No.: |
91-22-40384038 |
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Fax No.: |
91-22-40384039 |
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E-Mail : |
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Operational Office : |
Off Link Road, Malad (West,) Mumbai – 400064, Maharashtra, India |
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Factory 1 : |
Industrial Estate (New), Shed No. 1/B-5, 9, 15, 18, 19, 20 and 21, Block – D, District Nadia, Kalyani – 741235, West Bengal, India |
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Tel No.: |
91-33-25827756 |
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Fax No.: |
91-33-25829418 |
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Factory 2 : |
L -41, Verna Industrial Estate, Verna – 403722, Salcete , Goa, India |
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Tel. No.: |
91-832-2783144 / 6680335 / 36 / 37 / 34 |
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Fax No.: |
91-832-2783433 / 6680341 |
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E-Mail : |
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Area : |
7280 Sq.fts |
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Location : |
Owned (Industrial) |
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Factory 3 : |
C/302, TTC Industrial Area, MIDC Pawane Village, Navi Mumbai - 400704, Maharashtra, India |
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Tel No.: |
91-22-65162615 |
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Fax No.: |
91-22-65131634 |
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Factory 4 : |
Plot No. F-1/F-2, RIICO Industrial Estate, Bagru Extexsion -II, Bagru, District Jaipur - 302009, Rajasthan, India |
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Tele No.: |
91-141-5123746 / 5173835 |
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Fax No.: |
91-141-5123746 |
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Area : |
12000 Sq.fts |
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Location : |
Owned (Industrial) |
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Factory 5 : |
23, GST Road, Pukkathurai Village, Madurantagam Taluk, Kanchipuram District, Chennai - 603308, Tamilnadu, India |
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Tele No.: |
91-44-27565771 |
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Fax No.: |
91-44-27565776 |
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Branch Office : |
Located
at: · Ahmedabad · Chennai · Kolkata · Bangalore · Cuttack · Mumbai · Chandigarh · Hyderabad · Noida · Pune · Navi Mumbai · Siliguri · Visakhapatnam |
DIRECTORS
As on 30.09.2013
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Name : |
Mr. Subramanian Venkataraman |
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Designation : |
Managing Director |
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Address : |
Flat 63, Block 1A, Widermere, 6th Floor, Off New Link, Road
Goregaon (West), Near Mega Mall, Lokhandwala, Mumbai – 400062, Maharashtra,
India |
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Date of Birth/Age : |
22.11.1963 |
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Date of Appointment : |
11.02.2010 |
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PAN No.: |
AFCPV8728B |
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DIN No.: |
02889803 |
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Other Directorship :
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Name : |
Chi Wo Ivan Hung |
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Designation : |
Additional Director |
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Address : |
27E, Tower 1, Vista Paradiso, Mo On Shan, NT, Hongkong, China |
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Date of Birth/Age : |
25.01.1957 |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
06542305 |
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Other Directorship :
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Name : |
Mr. Peter Bruce Scott |
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Designation : |
Additional Director |
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Address : |
28, Delecta Avenue, Mosman, NSW, Sydney 2088 |
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Date of Birth/Age : |
28.06.1955 |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
06673538 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Puneet Gupta |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Sika AG, |
1133013 |
60.00 |
|
Sika Schweiz AG, |
755342 |
40.00 |
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Total |
1888355 |
100.00 |
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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Construction Chemicals. |
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Products : |
· Construction Chemicals · Sealants · Adhesive materials · Concrete Admixtures · Mortar Admixtures · Polymer Modified Cement Mortars · Epoxy Adhesive and Mortars · Protective Coatings and Impregnations · Primers · Floor Treatment and Toppings · Joint Sealing Compounds · Butyl ·
Dispersions |
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Exports : |
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Products : |
Construction Materials |
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Countries : |
· Nepal · Srilanka · Bangladesh |
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Imports : |
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Products : |
Raw Material, Chemical and Some Trading Products. |
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Countries : |
· Netherland · Switzerland · Germany |
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Terms : |
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Selling : |
Cash and Credit (90 Days to 120 Days) |
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Purchasing : |
Credit (90 Days) |
GENERAL INFORMATION
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Suppliers : |
Himadri Chemicals Private Limited, Kolkata |
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Customers : |
Wholesalers and Retailers · L & T |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
· Indian Overseas Bank, International Business Branch, 2, Wood Street, Kolkata – 700016, West Bengal, India · The Hong Kong and Shanghai Banking Corporation Limited ·
Citi Bank N.A. ·
HDFC Bank Limited, Malad (East), Mumbai –
400097, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name: |
S.R. Batliboi and Company Chartered Accountants |
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Address: |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
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Holding Company : (As on 31.03.2012) |
Sika AG, Switzerland |
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Fellow Subsidiaries : (As on 31.03.2012) |
· Sika Schweiz AG · Sika Deutschland GMBH · Sika Italia S.P.A. · Sika Limited, Japan · Sika Engineering Silicones · Sika Corporation, USA · Sika Technology AG · Sika Services AG · Sika Informationssysteme AG · Sika Gulf B.S.C. (C) · Sika Denmark A/S · Sika Supply Centre AG · Sika Automotive GMBH · Sika Yapi Kimyasallah A.S · Sika Sarnafil Waterproofing Sys.(Shanghai) Limited · Sika Limited , UK · Sika (Guangzhou) Trading Company Limited · Sika (Guangzhou) Limited · Sika UAE LLC · Sika Limited Dalian (China North) · Sika Portugal - Produtos Contrucao E Industria, S.A. · BV Descol · Sika China Limited Sika Liquid Plastic Sika FZCO · Sika France SA Sika CZ, s.r.o. · Sika Australia Pty Limited · Sika Osterreich GMBH · Sika Poland Sp. z.o.o. · Sumam chemicals Company · Sika Services IMEA |
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CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,400,000 |
Equity Shares |
Rs.10/- each |
Rs. 44.000 Millions |
|
10,000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.000 Million |
|
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Total |
|
Rs. 45.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,888,355 |
Equity Shares |
Rs.10/- each |
Rs. 18.884 Millions |
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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 |
18.884 |
14.478 |
14.478 |
|
(b) Reserves & Surplus |
317.032 |
297.322 |
429.851 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
335.916 |
311.800 |
444.329 |
|
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(3) Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
482.459 |
238.952 |
209.426 |
|
(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 |
15.373 |
13.210 |
8.901 |
|
Total Non-current
Liabilities (3) |
497.832 |
252.162 |
218.327 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10.960 |
240.772 |
88.789 |
|
(b) Trade
payables |
566.182 |
558.832 |
533.595 |
|
(c) Other current
liabilities |
358.516 |
298.820 |
268.762 |
|
(d) Short-term
provisions |
102.191 |
108.413 |
98.504 |
|
Total Current
Liabilities (4) |
1037.849 |
1206.837 |
989.650 |
|
|
|
|
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TOTAL |
1871.597 |
1770.799 |
1652.306 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
243.935 |
185.891 |
143.813 |
|
(ii)
Intangible Assets |
34.684 |
0.716 |
0.495 |
|
(iii)
Capital work-in-progress |
189.440 |
173.377 |
158.964 |
|
(iv)
Intangible assets under development |
1.567 |
33.433 |
16.695 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
39.479 |
58.414 |
|
(d) Long-term Loan and Advances |
98.993 |
92.058 |
41.338 |
|
(e) Other
Non-current assets |
0.227 |
0.558 |
3.270 |
|
Total Non-Current
Assets |
568.846 |
525.512 |
422.989 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
392.149 |
432.845 |
478.788 |
|
(c) Trade
receivables |
694.898 |
656.827 |
615.043 |
|
(d) Cash
and cash equivalents |
46.553 |
46.859 |
32.561 |
|
(e)
Short-term loans and advances |
168.933 |
108.361 |
101.958 |
|
(f) Other
current assets |
0.218 |
0.395 |
0.967 |
|
Total Current
Assets |
1302.751 |
1245.287 |
1229.317 |
|
|
|
|
|
|
TOTAL |
1871.597 |
1770.799 |
1652.306 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3305.803 |
3258.337 |
2628.610 |
|
|
|
Other Income |
12.393 |
7.943 |
140.230 |
|
|
|
TOTAL (A) |
3318.196 |
3266.280 |
2768.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1683.189 |
|
|
|
|
|
Purchase of stock-in-trade |
414.442 |
487.900 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
113.124 |
36.996 |
|
|
|
|
Employee benefits expense |
415.972 |
351.947 |
|
|
|
|
Other expenses |
832.139 |
837.811 |
|
|
|
|
TOTAL (B) |
3458.866 |
3323.443 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(140.670) |
(57.163) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.029 |
26.577 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(177.699) |
(83.740) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.302 |
29.854 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(225.001) |
(113.594) |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.479 |
18.935 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(264.480) |
(132.529) |
4.529 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(54.845) |
77.684 |
73.155 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(319.325) |
(54.845) |
77.684 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export (FOB basis) |
NA |
26.290 |
14.300 |
|
|
TOTAL EARNINGS |
NA |
26.290 |
14.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(162.01) |
(91.54) |
(3.13) |
|
Expected Sales (2013-2014) : Rs. 3700.000 Millions
The above information has been parted by Mr. Puneet Gupta
(Chief Financial Officer).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.97) |
(4.06) |
0.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.81) |
(3.49) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.39) |
(7.45) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67) |
(0.36) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47 |
1.54 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.03 |
1.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
14.478 |
14.478 |
18.884 |
|
Reserves & Surplus |
429.851 |
297.322 |
317.032 |
|
Net
worth |
444.329 |
311.800 |
335.916 |
|
|
|
|
|
|
long-term borrowings |
209.426 |
238.952 |
482.459 |
|
Short term borrowings |
88.789 |
240.772 |
10.960 |
|
Total
borrowings |
298.215 |
479.724 |
493.419 |
|
Debt/Equity
ratio |
0.671 |
1.539 |
1.469 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2628.610 |
3258.337 |
3305.803 |
|
|
|
23.957 |
1.457 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2628.610 |
3258.337 |
3305.803 |
|
Profit |
4.529 |
(132.529) |
(264.480) |
|
|
0.17% |
(4.07%) |
(8.00%) |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
NATURE OF
OPERATIONS:
The Company is in the business of manufacturing and trading of Construction Chemicals with its business spread all over the country. The business is carried on with two broad segments Construction and Industry.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· 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.62.68 |
|
|
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.84.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.