MIRA
INFORM REPORT
|
Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MERINO INDUSTRIES LIMITED (w.e.f. 25.06.2007) |
|
|
|
|
Formerly Known
As : |
CENTURY
LAMINATING COMPANY LIMITED H. N. LOHIA
(AGENCIES) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.07.1965 |
|
|
|
|
Com. Reg. No.: |
21-026556 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.104.703 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB1965PLC026556 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALC05572A CALC00253B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC9186C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company has
identified three reportable business segments:- i) Laminates: Comprises
manufacturing and selling of Decorative Laminates, Chemicals (primarily meant
for captive consumption), Adhesive and trading of Papers and Chemicals. ii) Panel Products and
Furniture: Comprises manufacturing and selling of Furniture, Panel Boards,
Plywood and related products. iii) Potato Flakes:
Potato Flakes' comprises manufacturing and sale of Potato Flakes and Ready
Mix.
|
|
|
|
|
No. of
Employees: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4802000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly
because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2+ (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
04.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Pravin Kumar |
|
Designation : |
Accountant |
|
Contact No.: |
91-122-2308601 |
|
Date : |
10.07.2014 |
LOCATIONS
|
Registered Office : |
5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700 020, West
Bengal, India |
|
Tel. No.: |
91-33-22470976/ 22479291/ 22472758/ 22472196/ 22477587/ 22901214 |
|
Fax No.: |
91-33-22400314/ 22476103 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Village Achheja, Post Hapur, District |
|
Tel. No.: |
91-122-2308601/ 3290749/ 3290338 |
|
Fax No.: |
91-122-2306998 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
44 Km Stone, Delhi - Rohtak Road, Rohad, District Jhajjar – 124 501,
Haryana, India |
|
Tel. No.: |
91-1276-276335/ 276337/ 276338/ 276339 |
|
Fax No.: |
91-1276- 276336 |
|
Email : |
|
|
|
|
|
Factory 3 : |
Bagalur Road, Kalahasthipuram Village, Hosur Taluk, District
Krishnagiri – 635 103 Tamilnadu, India |
|
Tel No.: |
91-4344-293545 / 327765 |
|
Fax No.: |
91-4344-245307 |
|
|
|
|
Marketing Office : |
70, KLJ Complex, 2nd Floor, Moti Nagar, New Delhi – 110 015, India |
|
Tel. No.: |
91-11-45557000 / 25107617 |
|
Fax No.: |
91-11-45557000 |
|
|
|
|
Branch Office : |
Located at: ·
Ahmedabad ·
Bangalore ·
Bhubaneswar ·
Chennai ·
Coimbatore ·
New Delhi ·
Hyderabad ·
Jaipur ·
Kochi ·
Mumbai ·
Nagpur ·
Pune |
|
|
|
|
Overseas Office : |
9600nw, 25th Street, Doral, FI-33172, USA |
|
Tel. No.: |
305-456-1913 |
DIRECTORS
AS ON 31.07.2013
|
Name : |
Mr. Champa Lal
Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
44/78, Punjabi Bagh, New Delhi – 110 026, India |
|
Date of Birth/Age : |
09.03.1934 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
01.04.2012 |
|
Voter ID No.: |
DL/03/016/042803 |
|
DIN No.: |
00154019 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-04-2012 |
15-01-1968 |
- |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LTD |
Director |
08-08-1994 |
08-08-1994 |
- |
Active |
NO |
|
Name : |
Mr. Prakash Lohia |
|
Designation : |
Managing Director |
|
Address : |
Vrindaban Apartments, Flat No.4B, 4th Floor, 55/1, Kabi Bharati Sarani, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
10.07.1952 |
|
Qualification : |
B. Tech. (Chem.),
M.E.P. (I.I.M. Ahmedabad) |
|
Date of Appointment : |
01.03.2014 |
|
PAN No.: |
ABCPL3771E |
|
DIN No.: |
00063274 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Managing director |
01-03-2014 |
14-07-1976 |
- |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LTD |
Director |
08-08-1994 |
08-08-1994 |
- |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO SERVICES LTD. |
Director |
27-09-2007 |
15-02-2007 |
- |
Active |
NO |
|
Name : |
Mr. Nripen Kumar
Dugar |
|
Designation : |
Whole Time Director |
|
Address : |
Kasturai Bai Cold
Storage Compound, Bulland Shahar Road, Hapur – 245 101, Uttar Pradesh, India |
|
Date of Birth/Age : |
23.01.1962 |
|
Qualification : |
B.
Com |
|
Date of Appointment : |
01.01.2013 |
|
PAN No.: |
AAMPD6538L |
|
DIN No.: |
00127790 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-01-2013 |
08-10-1986 |
- |
Active |
NO |
|
Name : |
Dr. Gautam
Bhattacharjee |
|
Designation : |
Director |
|
Address : |
Panchajanya, 4th
Floor, 25/59, Prince Gulam MD Shah Road, Kolkata – 700 095, West Bengal,
India |
|
Date of Birth/Age : |
16.09.1953 |
|
|
D.M.R.T,
M.D (CAL), F.IS.C.C (Oxford) |
|
Date of Appointment : |
01.08.1997 |
|
PAN No.: |
AGVPB7546F |
|
DIN No.: |
00109269 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Director |
01-08-1997 |
01-08-1997 |
- |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LTD |
Additional director |
01-05-2014 |
01-05-2014 |
- |
Active |
NO |
|
Name : |
Mr. Amar Nath Roy |
|
Designation : |
Director |
|
Address : |
10, Central Road,
Jadavpur, Kolkata – 700 032, West Bengal, India |
|
Date of Birth/Age : |
16.12.1927 |
|
Qualification : |
B.A,
LLB |
|
Date of Appointment : |
03.05.1999 |
|
Voter ID No.: |
WB/23/151/366048 |
|
DIN No.: |
00109280 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Director |
03-05-1999 |
03-05-1999 |
- |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LTD |
Additional director |
01-05-2014 |
01-05-2014 |
- |
Active |
NO |
|
Name : |
Ms. Ruchira Lohia
|
|
Designation : |
Whole Time Director |
|
Address : |
Kasturi Bai Cold
Storage Compound, Bulland Sahar Road, Hapur, Ghaziabad -245 101, Uttar
Pradesh, India |
|
Date of Birth/Age : |
14.07.1968 |
|
Qualification : |
B.A
and M.E. P (IIM-Ahmedabad) |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ABCPL3766F |
|
DIN No.: |
00127797 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at current
designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U70101WB1988PTC044285 |
MERINO EXPORTS PRIVATE LIMITED |
Director |
08-04-1994 |
08-04-1994 |
- |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-04-2014 |
01-04-2000 |
- |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO SERVICES LIMITED |
Director |
27-09-2007 |
15-02-2007 |
- |
Active |
NO |
|
4 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LIMITED |
Additional director |
01-05-2014 |
01-05-2014 |
- |
Active |
NO |
|
Name : |
Mr. Rupchand Lohia |
|
Designation : |
Director |
|
Address : |
Flat No.40-D, 4th
Floor, 3, Mayfair Road, Kolkata – 700 019, West Bengal, India |
|
Date of Birth/Age : |
16.01.1940 |
|
Qualification : |
B.M.E.
(Mech.) |
|
Date of Appointment : |
01.01.2013 |
|
PAN No.: |
ABLPL0395H |
|
DIN No.: |
00063290 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LIMITED |
Director |
08-08-1994 |
08-08-1994 |
- |
Active |
NO |
|
2 |
U70101WB1988PTC044285 |
MERINO EXPORTS PRIVATE LIMITED |
Director |
01-04-1996 |
01-04-1996 |
- |
Active |
NO |
|
3 |
U25200MH1955NPL009601 |
THE PLASTICS EXPORT PROMOTION COUNCIL |
Director |
18-10-1996 |
18-10-1996 |
- |
Active |
NO |
|
4 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-01-2013 |
01-01-2002 |
- |
Active |
NO |
|
Name : |
Mr. Prasan Lohia |
|
Designation : |
Director |
|
Address : |
Flat No.4D, 4th
Floor, 3, Mayfair Road, Kolkata – 700 019, West Bengal, India |
|
Date of Birth/Age : |
12.10.1968 |
|
Qualification : |
AB
(ECON) USA ,BS (ELECT ENGG) USAMBA (USA) |
|
Date of Appointment : |
01.10.2013 |
|
PAN No.: |
ABHPL7447C |
|
DIN No.: |
00061111 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U70101WB1988PTC044285 |
MERINO EXPORTS PRIVATE LIMITED |
Director |
04-04-1994 |
04-04-1994 |
- |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-10-2013 |
01-10-2004 |
- |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO SERVICES LIMITED |
Director |
27-09-2007 |
15-02-2007 |
- |
Active |
NO |
|
Name : |
Mr. Bikash Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
44/78, Punjabi
Bagh, New Delhi – 110 028, India |
|
Date of Birth/Age : |
27.05.1970 |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
ABCPL3767E |
|
DIN No.: |
00154013 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U20299WB1994PLC064386 |
MERINO PANEL PRODUCTS LIMITED |
Director |
01-10-2006 |
01-12-1994 |
27-11-2012 |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-10-2012 |
01-10-2006 |
- |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO SERVICES LTD. |
Director |
27-09-2007 |
15-02-2007 |
- |
Active |
NO |
|
Name : |
Mr. Madhusudan
Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
Vrindaban Apartments, Flat No.48, 4th Floor, 55/1, Kabi Bharati Sarani, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
05.01.1980 |
|
Qualification : |
Graduate in Business
Process Management (Operations and International Business)-Indian University,
USA |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
ABCPL3772H |
|
DIN No.: |
00063278 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of
the Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U63022WB1993PTC058429 |
KASTURI BAI COLD STORAGE PRIVATE LIMITED |
Director |
01-10-2006 |
01-06-2005 |
- |
Amalgamated |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO INDUSTRIES LIMITED |
Whole-time director |
01-10-2012 |
01-10-2006 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar
Parui |
|
Designation : |
Secretary and Chief Executive Officer (Finance) |
|
Address : |
42, Benerjee Para Street, Uttarpara, Hooghly – 712 258, West Bengal,
India |
|
Date of Birth/Age : |
27.12.1950 |
|
Date of Appointment : |
21.02.1994 |
|
PAN No.: |
AFNPP5089G |
|
Voter ID No.: |
WB/26/179/702413 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2013
Note:
Shareholding details file attached.
AS ON 31.07.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
32.82 |
|
Directors
or relatives of directors |
|
61.15 |
|
Other
top fifty shareholders |
|
1.94 |
|
Others
|
|
4.09 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company has
identified three reportable business segments:- i) Laminates: Comprises
manufacturing and selling of Decorative Laminates, Chemicals (primarily meant
for captive consumption), Adhesive and trading of Papers and Chemicals. ii) Panel Products and
Furniture: Comprises manufacturing and selling of Furniture, Panel Boards,
Plywood and related products. iii) Potato Flakes:
Potato Flakes' comprises manufacturing and sale of Potato Flakes and Ready
Mix.
|
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|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Installed
Capacity |
|
Decorative laminates |
Sheets |
60.00 Lac |
|
Formaldehyde |
M.T. |
9000 |
|
Panel Products |
Sq. Mtrs. |
24.12 Lac |
|
Adhesive |
Kgs. |
50000 |
|
Potato Flakes |
Kgs. |
43.20 |
|
Furniture |
Pcs. |
75000 |
|
Particulars |
Unit |
Actual
Production |
|
Laminates |
Sheets |
5419388 |
|
Laminates scrap (under size) |
Kgs. |
379417 |
|
Panel products : |
|
|
|
Other panel products |
Sq. Mtrs. |
1124272 |
|
Postform Panels |
Sq. Mtrs. |
1327 |
|
Furniture |
Pcs. Sq. Mtrs |
57979 4237 |
|
Adhesive |
Kgs. |
1120 |
|
Formaldehyde |
M.T. |
8965* |
|
Potato Flakes and Ready Mix |
Kgs. |
3727466 |
|
Potato Seeds |
Kgs. |
1350312** |
* Excluding 848
M.T. Formaldehyde processed by other contractor
**Production process represents multiplication of potato seeds carried
out through contact farming.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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|
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|
Bankers : |
·
ING Vysya Bank Limited, Sikkim House, 4/1, Middleton Street, Kolkata –
700 071, West Bengal, India ·
Standard Chartered Bank, 19, Netaji Subhas Road,
Kolkata – 700 001, West Bengal, India ·
Export Import Bank of India, Floor 21, Center One
Building, World Trade Center, Cuffe Parade, Mumbai – 400 005, Maharashtra,
India ·
Axis Bank Limited, Kolkata Main Branch, 7, Shakespeare Sarani, Kolkata
– 700 071, West Bengal, INDIA ·
Axis Bank Limited (Lead Bank), Corporate Banking Branch (CBB), 1,
Shakespeare Sarani, AC Market, 3rd Floor, Kolkata – 700 071, West
Bengal, India ·
Standard Chartered Bank (Acting as an Security Agent), Credit
Documentation Unit, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001,
India ·
State Bank of India (Lead Bank), Overseas Branch, Kolkata, Samriddhi
Bhavan, Block - A, 1, Strand Road, Kolkata – 700 001, West Bengal, India ·
Bank of Baroda, Hapur Branch; Triveniganj`, Delhi Garh Road; ; Hapur,
Ghaziabad – 245 101, Uttar Pradesh, India ·
Punjab National Bank, Large Corporate Branch, 44, Park Street, Kolkata
– 700 016, West Bengal, India ·
DBS Bank Limited, Little Russel Street, Nandlal Basu Sarani, Kolkata –
700 071, West Bengal, India |
||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi
and Company Chartered Accountants |
|
Address : |
1B, Old Post, Office
Street, Kolkata
– 700 001, West Bengal, India |
|
PAN No.: |
AASFS9578D |
|
|
|
|
Subsidiary Company : |
Merino Panel Products Limited, India CIN No.:
U20299WB1994PLC064386 |
|
|
|
|
Entities over which Key Management Personnel together with their
relatives have significant influence : |
·
Merino Exports Private Limited ·
Kasturi Bai Cold Storage Private Limited ·
Merino Services Limited ·
Gopi Cold Storage Private Limited ·
Sri Harakasturi Memorial Trust ·
Man Kumar Lohia and Brothers ·
Usha Agro Farm |
CAPITAL STRUCTURE
AS ON 31.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10566100 |
Equity Shares |
Rs.10/- each |
Rs.105.661
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10369600 |
Equity Shares |
Rs.10/- each |
Rs.103.696
millions |
|
196500 |
Add: Forfeited Equity Shares |
|
Rs.1.007
millions |
|
|
Total |
|
Rs.104.703
millions |
|
|
|
|
|
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 |
104.703 |
104.703 |
104.703 |
|
(b) Reserves & Surplus |
1095.842 |
912.195 |
792.640 |
|
(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) |
1200.545 |
1016.898 |
897.343 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
230.914 |
288.122 |
71.471 |
|
(b) Deferred tax liabilities (Net) |
74.230 |
62.850 |
66.722 |
|
(c) Other long
term liabilities |
1.710 |
2.122 |
2.131 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
306.854 |
353.094 |
140.324 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1141.119 |
1194.467 |
1077.520 |
|
(b) Trade
payables |
459.895 |
441.672 |
439.661 |
|
(c)
Other current liabilities |
250.212 |
197.471 |
242.827 |
|
(d) Short-term
provisions |
13.735 |
30.885 |
35.496 |
|
Total Current
Liabilities (4) |
1864.961 |
1864.495 |
1795.504 |
|
|
|
|
|
|
TOTAL |
3372.360 |
3234.487 |
2833.171 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1254.609 |
1080.056 |
968.133 |
|
(ii)
Intangible Assets |
7.872 |
9.238 |
0.165 |
|
(iii)
Capital work-in-progress |
53.660 |
134.931 |
41.213 |
|
(iv) Intangible assets under development or
work-in-progress |
0.000 |
0.000 |
9.047 |
|
(b) Non-current Investments |
15.282 |
15.282 |
15.282 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
57.846 |
33.043 |
24.804 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1389.269 |
1272.550 |
1058.644 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1081.744 |
1022.461 |
1013.421 |
|
(c)
Trade receivables |
731.478 |
660.923 |
570.789 |
|
(d) Cash
and cash equivalents |
96.121 |
201.448 |
86.997 |
|
(e)
Short-term loans and advances |
72.021 |
72.725 |
84.585 |
|
(f)
Other current assets |
1.727 |
4.380 |
18.735 |
|
Total
Current Assets |
1983.091 |
1961.937 |
1774.527 |
|
|
|
|
|
|
TOTAL |
3372.360 |
3234.487 |
2833.171 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4718.605 |
4144.499 |
3810.155 |
|
|
|
Other Income |
47.409 |
53.746 |
51.917 |
|
|
|
TOTAL (A) |
4766.014 |
4198.245 |
3862.072 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2492.312 |
2235.807 |
2021.649 |
|
|
|
Purchases of stock-in-trade |
191.658 |
162.674 |
299.402 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(90.128) |
25.791 |
(6.816) |
|
|
|
Employee benefit expense |
423.097 |
362.094 |
345.339 |
|
|
|
Other expenses |
1175.782 |
967.574 |
797.769 |
|
|
|
Prior period items |
0.000 |
0.000 |
(152.119) |
|
|
|
TOTAL (B) |
4192.721 |
3753.940 |
3305.224 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
573.293 |
444.305 |
556.848 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
154.746 |
134.961 |
102.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
418.547 |
309.344 |
454.472 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
136.055 |
109.192 |
97.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
282.492 |
200.152 |
356.692 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.880 |
57.318 |
118.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
199.612 |
142.834 |
237.932 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
544.061 |
438.342 |
239.757 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim
Dividend |
15.554 |
20.739 |
15.554 |
|
|
|
Dividend
distribution tax on interim dividend |
0.000 |
2.093 |
0.000 |
|
|
|
Transfer to General Reserve |
19.961 |
14.283 |
23.793 |
|
|
BALANCE CARRIED
TO THE B/S |
708.158 |
544.061 |
438.342 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports
calculated on F.O.B. |
1070.174 |
773.674 |
727.525 |
|
|
TOTAL EARNINGS |
1070.174 |
773.674 |
727.525 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1177.397 |
990.014 |
973.845 |
|
|
|
Components and Spare Parts (including stores) |
15.156 |
14.018 |
30.273 |
|
|
|
Capital Goods |
148.118 |
103.627 |
16.518 |
|
|
TOTAL IMPORTS |
1340.671 |
1107.659 |
1020.636 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
19.25 |
13.77 |
8.28 |
|
|
|
- Diluted |
19.25 |
13.77 |
22.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.19 |
3.40 |
6.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.99 |
4.83 |
9.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.55 |
6.49 |
12.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.20 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14 |
1.46 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.05 |
0.99 |
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 |
104.703 |
104.703 |
104.703 |
|
Reserves & Surplus |
792.640 |
912.195 |
1095.842 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
897.343 |
1016.898 |
1200.545 |
|
|
|
|
|
|
Long-term borrowings |
71.471 |
288.122 |
230.914 |
|
Short term borrowings |
1077.520 |
1194.467 |
1141.119 |
|
Total borrowings |
1148.991 |
1482.589 |
1372.033 |
|
Debt/Equity ratio |
1.280 |
1.458 |
1.143 |
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) |
|
Revenue from Operations |
3810.155 |
4144.499 |
4718.605 |
|
|
|
8.775 |
13.852 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
3,810.155 |
4,144.499 |
4,718.605 |
|
Profit |
237.932 |
142.834 |
199.612 |
|
|
6.24% |
3.45% |
4.23% |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10503568 |
20/05/2014 |
400,000,000.00 |
ING VYSYA BANK LIMITED |
SIKKIM HOUSE, 4/1, MIDDLETON
STREET, KOLKATA, WEST BENGAL -700071, INDIA |
C06936371 |
|
2 |
10468419 |
19/12/2013 |
260,000,000.00 |
DBS BANK LIMITED |
4A, LITTLE RUSSEL STREET,
NANDA LAL BASU SARANI, |
B92814722 |
|
3 |
10468436 |
04/07/2014 * |
80,000,000.00 |
DBS BANK LIMITED |
4A, NANDALAL BASU SARANI,
KOLKATA, WEST BENGAL - 700071, INDIA |
C10195931 |
|
4 |
10431422 |
06/05/2013 |
529,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR
TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B77226348 |
|
5 |
10380388 |
12/10/2012 * |
1,700,000,000.00 |
AXIS BANK LIMITED (LEAD
BANK) |
CORPORATE BANKING BRANCH (CBB),
1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL - 700071,
INDIA |
B60812500 |
|
6 |
10363241 |
19/06/2012 |
1,500,000.00 |
AXIS BANK LIMITED |
KOLKATA RAC, LORDS BUILDING,
1ST FLOOR, 7/1, LORD SINHA ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
B42729434 |
|
7 |
10336348 |
05/11/2012 * |
175,000,000.00 |
STANDARD CHARTERED BANK |
AND ON BEHALF OF STANDARD
CHARTERED BANK, LONDON), |
B62617949 |
|
8 |
10306482 |
30/07/2012 * |
90,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
EXPORT-IMPORT BANK OF
INDIA, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
B55963953 |
|
9 |
10284206 |
11/05/2011 |
161,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD,
KOLKATA, WEST BENGAL - 700001, INDIA |
B12107728 |
|
10 |
10237588 |
30/07/2012 * |
100,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
EXPORT-IMPORT BANK OF
INDIA, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B55966840 |
|
11 |
10127189 |
05/02/2009 * |
1,686,650.00 |
UTTAR PRADESH FINANCIAL
CORPORATION |
14/88, CIVIL LINES, KANPUR,
UTTAR PRADESH - 208001, INDIA |
A56521784 |
|
12 |
10098010 |
27/03/2008 |
100,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING,
FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
A35925775 |
|
13 |
10081025 |
24/12/2010 * |
180,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD,
KOLKATA, WEST BENGAL - 700001, INDIA |
B03098886 |
|
14 |
80013434 |
13/11/2007 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
19, N. S. ROAD, KOLKATA, WEST
BENGAL - 700001, INDIA |
A25941212 |
|
15 |
90250766 |
26/12/2008 * |
37,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
FLOOR 21, CENTER ONE
BUILDING, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
A54993878 |
|
16 |
90250668 |
14/06/2010 * |
138,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
FLOOR-21, CENTRE ONE
BUILDING, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
A88388632 |
|
17 |
90251371 |
15/06/2004 * |
1,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
CENTRE ONE FLOOR 21,
WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
18 |
90250562 |
18/05/2012 * |
605,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH (CBB),
1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL |
B41737099 |
|
19 |
90249797 |
01/08/1988 |
4,000,000.00 |
THE PRADESHIYA INDUSTRIAL
& INVESTMENT CORP. OF U. |
MOTI MAHAL, 2; RANA PRATAP
MARG, LUCKNOW, UTTAR PRADESH - 266001, INDIA |
- |
|
20 |
90251021 |
12/02/1986 |
117,500.00 |
UTTAR PRADESH FINANCIAL
CORPORATION |
14/88; CIVIL LINES,
KANPUR, UTTAR PRADESH, INDIA |
- |
|
21 |
90249113 |
12/10/1982 * |
2,500,000.00 |
UNITED BANK OF INDIA |
CHANDNI CHOWK BRANCH, NEW
DELHI, DELHI, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
300.000 |
300.000 |
|
Loans and advances from others |
67.893 |
7.763 |
|
Total
|
367.893 |
307.763 |
GENERAL
INFORMATION:
The Company is a public
limited company domiciled in India, and incorporated under the provisions of
the Indian Companies Act, 1956 (the "Act"). The Company is a
multiproduct and multi location company.
FINANCIAL RESULTS:
The year of 2012-13
registered an increase in net revenue from operations by Rs.574.106 millions as
compared to that of the year 2011-12. The profit before tax indicated an
increase by Rs.82.340 millions in the year as compared to that of previous
year. Increase in profit before tax during the year is mainly attributed to the
management’s decision to focus on value added items coupled with increase in
average sale price of items produced. The company’s net profit after taxes
stood at Rs.199.612 millions as against Rs.142.834 millions last year. Y their Directors
are hopeful that improved results would be posted in the coming years.
EXPORT PERFORMANCE:
The Directors put on record
that during the year the F.O.B. value of exports of the Company was Rs.1070.174
millions as against Rs.773.674 millions last year, a growth of around 38%.
SEGMENTWISE BUSINESS PERFORMANCE:
The Company has a high
brand worth in three business segments i.e. Laminates, Potato Flakes and Panel
Products and Furniture where it continues to function. Emerging over the years
as a versatile manufacturer and provider of Interior solutions, it has
successfully created a niche amongst varied customer sections. The
characteristic trend of the Company has always been to add novelty to the wide
array of its products in line with the ever changing market demands. As before,
laminates remained the core area of operations. The stylish variety of restroom
cubicles and locker systems continues to make its presence felt amongst the
prestigious construction projects across the country. In the domestic and
international FMCG markets, VEGIT - potato flakes has become a popular choice.
The launching of the wide variety of its allied snack mixes has been another
instance of the Company’s innovative focus.
SUBSIDIARY COMPANY:
The Company has one subsidiary
company, Merino Panel Products Limited (MPPL). During the year, MPPL’s net
income from operation at Rs.2480.570 millions showed an increase by Rs.570.610
millions as compared to that of the previous year. Profit before tax for the
year at Rs.233.837 millions showed an increase by Rs.154.305 millions as
compared to that of the previous year. The Company’s shareholding in MPPL’s
equity continues to be 1493000 equity shares out of its total paid-up equity
share capital consisting of 2000000 shares.
BUSINESS SEGMENT REPORTING:
The Company has identified
three reportable business segments:-
i) Laminates: Comprises
manufacturing and selling of Decorative Laminates, Chemicals (primarily meant
for captive consumption), Adhesive and trading of Papers and Chemicals.
ii) Panel Products and
Furniture: Comprises manufacturing and selling of Furniture, Panel Boards,
Plywood and related products.
iii) Potato Flakes: Potato
Flakes' comprises manufacturing and sale of Potato Flakes and Ready Mix.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Freehold Land
·
Leasehold Building
·
Freehold Building
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Office Equipment
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.60.19 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.