MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOSTIK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra Industrial Area, Off
Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
10.09.2001 |
|
|
|
|
Com. Reg. No.: |
08-029520 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.102.560 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241KA2001PTC029520 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01477A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing and trading of industrial
and construction adhesives. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Company has performed well. Fundamentals of the company is decent. Trade relations are reported to be fair. Business is active. Payments
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Shrinivasan |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9686700283 |
|
Date : |
28.03.2014 |
LOCATIONS
|
Registered Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra Industrial Area,
Off Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka,
India |
|
Tel. No.: |
91-80-27833520/ 27831326 |
|
Mobile No.: |
91-9686700283 (Mr. Shrinivasan) |
|
Fax No.: |
91-80-27832405/ 27831324 |
|
E-Mail : |
|
|
|
|
|
Regional Office: |
No. 904-905, Filix Apartment, Bhandup West, Mumbai – 400078,
Maharashtra, India |
|
|
|
|
Warehouse : |
Plot No.15-B1, 1st Phase, Jigani Industrial Area, Bangalore
– 562106, Karnataka, India |
DIRECTORS
AS ON 17.05.2013
|
Name : |
Mr. Mambakkam Vishwanathan Ganeshan |
|
Designation : |
Managing director |
|
Address : |
1264, 32nd G Cross, 28th Main, 4th T
Block, Jayanagar, Bangalore – 560041, Karnataka, India |
|
Date of Birth/Age : |
22.09.1957 |
|
Date of Appointment : |
01.01.2006 |
|
DIN No.: |
01705135 |
|
|
|
|
Name : |
Mr. Laurent Peyronneau |
|
Designation : |
Director |
|
Address : |
4 Rue, Millandy 92360, Meudon LA Foret, France |
|
Date of Birth/Age : |
02.07.1970 |
|
Date of Appointment : |
07.11.2010 |
|
DIN No.: |
05120136 |
|
|
|
|
Name : |
Mr. Zhaowen Sun |
|
Designation : |
Director |
|
Address : |
Room 403, No. 2 Lane 47, Gaoan Road, Shanghai, Xunhui 240347, China |
|
Date of Birth/Age : |
20.11.1969 |
|
Date of Appointment : |
23.09.2009 |
|
DIN No.: |
02846550 |
|
|
|
|
Name : |
Mr. Patrick Chausserie Lapree |
|
Designation : |
Director |
|
Address : |
No. 279, BIS Route, DE L’EM Pereur 92500 Rueil, Malmaison, France |
|
Date of Birth/Age : |
17.05.1952 |
|
Date of Appointment : |
18.04.2013 |
|
DIN No.: |
06627759 |
|
|
|
|
Name : |
Challa Gopala Krishna Murthy |
|
Designation : |
Director |
|
Address : |
02D – 052 Oakwood Estate, DLF City Phase 11, Gurgaon – 122022,
Haryana, India |
|
Date of Birth/Age : |
15.08.1963 |
|
Date of Appointment : |
18.04.2013 |
|
DIN No.: |
06459735 |
KEY EXECUTIVES
|
Name : |
Mr. Shrinivasan |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.05.2013
|
Names of Shareholders |
|
No. of Shares |
|
MV Ganeshan |
|
3 |
|
Bostik Australia Pty Limited, Australia |
|
10256000 |
|
|
|
|
|
Total |
|
10256003 |
Equity Share Break up (Percentage of Total Equity)
AS ON 17.05.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and trading of industrial
and construction adhesives. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
|
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Infotech Centre, 11-12 /1, Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
|
PAN
No.: |
AAAFB9852F |
|
|
|
|
Holding company: |
· Bostik Australia Pty Limited, Australia |
|
|
|
|
Ultimate holding company: |
· Total S.A., France |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives: |
· Bostik Findley China Company Limited, China · Bostik Findley Hong Kong Limited · Bostik Findley (Malaysia) SDN BHD · Bostik SA – France · PT Bostik Indonesia · Bostik Philippines INC · Bostik Singapore Pte Limited · Bostik AB Sweden · Bostik GmbH, Germany · Bostik Inc, USA · Bostik SA – Spain · Bostik UK · Bostik Netharlands BV ·
Bostik New Zealand Limited |
CAPITAL STRUCTURE
AS ON 17.05.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10256003 |
Equity Shares |
Rs.10/- each |
Rs.102.560
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
102.560 |
102.560 |
|
(b) Reserves & Surplus |
|
602.364 |
517.100 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
704.924 |
619.660 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
2.326 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.000 |
2.326 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
269.058 |
249.167 |
|
(b) Trade payables |
|
293.639 |
285.431 |
|
(c) Other current liabilities |
|
119.111 |
102.858 |
|
(d) Short-term provisions |
|
55.073 |
34.587 |
|
Total
Current Liabilities (4) |
|
736.881 |
672.043 |
|
|
|
|
|
|
TOTAL |
|
1441.805 |
1294.029 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
321.017 |
329.291 |
|
(ii) Intangible Assets |
|
13.600 |
19.200 |
|
(iii) Capital work-in-progress |
|
22.870 |
6.794 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
1.248 |
0.000 |
|
(d) Long-term Loan and Advances |
|
45.971 |
43.730 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
404.706 |
399.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
417.320 |
305.144 |
|
(c) Trade receivables |
|
534.933 |
471.062 |
|
(d) Cash and cash equivalents |
|
12.778 |
31.343 |
|
(e) Short-term loans and
advances |
|
72.068 |
87.465 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1037.099 |
895.014 |
|
|
|
|
|
|
TOTAL |
|
1441.805 |
1294.029 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
102.560 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
477.955 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
580.515 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
294.685 |
|
|
TOTAL BORROWING |
|
|
294.685 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
875.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
241.759 |
|
|
Capital work-in-progress |
|
|
110.103 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
4.465 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
236.225
|
|
|
Sundry Debtors |
|
|
412.590
|
|
|
Cash & Bank Balances |
|
|
32.700
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
121.134
|
|
Total
Current Assets |
|
|
802.649
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
235.001
|
|
|
Other Current Liabilities |
|
|
9.076
|
|
|
Provisions |
|
|
39.699
|
|
Total
Current Liabilities |
|
|
283.776
|
|
|
Net Current Assets |
|
|
518.873
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
875.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2065.062 |
1707.520 |
1411.313 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1952.657 |
1641.979 |
1292.884 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
112.405 |
65.541 |
118.429 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
27.141 |
26.396 |
33.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
85.264 |
39.145 |
85.389 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
516.286 |
477.141 |
391.752 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
601.550 |
516.286 |
477.141 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.31 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
4.13
|
2.29 |
6.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.93
|
5.09 |
11.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.11 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38
|
0.40 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.33 |
2.83 |
FINANCIAL ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
102.560 |
102.560 |
|
Reserves & Surplus |
517.100 |
602.364 |
|
Net
worth |
619.660 |
704.924 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
249.167 |
269.058 |
|
Total
borrowings |
249.167 |
269.058 |
|
Debt/Equity
ratio |
0.402 |
0.382 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1411.313 |
1707.52 |
2065.062 |
|
|
|
20.988 |
20.939 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1411.313 |
1707.52 |
2065.062 |
|
Profit |
85.389 |
39.145 |
85.264 |
|
|
6.05% |
2.29% |
4.13% |
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
PARTICULARS |
31.12.2012 (Rs.
in Millions) |
31.12.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
269.058 |
249.167 |
|
|
|
|
|
Total |
269.058 |
249.167 |
OPERATIONS
The Company achieved an impressive growth of 21% in turnover. A net sale for the year was at Indian Rupees 2,065.060 Millions (Rs. 1707.520 Millions for the year 2011). Profit before tax at Indian Rupees 112.400 Millions compared to Rupees 65.540 Milliosn for the year 2011.
FUTURE OUTLOOK:
To grow about 12% in Revenue. In Footwear they want to maintain market leadership. Obtain approval from global majors. In Flexlam to obtain position of No. 2 in market share. In Nonwovens and PSA to maintain No.2 position. Commission PSA expansions in Bangalore and Gujarat Plant by January 2015. Establish a reasonable Retail network in C and C. Target to improve Return on Capital employed by more than 18% in coming years. Introduction of Corporate Governance and monitoring mechanism through Internal Audit.
BACKGROUND
Subject was incorporated on 8 October 1999 as a private limited company under the Companies Act, 1956. The Company is a subsidiary of Bostik Australia Pty. Limited, Australia ("the holding company"). The ultimate holding company is Total SA, Paris (France). The Company is engaged in manufacturing and trading of industrial and construction adhesives.
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Goodwill
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.