MIRA INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIL INDUSTRIES LIMITED |
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Registered
Office : |
25-A, Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
11.02.1966 |
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Com. Reg. No.: |
18-005397 |
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Capital
Investment / Paid-up Capital : |
Rs. 31.500 Millions |
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CIN No.: [Company Identification
No.] |
L25199TN1966PLC005397 |
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TAN No.: |
CHEM01347D |
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PAN No.: [Permanent Account No.] |
AAACM4380Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the manufacture of Corrosion and Abrasion Resistant Linings for Chemical, Fertilizer and other Process Industries. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 830000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having satisfactory track
record. The company possesses a favorable financial profile marked by adequate
networth base. Management has reported an increase in its sales volume during 2013 The ratings also takes into consideration the small scale of business
operations susceptibility to volatility in rubber prices. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of gradual improvement in its overall business profile, the
subject can be considered for business dealings at usual trade terms and
conditions. Note: Listed on Madras
Stock Exchange. |
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 |
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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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India ratings and research |
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Rating |
Fund based working capital limits: “BB” |
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Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
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Date |
11.06.2013 |
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Rating Agency Name |
India ratings and research |
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Rating |
Non fund based working capital limits: “A4+” |
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Rating Explanation |
Minimal degree of safety and very high
credit risk. |
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Date |
11.06.2013 |
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 DENIED BY
|
Name : |
Mr. Gul Swamy |
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Designation : |
General Managing Accounts |
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Contact No.: |
91-44-26258382 |
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Date : |
17.05.2014 |
LOCATIONS
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Registered Office/ Factory 1 : |
25-A, Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India |
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Tel. No.: |
91-44-26258382 |
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Fax No.: |
91-44-26257583 |
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E-Mail : |
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Website : |
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Factory 2: |
Plastics
Division F-65, SIPCOT Industrial Complex, Gummidipoondi – 601201, India |
DIRECTORS
As on: 20.09.2013
|
Name : |
Mr. Noman Hatim Millwala |
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Designation : |
Director |
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Address : |
142, Main Road, Karpagam Avenue, Chennai – 600028, Tamilnadu, India |
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Date of Birth/Age : |
30.01.1946 |
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Qualification : |
Graduation |
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Date of Appointment : |
16.12.1988 |
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PAN No.: |
AEGPM6213B |
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DIN No.: |
00471544 |
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Other Directorship :
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Name : |
Mr. Saroja Raman |
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Designation : |
Director |
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Address : |
25/6, Gilchrist Avenue, Chennai – 600031, Tamilnadu, India |
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Date of Birth/Age : |
01.01.1938 |
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Qualification : |
Graduation |
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Date of Appointment : |
27.07.1998 |
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PAN No.: |
AAMPR4624H |
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DIN No.: |
00481687 |
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Other Directorship :
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Name : |
Mr. T. Venkatesan |
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Designation : |
Director |
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Address : |
72/2, Harrington Road, Cnetpet, Chennai – 600031, Tamilnadu, India |
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Date of Birth/Age : |
01.08.1937 |
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Qualification : |
M.B.B.S, F.C.C.P |
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Date of Appointment : |
27.09.2007 |
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PAN No.: |
AAGPV0792E |
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DIN No.: |
01793232 |
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Other Directorship :
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Name : |
Mr. Rajiv Sreedhar |
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Designation : |
Managing Director |
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Address : |
24, Casuarina Drive, Neelankarai, Chennai – 600041, Tamilnadu, India |
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Date of Birth/Age : |
30.11.1952 |
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Qualification : |
Graduation |
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Date of Appointment : |
28.07.1999 |
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PAN No.: |
AAHPS9015N |
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DIN No.: |
00181532 |
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Other Directorship :
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Name : |
Mr. Rajkumar S. S. R. |
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Designation : |
Director |
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Address : |
Laavanya 3, Second, Main Road, R. K. Nagar, Chennai - 600028, Tamilnadu, India |
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Date of Birth/Age : |
21.08.1936 |
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Qualification : |
MA, M.COM, LLB, MBA |
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Date of Appointment : |
22.04.1967 |
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PAN No.: |
AABPR2769L |
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DIN No.: |
00317801 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. V. P. K. Mani |
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Designation : |
Secretary |
|
Address : |
35, Ranganathan Garden, Anna Nagar, Chennai – 600040, Tamilnadu, India
|
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Date of Birth/Age : |
09.06.1940 |
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Date of Appointment : |
01.10.1971 |
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|
Name : |
Mr. Gul Swamy |
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Designation : |
General Managing Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 20.09.2013
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 20.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Government companies |
|
1.39 |
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Mutual funds |
|
5.33 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.20 |
|
Bodies corporate |
|
43.97 |
|
Directors or relatives of directors |
|
25.61 |
|
Other top fifty shareholders |
|
10.61 |
|
Others |
|
8.89 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of Corrosion and Abrasion Resistant Linings for Chemical, Fertilizer and other Process Industries. |
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Products : |
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Agencies / Trading : |
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GENERAL INFORMATION
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Customers : |
RUBBER DIVISION
PLASTIC DIVISION
RUBBER LINING
DIVISION
PLASTIC DIVISION
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No. of Employees : |
Not Divulged |
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Bankers : |
UCO Bank, International Banking Branch, 328, Thambu Chetty Street, Chennai - 600001, Tamil Nadu, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SURI and Company Chartered Accountants |
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Address : |
South Boag Road, T Nagar, Chennai - 600 017, Tamilnadu, India |
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PAN No.: |
AABFS5023Q |
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Associates: |
CIN No.:U24117TN1998PTC041249 |
CAPITAL STRUCTURE
As on: 20.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4900000 |
Equity Shares |
Rs.10/- each |
Rs. 49.000 Millions |
|
350000 |
Preference Share |
Rs.10/- each |
Rs. 3.500 millions |
|
|
Total |
|
Rs. 52.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3150000 |
Equity Shares |
Rs.10/- each |
Rs. 31.500
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 |
31.500 |
31.500 |
31.500 |
|
(b) Reserves & Surplus |
177.197 |
162.048 |
150.488 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
208.697 |
193.548 |
181.988 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.749 |
23.920 |
21.940 |
|
(b) Deferred tax liabilities
(Net) |
4.246 |
3.241 |
3.241 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
25.995 |
27.161 |
25.181 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
36.070 |
27.475 |
46.411 |
|
(b) Trade payables |
22.175 |
22.811 |
21.395 |
|
(c) Other current liabilities |
42.862 |
26.631 |
21.438 |
|
(d) Short-term provisions |
1.231 |
1.203 |
0.955 |
|
Total
Current Liabilities (4) |
102.338 |
78.120 |
90.199 |
|
|
|
|
|
|
TOTAL |
337.030 |
298.829 |
297.368 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
160.391 |
158.197 |
158.889 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.078 |
0.078 |
0.078 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.740 |
1.732 |
1.722 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
162.209 |
160.007 |
160.689 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
53.011 |
48.641 |
40.297 |
|
(c) Trade receivables |
49.940 |
59.501 |
68.584 |
|
(d) Cash and cash equivalents |
48.431 |
13.869 |
11.787 |
|
(e) Short-term loans and
advances |
23.439 |
16.451 |
16.011 |
|
(f) Other current assets |
0.000 |
0.360 |
0.000 |
|
Total
Current Assets |
174.821 |
138.822 |
136.679 |
|
|
|
|
|
|
TOTAL |
337.030 |
298.829 |
297.368 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
241.088 |
221.865 |
181.410 |
|
|
Other Income |
4.536 |
1.495 |
4.182 |
|
|
TOTAL
(A) |
245.624 |
223.360 |
185.592 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
102.470 |
98.080 |
82.345 |
|
|
Purchases of Stock-in-Trade |
2.267 |
3.358 |
2.847 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(8.511) |
(4.608) |
(3.501) |
|
|
Employees benefits expense |
21.603 |
18.822 |
17.461 |
|
|
Other expenses |
92.928 |
78.835 |
68.371 |
|
|
TOTAL
(B) |
210.757 |
194.487 |
167.523 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
34.867 |
28.873 |
18.069 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.072 |
6.972 |
5.900 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.795 |
21.901 |
12.169 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
4.712 |
4.720 |
4.852 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
24.083 |
17.181 |
7.317 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
8.905 |
5.590 |
2.220 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(J) |
15.178 |
11.591 |
5.097 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
46.519 |
40.515 |
21.156 |
|
|
Technical Services |
4.490 |
4.855 |
3.045 |
|
|
TOTAL
EARNINGS |
51.009 |
45.370 |
24.201 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6.096 |
8.103 |
9.302 |
|
|
Others |
0.323 |
0.000 |
0.091 |
|
|
TOTAL
IMPORTS |
6.419 |
8.103 |
9.393 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.82 |
3.68 |
1.62 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.18 |
5.19 |
2.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.99 |
7.74 |
4.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.15 |
5.75 |
2.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28 |
0.27 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.78 |
1.52 |
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 |
31.500 |
31.500 |
31.500 |
|
Reserves & Surplus |
150.488 |
162.048 |
177.197 |
|
Net
worth |
181.988 |
193.548 |
208.697 |
|
|
|
|
|
|
long-term borrowings |
21.940 |
23.920 |
21.749 |
|
Short term borrowings |
46.411 |
27.475 |
36.070 |
|
Total
borrowings |
68.351 |
51.395 |
57.819 |
|
Debt/Equity
ratio |
0.376 |
0.266 |
0.277 |
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 |
181.410 |
221.865 |
241.088 |
|
|
|
22.300 |
8.664 |
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 |
181.410 |
221.865 |
241.088 |
|
Profit |
5.097 |
11.591 |
15.178 |
|
|
2.81% |
5.22% |
6.30% |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Deposits from directors |
18.225 |
14.225 |
|
Public deposits |
3.425 |
3.426 |
|
Deposits from others |
3.000 |
2.850 |
|
|
|
|
|
Total |
24.650 |
20.501 |
CASE DETAILS
|
Case Status: |
Pending |
|
Status Of: |
TAX CASE APPEAL |
|
Case No.: |
306 |
|
Year : |
2013 |
|
Petitioner : |
COMMISSIONER OF INCOME TAX |
|
Respondent : |
MIL INDUSTRIES LTD |
|
Pet's Advocate : |
N.V. BALAJI |
|
Res's Advocate : |
CHENNAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Feb 26 2014 |
OPERATIONS
There has been an increase in the turnover of the Rubber Products Division from Rs. 137.275 million in the previous year to Rs. 158.483 million.
The turnover of PTFE Division is Rs.84.591 million in the previous year against Rs.82.605 million in the current year.
It is heartening to note that the company’s export earnings have gone up from Rs.45.370 million in the previous year to Rs.51.009 million in the current year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Subject’s main business is the manufacture of Rubber lined equipment and associated products, and PTFE lined pipes and fittings for the Process Industry. The Company’s products are mainly used in the Phosphatic Fertilizer Industry, Paper and Pulp and Staple Fibre Industry, Chlor-Alkali Industry, Mining and Mineral Industry, Iron and Steel Plants, Chemical Plants, Pharmaceutical Industry, Fine Chemicals Industry, Food Processing Industry etc.
During the year, there has been a general increase in business opportunities. While this has primarily been for maintenance requirements, investment by the user industries of Mils products in expansions as well as new projects, are growing again, which should increase the demand for Mils products.
It is hoped that this trend will continue, as the economy continues to grow, thereby providing a fillip to their business.
Outlook
The prospects for the Rubber Products Division and PTFE Division for 2013-2014 are looking better and the Company expects the order bookings to improve in this financial year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10042864 |
11/03/2011 * |
29,000,000.00 |
PRESIDENT OF INDIA |
LIQUID PROPULSION SYSTEMS CENTRE, DEPT. OF SPACE, |
B19515220 |
|
2 |
90287719 |
30/08/2005 * |
113,800,000.00 |
UCO BANK LIMITED |
THAMBU CHETTY STREET, CHENNAI, TAMILNADU, INDIA |
- |
|
3 |
90298298 |
28/03/2005 * |
113,800,000.00 |
UCO BANK |
328; THAMBU CHETTY STREET, MADRAS, TAMILNADU - 600001, INDIA |
- |
|
4 |
90300149 |
14/02/1992 |
6,700,000.00 |
UCO BANK |
169; THAMBU CHETTY STREET, MADRAS, TAMILNADU - 600001, INDIA |
- |
|
5 |
90300141 |
31/12/1991 * |
3,500,000.00 |
STATE INDUSTRIESPROMOTION CORP. OF TAMI NADU |
19-A; RUKMANI LAKSHMIPATHY ROAD; EGMORE, MADRAS, TAMILNADU - 600008, INDIA |
- |
|
6 |
90299876 |
27/04/1989 |
1,700,000.00 |
TECHNOLOGY DEVLOPMENT AND INFORMATION COMPANYOF INDIA LIMITED |
LEO COMPLEX; 45 AND45 RESIDANCY (COROSS) ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
7 |
90299819 |
27/10/1988 |
3,000,000.00 |
UCO BANK |
169 THAMBU CHETTY STREET, MADRAS, TAMILNADU - 600001, INDIA |
- |
|
8 |
90299813 |
12/10/1989 * |
3,000,000.00 |
UCO BANK |
169; THAMBU CHETTY STREET, MADRAS, TAMILNADU - 600001, INDIA |
- |
|
9 |
90299800 |
12/10/1989 * |
4,500,000.00 |
INDUSTRIAL RECONSTRUCTION BANK OF INDIA |
19; NETAJI SUBHASH ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
10 |
90299394 |
22/04/1991 * |
1,100,000.00 |
UCO BANK |
169; THAMBU CHETTY STREET, MADRAS, TAMILNADU - 600001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Factory equipment’s
- Furniture and fixtures
- Vehicles
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. 58.75 |
|
|
1 |
Rs. 98.77 |
|
Euro |
1 |
Rs. 80.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.