MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINATI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
B-12 and B-13, MIDC, Areamahad, District Raigad - 402309, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
15.06.1989 |
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|
|
Com. Reg. No.: |
11-052224 |
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Capital
Investment / Paid-up Capital : |
Rs. 98.745 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116MH1989PLC052224 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV10590G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV6538K |
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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 Manufacturing of Chemicals. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s sound financial risk profile marked by adequate
liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
12.08.2014 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
12.08.2014 |
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-2145-232012)
LOCATIONS
|
Registered Office/ Factory 1 : |
B-12 and B-13, MIDC, Areamahad, District Raigad-402309, Maharashtra,
India |
|
Tel. No.: |
91-2145-232012/13/14 |
|
Fax No.: |
91-2145-232010 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
Parinee Crecenzo, 102, 11th Floor, Plot No. C-38 and C-39, G Block,
Behind MCA, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
|
Tel. No.: |
91-22-39484444 |
|
Fax No.: |
91-22-39484438 |
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E-Mail : |
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Factory 2 : |
A-20, MIDC, Lote-Parashuram, Taluka-Khed, District Ratnagiri-415722, |
|
Tel. No.: |
91-2356-273032/ 33 |
|
E -Mail : |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Vinod Saraf |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. Girish M. Dave |
|
Designation : |
Non-Executive
Chairman and Director |
|
Qualification : |
M.com, LLB,
CAIIB Graduate |
|
|
|
|
Name : |
Ms. Vinati Saraf Mutreja |
|
Designation : |
Executive
Director |
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|
Name : |
Ms. Viral Saraf Mittal |
|
Designation : |
Director - Corporate Strategy |
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|
Name : |
Mr. Chintaman Bhaskar Gokhale |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Ayliur Akileswaraiyer Krishnan |
|
Designation : |
Director |
|
Qualification : |
Chemical Engineer |
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|
|
|
Name : |
Mr. R K Saraswat |
|
Designation : |
Director |
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Date of Birth : |
17.04.1938 |
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Qualification : |
Chartered Accountant |
|
Date of Appointment : |
24.01.2011 |
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|
|
|
Name : |
Mr. Mohit Rajesh Mutreja |
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Designation : |
Director |
|
Date of Birth : |
09.08.1982 |
|
Date of Appointment : |
19.05.2009 |
|
|
|
|
Name : |
Mr. Sunil Banwarilal Saraf |
|
Designation : |
Director |
|
Qualification : |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Gunvant S. Singhi |
|
Designation : |
Company
Secretary Cum Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15295512 |
30.98 |
|
|
21733835 |
44.02 |
|
|
37029347 |
75.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
37029347 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
560182 |
1.13 |
|
|
3750 |
0.01 |
|
|
1162 |
0.00 |
|
|
1359565 |
2.75 |
|
|
1924659 |
3.90 |
|
|
|
|
|
|
502768 |
1.02 |
|
|
|
|
|
|
7948052 |
16.10 |
|
|
1822177 |
3.69 |
|
|
145497 |
0.29 |
|
|
118566 |
0.24 |
|
|
26931 |
0.05 |
|
|
10418494 |
21.10 |
|
Total Public
shareholding (B) |
12343153 |
25.00 |
|
Total (A)+(B) |
49372500 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
49372500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Chemicals. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Karnavat and Company Chartered Accountant |
|
Address : |
Mumbai, |
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Related Parties : |
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CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49372500 |
Equity Shares |
Rs.2/- each |
Rs.98.745 Millions |
|
|
|
|
|
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period:
|
Equity Shares (Face value of
Rs.2 each fully paid-up) |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
At the beginning of the period |
49372500 |
98.745 |
|
Outstanding at
the end of the period |
49372500 |
98.745 |
Terms/Rights
attached to equity shares:
The company has
only one class of equity share having a par value of Rs.2 per share. Each holder
of equity shares is entitled to one vote per share. The company declares and
pays dividends in Indian Rupees. The dividend except interim dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 3.00
(Previous year: Rs. 2.50)
In the event of
liquidation of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vinod Saraf |
7937250 |
16.08% |
|
Kavita Saraf |
6228000 |
12.61% |
|
Suchir Chemicals Private Limited |
21733835 |
44.02% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
98.745 |
98.745 |
98.745 |
|
(b) Reserves & Surplus |
3001.992 |
2313.736 |
1771.517 |
|
(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) |
3100.737 |
2412.481 |
1870.262 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1099.669 |
1355.345 |
913.007 |
|
(b) Deferred tax liabilities (Net) |
331.462 |
261.019 |
149.005 |
|
(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) |
1431.131 |
1616.364 |
1062.012 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
122.689 |
653.033 |
619.227 |
|
(b)
Trade payables |
141.733 |
156.297 |
88.784 |
|
(c)
Other current liabilities |
518.665 |
444.759 |
265.660 |
|
(d) Short-term
provisions |
206.151 |
173.434 |
139.728 |
|
Total Current
Liabilities (4) |
989.238 |
1427.523 |
1113.399 |
|
|
|
|
|
|
TOTAL |
5521.106 |
5456.368 |
4045.673 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2984.505 |
2868.246 |
1405.467 |
|
(ii)
Intangible Assets |
57.373 |
33.096 |
37.719 |
|
(iii) Capital
work-in-progress |
100.876 |
140.486 |
567.439 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3142.754 |
3041.828 |
2010.625 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
27.386 |
127.727 |
78.980 |
|
(b)
Inventories |
466.344 |
546.429 |
430.222 |
|
(c)
Trade receivables |
1150.542 |
1131.946 |
856.799 |
|
(d) Cash
and cash equivalents |
453.284 |
337.700 |
319.531 |
|
(e)
Short-term loans and advances |
278.301 |
269.528 |
349.021 |
|
(f)
Other current assets |
2.495 |
1.210 |
0.495 |
|
Total
Current Assets |
2378.352 |
2414.540 |
2035.048 |
|
|
|
|
|
|
TOTAL |
5521.106 |
5456.368 |
4045.673 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6961.335 |
5528.593 |
4474.606 |
|
|
|
Other Income |
91.681 |
37.637 |
28.319 |
|
|
|
TOTAL (A) |
7053.016 |
5566.230 |
4502.925 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4174.424 |
3398.523 |
2738.054 |
|
|
|
Merchandise Purchases |
5.171 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
8.481 |
(47.342) |
(61.386) |
|
|
|
Employees benefits expense |
274.288 |
225.877 |
183.259 |
|
|
|
Other expenses |
970.088 |
748.231 |
664.799 |
|
|
|
TOTAL (B) |
5432.452 |
4325.289 |
3524.726 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1620.564 |
1240.941 |
978.199 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.464 |
115.387 |
91.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1439.100 |
1125.554 |
886.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.172 |
99.495 |
70.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1285.928 |
1026.059 |
816.022 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
424.383 |
339.431 |
267.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
861.545 |
686.628 |
548.054 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2056.497 |
1584.277 |
1205.987 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
90.000 |
70.000 |
55.000 |
|
|
|
Dividend |
25.172 |
20.977 |
16.019 |
|
|
|
Tax on Dividend |
148.118 |
123.431 |
98.745 |
|
|
BALANCE CARRIED
TO THE B/S |
2654.752 |
2056.497 |
1584.277 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods calculated on
F.O.B. Value |
4516.534 |
3596.797 |
3295.158 |
|
|
|
Other Income |
0.000 |
0.000 |
1.309 |
|
|
TOTAL EARNINGS |
4516.534 |
3596.797 |
3296.467 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
307.545 |
121.269 |
481.032 |
|
|
|
Stores & Spares |
0.818 |
0.011 |
5.998 |
|
|
|
Capital Goods |
16.599 |
43.224 |
72.157 |
|
|
TOTAL IMPORTS |
324.962 |
164.504 |
559.187 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.45 |
13.91 |
11.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
12.22 |
12.34 |
12.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.47 |
18.56 |
18.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.72 |
19.30 |
23.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.43 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.39 |
0.83 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40 |
1.69 |
1.83 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
98.745 |
98.745 |
98.745 |
|
Reserves & Surplus |
1771.517 |
2313.736 |
3001.992 |
|
Net worth |
1870.262 |
2412.481 |
3100.737 |
|
|
|
|
|
|
long-term borrowings |
913.007 |
1355.345 |
1099.669 |
|
Short term borrowings |
619.227 |
653.033 |
122.689 |
|
Total borrowings |
1532.234 |
2008.378 |
1222.358 |
|
Debt/Equity ratio |
0.819 |
0.832 |
0.394 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
4474.606 |
5528.593 |
6961.335 |
|
|
|
23.555 |
25.915 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
4474.606 |
5528.593 |
6961.335 |
|
Profit |
548.054 |
686.628 |
861.545 |
|
|
12.25% |
12.42% |
12.38% |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign Currency convertible bonds from IFC |
299.550 |
271.697 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Bank (discounting of trade receivables) |
38.279 |
111.406 |
|
|
|
|
|
Total |
337.829 |
383.103 |
REVIEW OF OPERATIONS
The Company’s operations
have shown impressive growth during the year. The net sales/Income from
operations during the year has gone up to Rs.6961.335 Millions from Rs.5528.593
Millions, registering a growth of 27% over the previous year.
The Company’s
profit before tax has also gone up from Rs.1026.059 Millions in previous year
to Rs. 1285.928 Millions in current year registering a robust growth of 25%.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
REVIEW
Although the global economy underwent a gradual recovery during FY 2013-14, the pace of growth has been largely uneven and prone to uncertainties. The year also witnessed a marked change in the pattern of recovery, with the advanced economies providing the actual impetus to growth, instead of the developing markets and emerging economies as in earlier years. Developed economies like the US recorded an improved performance, although growth tended to be subdued in the Eurozone. Emerging economies like India, however, witnessed a distinct slowdown in economic growth, even as China held out hope by focusing on a more balanced growth strategy. At the same time, with the growth in advanced economies likely to lead to more export opportunities for the developing ones, the overall economic scenario should be more balanced, going forward.
INDIAN ECONOMIC
REVIEW
After recording robust growth till a few years ago, the pace of the Indian economic juggernaut has slowed down considerably in recent years. In fact, the 4.7% growth in the country’s GDP in FY 2013-14 has served as a painful reminder of the sub-5% growth rates witnessed over the last two years. Several factors have contributed to this decline, including low corporate and infrastructure investments, persistent inflation, weak consumer sentiments and policy inertia. However, the formation of a stable government at the Centre should augur well for the future, as a host of fiscal measures and industrial reforms are expected to be implemented to strengthen the economic fundamentals. Combined with a favourable monsoon, these policy initiatives should result in the GDP growth rate crossing the 5%-mark during FY 2014-15.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10421823 |
30/03/2013 |
2,826,830,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B73770695 |
FIXED ASSETS:
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Air
Conditioners
- Vehicles
- Technical
Know How Fees
- Licensed
Software’s
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. 60.61 |
|
|
1 |
Rs. 100.49 |
|
Euro |
1 |
Rs. 79.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.