MIRA INFORM REPORT
|
Report No. : |
333113 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA SPECIALTY CHEMICALS INDIA LIMITED [w.e.f. 12.05.2011] |
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Formerly Known
As : |
ALBRIGHT AND WILSON CHEMICAL INDIA LIMITED |
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Registered
Office : |
Phoenix House, A Wing, 4th Floor, 462, Senapati Bapat Marg,
Lower Parel (West), Mumbai-400013, Maharashtra |
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Tel. No.: |
91-22-66637100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.09.1965 |
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Com. Reg. No.: |
11-013331 |
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Capital
Investment / Paid-up Capital : |
Rs. 33.756 Million |
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CIN No.: [Company Identification
No.] |
U24110MH1965PLC013331 |
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IEC No.: |
0388086084 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA3841L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Chemicals used in Industrial Formulations, Paints and Coatings as well as for Oil Fields. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “RHODIA UK LIMITED’’. It is an established
company having satisfactory track record. For the financial year ended 2014, company possesses moderate
operational performance and it has incurred loss from its operational
activities during a year under a review. However, rating takes into consideration sound financial risk profile
marked by average net worth base and strong financial as well as managerial
support that company receives from its holding company. Trade relations are reported to be fair. Payments are reported to be
slow but correct. In view of strong holding company support, the company can be
considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: “A+ (SO)” (Suspended)
|
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
December 2013 |
Reason for Suspended: Absence of requisite information
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Abhay Bakre |
|
Designation : |
Account Executive |
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Contact No.: |
91-22-66637100 |
|
Date : |
20.07.2015 |
LOCATIONS
|
Registered Office : |
Phoenix House, A Wing, 4th Floor, 462, Senapati Bapat Marg,
Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-66637100/ 01 |
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Fax No.: |
91-22-24952834 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 103 and 104, MIDC Industrial
Estate, Village Dhatav, Roha, District Raigad - 402116, Maharashtra,
India |
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Tel. No.: |
91-2194-263573 / 75 |
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Fax No.: |
91-2194-263571 |
DIRECTORS
AS ON 10.09.2014
|
Name : |
Pierre Franck Marie Yves Valentin |
|
Designation : |
Director |
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Address : |
62 Trevose Crescent, 02-01 Trevose Park, Singapore - 298063 |
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Qualification : |
MS-Marketing and Finance MS-Chemical Engineering |
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Date of Appointment : |
23.08.2013 |
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DIN No.: |
06450747 |
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|
Name : |
Mr. Sanjeev Subroto Mukerjee |
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Designation : |
Director |
|
Address : |
8 A, Sea Face Park, Bhulabhai Desai Raod, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
06.07.1942 |
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Qualification : |
B.A. Engineering from Cambridge University UK. Chartered Engineer UK Member Institution of Production Engineers |
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Date of Appointment : |
15.07.1998 |
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DIN No.: |
00369875 |
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|
|
Name : |
Ian Edward Brown |
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Designation : |
Director |
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Address : |
6 Greenleaf Grove, Singapore - 279491, Singapore |
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Date of Birth/Age : |
19.05.1961 |
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Qualification : |
ACMA (Member of Chartered Institute of Management Accountants) |
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Date of Appointment : |
30.01.2009 |
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DIN No.: |
02427816 |
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Name : |
Mr. Yogesh Arvind Thar |
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Designation : |
Director |
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Address : |
5 Maheshwar Prakash No.2, Cottage Lane, Santacruz (West), Mumbai - 400054, Maharashtra, India |
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Date of Birth/Age : |
27.02.1962 |
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Qualification : |
Graduate in Commerce Chartered Accountant |
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Date of Appointment : |
09.06.2009 |
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DIN No.: |
02687466 |
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|
Name : |
Mr. Manoj Khullar |
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Designation : |
Managing Director |
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Address : |
B-171 Ramprastha, Ghaziabad - 201011, Uttar Pradesh, India |
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Date of Birth/Age : |
21.11.1970 |
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Qualification : |
Master of Business Administration Rotterdam School of Management, Erasmus Universiteit Rot terdam Bachelors, Chemical Engineering University of Punjab, Chandigarh |
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Date of Appointment : |
01.01.2013 |
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PAN No. : |
ABHPK0855F |
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DIN No.: |
06415392 |
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Name : |
Mr. Mukesh Malhotra |
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Designation : |
Additional director |
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Address : |
No. 730, Sector 8-B, Chandigarh - 160009, India |
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Date of Birth/Age : |
29.08.1963 |
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Date of Appointment : |
01.04.2015 |
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DIN No.: |
01131063 |
KEY EXECUTIVES
|
Name : |
Mr. Abhay Bakre |
|
Designation : |
Account Executive |
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|
Name : |
Mr. Niranjan Arun Ketkar |
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Designation : |
Secretary |
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Address : |
A/101 Om Vaibhav Park, Tandon Road, Ramnagar, Dombivli (East), Mumbai - 421201, Maharashtra, India |
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Date of Appointment : |
22.09.2011 |
|
PAN No.: |
AHLPK6422E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 10.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
97.21 |
|
Bodies
corporate |
0.26 |
|
Other
top fifty shareholders |
0.98 |
|
Other |
1.55 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals used in Industrial Formulations, Paints and Coatings as well as for Oil Fields. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India (Lead Bank), Commercial Branch, G. N. Vidya Marg (Bank Street), Mumbai - 400023, Maharashtra, India · Corporation Bank ·
BNP Paribas |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
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Address: |
Indiabulls Finance Centre, Tower 3,32nd Floor, Senapati Bapat Marg, Elphinstone West, Mumbai – 400013, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Solicitors : |
Crawford Bayley and Company |
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Memberships : |
-- |
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Collaborators : |
-- |
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Step down subsidiary of Solvay S.A.: |
Rhodia UK Limited, United Kingdom |
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Ultimate Holding
Company : |
Solvay S.A. |
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Fellow
Subsidiaries : |
· Solvay Inc. USA · Rhodia Operations S.A.S., France · Rhodia Nicca Limited · Rhodia Poliamida E Especialidades Limited A, Brazil · Rhodia Polyamide Company Limited, · Korea P.T. Solvay Manyar · Solvay (China) Company Limited · Solvay Asia Pacific Company Limited, Bangkok · Solvay Specialty Chemicals Asia Pacific Pte. Limited · Rhodia Polymers and Specialties India Private Limited (U24100MH2011PTC212834) · Rhodia Feixiang Specialty Chemicals Company Limited · Solvay (ZHENJIANG) Chemicals Company Limited · Zhuhai Solvay Specialty Chemicals Company Limited · Solvay (Zhangjiagang) Specialty Chemicals Company Limited · Solvay Hengchang (Zhangjigang) Specialty · Chemical Company Limited · Rhodia Korea Company Limited · Sunshield Chemicals Limited (L99999MH1986PLC041612) · Solvay Specialities India Private Limited (U74130GJ2005PTC062544) · Rhodia Mexico SA DA CV · Solvay (Bangpoo) Specialty Chemicals Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Million |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Million |
|
|
Total |
|
Rs.50.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3375600 |
Equity Shares |
Rs.10/- each |
Rs.33.756
Million |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 (12 Months) |
31.03.2013 (15 Months) |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
33.756 |
33.756 |
33.756 |
|
(b) Reserves & Surplus |
647.929 |
715.595 |
354.864 |
|
(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) |
681.685 |
749.351 |
388.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.205 |
0.252 |
0.857 |
|
(d)
long-term provisions |
18.690 |
17.360 |
13.346 |
|
Total
Non-current Liabilities (3) |
18.895 |
17.612 |
14.203 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
403.708 |
279.623 |
505.972 |
|
(b)
Trade payables |
537.257 |
307.850 |
375.383 |
|
(c)
Other current liabilities |
54.491 |
55.108 |
226.929 |
|
(d)
Short-term provisions |
11.714 |
17.185 |
7.819 |
|
Total
Current Liabilities (4) |
1007.170 |
659.766 |
1116.103 |
|
|
|
|
|
|
TOTAL |
1707.750 |
1426.729 |
1518.926 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
492.930 |
525.872 |
533.223 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
19.403 |
25.088 |
8.784 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.003 |
0.003 |
0.003 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
156.935 |
159.640 |
67.535 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
2.000 |
|
Total
Non-Current Assets |
669.271 |
710.603 |
611.545 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
384.969 |
280.289 |
368.933 |
|
(c)
Trade receivables |
537.187 |
323.857 |
307.459 |
|
(d)
Cash and cash equivalents |
0.795 |
18.692 |
92.820 |
|
(e)
Short-term loans and advances |
114.903 |
91.546 |
136.751 |
|
(f)
Other current assets |
0.625 |
1.742 |
1.418 |
|
Total
Current Assets |
1038.479 |
716.126 |
907.381 |
|
|
|
|
|
|
TOTAL |
1707.750 |
1426.729 |
1518.926 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 (12 Months) |
31.03.2013 (15 Months) |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2672.894 |
2844.155 |
2522.041 |
|
|
|
Other Income |
38.228 |
54.642 |
23.514 |
|
|
|
TOTAL |
2711.122 |
2898.797 |
2545.555 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
1637.340 |
1668.123 |
1520.42 |
|
|
|
Purchases of
Stock-in-Trade |
458.273 |
457.872 |
643.77 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(40.088) |
48.945 |
(91.476) |
|
|
|
Employees benefits
expense |
173.551 |
181.189 |
104.174 |
|
|
|
Other expenses |
372.574 |
383.684 |
302.501 |
|
|
|
TOTAL |
2601.650 |
2381.068 |
2479.389 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
109.472 |
158.984 |
66.166 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
17.774 |
49.441 |
44.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
91.698 |
109.543 |
21.525 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
92.262 |
103.098 |
78.186 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
67.102 |
(362.185) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(67.666) |
368.630 |
(56.661) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(67.666) |
368.630 |
(56.661) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
342.175 |
334.864 |
219.272 |
|
|
|
Indenting commission |
7.779 |
10.619 |
3.543 |
|
|
TOTAL EARNINGS |
349.954 |
345.483 |
222.815 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
491.215 |
569.717 |
495.795 |
|
|
|
Stores & Spares |
280.997 |
285.146 |
184.579 |
|
|
|
Capital Goods |
2.902 |
2.720 |
0.365 |
|
|
TOTAL IMPORTS |
775.114 |
857.583 |
680.739 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(20.05) |
109.20 |
(16.79) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
(67.756) |
1.286 |
74.319 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.53) |
12.96 |
(2.25) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.10 |
5.59 |
2.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.01) |
26.30 |
(3.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
0.49 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.59 |
0.37 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.09 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT
EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
33.756 |
33.756 |
33.756 |
|
Reserves & Surplus |
354.864 |
715.595 |
647.929 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
388.620 |
749.351 |
681.685 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
505.972 |
279.623 |
403.708 |
|
Total
borrowings |
505.972 |
279.623 |
403.708 |
|
Debt/Equity
ratio |
1.302 |
0.373 |
0.592 |
YEAR-ON-YEAR
GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2522.041 |
2844.155 |
2672.894 |
|
|
|
12.772 |
(6.022) |
NET
PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2522.041 |
2844.155 |
2672.894 |
|
Profit |
(56.661) |
368.630 |
(67.666) |
|
|
(2.25%) |
12.96% |
(2.53%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
303.708 |
172.217 |
|
Intercorporate borrowings |
100.000 |
100.000 |
|
|
|
|
|
Total |
403.708 |
272.217 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Matters relating to undervaluation of assessable value |
17.508 |
17.508 |
|
Nonpayment of
duty on clearance of goods meant for export by the customer |
5.815 |
5.815 |
|
Availment of modvat credit |
1.508 |
0.784 |
|
Total |
24.831 |
24.107 |
COMPANY OVERVIEW:
The company is a Public Limited Company incorporated under the Companies Act, 1956. It is a subsidiary of Rhodia UK Limited (holding 72.93%). The Company is primarily engaged in manufacturing surfactants for serving markets in home, personal care and agrochemical markets. It also manufactures chemicals used in industrial formulations, paints and coatings as well as for oil fields. It also sources some trading products from overseas group companies and markets in India.
PERFORMANCE:
The Company made a loss before exceptional item of Rs. 0.600 Million as against a profit of Rs. 6.400 Million during the previous period. Previous period’s profit was mainly attributable to exceptional item of transfer of leasehold rights of Ambernath land. The situation during the current year was further worsened due to differential customs duty of Rs. 67.100 Million paid for the current year and previous periods.
MANAGEMENT DISCUSSION
AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company operates in the business segment of consumer chemicals. The Company manufactures specialized formulations to serve its customers who in turn further manufacture consumer goods for Home and Personal Care, Decorative Paints, Agrochemicals and various industrial formulations.
With the projected growth rate of India GDP in 2013 by various global and Indian economic agencies, the business climate in India has become more challenging for 2013. The slowdown in infrastructure, has added to the overall slowdown in various sectors of economy.
The Company is putting in its best efforts to overcome the slowdown, by means of increasing efficiencies across supply chain, and hence target higher capacity utilization at Roha. The Company is also planning to import and trade specialty formulations in the Indian market to differentiate its product offerings from the commodity market.
OPERATING AND
FINANCIAL PERFORMANCE OF THE COMPANY
During the current year of April 2013 to March 2014, the sales amounted to Rs. 2657.200 Million.
The Company is making efforts to increase the number of products whereby the Company will be in a position to increase the margin on sales.
FUTURE OUTLOOK
The Company continues its efforts to increase the utilization of its installed capacities, which will be crucial to achieve an improvement in the operational results. Priority is given to capitalize on the quality of its products and services as well as to optimize its industrial operations and to assure a competitive supply of raw materials. The Company is also taking efforts to increase the product line whereby the Company will be in a position to increase the margin on sales.
(The statement in this report including Management’s Discussions
and Analysis Report reflects Company’s projections, estimates, expectations or
predictions. These may be forward looking statements within the meaning of
applicable securities laws and regulations. Actual results could differ
materially from those expressed or implied, since the Company’s operations are
influenced by many external and internal factors beyond the control of the
Company.)
FIXED ASSETS:
Tangible Assets:
- Freehold Land
- Leasehold
Land
- Building and
Roads
- Plant and
Machinery
- Furniture and
Fittings
- Vehicles
Intangible Assets:
- Patents
- Technical
Know-How
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.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.