MIRA INFORM REPORT
|
Report No. : |
342277 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHAH PULP AND PAPER MILLS LIMITED |
|
|
|
|
Formerly known
as : |
SHAH PULP AND PAPER MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Angeline Apartment, B / 202, 2nd Floor, Sarojini Road, Vile
Parle (West), Mumbai – 400056, Maharashtra |
|
Tel. No.: |
91-22-26161932 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.11.1993 |
|
|
|
|
Com. Reg. No.: |
11-074945 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.150.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010MH1993PLC074945 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS18657C |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter, Importer, Buyer and Seller of Texturised Crimped, Nylon
Filament Yarn, Polyester Filament Yarn and Other Synthetic Yarns. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1993. It is
having satisfactory track record. Rating takes into consideration above average financial risk profile
of the company marked by adequate net worth base along with comfortable debt
level in FY14. The company has reported decrease in its sales turnover and profit in
FY14 along with thin profit margin. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of long track of business operations, the company can be
considered for business dealings with 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = (BBB) (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
June 18, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = (A3+) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
June 18, 2015 |
Reason for Suspension: Absence of adequate
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
31-03-2015.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-22-26161932)
LOCATIONS
|
Registered Office : |
Angeline Apartment B/202 2nd Floor Sarojini Road, Vile
Parle (West), Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-26161932/26121878 |
|
Fax No.: |
91-22-26173673 |
|
E-Mail : |
DIRECTORS
As on 30.10.2014
|
Name : |
Mr. Mahendra Hirji Shah |
|
Designation : |
Managing director |
|
Address : |
202, Ashvamedh Sarojini Road, Vile Parle (West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
16.05.1959 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
01.01.2015 |
|
Din No.: |
00190008 |
|
Election Commission Identity Card No.: |
GJ/26/182/096311 |
|
PAN No.: |
ACTPS9864K |
|
|
|
|
Name : |
Mr. Amritlal Khimji Shah |
|
Designation : |
Director |
|
Address : |
207 Residential Area Valsad, G.I.D.C., Vapi - 396 195, Gujarat, India |
|
Date of Birth/Age : |
22.11.1944 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
01.09.2006 |
|
Din No.: |
00140411 |
|
Election Commission Identity Card No.: |
GJ/26/182/030286 |
|
PAN No.: |
AAIPS0295H |
|
|
|
|
Name : |
Mr. Ashok Zaverchand Shah |
|
Designation : |
Director |
|
Address : |
S-2, Paras Apartment, Resi Area, G.I.D.C , Vapi, Valsad - 396 195, Gujarat, India |
|
Date of Birth/Age : |
25.09.1963 |
|
Date of Appointment : |
17.09.2004 |
|
Din No.: |
00146132 |
|
|
|
|
Name : |
Mr. Hemant Gamanlal Modi |
|
Designation : |
Whole Time Director |
|
Address : |
B/103, Amardham Apartments, Near Dreamland Theatre, Tithal Road, Valsad-396001, Gujarat, India |
|
Date of Birth/Age : |
15.09.1963 |
|
Date of Appointment : |
01.05.2013 |
|
Din No.: |
00145130 |
|
|
|
|
Name : |
Mr. Brijbhusan Ramraksha Mall |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. E-104, Rajmoti, Phase – 2, Chaarwada Road, Taluka Paroli, Vapi, Valsad – 396191, Gujarat, India |
|
Date of Birth/Age : |
20.01.1970 |
|
Qualification: |
B.Sc, PG |
|
Date of Appointment : |
01.11.2014 |
|
Din No.: |
06527431 |
KEY
EXCEUTIVE
|
Name : |
Mr. Hemant Gamanlal Modi |
|
Designation : |
Chief Executive Officer |
|
Address : |
B-103, Amardham Apartment,, Tithal Road, Valsad - 396001, Gujarat, India |
|
Date of Appointment : |
06.11.2014 |
|
PAN No.: |
ADBPM3186B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.10.2014
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.10.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
27.00 |
|
Bodies corporate |
21.18 |
|
Directors or relatives of Directors |
42.45 |
|
Other top fifty shareholders |
9.37 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter, Importer, Buyer and Seller of Texturised Crimped, Nylon
Filament Yarn, Polyester Filament Yarn and Other Synthetic Yarns. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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||||||||||||||||||||||||||||
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Facilities : |
|
|
Financial Institutions : |
SICOM limited, Nariman Point, Mumbai, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
R. R. Muni and Company Chartered Accountants |
|
Address : |
2543, Gokul Building No. 55, Gandhi Nagar, Bandra (East), Mumbai –
400051, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFR2711F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates : |
U21010MH1990PLC057464
|
|
|
|
|
Other related parties : |
Ratna Paper Convertor, India |
CAPITAL STRUCTURE
After 30.10.2014
Authorised Capital : Rs. 200.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 170.000
Million
As on 30.10.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
1000000 |
Preferences Shares |
Rs.100/- each |
Rs.100.000 Million |
|
|
|
|
Rs.200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
500000 |
Preferences Shares |
Rs.100/- each |
Rs.50.000 Million |
|
|
|
|
Rs.150.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
150.000 |
110.000 |
110.000 |
|
(b) Reserves & Surplus |
264.472 |
243.156 |
226.625 |
|
(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) |
414.472 |
353.156 |
336.625 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
484.035 |
252.201 |
54.013 |
|
(b) Deferred tax liabilities
(Net) |
67.984 |
50.953 |
51.452 |
|
(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) |
552.019 |
303.154 |
105.465 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
260.173 |
212.931 |
196.783 |
|
(b) Trade payables |
445.987 |
360.890 |
224.880 |
|
(c) Other current liabilities |
94.401 |
31.480 |
15.291 |
|
(d) Short-term provisions |
2.163 |
1.975 |
1.798 |
|
Total
Current Liabilities (4) |
802.724 |
607.276 |
438.752 |
|
|
|
|
|
|
TOTAL |
1769.215 |
1263.586 |
880.842 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
693.479 |
326.028 |
334.689 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
118.107 |
124.179 |
7.055 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.380 |
0.378 |
0.404 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.486 |
12.266 |
11.962 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
824.452 |
462.851 |
354.110 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
569.003 |
433.954 |
238.711 |
|
(c) Trade receivables |
165.934 |
171.958 |
119.710 |
|
(d) Cash and cash equivalents |
34.623 |
58.192 |
41.397 |
|
(e) Short-term loans and
advances |
171.150 |
133.080 |
123.298 |
|
(f) Other current assets |
4.053 |
3.551 |
3.616 |
|
Total
Current Assets |
944.763 |
800.735 |
526.732 |
|
|
|
|
|
|
TOTAL |
1769.215 |
1263.586 |
880.842 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
943.468 |
1005.349 |
985.071 |
|
|
Other Income |
10.711 |
6.330 |
5.206 |
|
|
TOTAL
(A) |
954.179 |
1011.679 |
990.277 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
574.119 |
660.246 |
568.706 |
|
|
Purchases of Stock-in-Trade |
17.915 |
18.079 |
70.423 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(41.089) |
(8.931) |
0.182 |
|
|
Employees benefits expense |
36.004 |
25.805 |
22.189 |
|
|
|
(2.441) |
(2.441) |
(2.441) |
|
|
Other expenses |
230.881 |
211.556 |
231.231 |
|
|
TOTAL
(B) |
815.389 |
904.314 |
890.290 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
138.790 |
107.365 |
99.987 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
76.788 |
54.583 |
48.678 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.002 |
52.782 |
51.309 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
29.365 |
24.215 |
24.023 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
32.637 |
28.567 |
27.286 |
|
|
|
|
|
|
|
Less |
TAX (H) |
23.531 |
9.701 |
9.092 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
9.106 |
18.866 |
18.194 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.91 |
1.89 |
1.82 |
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 flows from (used in) operations |
152.441 |
0.000 |
13.980 |
|
Net cash flow from operating activity |
149.807 |
0.000 |
47.762 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.97 |
1.88 |
1.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.71 |
10.68 |
10.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98 |
2.51 |
3.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.80 |
1.32 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.32 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
110.000 |
110.000 |
150.000 |
|
Reserves & Surplus |
226.625 |
243.156 |
264.472 |
|
Net
worth |
336.625 |
353.156 |
414.472 |
|
|
|
|
|
|
long-term borrowings |
54.013 |
252.201 |
484.035 |
|
Short term borrowings |
196.783 |
212.931 |
260.173 |
|
Total
borrowings |
250.796 |
465.132 |
744.208 |
|
Debt/Equity
ratio |
0.745 |
1.317 |
1.796 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
985.071 |
1005.349 |
943.468 |
|
|
|
2.059 |
(6.155) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
985.071 |
1005.349 |
943.468 |
|
Profit |
18.194 |
18.866 |
9.106 |
|
|
1.85% |
1.88% |
0.97% |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PROGRESS REVIEW
The Company has sustained its business of manufacture of News print and has realized profits with great efforts amongst challenges.
The Company produced 24174.602 MT of News Print for itself and also manufactured 4736.396 MT of News Print on job work assignments to achieve advantage of scale of operations and minimize average cost of production. The News Print produced has been successfully marketed and 22,773.948 MT have been sold during the year.
The News Print Industry is currently facing problems of demand supply imbalance, increase in cost of freight, costlier manpower, fluctuation of Foreign Exchange Rates and increased cost of raw materials thereby leading to upward cost of production and reduced margins. The demand for products has also reduced considerably as there is a marked shift towards a paperless society. The Company has also undertaken some job work to use the production capacity effectively.
In order to reduce its dependence on Newsprint, the Company has decided to also produce some quantity of Writing and Printing grades of paper. It has undertaken modification of its plant to upgrade the quality of Newsprint to Grade A newsprint.
With a view to improve the operating efficiency, the Company has taken up certain Capital expenditure projects in 3 phases. The Company has successfully completed the Phase I of its expansion on 30 th November, 2013 and increased its production capacity to 38,000 TPA. The production capacity to manufacture paper presently stands increased to 45000 TPA The installation of the fibre recovery plant was completed at a cost of Rs. 124 Lacs It will not only help improve the efficiency of the plant and quality of the finished product but will also help reduce the fibre cost.
In December, 2013, the Company commenced the Phase II involving change of quality of production from B Grade News Print to A Grade News Print and to manufacture Writing Printing Paper. Phase II was completed in 28th February 2014. There has been an increase in capacity to 46500 TPA of newsprint at a cost of Rs. 15.51 crores.
Work for the increase in production capacity to 52500 TPA at a cost of Rs. 31 crores in Phase III is in process and is expected to be completed by December, 2015.
Production was stopped from 01st July 2013 to 10th August-2013 for upgradation of the plant. Expenses on wages for the period as well the power cost and interest on such expenses have been duly capitalised.
The cost of up gradation of plant and relevant capital expenditure has been met by issue of preference shares and loans from the banks. The Company has at the EGM held on 17th February 2014 increased its Authorised Share capital to Rs. 20 crores by addition of 9,00,000 10% Non-Cumulative Redeemable Preference Shares of Rs. 100/- each. The Company offered 7,00,000 10% Non-Cumulative Redeemable Preference Shares as Rights in the ratio of 6 Preference Shares for every 10 Equity Shares held and 1 New Preference Share for every 1 Preference Share held, to the existing shareholders with an option to renounce. However, the Rights were renounced by the shareholders and 4,00,000 Preference Shares were applied for and allotted on 18th March 2014. In view of the short fall of Rs. 30.000 Million in issue of the preference shares, the redemption of preference shares issued in 2002 has been deferred
The Board acknowledges the faith reposed by the shareholders, Bankers and creditors in the ability, efficiency and sincerity of the management. The Board reassures each one of them with equal integrity and dedication to do the best in the interest of the Company.
The Company Law Petition filed by the minority shareholders for oppression and mismanagement was set aside by the Bombay High Court as informed in the previous year’s report. The verdict of the Appellate Court has been challenged by the minority shareholders before the Hon’ble Supreme Court. The petition is awaiting admission, if considered appropriate by the Hon’ble Supreme Court after the hearing.
In view of the urgency of funds for the Capital expenditure, and lack lustre response of the shareholders towards the preference shares issue, the Directors were forced to borrow temporary funds to meet the said capital expense. Efforts to borrow funds on long term basis are in process. The Company has borrowed funds as inter corporate deposits during the current financial year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
2.500 |
0.000 |
|
Other loans and advances |
203.550 |
145.849 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
8.700 |
0.000 |
|
Intercorporate deposits |
0.000 |
30.174 |
|
Total |
214.750 |
176.023 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10545451 |
05/01/2015 |
150,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
Shop No 8, Kapoor Apartments, Chandavarkar Road, |
C41611633 |
|
2 |
90352520 |
29/06/2015 * |
1,090,000,000.00 |
State Bank of India |
MID CORPORATE BRANCH, SURAT, ICC Building , Opp. |
C59624338 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.62 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
NO |
|
--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.