MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

508345

Report Date :

10.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

GRAUER AND WEIL (INDIA) LIMITED

 

 

Registered Office :

Growel Corporate, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra

Tel. No.:

91-22-66993000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

25.11.1957

 

 

Com. Reg. No.:

11-010975

 

 

Capital Investment / Paid-up Capital :

INR 226.706 Million

 

 

CIN No.:

[Company Identification No.]

L74999MH1957PLC010975

 

 

IEC No.:

[Import-Export Code No.]

0388023546

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

TIN / CST No.:

27150394995

 

 

PAN No.:

[Permanent Account No.]

AAACG3741K

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACG3741K1ZL

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject operates in various segments chemicals, engineering, paints and shopping mall :

 

  • The chemical division manufactures and sells chemicals required for metal finishing (electroplating chemicals), their intermediates and other specialty chemicals.

 

  • The engineering division is involved in manufacturing and providing turnkey solution for electroplating plants, effluent treatment plants and other engineering products.

 

  • The paint division manufactures industrial paints.

 

  • GWIL also owns a shopping-mall-cum entertainment complex. (From Indirect Sources)

 

  • Manufacturer, Trader, Distributors and Supplier of paints, lubricants, aerated drinks, beverages, development and implementation of software etc. and exporter of finished goods. (Confirmed by Management)

 

 

No. of Employees :

550 (Approximately)

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1957 and is engaged in manufacturing of chemical, lubricants, anodizing chemicals and engineering sector in India. It is an old and well-established company having fine track record.


For the financial year 2017, the company achieved revenue growth of 4.51% as compared to the previous year along with a fair profit margin of 11.59%.


Rating reflects company’s robust financial profile marked by good profitability, healthy capital structure with strong net worth base, liquidity position along with sound debt protection metrics.


As per quarterly financials of December 2017, the company achieved revenue of INR 1265.900 million along with a profit of 200.900 million.


The company continue to derive strength from its established track record and leadership position in the electroplating chemical industry, partially diversified revenue profile, established marketing network and consistent improvement in capital structure and moderate growth in the chemical business over the years.

However, these rating strengths are partially offset by large working capital requirements and susceptibility of its operating margin to volatility in raw material prices.

Business is active. Payment seems to be regular and as per commitments.

In view of aforesaid, 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term fund based bank facilities : AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

06.10.2017

 

Rating Agency Name

CARE

Rating

Short term non-fund based bank : A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

06.10.2017

 

 

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 31-03-2018.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 10.05.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION PARTED BY

 

Name :

Ms. Babita

Designation :

Finance Manager

Contact No.:

91-22-66993000

Date :

09.05.2018

 

 

LOCATIONS

 

Registered Office :

Growel Corporate, Akurli Road, Kandivli (East), Mumbai – 400101, Maharashtra, India 

Tel. No.:

91-22-66993000

Fax No.:

91-22-66993010

E-Mail :

hq@growel.com

secretarial@growel.com

Website :

http://www.growel.com

Location:

Owned

Locality:

Commercial

 

 

Plants :

 

Chemicals, Lubricants and Paints Division :

215/1, Plot No. 10, Dadra Industrial Estate, Dadra - 396 191, Dadra and Nagar Haveli - U.T, India

 

 

Chemical Intermediates, Lubricants and Paints Division :

407, GIDC Industrial Estate, Vapi - 396195, Gujarat, India 

 

 

Chemicals, Lubricants and Paints Division :

Plot No. 31 and 32, Industrial Estate, Barotiwala - 174103, Himachal Pradesh, India 

 

 

Engineering Division :-

Survey No. 66, Village - Dhanore, Taluka - Khed, District – Pune, Maharashtra, India

 

 

Chemicals Division :

SIDCO Industrial Complex, Phase II, Samba, Jammu and Kashmir, India 

 

 

Mall :

Growel’s 101, Akurli Road, Kandivli – (East), Mumbai – 400101, Maharashtra, India

 

 

Warehouse:

Located at:

 

  • Dadra and Nagar Haveli
  • Vapi
  • Jammu and Kashmir
  • Himachal Pradesh

 

 

Branch Office:

Located at:

  • Amdavad
  • Aurangabad
  • Bangalore
  • Chennai
  • Coimbatore
  • Kochi
  • Indore
  • Kolkata
  • Ludhiana
  • Noida
  • Pune
  • Rajkot
  • Secunderabad
  • Nashik

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Nirajkumar More

Designation :

Managing Director

Address :

28, New India Society, 11th North South Road, J. V. P. D. Scheme Mumbai-400049, Maharashtra, India

Date of Birth/ Age:

03.11.1969

Date of Appointment :

12.08.1993

DIN No.:

00113191

 

 

Name :

Mr. Umesh Kumar More

Designation :

Whole-Time Director

Address :

More House, 28, New India Society, 11, North South Road, Jvpd, Juhu Mumbai 400049, Maharashtra, India 

Date of Appointment :

17.07.1969

DIN No.:

00112662

 

 

Name :

Mr. Vinod Ramniranjan Haritwal

Designation :

Whole-Time Director

Address :

31,New Silverhome Chs Limited, 15, Newkantwadi Road, Bandra, Mumbai-400050, Maharashtra, India

Date of Birth/ Age:

05.10.1958

Date of Appointment :

02.09.2011

DIN No.:

00112862

 

 

Name :

Mr. Rohit Rameshkumar More

Designation :

Whole-Time Director

Address :

115, National CHS. Limited, Baner Road, Aundh, Pune 411007, Maharashtra, India

Date of Birth/ Age:

07.01.1973

Date of Appointment :

14.03.2003

DIN No.:

00139797

 

 

Name :

Mr. Suresh Rukmanand Pareek

Designation :

Director

Address :

B/503-504,Mansarovar,Gen. A.K. Vaidya Marg, Filmcity Road, Malad (East), Mumbai-400097, Maharashtra, India 

Date of Appointment :

29.09.2006

DIN No.:

00757066

 

 

Name :

Mr. Tarun Kumar Govil

Designation :

Director

Address :

1001, Olive Building 10th Floor, Opposite Sona Hospital Shivaji Nagar Road, Santacruz  (East), Mumbai-400055, Maharashtra, India 

Date of Appointment :

14.07.2014

DIN No.:

06924673

 

 

Name :

Ms. Aarti Sunil Shah

Designation :

Director

Address :

Sunil, 23 Bhagat Singh Road, Vile Parle (West), Mumbai-400056, Maharashtra, India 

Date of Appointment :

24.10.2014

DIN No.:

07002594

 

 

Name :

Yogesh Ramchand Samat

Designation :

Director

Address :

No.73/D, Dalamal Park, 223, Cuffe Parade, Mumbai - .400005, Maharashtra, India  

Date of Appointment :

30.05.2017

DIN No.:

00717877

 

 

KEY EXECUTIVES

 

Name :

Mr. Chintan Kirit Kumar Gandhi

Designation :

Company Secretary

Address :

A-102, Sunshine, Subhash Lane Malad (East), Mumbai-400097, Maharashtra, India 

Date of Appointment :

01.07.2013

PAN No.:

AEMPG3044E

 

 

Name :

Mr. Jagdish Babaji Kadam

Designation :

Chief Financial Officer

Address :

32/42, Brindaban Society, Majiwade, Thane (West)- 400601, Maharashtra, India 

Date of Appointment :

30.05.2014

PAN No.:

ADLPK9590K

 

 

Management Team:
  • H. B. Charna Sr. President
  • Harnish D. Juthani President (Procurement)
  • Rattan Sharma President (Chemicals)
  • Chintan K. Gandhi Company Secretary

 

 

Audit Committee :
  • Mr. Suresh Pareek - Chairman
  • Mr. Nirajkumar More - Member
  • Mr. Madan Mohan Chaturvedi - Member
  • Mr. Tarun Govil - Member

 

 

Stakeholders Relationship Committee :
  • Mr. Tarun Govil - Chairman
  • Mr. Nirajkumar More – Member
  • Mr. Vinod Haritwal - Member

 

 

Nomination and Remuneration Committee
  • Mr. Madan Mohan Chaturvedi - Chairman
  • Mr. Umeshkumar More - Member
  • Mr. Suresh Pareek - Member

 

 

CSR Committee :
  • Mr. Nirajkumar More - Chairman
  • Mr. Tarun Govil -  Member
  • Mr. Vinod Haritwal – Member
  • SanjayTamhankar Chief Operating Officer (Engg.)
  • Sujit Sinha President (Paints)
  • Jagdish Kadam Chief Financial Officer

 

 

Name :

Ms. Babita

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March, 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

(A) Promoter & Promoter Group

156379509

68.98

(B) Public

70326241

31.02

Grand Total

226705750

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

 

Individuals/Hindu undivided Family

66220459

29.21

Umeshkumar Nandlal More

22805999

10.06

Niraj Kumar More

17852106

7.87

Premlata More

12724455

5.61

Yash More

4835620

2.13

Aman Nirajkumar More

4654500

2.05

Pallavi More

3149409

1.39

Niraj Kumar More Huf

173650

0.08

Rameshkumar Radhakishan More

21600

0.01

Vinod R Haritwal

3120

0.00

Any Other (specify)

90159050

39.77

Shivani Rajgarhia

695000

0.31

Manisha Dujodwala

482500

0.21

Poona Bottling Company Private Limited

42500050

18.75

Ridhi Sidhi Ltd

32359000

14.27

Growel Projects Limited

12558000

5.54

Radhakishan Nandlal Llp

1088120

0.48

Waluj Beverages Llp

296380

0.13

Bubna More And Company Llp

180000

0.08

Sub Total A1

156379509

68.98

A2) Foreign

0.00

A=A1+A2

156379509

68.98

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

 

Mutual Funds/

20620

0.01

Financial Institutions/ Banks

19500

0.01

Sub Total B1

40120

0.02

B2) Central Government/ State Government(s)/ President of India

0.00

Central Government/ State Government(s)/ President of India

1692943

0.75

Sub Total B2

1692943

0.75

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 million

48314154

21.31

Individual share capital in excess of INR 0.200 million

3107768

1.37

Any Other (specify)

17171256

7.57

Trusts

14483

0.01

HUF

2012868

0.89

Foreign Companies

8750

0.00

Non-Resident Indian (NRI)

1784164

0.79

Director or Director's Relatives

1711416

0.75

Foreign Portfolio Investor (Category - III)

3000

0.00

Clearing Members

591766

0.26

Bodies Corporate

11044809

4.87

Gannon Dunkerley And Co., Limited

4200750

1.85

Sub Total B3

68593178

30.26

B=B1+B2+B3

70326241

31.02

 

 

BUSINESS DETAILS

 

Line of Business :

Subject operates in various segments chemicals, engineering, paints and shopping mall :

 

  • The chemical division manufactures and sells chemicals required for metal finishing (electroplating chemicals), their intermediates and other specialty chemicals.

 

  • The engineering division is involved in manufacturing and providing turnkey solution for electroplating plants, effluent treatment plants and other engineering products.

 

  • The paint division manufactures industrial paints.

 

  • GWIL also owns a shopping-mall-cum entertainment complex. (From Indirect Sources)

 

  • Manufacturer, Trader, Distributors and Supplier of paints, lubricants, aerated drinks, beverages, development and implementation of software etc. and exporter of finished goods. (Confirmed by Management)

 

 

Products :

Item Code No.

Product Description

2011

Basic, Electroplating and Intermediatory Chemicals

2022

Paints, Enamels, Varnishes and Oil Bound Distempers

 

 

Brand Names :

Not Available

 

 

Agencies Held :
  • Chandra Chemicals
  • Growtech Agencies
  • Bharat Trading Company
  • Plating Chemical

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • United State of America
  • Mexico
  • Brazil
  • Argentina
  • Germany

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cheque and Credit (30 Days)

 

 

Purchasing :

Cheque and Credit (30 Days)

 

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :
  • Waluj Beverages LLP
  • Radhakishan Nandlal

 

 

Customers :

Retailers and End Users

  • Bubna More and Company LLP
  • Ridhi Sidhi Limited

 

 

No. of Employees :

550 (Approximately)

 

 

Bankers :

Banker Name :

ICICI Bank Limited

Branch :

ICICI Bank Tower, Bhishma Pitamah Marg, Pragati Vihar, New Delhi-110003, India

Person Name (With Designation) :

--

Contact Number :

91-11-33667777 (Continuously Ringing)

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

Banker Name :

Axis Bank Limited

Branch :

Crescent Business Boulevard, Unit No. 1 and 2 , Ashok Chakravarty Road, Ashok Nagar, Kandivali (West), Mumbai, Maharashtra,

Person Name (With Designation) :

--

Contact Number :

91-22-28853143 (Continuously Ringing)

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

  • The Saraswat Co-operative Bank Limited
  • Punjab National Bank
  • Citi Bank
  • Commonwealth Bank of Australia
  • Development Bank of Singapore

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

 

 

 

Short-term borrowings

 

 

Working Capital facilities from Banks

138.396

199.764

Total

138.396

199.764

Note:

Short-term borrowings

 

Nature of Security

 

Working capital facilities are secured by hypothecation of all stocks, moveable assets and book debts by way of first charge on pari-passu basis and are further collaterally secured by second pari-passu charge on the block assets of Shopping Mall at Kandivli, Mumbai. The working capital facility is repayable on demand and carries interest @ 8.50% to 10.25% p.a. (Previous year 9.30% to 12.15%).

 

Auditors :

 

Name :

M. M. Nissim and Company

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :
  • Grauer and Weil (Shanghai) Limited
  • Grauer and Weil (UK) Limited
  • Growel Chemicals Company Limited

 

 

Associates :
  • Growel Goema (I) Private Limited
  • Growel Sidasa Industries Private Limited
  • Grauer and Weil (Thailand) Limited
  • Poona Bottling Company Private Limited

 

 

Enterprises of Key Management Personnel :
  • Bubna More and Company LLP
  • Digikore Design Private Limited
  • Digikore Studios Private Limited
  • Growel Corporate Management Limited
  • Growel Financial Services Private Limited
  • Growel Projects Limited
  • Growel Softech Private Limited
  • Radhakishan Nandlal LLP
  • Ridhi Sidhi Limited
  • Waluj Beverages LLP

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000000

Equity Shares

INR 1/- each

INR 500.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

226705750

Equity Shares

INR 1/- each

INR 226.706 Million

 

 

 

 

 

Reconciliation of shares outstanding as at the end of the year:

 

Particular

31.03.2017

 

No. of Shares

INR in Million

As at the beginning of the year

226705750

226.706

Add: Issued during the year

--

--

Outstanding at the end of the year

226705750

226.706

 

 

(a)   Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of INR 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

(b)   Shareholders holding more than 5 percent of the Equity Shares:

 

Name of the Shareholder

31.03.2017

 

No. of Shares

% of holding

Umeshkumar More

22805999

10.06%

Nirajkumar More

22687726

10.01%

Premlata More

12724455

5.61%

Growel Projects Limited

12558000

5.54%

Poona Bottling Company Private Limited

42175000

18.60%

Ridhi Sidhi Limited

32359000

14.27%

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

226.706

226.706

226.706

(b) Reserves & Surplus

2801.131

2288.765

1978.627

(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)

3027.837

2515.471

2205.333

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3.871

2.921

106.851

(b) Deferred tax liabilities (Net)

176.204

173.220

169.004

(c) Other long term liabilities

192.507

165.290

139.923

(d) long-term provisions

161.407

130.734

106.732

Total Non-current Liabilities (3)

533.989

472.165

522.510

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

193.096

255.464

398.523

(b) Trade payables

426.274

379.334

378.702

(c) Other current liabilities

328.761

269.114

504.862

(d) Short-term provisions

63.494

86.805

118.849

Total Current Liabilities (4)

1011.625

990.717

1400.936

 

 

 

 

TOTAL

4573.451

3978.353

4128.779

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2105.499

2087.185

2147.250

(ii) Intangible Assets

10.123

11.854

8.424

(iii) Capital work-in-progress

0.191

1.282

3.876

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

25.759

14.089

34.265

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

119.751

146.287

155.290

(e) Other Non-current assets

3.671

2.022

0.089

Total Non-Current Assets

2264.994

2262.719

2349.194

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

675.410

638.488

677.628

(c) Trade receivables

737.415

813.829

925.377

(d) Cash and cash equivalents

775.012

132.679

64.081

(e) Short-term loans and advances

105.381

110.084

87.923

(f) Other current assets

15.239

20.554

24.576

Total Current Assets

2308.457

1715.634

1779.585

 

 

 

 

TOTAL

4573.451

3978.353

4128.779

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

4419.433

4228.609

4170.767

 

Other Income

28.265

51.394

16.877

 

TOTAL

4447.698

4280.003

4187.644

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2156.438

1952.563

2112.051

 

Purchases of Stock-in-Trade

22.121

25.838

23.070

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(60.315)

53.434

(40.091)

 

Employees benefits expense

527.562

507.118

470.968

 

Other expenses

904.709

936.627

854.358

 

Exceptional Item

0.000

48.551

12.883

 

TOTAL

3550.515

3524.131

3433.239

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

897.183

755.872

754.405

 

 

 

 

 

Less

FINANCIAL EXPENSES

59.696

88.330

130.424

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

837.487

667.542

623.981

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

138.837

141.661

164.127

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

698.650

525.881

459.854

 

 

 

 

 

Less

TAX

186.284

135.417

127.996

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

512.366

390.464

331.858

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

25.936

 

11.872

10.042

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

400.000

300.000

270.000

 

Interim Dividend

0.000

45.341

0.000

 

Corporate Tax on Dividend

0.000

12.923

10.153

 

Proposed Dividend

0.000

18.136

49.875

 

Total

400.000

376.400

330.028

 

 

 

 

 

 

Balance Carried to the B/S

138.302

25.936

11.872

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

461.008

453.840

439.840

 

Erection and Commission Charges

0.000

0.000

0.379

 

Commission received

0.843

0.621

0.829

 

Others (Freight & other recoveries)

11.993

9.761

12.804

 

TOTAL EARNINGS

473.844

464.222

453.852

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

482.029

507.899

514.420

 

Components and Stores parts

1.657

2.322

0.029

 

Capital Goods

5.343

12.797

8.031

 

TOTAL IMPORTS

489.029

523.018

522.480

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

2.26

1.72

1.46

 

Particulars

 

 

 

31.03.2018

Sales Turnover (Approximately)

 

 

4500.000

(Due to business growth)

 

Expected Sales (2018-2019): INR 5000.000 Million

 

The above information has been parted by Ms. Babita (Finance Manager)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

3.605

12.264

175.768

Cash generated from operations

1096.938

881.625

627.441

Net cash flows from (used in) operating activities

943.465

766.104

552.342

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

(Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd Quarter

3rd Quarter

Net Sales

1172.000

1118.500

1265.900

Total Expenditure

965.300

824.900

962.500

PBIDT (Excl OI)

206.700

293.600

303.400

Other Income

19.800

21.800

16.500

Operating Profit

226.500

315.400

319.900

Interest

3.900

4.000

4.000

Exceptional Items

NA

NA

NA

PBDT

222.600

311.400

315.900

Depreciation

35.700

38.200

37.400

Profit Before Tax

186.900

273.200

278.500

Tax

58.800

53.100

77.600

Provisions and contingencies

NA

NA

NA

Profit After Tax

128.100

220.100

200.900

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

128.100

220.100

200.900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

60.90

70.25

80.98

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

5.99

5.20

4.51

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

71.42

69.98

64.74

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.33

1.18

1.11

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.42

0.36

0.35

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.22

0.25

0.41

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.07

0.11

0.31

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.33

0.39

0.64

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.70

0.83

0.98

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

15.03

8.56

5.78

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

11.59

9.23

7.96

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

11.20

9.81

8.04

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.92

15.52

15.05

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

2.28

1.73

1.27

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.61

1.09

0.79

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.66

0.63

0.53

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.88

1.19

3.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.28

1.73

1.27

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

 

Face Value

INR 1/-

Market Value

INR 60.60/-

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

226.706

226.706

226.706

Reserves & Surplus

1978.627

2288.765

2801.131

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2205.333

2515.471

3027.837

 

 

 

 

long-term borrowings

106.851

2.921

3.871

Short term borrowings

398.523

255.464

193.096

Current maturities of long-term debts

175.768

12.264

3.605

Total borrowings

681.142

270.649

200.572

Debt/Equity ratio

0.309

0.108

0.066

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

4170.767

4228.609

4419.433

 

 

1.387

4.513

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

4170.767

4228.609

4419.433

Profit

331.858

390.464

512.366

 

7.96%

9.23%

11.59%

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED) 

 

SOURCES OF FUNDS

 

 

31.03.2017

31.03.2016

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

226.706

226.706

(b) Reserves & Surplus

 

2288.765

1978.627

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

2515.471

2205.333

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

2.921

106.851

(b) Deferred tax liabilities (Net)

 

173.220

169.004

(c) Other long term liabilities

 

165.290

139.923

(d) long-term provisions

 

130.734

106.732

Total Non-current Liabilities (3)

 

472.165

522.510

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

255.464

398.523

(b) Trade payables

 

379.334

378.702

(c) Other current liabilities

 

269.114

504.862

(d) Short-term provisions

 

86.805

118.849

Total Current Liabilities (4)

 

990.717

1400.936

 

 

 

 

TOTAL

 

3978.353

4128.779

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

2087.185

2147.250

(ii) Intangible Assets

 

11.854

8.424

(iii) Capital work-in-progress

 

1.282

3.876

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

14.089

34.265

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

146.287

155.290

(e) Other Non-current assets

 

2.022

0.089

Total Non-Current Assets

 

2262.719

2349.194

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

638.488

677.628

(c) Trade receivables

 

813.829

925.377

(d) Cash and cash equivalents

 

132.679

64.081

(e) Short-term loans and advances

 

110.084

87.923

(f) Other current assets

 

20.554

24.576

Total Current Assets

 

1715.634

1779.585

 

 

 

 

TOTAL

 

3978.353

4128.779

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED) 

 

925.377

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

(d) Cash and cash equivalents

 

132.679

64.081

(e) Short-term loans and advances

 

110.084

87.923

(f) Other current assets

 

20.554

24.576

Total Current Assets

 

1715.634

1779.585

 

 

 

 

TOTAL

 

3978.353

4128.779

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED) 

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

4228.609

4170.767

 

Other Income

 

51.394

16.877

 

TOTAL

 

4280.003

4187.644

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

1952.563

2112.051

 

Purchases of Stock-in-Trade

 

25.838

23.070

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

53.434

-40.091

 

Employees benefits expense

 

507.118

470.968

 

Other expenses

 

936.627

854.358

 

Exceptional Items

 

48.551

12.883

 

TOTAL

 

3524.131

3433.239

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

755.872

754.405

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

88.330

130.424

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

667.542

623.981

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

141.661

164.127

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

525.881

459.854

 

 

 

 

 

Less

TAX

 

135.417

127.996

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

390.464

331.858

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

1.72

1.46

 

LEGAL CASES

 

 

LITIGATION DETAILS

Bench:- Bombay

Presentation Date:-13.04.2016

Lodging No. :

OTSL/17/2016

Failing Date:-

13.04.2016

Reg No.: OTS/174/2016

Reg  Date:

13.04.2016

 

MAIN MATTER

Lodging No. :

CSPL/817/2015                                             Reg No.: CSP/7/2016

Petitioner:-

SHIRT COMPANY (INDIA) PRIVATE LIMTIED

Respondent:-

Grauer Weil (India) Limited

 

 

Resp. Adv.:

Grauer Weil (India) Limited

District:-

MUMBAI

 

Bench:-

SINGLE

Category:-

COMPANY PETITION U/SEC 391 TO 394 COMPANIES ACT

Status:-

Pre-Admission

Stage:-

 

 

 

Stage:-

 

 

 

 

Act. :

Companies Act and Rules 1956

Under section: 433 (E), 434, 439

 

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

Yes

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)

Yes

16]

No. of employees

Yes

17]

Details of sister concerns

Yes

18]

Major suppliers

Yes

19]

Major customers

Yes

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 four years

Yes

27]

Reasons for variation <> 20%

Yes

28]

Estimation for coming financial year

Yes

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

Yes

33]

Market information

--

34]

Payments terms

No

35]

Negative Reporting by Auditors in the Annual Report

No

 

OPERATIONS

 

During the year under review, Company recorded a 3.92% growth in Net Revenues. Profit before Tax registered a 32.86% growth and the Net Profit of the Company improved by 31.22%.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

During the year 2015-16, the Net Revenue of the Company grew by 2.21% to INR 4280.000 Million (INR 4188.000 Million in previous year). However, the Net Profit improved by 17.69%. An overview of the performance of different business segments of the Company is as under:

 

a) Chemical Segment:

In the segment of surface treatment chemicals, their intermediates and other specialty chemicals, your Company’s leadership position continues unchanged despite growing intensity of competition from international Companies. However, due to stagnant growth of the user industries, the sales grew only at a modest rate of 4%. New products introduced by the Company met with good success. The Company continued to focus on excellence. All its plants manufacturing finished formulations are certified under IMS and ISO 14000. During the year, the Company obtained certification under AS 9100, the standard for aviation industry.

 

b) Engineering Segment:

This division supplies customized turnkey solutions for Electroplating Plants and their components, Effluent and Waste Water Treatment Plants and other engineering products, from its plant located at Alandi, Pune. The sales in the first half of the year declined significantly in keeping with the capital goods activity of the Country resulting in a large loss. To mitigate the losses resulting from lower sales, a cost reduction plan was successfully implemented. This combined with improved sales helped turnaround the situation resulting in a small profit in the second half of the year.

 

c) Paints Segment :

This segment has been losing for several years. As a part of the turnaround plan, production at the unviable Chembur plant was discontinued w.e.f May 1, 2015 to cut down fixed costs and production capacity was created at Dadra, Vapi and Barotiwala. The disruption in production and rationalisation of losing products and customers led to loss of sale initially. However, with the concerted and committed efforts of your Management and operational teams the sales were brought back to past levels by the end of the year. The cost reduction combined with improved margins and tighter financial control helped this division register marginal profits for the current year.

 

d) Lubricants Segment :

This young division of the Company consolidated its market position by shifting focus to specialty products and obtaining approvals of strategic customers. The sales grew by 13%.

 

e) Mall Segment :

In the wake of declining performances and closure of several malls, the Company’s innovative marketing and promotion strategies achieved higher footfall, trading levels and mall occupancy. The division turned corner and achieved positive profit although small. During the year the licenses of some of the larger tenants were renewed which will lead to higher revenues. However, many of them have gone for resizing and re-fitting which has resulted into lower sales and lower income for the current year.

 

FINANCIAL PERFORMANCE

 

The highlights of Financial Performance of the Company for the year under review are as under:

a. The Net Profit after Tax for the year grew by 31.22% to INR 512.37 Million.

b. The Company spent INR 159.37 Million in Capital Expenditure.

c. The Long Term Borrowings increased marginally by INR 0.95 Million to INR 3.87 Million mainly on account of Hire Purchase.

d. The Working Capital (Net Current Assets) increased by INR 426.78 Million.

e. The Debt Equity Ratio of the Company further improved to 0.07 from 0.10. The Company has repaid all its long term debt and is operating at a very low or nil level of working capital utilization with its consequential savings in interest costs.

 

UNSECURED LOAN

Particular

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Others (Hire Purchase Credits)

3.871

2.921

 

 

 

Short-term borrowings

 

 

Loans from Related Parties

54.700

55.700

 

 

 

Total

58.571

58.621

 

Note:

 

Nature of Security & Terms of Repayment

 

(i) Hire Purchase Credits are for purchase of cars. These facilities are secured by first charge on respective car against which the specific facility has been taken from the Bank. The loan amount is repayable in equitable monthly installments with interest rates ranging from 7.90% to 10.90% p.a. (P.Y. 10.00% to 10.91%) as applicable and are expected to be fully repaid as per the respective repayment schedules and shall get fully repaid between May 2017 to February 2020.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31.12.2017

                                                                                                                                              (INR In Million)

 

 

Particulars

Standalone

Quarter Ended

Nine Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Income From Operations

 

 

 

a. Revenue from operations

1265.900

1118.500

3556.400

b. Other Income

16.500

21.800

58.100

Total Income from Operations (Net)

1282.400

1140.300

3614.500

Expenditure

 

 

 

Cost of material Consumed

624.800

545.800

1616.300

Purchase of Stock-in trade

7.700

7.100

19.200

Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(43.200)

(27.100)

(2.500)

Excise Duty

-

-

109.800

Employees Benefit Expenses

161.700

129.200

416.700

Finance Expenses

4.000

4.000

11.900

Depreciation and Amortization Expenses

37.400

38.200

111.300

Other expenses

211.500

169.900

593.200

Total Expenses

1003.900

867.100

2875.900

Profit before exceptional and extraordinary items and tax

278.500

273.200

738.600

Profit from ordinary activities before tax

 

 

 

Tax Expense

 

 

 

Current Tax

82.200

72.000

203.000

Deferred Tax

(4.400)

(18.900)

(13.500)

Net Profit After Tax

200.900

220.100

549.100

Other comprehensive expenses

0.000

(6.900)

(13.900)

Total comprehensive expenses

200.900

213.200

535.200

Paid-up equity share capital (face value of INR 1 per share)

 

 

 

Basic

0.89

0.97

2.42

Diluted

0.89

0.97

2.42

 

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(INR In Million)  

Particulars

Quarter Ended

Nine Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

a. Information about Primary Business Segments

 

 

 

1. Segment Revenue

 

 

 

Chemicals

844.000

814.100

2387.600

Engineering

66.900

58.500

266.300

Shoppertainment

80.700

76.600

233.100

Paints

245.900

153.400

613.300

Oils

26.800

24.900

74.500

Total

1264.300

1127.500

3574.800

Add/Less : Unallocable

18.100

12.800

39.700

Net Sales

1282.400

1140.300

3614.500

 

 

 

 

2. Segment Result

 

 

 

Profit / (Loss) before tax and Interest from each segment

 

 

 

Chemicals

250.500

255.800

695.100

Engineering

(0.900)

2.100

(0.700)

Shoppertainment

55.600

53.400

161.100

Paints

28.000

5.600

39.500

Oils

4.200

2.700

7.200

Total

337.400

319.600

902.200

 

 

 

 

Less : i)  Interest

4.000

4.000

11.900

ii) Other un-allocable expenditure  Net off un-allocable income

54.900

42.400

151.700

(Total Profit / (Loss) before tax

278.500

273.200

738.600

 

 

 

3.  Capital Employed (Segment Assets-Segment Liabilities)

 

 

 

Chemicals

886.800

830.000

886.800

Engineering

79.200

91.400

79.200

Shoppertainment

853.900

866.400

853.900

Paints

806.600

733.1000

806.600

Oils

29.600

28.200

29.600

Total

2656.100

2549.100

2656.100

Add: Unallocable Corporate assets less corporate liabilities

816.300

722.000

816.300

Total Capital Employed

3472.400

3271.100

3472.400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G77965226

100158546

ICICI BANK LIMITED

27/01/2018

-

-

200000000.0

ICICI BANK TOWER, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI-110003 INDIA

2

G44427847

100099620

ICICI BANK LIMITED

12/05/2017

-

-

1194000.0

ICICI BANK TOWER, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI-110003 INDIA

3

G44361616

100099618

ICICI BANK LIMITED

28/04/2017

-

-

648196.0

ICICI BANK TOWER, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI-110003 INDIA

4

G42002972

100092605

ICICI BANK LIMITED

27/01/2017

-

-

485230.0

ICICI BANK TOWER, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI-110003 INDIA

5

G41999533

100092608

ICICI BANK LIMITED

04/10/2016

-

-

2150000.0

ICICI BANK TOWER, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI-110003 INDIA

6

G21711833

100062036

ICICI Bank Ltd.

27/08/2016

-

-

3000000.0

LANDMARK, RACE COURSE CIRCLE, VADODARA-390007

7

C46190641

10554882

The Saraswat Co. Op. Bank Ltd.

26/12/2014

-

-

300000.0

GROUND FLOOR, SHANTI COMPLEX, PLOT NO. P/50/1NEAR RELIANCE MALL, GIDC VAPI-396195 GUJARAT INDIA

8

C39027065

10506377

DBS Bank Ltd

02/06/2014

19/12/2014

-

200000000.0

DLF CAPITOL POINT, GROUND FLOOR & FIRST FLOOR BABA KHARAK SINGH MARG, CONNAUGHT PLACE NEW DELHI-110001 IDIA

9

B04397238

10269914

AXIS BANK LTD.

23/12/2010

-

-

12875000.0

RAC MUMBAI, 1ST FLOOR, JANMABHOMI BHAVAN JANMABHOMI MARG, FORT MUMBAI-400001 MAHARASHTRA INDIA

10

B60125721

10256914

The Saraswat co-operative Bank Limited

25/10/2010

28/08/2012

-

150000000.0

SME BRANCH, PRABHAT BHAVAN, 1ST FLOOROPP CIPLA, L B S MARG, VIKHROLI (WEST) MUMBAI-400083 MAHARASHTRA INDIA

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Disputed matters in appeal / contested in respect of:

 

 

Income Tax

2.426

2.426

Excise Duty/ Service Tax (INR 1.626 Million paid)

50.315

28.763

Sales Tax

7.287

1.877

 

 

 

Bank Guarantees

(It is not possible for the company to estimate the timing of cash flows, if any, in respect of above pending matters.)

86.999

85.294

 

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Plant and Machinery
  • Laboratory Equipment
  • R and D Equipment 
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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

INR 66.66

UK Pound

1

INR 90.66

Euro

1

INR 80.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

RUB

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

RKI

 

 

SCORE FACTORS

 

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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.