MIRA
INFORM REPORT
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Report Date : |
3rd
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CHAMPAGNE INDAGE LIMITED |
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Registered Office : |
Indage House, 82, Dr. Annie Besant Road,
Worli, Mumbai – 400 018, India |
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Country : |
India |
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Financials (as on) : |
31/03.2005 |
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Date of Incorporation : |
01/10/1985 |
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Com. Reg. No.: |
11-37618 |
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CIN No.: [Company
Identification No.] |
U74999MH1985PLCO37618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
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PAN No.: [Permanent
Account No.] |
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Legal Form : |
Public
Limited Liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers
and Marketers of Wines |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
1000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Financial position
is good. Payments are correct and as per commitments The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Indage House, 82, Dr. Annie Besant Road, Worli,
Mumbai – 400 018, INDIA |
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Tel. No.: |
91-22-24988167
/ 24988168 / 24938718 / 24932298/ 56547932-37 |
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Fax No.: |
91-22-24930036 |
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E-Mail : |
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Website : |
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Administrative
Office : |
F. D.
Department, 33-B, Krishnamai, Sir Pockhnamai, Sir Pochkhanwala Road, Worli,
Mumbai - 400 030 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
Village – Yedgam, Post Narayangaon, Taluka – Junnar, Dist. Pune – 410
504, Maharashtra, INDIA |
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Vineyards : |
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Branches
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Located
at Goa,
Pune, New Delhi, Kolkata, Secunderabad, Jaipur and Chandigarh. |
DIRECTORS
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Name : |
Mr. S G Chougule |
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Designation : |
Chairman |
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Name : |
Mr. J B Dsouza |
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Designation : |
Vice Chairman |
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Name : |
Mr. G G Desai |
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Designation : |
Director |
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Name : |
Mr. A B Shah |
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Designation : |
Director |
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Name : |
Mr. H G Desai |
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Designation : |
Director |
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Name : |
Mr. R S Chougule |
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Designation : |
Managing Director |
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Name : |
Mr. S R Framjee |
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Designation : |
Director |
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Name : |
Mr. M N Chaini |
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Designation : |
Director |
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Name : |
Mr. Michael Willkomm |
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Designation : |
Director |
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Name : |
Mr. Le Saux Thierry |
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Designation : |
Director |
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Name : |
Mr. Antione Merlaut |
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Designation : |
Director |
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Other Personal |
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Mr. M.D. Sood |
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Company Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Indage
Investments Private Limited |
30,401 |
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Malbalgh
Finance Private Limited |
15,201 |
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Mr. Arvind S.
Chowgule |
101,900 |
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Mrs. Aruna S.
Chowgule Mr. Vikrant S.
Chowgule |
101,900 |
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Mr. Kirit N.
Talati Mrs. Saroj K.
Talati |
3,900 |
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Mr. Nithalchand
Chauhan |
2,500 |
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Mr. Kirit C.
Daftary |
13,800 |
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Mr. Ranjut S.
Chowgule Mr. Vikrant S.
Chowgule |
101,900 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Marketers of Wines |
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Products : |
Product Item Code Sparking Wine 22041000 Still Red Wine 22042101 Still White Wine 22042102 |
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Exports to : |
U.K.,
Sweden, Switzerland, Germany, Canada, Bhutan, Nepal, Srilanka, Mauritius, New
Zealand, Japan and U.S.A |
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Imports from : |
Germany,
France, Australia and Italy |
GENERAL
INFORMATION
|
Suppliers : |
·
Crystal
Collection, Maker Tower, 42-1, Cuffe Parade, Mumbai – 400 005, India ·
Alert
Packaging House, 344, A-Z Industrial Estate, G. K. Marg, Lower Parel, Mumbai
– 400 013, India ·
Owen
Broakways India Limited, Thapar House, 124, Janpath, New Delhi – 110 001,
India ·
Vishal
Enterprises, 15, Satyam Industrial Estate, Subhas Road, Jogeshwari (East),
Mumbai – 400 060, India ·
More
& Lad Bros., At & Post Deorastre, Tal. Palus, Dist. Sangli – 410 303,
Maharashtra, India ·
Lucky
Printers, 40, Mehta Industrial Estate, Liberty Garden Cross Road, Malad
(West), Mumbai – 400 064, India ·
Quality
Products, 89, Mistry Industrial Estate, Cross Road MIDC, Andheri (East),
Mumbai – 400 093, India ·
Steel
Art Engineering Works, R-510, Rakale MIDC, TTC Industrial Area, New Mumbai –
400 701, India ·
Shree
Gobbindo Glass Works Limited, Ramrajantala Road, Post-Saniragachi, Howrah,
Calcutta – 711 104, West Bengal, India ·
Microlift
India Private Limited, 23, Vardhaman Complex, LBS Marg, Vikhroli (West),
Mumbai – 400 083, India |
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Customers : |
·
Hindustan
Petroleum Corporation Limited, Refinery Division, Mumbai ·
Hotel
Shalini Palace, Kolhapur, Maharashtra ·
Bharat
Petroleum Corporation, Limited, Mumbai ·
Jalna
Sahakari Sakhar Karkhana Limited, Jalna, Maharashtra ·
Mitsui
and Company, Mumbai ·
V.
S. C. and R. S. C. Private Trust, Mumbai ·
Mumbai
Electric Supply and Transport undertaking,
Mumbai ·
Niphad
Sahakari Sakhar Karkhana Private Limited, Niphad, Maharashtra ·
Champagne
India Limited, Narayangaon, Pune, Maharashtra ·
Shirpur
Sahakar Sakhar Karkhana Limited, Dhule, Maharashtra ·
Vighnahar
Sahakari Sakhar Karkhana Limited, Ambegaon, District - Pune, Maharashtra ·
Ajinkyatara
Sahakari Sakhar Karkhana Limited, Shahunagar, Satara, Maharashtra ·
Ahmedabad
Advance Mills Limited, Mumbai ·
Kirloskar
Pneumatics Company Limited, Pune, Maharashtra ·
City
Industrial Development Corporation of Maharashtra Limited, Mumbai ·
Concast
(India) Limited, Mumbai ·
The
Raymond Woollen Mills Limited, Thane, Maharashtra ·
Indian
Railway Construction Company Limited, New Delhi ·
Karamchand
Thaper and Brothers Limited, Calcutta, West Bengal ·
Qatar
Armed Forces: Government of Qatar, Arabian Gulf ·
The
Shriram Sahakari Sakhar Karkhana Limited, Babdeo, Nagpur, Maharashtra ·
Nippon
Engineering Industries, Maneck Nagar, Tumsar ·
Hyundai
Corporation, South Korea (I I L) Associated with Gammon India Limited, Mumbai ·
Champagne
Indage Limited, Winery ·
Bayer
(India) Limited, Thane, Maharashtra ·
Electronics
Corporation of India Limited, Hyderabad, Andhra Pradesh ·
Nhava
Sheva Port Authorities, Mumbai ·
Sandoz
India Limited, Thane, Maharashtra ·
Maharashtra
State Electricity Board, Thane, Maharashtra ·
Maharashtra
State Road Transport Corporation, Mumbai ·
Special
Steels Limited, Mumbai ·
Ar-Ex
Laboratories Private Limited ·
Air
India, Mumbai ·
Gujarat
Glass (Piramal Group), Division of Nicholas Laboratories (India) Limited,
Mumbai ·
Electro
Pneumatics and Hydraulics (I) Private Limited, Mumbai ·
Gaylord
Bakery, Mumbai ·
Balmer
Lawrie and Company Limited, Mumbai ·
Pradeep
Metals Private Limited, Thane, Maharashtra ·
Lupin
Agrochemicals India Limited, Mumbai ·
Madalsa
Agro Industries, Mumbai ·
Pidilite
Industries Limited, Mumbai ·
Balmer
Lawrie Van Leer Limited, Mumbai ·
Positive
Packaging Industries Private Limited, Mumbai ·
Accuprint
Systems Private Limited ·
Omni
Industrial Packaging Private Limited, Mumbai ·
The
Hong Kong and Shanghai Banking Corporation Limited, Mumbai |
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No. of Employees : |
300 |
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Bankers : |
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Banking Relations : |
-- |
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Auditors : |
Sorab
S. Engineer & Company Chartered
Accountants Ismail
Building, 381, Dr. D. N. Road Fort,
Mumbai – 400 001 |
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Subsidiaries : |
Indage Hotels Limited |
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Associates : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6,531,221 |
Equity Shares of Rs.10/- each |
Rs.10/- each |
Rs.65.312 millions |
|
99,200 |
Shares and premium of Rs. 2/- each to be
issued under Employees stock option scheme (Market Price Rs. 13.35) |
Rs.10/- each |
Rs. 0.134 millions |
|
Less |
Deferred Employees Compensation Expenses
Account |
|
Rs. 0.134 millions |
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TOTAL |
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Rs. 65.312
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
66.700 |
66.700 |
65.300 |
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3] Reserves & Surplus |
243.900 |
218.800 |
198.000 |
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NETWORTH |
310.600 |
285.500 |
263.300 |
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LOAN FUNDS |
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1] Secured Loans |
346.700 |
87.000 |
55.200 |
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2] Unsecured Loans |
164.300 |
161.800 |
138.500 |
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TOTAL BORROWING |
511.000 |
248.800 |
193.700 |
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DEFERRED TAX LIABILITIES |
-- |
-- |
-- |
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TOTAL |
820.600 |
534.300 |
457.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
336.800 |
184.300 |
150.600 |
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Capital work-in-progress |
0.900 |
1.000 |
2.200 |
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INVESTMENT |
68.600 |
10.500 |
14.300 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
397.700
|
306.400 |
277.300 |
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Sundry Debtors |
100.900
|
76.800 |
52.500 |
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Cash & Bank Balances |
13.500
|
11.100 |
2.700 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
47.300
|
28.700 |
28.600 |
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Total Current Assets |
559.400
|
423.000 |
361.100 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
127.800
|
72.800 |
65.700 |
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Provisions |
16.300
|
11.700 |
8.100 |
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Total Current Liabilities |
144.100
|
84.500 |
73.800 |
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Net Current Assets |
415.300
|
338.500 |
287.300 |
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MISCELLANEOUS EXPENSES |
-- |
-- |
2.600 |
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TOTAL |
820.600 |
534.300 |
457.000 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
457.000 |
284.900 |
240.000 |
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Profit/(Loss)
Before Tax |
60.200 |
31.900 |
23.400 |
|
Provision
for Taxation |
5.300 |
2.500 |
(1.000) |
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Profit/(Loss)
After Tax |
54.900 |
29.400 |
24.400 |
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Total
Expenditure |
344.400 |
231.200 |
192.300 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2005 |
30.09.2005 |
30.12.2005 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales Turnover |
78.00 |
112.30 |
238.70 |
|
Other Income |
00.00 |
07.30 |
00.00 |
|
Total Income |
78.00 |
119.60 |
238.70 |
|
Total Expenditure |
51.60 |
83.40 |
183.90 |
|
Operating Profit |
26.40 |
36.20 |
54.80 |
|
Interest |
14.70 |
16.40 |
07.40 |
|
Gross Profit |
11.70 |
19.80 |
47.40 |
|
Depreciation |
02.30 |
02.50 |
02.50 |
|
Tax |
00.80 |
03.00 |
07.00 |
|
Reported PAT |
08.60 |
14.30 |
37.90 |
200506
Quarter 1 : Expenditure Includes (Increase)/ Decrease in
Work in Process & finished goods Rs (12.683)million Consumption of Raw
Materials & Packing Material Rs 14.497 million Staff Cost Rs 9.572 million
Other Expenditure Rs 40.161 million EPS is Basic and Diluted Status of Investor
Complaints for the quarter ended June 30, 2005 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 04 Complaints
disposed off during the quarter 02 Complaints unresolved at the end of the
quarter 02 1. Earning Per Share has been calculated on net profits before
deferred tax liability. 2. Provision for deferred tax liability as required
under accounting standard (AS 22)issued by Institute of Chartered Accountants
of India will be determined at the year end Audited Balance Sheet. 3. The
Company's operation falls under single segment namely Wines. 4. The figures for
previous periods have been regrouped wherever necessary. 5. These accounts are
subject to ''Limited Review'' by the statutory Auditors of the Company. 6. The
above unaudited financial results for the quarter ended on June 30, 2005 were
taken on record at the meeting of Board of Directors held on July 29, 2005.
200509
Quarter 2 : Expenditure Includes (Increase)/ Decrease in
Work in Process & finished goods Rs 1.377 million Consumption of Raw
Materials & Packing Material Rs 27.346 million Staff Cost Rs 11.534 million
Other Expenditure Rs 43.164 million Provision Tax includes Income Tax Rs 1.830
million Fringe Benefit Tax Rs 1.134 million EPS is Basic and Diluted Status of
Investor Complaints for the quarter ended September 30, 2005 Complaints Pending
at the beginning of the quarter 02 Complaints Received during the quarter 02
Complaints disposed off during the quarter 03 Complaints unresolved at the end
of the quarter 01 1. The Companys operations fall under single Segment namely
''Wines''. 2. Provision for deferred tax liability as required under accounting
standard (AS 22)issued by Institute of Chartered Accountants of India will be
determined at the year end. 3. The Figures for previous periods have been
regrouped wherever necessary. 4. The Statutory Auditors have carried out a
Limited Review of the above financial results for the quarter ended September
2005. 5. The above results are taken on record and adopted at the meeting of
Board of Directors held on October 27, 2005.
200512
Quarter 3 : EPS is Basic and Diluted Status of Investor Complaints for the quarter ended December 31, 2005 Complaints Pending at the beginning of the quarter 01 Complaints Received during the quarter 02 Complaints disposed off during the quarter 02 Complaints unresolved at the end of the quarter 01 1. The Companys operations fall under single Segment namely Wines. 2. Provision for deferred tax liability as required under accounting standard (AS 22)issued by Institute of Chartered Accountants of India will be determined at the year end. 3. The Figures for previous periods have been regrouped wherever necessary. 4. The Statutory Auditors have carried out a Limited Review of the above financial results for the quarter ended December 2005. 5. The above results are taken on record and adopted at the meeting of Board of Directors held on January 30, 2006.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity Ratio |
1.27 |
0.81 |
0.74 |
|
Long Term Debt-Equity Ratio |
0.05 |
0.06 |
0.07 |
|
Current Ratio |
1.02 |
1.38 |
1.43 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.24 |
1.26 |
1.26 |
|
Inventory |
1.06 |
0.87 |
0.83 |
|
Debtors |
4.22 |
3.93 |
4.51 |
|
Interest Cover Ratio |
2.33 |
3.16 |
2.19 |
|
Operating Profit Margin(%) |
30.03 |
22.87 |
20.84 |
|
Profit Before Interest And Tax
Margin(%) |
28.17 |
20.91 |
18.83 |
|
Cash Profit Margin(%) |
16.51 |
15.16 |
12.67 |
|
Adjusted Net Profit Margin(%) |
14.64 |
13.19 |
10.66 |
|
Return On Capital Employed(%) |
15.58 |
10.74 |
9.52 |
|
Return On Net Worth(%) |
18.42 |
12.21 |
9.33 |
STOCK PRICES
|
Face
Value |
Rs.
10/- |
|
High |
Rs.
301.00/- |
|
Low |
Rs.
278.00/- |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
:
The
company was originally incorporated under the name & style of Indage India Limited. The name of the
company was subsequently changed to present w.e.f. 20th June, 1998.
The
company is a Pioneer of French-Style wines in India.
The
company produces a variety of exquisite still and sparkling wines. These wines
have been marketed in India and abroad with dramatic success.
Subject
exports delectable
wines.
The
company’s fixed assets of important value include Land, Building, Plant &
Machinery, Office & Factory Equipments and Electrical Installations.
PERFORMANCE:
During the year under review the performance of the Company has improved
substantially, in excess of the growth of the Wine industry in India with
strong brand and segment expansion. The Company's products continue to dominate
market players in various markets across the country and are further
consolidating despite competition from international and domestic wine
manufacturers. The availability of grapes and stock of wines under aging has
been encouraging during the recent past to meet the increased brand and segment
demand in the coming years.
The Company has received two commendations and two awards for wine
produced from both indigenous and international Grape varieties by the
Chairman, Technical and Judging Committee of the International Wine and Spirit
Competition held in London. This is in continuation of the acclaims received in
earlier years by the products of the Company and augurs well for the
future.
FUTURE PROSPECTS:
The Company is the market leader and the largest producer of wines in
India with 35 principal brands under its umbrella. The task on hand for driving
sales in India is to introduce greater consumer acceptance by
providing utility and visibility to the Company's brands. With new and
exciting packaging ideas that are in the pipeline, combined with a larger
access to more fruit, the output will increase and therefore, price charged to
consumers can be lowered to create more value to the Company's brands.
In line with this, the Company has tied up for long term supply of grapes
through an associate company as well as contract farming.
During the year, the Company has completed a project to update the
facilities by setting up a new winery, which has created one of the most modern
wineries in the world with capacity up to 3.5 million litres which is also
improving the quality of wines produced.
AS PER WEBSITE
Champagne Indage to unveil resto-bars
Sudha
Menon
PUNE,
Jan. 31
SPARKLING
wine people Champagne Indage Ltd are all set to add some high spirits to
nightlife in Bangalore and Delhi.
Party
animals in these cities can look forward to some excitement with Indage Hotels,
the company that looks after the group's food and beverages business now all
set to take its trendy restaurant and lounge bar, Athena, to these
destinations.
The
company has also pulled off a minor industry coup, roping in London
restaurateur Robert Newmark who runs the well-known Beach, Blanket, Babylon
restaurant chains, to take the resto-bar, which spawned half a dozen
look-alikes from competitors in Mumbai city alone, to London city. Athena is
also set to make a splash in London city's party circuit when it opens this
summer in the upmarket Picadilly Circus, the Chief Operating Officer, Mr
Vikrant Chougule, told Business Line.
"The
way Athena has developed, it can fit comfortably into the party circuit in any
part of the world," Mr Chougule said. Athena, incidentally, was started by
the Indage group as a chic spot where Mumbai city's bold, beautiful and the
plain well-heeled could get together to partake of some of the world's best
wine brands.
Athena
at London will be a 1,35,000 sq. ft. property which will, by all indications,
include a menu comprising the best of Indian and world cuisine and a fairly
large watering hole for London's famed week-end revellers.
Bangloreans
who have tired of their ususal pubbing scenes and watering holes can look
forward to heading towards a new hangout in March when the Athena opens. While
details are not available about the way the Athena theme will be interpreted
for party-goers in the city, Mr Chougule says the 9,000 sq. ft. Bangalore
outlet will feature its plush Buddha lounge bar and replicate the food and
beverages outlet to the extent possible.
Indage
Hotels is also scouting for a place to kick off operations in Delhi and sources
maintain that the company is negotiating with at least three five-star hotel
properties including the Radisson, as the venue for the Athena. "We hope
to tie up a location in Delhi by May," Mr Chougule said.
Meanwhile,
the company is right now gearing up for the debut of its second F&B outlet
in Mumbai, this time in the suburbs. Mr Chougule said the company would
inaugurate a 10,000 sq. ft., contemporary beach-front resto-pub on the Juhu sea
face by April this year. "It will be an outdoor kind of lively pub with
lots of live cooking, contemporary cuisine and good wines," Mr Chougule
said.
Champagne
Indage plans image makeover
Sunday, 18 September , 2005, 12:00
Mumbai: What
really motivates people in India to consume alcohol... is it a tool for
socialisation or is it a sure-fire way of getting high? An overwhelming
majority, as per consumer studies conducted by Champagne Indage Ltd, the
largest producer of wine in India, suggested it was the latter.
Champagne
Indage had its task pretty much cut out. With a basket of wines - red, white
and the sparkling variety - the company was hard pressed to find a formula to
take wine to the Indian masses, given the perception that one does not get high
with wine. Added to that was the elitist image that goes with wines such as
champagne and the "costly drink perception'.
"That
is till we hit upon the idea of giving an apple-to-apple comparison on the
price vs alcohol front. We decided to come out with red, white and sparkling
wine at below Rs 100 and launched Vino at Rs 92 and a four per cent sales tax
for 750 ml. With 12.5 per cent alcohol content, this compared favourably
against some of India's semi-premium whiskies at Rs 190 and a 20 per cent sales
tax," Ranjit Chougule, Managing Director, Champagne Indage Ltd, told
Business Line.
Simultaneously,
Champagne Indage is building its case against beer, with the popular strong
beer, with eight per cent alcohol content, costing Rs 55 per 650 ml. Against
this, the company has positioned the 500-ml Vino bottles at Rs 48. If stress is
also on wine being a healthier drink, minus the potbelly in case of beer.
"It
is a multi-pronged strategy with wine being made available in PET bottles for
the first time and more significantly, the cork giving way to screwed on caps.
It is a fallacy that corks allow the wine to `breathe'. World over, many
wineries are turning to screw caps, including some of the most expensive wines
from the French majors," Chougule said.
The
company will follow up Vino with an even lower priced wine, Hammer, in less
than a month. A port wine, Hammer, will have an alcohol content of 18 per cent
and will be priced at Rs 75.
Hammer,
too will come in red, white and sparkling versions. Though port wine, normally,
does not have the sparkling version, Hammer will have sparkling wine, that too
in red, quite popular in Australia.
Champagne
Indage, that had a sales of Rs 375 millions in the last fiscal, is looking to
top Rs 800 millions this year with incremental growth coming from fresh
products and extended varieties of existing products.
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 records 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.45.92 |
|
UK
Pound |
1 |
Rs.86.09 |
|
Euro |
1 |
Rs.59.31 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |