MIRA INFORM REPORT

 

 

Report Date :

15TH May, 2006

 

IDENTIFICATION DETAILS

 

Name :

ASSOCIATE LUMBERS PRIVATE LIMITED

 

 

Registered Office :

Associate House, 85 A, Victoria Road, Mustafa Bazar, Mumbai – 400010, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

1st May, 1986

 

 

Com. Reg. No.:

11-39719

 

 

TAN No.:

(Tax Deduction & Collection Account No.)

MUMA20480F

 

 

PAN No.:

(Permanent Account No.)

AAACA4273C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

To carry on the business as dealers, manufacturers, importers, exporters, retailers, wholesalers of teak wood, assam timber, vellapine, silveroak, sel wood, rose wood, sadam wood, deodar, hard wood, jungle wood, firewood, chirwood, sleepers, bamboos and ballies and wooden blockboard

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 100000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. 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

 

Registered Office :

Associate House, 85 A, Victoria Road, Mustafa Bazar, Mumbai – 400010, Maharashtra

Tel. No.:

91-22-23717777/23728820

Fax No.:

91-22-23738787/23732222

Website:

http://www.associatelumbers.com

 

DIRECTORS

 

Name :

Mr. Manohar S. Agicha

Designation :

Director

Address :

6, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

21.04.1945

Date of Appointment :

01.05.1986

 

 

Name :

Mr. Mohamad Farouk S. Darvesh

Designation :

Director

Address :

7, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

20.11.1952

Date of Appointment :

01.05.1986

 

 

Name :

Mr. Srichand S. Agicha

Designation :

Director

Address :

6, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

22.02.1951

Date of Appointment :

01.05.1986

 

 

Name :

Mr. Ashok S. Agicha

Designation :

Director

Address :

6, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

21.04.1954

Date of Appointment :

01.05.1986

 

 

Name :

Mr. Ebrahim S. Darvesh

Designation :

Director

Address :

7, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

01.03.1957

Date of Appointment :

01.05.1986

 

 

Name :

Mr. Oosman S. Darvesh

Designation :

Director

Address :

7, Perry Cross Road, Bandra (W), Mumbai - 400050

Date of Birth/Age :

06.12.1960

Date of Appointment :

01.05.1986

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Mr. Manohar S. Agicha

Ms. Nanda M. Agicha

1,084

Mr. Manohar S. Agicha

Ms. Nanda M. Agicha

700

Mr. Srichand S. Agicha

Ms. Chandani S. Agicha

455

Mr. Srichand S. Agicha

Ms. Chandani S. Agicha

700

Mr. Srichand S. Agicha

Ms. Chandani S. Agicha

1456

Mr. Rajesh M. Agicha

Mr. Manohar S. Agicha

100

Mr. Prakash S. Agicha

Ms. Jyoti P. Agicha

105

Mr. Prakash S. Agicha

Ms. Jyoti P. Agicha [HUF]

210

Mr. Prakash S. Agicha

Ms. Jyoti P. Agicha [HUF]

1020

Mr. Oosman S. Darvesh

Ms. Shabana O. Darvesh

1,150

Mr. Hanifa M. Darvesh

Mr. Farouk S. Darvesh

630

Mr. Hanifa M. Darvesh

Mr. Farouk S. Darvesh [HUF]

5407

Mr. Mariam E. Darvesh

Mr. Ebrahim S. Darvesh

919

Mr. Mariam E. Darvesh

Mr. Ebrahim S. Darvesh[HUF]

2100

Shabana O. Darvesh

Mr. Oosman S. Darvesh

1,869

Mr. Ashok S. Agicha

Ms. Manisha A. Agicha

80

Mr. Ashok S. Agicha

Ms. Manisha A. Agicha

1260

Mr. Ashok S. Agicha

Ms. Manisha A. Agicha

350

Mr. Rajesh M. Agicha

Ms. Sakshi R. Agicha

1,210

Mr. Satish S Agicha

Ms. Sweta S Agicha

800

Mr. Satish S Agicha

Ms. Sweta S Agicha

500

Mr. Gaurav Manoharlal Agicha

Mr. Manoharlal Satramdas Agicha

770

Mr. Siddartha S Agicha

Mr. Srichand S Agicha

770

Mr. Abhishek S Agicha

Mr. Satish S Agicha

220

Mr. Aditya S Agicha

Mr. Satish S Agicha

50

Mr. Gautam P Agicha

Ms. Jyoti P Agicha

74

Mr. Gautam P Agicha

Ms. Jyoti P Agicha

161

 

BUSINESS DETAILS

 

Line of Business :

To carry on the business as dealers, manufacturers, importers, exporters, retailers, wholesalers of teak wood, assam timber, vellapine, silveroak, sel wood, rose wood, sadam wood, deodar, hard wood, jungle wood, firewood, chirwood, sleepers, bamboos and ballies and wooden blockboard

 

 

Export:

·         Europe

·         Middle East

·         Far East

·         South Africa

·         West Africa

 

GENERAL INFORMATION

 

No. of Employees :

150

 

 

Bankers :

v      Corporation Bank, P B No. 224, 1ST Floor, Poonja Orcaor Building, K. S. Rao Road, Mangalore – 575

v      Corporation Bank, Gandhidham

v      Standard Chartered Bank

 

 

Facilities :

Secured Loan

 

Corporation Bank, Mangalore – Rs. 10.002 Millions

Corporation Bank, Gandhidham – Rs. 0.050 Millions

Standard Chartered Bank, Car Loan – Rs. 0.468 Millions

Total – Rs. 10.521 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

A P and Company

Chartered Accountants

Address :

512-A, Rewa Chambers, 5th Floor, Sir V. Thackersey Marg, Mumbai – 400020

Tel. No.:

91-22-22019953/22017205

Fax. No.:

91-22-56355733

 

 

Associates/Subsidiaries :

Associate Plantations Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

25,000

Equity Shares

Rs. 100/- each

Rs. 2.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

24,150

Equity Shares

Rs. 100/- each

Rs. 2.415 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.415

2.415

2.415

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

22.941

20.719

18.750

4] (Accumulated Losses)

0.000

0.000

0.000
NETWORTH

25.356

23.134

21.165

LOAN FUNDS

 

 

 

1] Secured Loans

10.521

0.671

65.647

2] Unsecured Loans

3.000

0.000

0.000
TOTAL BORROWING

13.521

0.671

65.647

DEFERRED TAX LIABILITIES

2.386

2.145

1.949
 

 

 

 
TOTAL

41.263

25.950

88.761
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

17.700

17.288

16.243
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
INVESTMENT

0.028

0.030

0.028
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
48.166

31.229

55.405
 
Sundry Debtors
105.613

127.605

86.378
 
Cash & Bank Balances
31.034

21.297

6.584
 
Other Current Assets
5.558

0.709

1.393
 
Loans & Advances
74.392

5.128

19.573
Total Current Assets
262.763

185.968

169.333
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities & Provisions
236.603

175.111

96.843
 
Provisions
2.625

2.225

 
Total Current Liabilities
239.228

177.336

96.843
Net Current Assets
23.535

8.632

72.490
 

 

 

 
MISCELLANEOUS EXPENSES

0.000

0.000

0.000
 

 

 

 
TOTAL

41.263

25.950

88.761

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003
Sales Turnover [including other income]

276.341

312.084

259.332
 

 

 

 
Profit/(Loss) Before Tax

3.602

2.146

2.509
Provision for Taxation

1.392

0.196

0.600
Profit/(Loss) After Tax

2.210

1.950

1.909
 

 

 

 
Import Value

244.412

232.372

194.265
 

 

 

 
Total Expenditure

272.738

309.043

256.822

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)
0.79

0.62

0.74
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
1.30

0.68

0.96
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
1.28

1.05

1.35
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.14

0.09

0.12
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
9.96

7.69

7.68
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
1.09

1.04

1.75

 

LOCAL AGENCY FURTHER INFORMATION

 

DIRECTOR’S REPORT

 

The gross receipts fell from Rs. 312.065 Millions [2003-2004] to Rs. 276.341 Millions [2004-2005] However net profit (after making all the provision) rose Rs. 196.918 Millions to Rs. 222.189 Millions. The director look to the results with satisfaction.

 

Dividend

 

The director have decided not to distribute out of the accumulated surplus Rs. 207.193 Millions this will imperial debt. Equity Ratio 12.17 [31.03.2004] 53.33 [31.03.2005] and show in the capital base of the company 

 

FIXED ASSETS

 

The company’s fixed assets of important value includes office equipments and appliances, plant and machinery, computers, structure at Kandla, site office, vehicles and furniture and fixtures.

 

Name of the company

ASSOCIATE LUMBERS LIMITED

Presented By

Corporation Bank, P B No. 224, 1ST Floor, Poonja Orcaor Building, K. S. Rao Road, Mangalore – 575

1) Date and description of instrument creating the change

6.2.2004 (Reg. Doc. 12.03.2004)

Common Beed of Hypothecation of movable assets

Memorandum of deposit of title deeds by a company 

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 230.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Loan – Rs. 70.000 Millions

           Rs. 2.500 Millions

           Rs. 150.000 Millions

           Rs. 2.500 Millions

 

Hypothecation of the whole of the present and future stocks and book debts and all other movable current and fixed assets to the company. Equitable mortgage deposit of situated at land and building R. S. No. 1048/2, Is. No. 440/7 at village in Mangalore  3.4 cent   

4) Gist of the terms and conditions and extent and operation of the charge.

Interest and margin as applicable from time to time

Repayable to demand 

5) Name and Address and description of the person entitled to the charge.

Corporation Bank, P B No. 224, 1ST Floor, Poonja Orcaor Building, K. S. Rao Road, Mangalore – 575

6) Date  and brief description of instrument modifying the charge

20.05.2005

 

Commn Supplementary deed of Hypothecation

 

Continuity Letter

 

Both documented is to single modification  

 

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Total of equitable enchanted immovable properties at land and building being R. S. 1048/2 Is. No. 440/7 at village in Mangalore 3.4 cent

 

All other income conditions and securities to continue 

 

 

As per Website Details:

 

Rarely in the industry have art and technology been so close, and achieving the quality they have was only possible through the acquisition and constant renewal of their state-of-the-art equipments. But most of all, the men, specialised and fully immersed in their craft, direct and control the entire production process. "Control" is a keyword in their workshops - it guarantees optimum quality, which their customers deserve, and their unwavering passion for which centrally defines their work ethics.
 

 

Passion is the organising spirit of their firm, and what could be more exciting than sharing it with their customers and partners alike. Three generations have cooperated to underline this philosophy. it has allowed us to reach first grade quality.
 

 

Their holistic approach to manufacturing guarantees that they will provide a quality product that meets their customers' demands and exceeds their expectations.
They will improve upon their products, their services, and theirselves, so that they are able to serve you in the best possible way, today and for years to come.

 

The Associate Lumbers Group of Companies is an agglomeration of two very well respected and professional business houses – M/s Farouk Sodagar Darvesh & Company and M/s. Jawahar Saw Mills, having been through three generations, and spanning almost a century in the Timber trade.

The major thrust of their professional activities, and core are of competence, lies in sourcing timber and vending value-added end products, through timber processing. In the past two decades, activity in international timber trade has witnessed exponential growth, specifically for processed value-added wood products with special emphasis on plywood, Veneer, Fiber Board, Block Board, Chip Board, MDF, Veneer and allied products have been distributed to all corners of the nation through a wide network of experienced and dynamic dealers, developed and maintained for almost a century.

 

Building market Strengths Through Quality

Associate Combines technology with innovative marketing and production skills in all its operations. The company invests heavily in both people and quality. It’s a process that begins with buying the best logs available and using advanced production process to turn out high quality lumber to meet increasing demand.

 

Achievements

Associate Lumbers Pvt. ltd. is registered in India with various export promotions councils and chamber of Commerce.

Associate Lumbers Pvt. Ltd. is registered in Iraq with

 

Management

 

Where we are headed …

Perceiving a need to consolidate and focus key areas for further development, and with a clear vision of the future, the Group has decided to expand its activities in strategic area, in synergy and concurrent with the Group’s activities. The specialized plywood manufacturing unit set up in South India with ISO – 9002 Quality system and ISI Quality Certification is one step in this direction. The other ventures are imports of world-class furniture and execution of turnkey interior projects, both commercial and residential. With a vigorous and upbeat leadership at the helm of the Corporate's Focus Area, they look forward to a rapid and exponential growth in the glorious tradition of the Associate Lumbers Group.

 

Teak (Tectona grandis) is one of the most valuable timbers, with only a few countries like India, Myanmar, Thailand and Lagos being its natural habitat.

They import Teak from Myanmar, Nigeria, Ivory Coast, Ghana, Benin, Togo, Cameroon, Ecuador and Central America.

Associate Lumbers has established itself as India’s largest Teak Timber importer, now having done it for almost a century with operations near the port at Mangalore, Kandla and Mumbai supported by a large number of smaller regional operational flexibility in meeting diverse customer’s needs.

Other infrastructure like kiln drying, chemical treatment, band and circular saw mills, export grading lines and container loading facilities enables us to cater to various forms of Teakwood requirements for export.

Logs, sleepers and sizes (rough or clear finished). A structurally sound timber that is suitable for use in almost any and every application can be provided.

In India the trade name for teak is SAGWAN, in Burma its called KYUN and in Indonesia its called SAGUN.

 

Building market Strengths Through Quality


Associate Combines technology with innovative marketing and production skills in all its operations. The company invests heavily in both people and quality. It’s a process that begins with buying the best logs available and using advanced production process to turn out high quality lumber to meet increasing demand.

Associate investment includes planers. dry kilns and to meet growing demand, a multi-saw for cutting fixed widths of lumber.

At Associate, they believe the ultimate judges of quality are the customers, saw millers, manufactures of furniture, doors, plywood and flooring, splicing plants, veneer manufactures. Architects and designers also take a special interest.

 

Responsibility And Commitment

As a company that depends on natural resources, Associate takes its conservation and environmental responsibilities very seriously. It means making the best use of one of their most valuable - wood. They use wood sparingly and add to its value through skillful conversion to various products.

They prefer to deal with log supplier's knowledgeable about reforestation and selective harvesting. They strongly advocate minimal disruption to natural growth and support efforts to secure them for future generations. Committed to conservation, the company contributes to various associations dedicated to conservation.

Specifications

Teak Timber

Each piece has a clear finish on two edges and two faces. A structurally sound timber that is suitable for use in construction of residential and commercial properties, Visually graded for appearance requirements and ideal for all out door framing.

Available in

Width : 50 mm and up

Thickness : 25 mm and up

Length : 2.0 m to 6.0 m

Drying : Kiln dried / Air Dried 13% - 19 % Moisture

Treatment : Chemical - Copper Chrome Boric.

 

These Hardwood have Unique decorative properties and when kiln dried and seasoned and / or treated with certain chemicals, it improves its structural and dimensional stability and can be used for various applications.

They import Hardwood from Myanmar (Gurjan), Malaysia (Balau / Keruing), Cameroon (Padouk, Beli, Belinga), Indonesia (Red Meranti, Marbau), America and Europe ( White Oak, Red Oak, White Ash, Steam Beech, White Beech, Maple and Walnut).

Applications

These Hardwood can be used for

 

 

 

 

ASSOCIATE EXPORTS under the umbrella of Associate Group of Companies are engaged in the business of Exports of Sawn Teak Timber, plywood and other general merchandise items.

 

At present we have expanded
their exports by exporting to

·         Europe

·         Middle East

·         Far East

·         South Africa

·         West Africa

 

ASSOCIATE EXPORTS under the umbrella of Associate Group of Companies are engaged in the business of Exports of Sawn Teak Timber, plywood and other general merchandise items.
 

 

At present they have expanded
their exports by exporting to

·         Europe

·         Middle East

·         Far East

·         South Africa

·         West Africa

They are member of FIEO, Capexil and EEPC.

They have participated in BAGHDAD INTERNATIONAL FAIR 2001 & 2002,  TANZANIA INTERNATIONAL FAIR

They are generally exporting the following Items

Plywood

Roofing material

White Printing Paper ( Copier)

Tiles

Non-Stick Cookware

Sanitary Ware

Thermoware

Electric Fan

 

 

Teak Lumbers for world market :

As before, Associate continues its paramount role as exporter of teak wood products, and even now, export of teakwood from India to the international market plays a significant role in their business.

Associate Lumbers Pvt. ltd. is Registered in India with various export promotions councils and Chambers of Commerce.

 

 

Associate Holding Private Limited has opened a showroom of imported furniture at Goregaon west, offering items such as sofa sets, dining sets and centre tables.

The bedroom furniture is made of treated hardwood plantation timber. Glass, chrome, gold plated metal and treated timber are used for dining tables, chairs and coffee tables.

Special Features


NOW FOR
IMPORTED
FINEST  FURNITURE
YOU  CAN  COME  DOWN  TO
 WASHINGTON  PLAZA,  GOREGAON (W),
MUMBAI - 400 062
INDIA
Tel. : 28767260

 

ARCH PLY-N BOARD'S with a tradition of nearly a decade in the timber trade through three generations now brings to you a wide range of exclusive wood based panel products from the state-of-art plant in South India.

 

ARCH COMMERCIAL PLYWOOD


This general purpose Plywood is made from selected durable species of timer, hot pressed and bonded with synthetic resin adhesive.
Commercial Plywood will be exclusively of 'AA' type and / or 'AB' type, with uniform thickness.

Application : Ideal for use in interiors of office for paneling, partitions, cabinets, shelves, cupboards, computer furniture and tables, for living room and bed room furniture in residences etc.

 

 

Thickness mm

Sized mm

3,4,6,9,12,15,18,25

2440 x 1220 / 920
2140 x 1220 / 920
1840 x 1220 / 920

 

ARCH BLOCK BOARD


Is made from solid wood core of uniform strips joined together with cross band, faced on either sides with commercial and / or Teak veneer confirming to IS : 1659 - 1990.

Available in two types - Exterior Grade Commercial / Decorative Block Boards, and Interior Grade Commercial / Decorative Block Boards.

Application :

 

 

Thickness mm

Sized mm

19,25,30,35,40

2440 x 1220 / 920
2140 x 1220 / 920
1840 x 1220 / 920

 

ARCH FLUSH DOOR


Made from hardwood styles and rails with block boards core, cross bands and face veneers are bonded together under heat and pressure using BWP type PF synthetic resin adhesive confirming to IS : 2202 : 1991

Flush Doors are available in three types :-

Available in standard sizes and also made to required sizes.

Available Standard Thickness : 30,32,35,38,40, & 45mm.

 

 

Thickness mm

30,32,35,38,40, & 45

 

ARCH BWP MARINE PLYWOOD


Is being manufactured as per IS : 710 - 1976 from naturally durable imported hardwoods, bonded with BWP type Phenol formaldehyde synthetic Resin adhesive and preservative treated by vacuum and pressure impregnation process, for protection against termites borers insects & fungi.

 

Application :
Ship Building, Bus Body Building, High quality furnitures for offices, Living Room, Bedroom & Kitchen, furnitures and panel inserts in doors etc.

 

 

Thickness mm

Sized mm

3,4,6,9,12,16,19,25

2440 x 1220 / 920
2140 x 1220 / 920
1840 x 1220 / 920

 

OTHER  PRODUCT RANGE ...
 

 

 

 

    ARCH DENSIFIED SHUTTERING WOOD PLATES


Special Features :

·         Densified under very high pressure

·         Manufactured from selected hardwoods only

·         Boiling water proof

12 MM HIGH QUALITY PLYWOOD

 

    ARCH BWP FILM FACED PLYWOOD

FOR SHUTTERING

Special Features :

·         Boiling Water Proof

·         Weather Proof

·         Preservative  Treated

·         Termite & Borer Proof

 
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. 45.61

UK Pound

1

Rs. 85.76

Euro

1

Rs. 58.39

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

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

 

 

 

 

 

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