MIRA INFORM REPORT
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Report Date : |
31ST May, 2006 |
IDENTIFICATION DETAILS
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Name : |
CHOCO-LATEX EXPORTS PRIVATE
LIMITED |
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Registered Office : |
#
7, Kodava Samaja Building, I Main, Vasanth Nagar, Bangalore - 560052 |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.04.2001 |
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Com. Reg. No.: |
08-28875 |
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CIN No.: [Company Identification No.] |
U17297KA2001PTC028875 |
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TAN No.: [Tax Deduction & Collection Account No.] |
TVDC00759D |
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PAN No.: [Permanent Account No.] |
AABCC5360M |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturers,
importers, exporters and dealers of lataex rubber products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 225000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having fine track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealing at usual trade
terms and conditions. Subject
undertakes international business. While Duroflex Private Limited undertakes
domestic business. It is a sister company of the subject and housed at the
same address. Subject
can be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
#
7, Kodava Samaja Building, I Main, Vasanth Nagar, Bangalore - 560052 |
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Tel. No.: |
91-80-22289290 |
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Fax No.: |
91-80-22289294 |
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E-Mail : |
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Area : |
2000
sq. fts. (Rented) |
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Head Office : |
Vazhathop Building, Chungom
Alleppey-688 011. India |
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Tel. No.: |
91-477-2251743, 2251142 |
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Fax No.: |
91-477-2251217 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
George Mathew |
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Designation : |
Director
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Address : |
Palivathukal,
Chugom, Alleppey |
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Date of Birth/Age : |
15-06-1953 |
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Date of Appointment : |
09/04/2001 |
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Name : |
Mr.
Shaji Joseph |
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Designation : |
Director |
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Address : |
1056,
L N Layout Kariyannapalya, Lingrajapuram, Bangalore- 84 |
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Date of Birth/Age : |
28/03/1961 |
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Date of Appointment : |
09/04/2001 |
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Name : |
Mr.
Raju C. Jacoh |
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Designation : |
Director |
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Address : |
Flat
7 A – 2 , Pukunnam Apts, Punkujjam, Trichur- 2 |
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Date of Birth/Age : |
24/05/1947 |
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Date of Appointment : |
09/04/2001 |
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Name : |
Mr.
P Chandy Mathew |
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Designation : |
Director
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Address : |
74,
Benson Cross Road, Benson, Town, Bangalore – 46 |
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Date of Birth/Age : |
08/08/1947 |
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Date of Appointment : |
01/05/2004 |
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Name : |
Lt.
Col. Mohan Andrews |
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Designation : |
Director |
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Address : |
Vallaonthazil
House, Vettalkal, Chertala |
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Date of Birth/Age : |
02/05/1953 |
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Date of Appointment : |
09/04/2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr.
P Chandy Mathew |
100010 |
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Mr.
George Mathew |
100000 |
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Ms. Sheela Joseph Mathew |
100000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
importer, exporters and dealer of lataex rubber products |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Foam Rubber |
MT |
1200 |
701 |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
v
Canara Bank, B J Road
Branch, Alleppey, Kerala v
Canara Bank, Vasanth
Nagar, Bangalore v
Canara Bank, Pala v
Citi Bank, M G Road,
Bangalore v
Bank of Scotia, M G
Road, Bangalore-1 |
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Facilities : |
Secured Loan Canara Bank term loan – Rs. 6.591 (The above loan had been
secured by the fixed assets of the company and 2 director of the company) Canara Bank Packing Credit
– Rs. 1.593 (Secured by way of first
charge on inventories and second charge on the fixed assets of the company
and 2 director of the company) Total – Rs. 8.185 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Gnaneshwar
& Company Chartered
Accountants 16,
Campbell Road, Bangalore- 47 |
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Tel. No.: |
91-80-25577345 |
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E-Mail.: |
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Subsidiaries : |
Duroflex
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity
Shares |
Rs. 10 each |
Rs. 20.000
millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity
Shares |
Rs. 10 each |
Rs. 3.000
millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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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 |
3.000 |
3.000 |
3.000 |
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3] Reserves & Surplus |
55.657 |
32.530 |
16.600 |
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NETWORTH
|
58.657 |
35.530 |
19.600 |
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LOAN FUNDS |
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1] Secured Loans |
8.815 |
8.870 |
2.160 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
8.815 |
8.870 |
2.160 |
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DEFERRED TAX LIABILITIES |
1.557 |
1.630 |
0.920 |
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TOTAL
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69.029 |
46.030 |
22.680 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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25.433 |
22.900 |
10.250 |
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Capital work-in-progress
|
8.800 |
2.620 |
4.430 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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11.708 |
8.140 |
1.790 |
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Sundry Debtors
|
14.524 |
10.100 |
5.230 |
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Cash & Bank Balances
|
16.338 |
12.110 |
10.660 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
5.561 |
3.640 |
3.710 |
Total Current Assets
|
48.131 |
33.990 |
21.390 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities and Provisions
|
6.761 |
9.023 |
13.390 |
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Provisions
|
6.574 |
4.457 |
0.000 |
Total Current Liabilities
|
13.335 |
13.480 |
13.390 |
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Net Current
Assets
|
34.796 |
20.510 |
8.000 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
69.029 |
46.030 |
22.680 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
139.568 |
105.380 |
74.260 |
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Profit/(Loss) Before Tax
|
27.499 |
19.020 |
14.080 |
Provision for Taxation
|
0.976 |
1.410 |
2.950 |
Profit/(Loss) After Tax
|
26.523 |
17.610 |
11.130 |
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Export Value
|
115.722 |
88.395 |
61.980 |
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Total Expenditure
|
112.069 |
90.299 |
2.850 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
19.00
|
16.710 |
14.987 |
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Net Profit Margin
(PBT/Sales) |
(%) |
19.70
|
18.048 |
18.960 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
37.38
|
32.263 |
39.035 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.46
|
0.535 |
0.718 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.37
|
0.629 |
0.793 |
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Current Ratio
(Current Asset/Current
Liability) |
|
3.60
|
2.521 |
1.597 |
LOCAL AGENCY FURTHER INFORMATION
Trade
Terms with:
v
Kurlon Limited
v
Duroflex Limited
Fixed
Assets :
v
Land
v
Building
v
Plant and Machinery
v
Electrical Equipments
v
Moulds
Operations
:
The company
is a manufacturer- exporter. The products are exported to America, Europe, and
MiddleEast, far East and Australasian.
The company has made very good progress in its 4th year of
operations.
Market
Scenario :
There is a
growing awareness all over the world about the importance of using eco
friendly, renewable “Natural Products”. There is intense competition in the
export market form the development countries like USA, Germany, Belgium,
Holland and also from developing countries like Malaysia, Sri Lanka, Thailand
and China. Therefore the management is
very conscious of the need to manufacture and
market products meeting high international quality standards ant at the
same time to be competitive to face the severe price competition. They have
successfully entered the export market inspire of infrastructure, freight and
tax disadvantages in India. Their policy is to continued to offer their
international customers world class products with competitive price and to
maintain prompt delivery schedules.
Sales
Promotion :
The company
is engaged in a pro active policy of sales promotion by taking part in
exhibitions, publicity on internet and literature, personal meeting with client
by inviting them to India and extensive traveling abroad. They continue to take
part in international Exhibitions. The latest exhibition which they took part
was in Interzum 2005 at Colonge, Germany between 29.04-03.05.2005
The
company’s participations was well received and also they have received
encouraging enquiries. The company has been continuing with vigorous sales
promotions which are essential in todays competitive e markets.
Future
Prospects :
They took
forwards to developing new products and
markets. The strategy is to establish the existing products and them take on
new synergistic products. They have already taken up the expansion of the
factory in order to meet future demands.
Interim
Dividend :
The Board
has paid an interim dividend of 100 % on the equity capital subject to the
approval of the shareholders. This is treated as final dividend.
|
Name
of the company |
COCOLATEX EXPORTS PRIVATE LIMITED |
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Presented By |
C
K Judhkararan |
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1)
Date and description of instrument creating the change |
14.02.2002 Letter
Deposit of Title deeds Promote
for Rs. 5.000 millions Collateral
Security Agreement with regards to Machines and Vehicles Hypothecation
Agreement for packing credit advance for Rs. 18.000 millions executed by the
company in favour of the Bank Letter
relating to Equitable Mortgage |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Packing
Credit Rs. 5.000 millions FDR/FBE
Rs. 13.000 millions Total Rs.
18.000 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 |
Title
deeds described in Schedule attached Companies
immovable properties as per schedule attached all building, structure,
fittings, machineries, standing thereon and to be installed and put up in
future to secure repayment of the credit facilities. Companies
machinery and vehicles as per the hypothecation agreement. Hypothecation
of goods such as raw materials, finished goods semi finished goods and goods
in progress. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 8 % p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
Canara
Bank B.J. Road
Alappuzha |
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6)
Date and brief description of
instrument modifying the charge |
Common
Hypothecation Agreement dated 13.01.2006 Letter
Evidencing Extension of Equitable Mortgage on 13.01.2006 relating to
properties atSy.No. 77/1 (no instrument executed) Letter
Evidencing Extension of Equitable Mortgage on 13.01.2006 relating to
properties atSy.No. 77/1 and 77/5 (no
instrument executed) |
|
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. |
On
13.01.2006 Common
Hypothecation Agreement was executed and accordingly all stock of good such
as raw materials, goods in progress, finished and manufacturing goods and other items of stock in trade
and stores, spares, components, machinery, vehicles, furniture and fixture
and all other movable goods and properties or every description of the
borrower wherever situated whether at the borrower factories, place of
business, residence godowns or in
transit or in the custody of processors, wherhouse agents or other or
wherever else the same may be situated, lying or being including any such raw
materials, articles of goods, trade and all descriptions of movable
properties in the course of delivery to the borrower and All the
borrowers present and future book debts, outstanding money, bills receivable,
claims, bills, contracts, secutiries, investments, cash, gold, silver,
Jewellery, right and assets and rights relating to or immoveable properties
of whatsoever nature to with the borrower is entitled to during the
continuance of this agreement all of which are mentioned above are more fully
particular described below: Machineries/
Equipments / Accessories Plant and
machineries Details
of other goods Raw
Masteries, Stires, spares, stocks in
progress and finished goods kept in factory premises and godowns. Were
offered as security for the exiting loan limits of Rs. 47.500 millions Equitable
Mortgage of Company’s immovable properties namely all that Piece and parcel
of land and building existing and to be constructed thereon namely 75 Are 27
Sq. mt. In Sy No, 77/1 situated in Montvale Village, Meenachil Taluka, Kottayam
together with easement and appetents thereto with all the building thereon
all machinery therein were offered as security to the existing loan limits of
Rs. 47.500 millions Equitable
Mortgage of Company’s immovable properties namely all that Piece and parcel
of land and building existing and to be constructed thereon namely 1 Hectre
32 Areas 40 sq. mt. In Re. Sy.No. 77/4 and 77/5 situated in Montvale Village,
Meenachil Taluka, Kottayam together with easement and appetents thereto with
all the building thereon all machinery therein were offered as security to
the existing loan limits of Rs. 47.500 millions |
|
|
|
|
Name
of the company |
COCOLATEX EXPORTS PRIVATE LIMITED |
|
Presented By |
C
K Judhkararan |
|
1)
Date and description of instrument creating the change |
Hypothecation
Agreement for Goods dated 30.10.2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
All the
goods and commodities purchased, acquire received under the said credit
facilities namely machinery and raw materials to be imported now lying ay any
other place Companies immovable
properties as per schedule attached all building, structure, fittings,
machineries, standing thereon and to be installed and put up in future to
secure repayment of the credit facilities. Companies machinery and vehicles
as per the hypothecation agreement. Hypothecation of goods such as raw
materials, finished goods semi finished goods and goods in progress. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 8 % p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
Canara
Bank B.J. Road
Alappuzha |
|
6)
Date and brief description of
instrument modifying the charge |
Common
Hypothecation Agreement dated 13.01.2006 Letter
Evidencing Extension of Equitable Mortgage on 13.01.2006 relating to
properties atSy.No. 77/1 (no instrument executed) Letter
Evidencing Extension of Equitable Mortgage on 13.01.2006 relating to
properties atSy.No. 77/1 and 77/5 (no
instrument executed) |
|
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. |
On
13.01.2006 Common
Hypothecation Agreement was executed and accordingly all stock of good such
as raw materials, goods in progress, finished and manufacturing goods and other items of stock in trade
and stores, spares, components, machinery, vehicles, furniture and fixture
and all other movable goods and properties or every description of the
borrower wherever situated whether at the borrower factories, place of
business, residence godowns or in
transit or in the custody of processors, wherhouse agents or other or
wherever else the same may be situated, lying or being including any such raw
materials, articles of goods, trade and all descriptions of movable
properties in the course of delivery to the borrower and All the
borrowers present and future book debts, outstanding money, bills receivable,
claims, bills, contracts, secutiries, investments, cash, gold, silver,
Jewellery, right and assets and rights relating to or immoveable properties
of whatsoever nature to with the borrower is entitled to during the
continuance of this agreement all of which are mentioned above are more fully
particular described below: Machineries/
Equipments / Accessories Plant and
machineries Details
of other goods Raw
Masteries, Stires, spares, stocks in
progress and finished goods kept in factory premises and godowns. Were
offered as security for the exiting loan limits of Rs. 5.000 millions Equitable
Mortgage of Company’s immovable properties namely all that Piece and parcel
of land and building existing and to be constructed thereon namely 75 Are 27
Sq. mt. In Sy No, 77/1 situated in Montvale Village, Meenachil Taluka,
Kottayam together with easement and appetents thereto with all the building
thereon all machinery therein were offered as security to the existing loan
limits of Rs. 5.000 millions Equitable
Mortgage of Company’s immovable properties namely all that Piece and parcel
of land and building existing and to be constructed thereon namely 1 Hectre
32 Areas 40 sq. mt. In Re. Sy.No. 77/4 and 77/5 situated in Montvale Village,
Meenachil Taluka, Kottayam together with easement and appetents thereto with
all the building thereon all machinery therein were offered as security to
the existing loan limits of Rs. 5.000 millions |
As per website
Coco Latex
Coco-latex Exports Pvt. Ltd
is the largest Indian exporters of sleep and comfort products. The company is a
part of Duroflex Group, which is one of the leading mattress brands in India.
With over 10 years of export expertise, we rely on the 40 years of heritage of
the Group.
We have pioneered the exports
of rubberized coir from India. Export products include Aeron-100% natural
rubber latex foam and fully made up mattresses. Our products are exported to
Europe, North, Central and South America, Middle East, South Africa, Maldives,
Hong Kong, China, Korea, Japan, Taiwan, Papua New Guinea, Australia, New
Zealand and Nepal.
We rely on natural and
environment friendly raw materials, as well as the adoption of modern
production process with an emphasis on minimum wastage and pollution.
Coco-latex manufactures rubberized coir sheets, 100% natural latex foam, latex
foam pillows, 100% natural fully made-up Mattresses and other 100% Natural
products.
We have developed fire
retardant latex products using 100% natural latex and eco-friendly chemicals.
Chemicals used to obtaining fire retardation are 100% natural and environment
friendly. Our products meets the British and California standards.
Perfect Support... Naturally
The origin of latex could
perhaps be attributed to the steamy jungles of South America from the tree
named “Hevea Brasiliensis”.
The substance was found to be
ideal to erase pencil marks, hence it is commonly known as “Rubber”.
Much later in the middle of
the 19th century, Charles Goodyear invented the process of vulcanization of
rubber using sulpher. This opened up endless possibilities for using rubber in
the manufacture of various products. Consequent to the demand for rubber,
organized plantations came up in South America and later spread to South East
Asia, India and Sree Lanka.
At Coco Latex we make sure we
use only finest, 100% natural latex. Thereby enhancing the quality of our
mattresses by endowing it with maximum comfort. They are also eco-friendly and
biodegradable.
ADVANTAGES
OF NATURAL LATEX OVER STYRENE BUTADIENE RUBBER
Natural Latex (Advantages)
- Natural latex foam is
manufactured using latex obtained from rubber trees.
- Natural latex foam is
comfortable, extremely durable and has very high resilience. It is
non-toxic and environment friendly. It is also a 100% natural product.
- Natural latex foam has
an open cell structure. It allows free air circulation and prevents build
up of bad body odours in the mattress. It behaves like a living organism
which breaths.
- Natural latex foam is
very durable and retains its shape and structure even after many years of
use.
- Natural latex foam has a
unique pattern. On one surface it is very smooth. On the reverse side it
has a unique open cell structure, which gives a natural massage to the
body when this side is used.
- Natural latex foam has
high natural bacteriostatic and bactericidal properties; this makes it a
very safe product for children and adults.
- Natural latex foam
recovers very quickly from compression. Due to the quick recovery it
allows free movement to the different parts of the Mattress. Thus it helps
to avoid disturbance to the partner sleeping besides you.
- On ignition, Natural
latex foam produces black smoke mostly containing un-burnt carbon.
- Natural latex foam is a
biodegradable product and thus eco friendly.
Styrene Butadiene rubber (Disadvantages)
- Styrene Butadiene rubber
is a 100% synthetic material obtained from petroleum products.
- SBR latex product is a
synthetic product and does not have all the advantages of natural latex
products.
- SBR latex foam has poor
ventilation and if synthetic perfumes are not used bad odours build up in
the mattress. It absorbs heat from its surroundings and it is not very
comfortable at most times
- SBR latex foam’s
durability is very poor. It will not stand up to vigorous use. It looses
its shape and gradually collapses.
- SBR latex does not have
these advantages and normally is a closed structure. Sometimes SBR latex
is used with natural latex to reduce the density and the hardness of the
products, thus making it cheap.
- SBR latex does not have
these properties and generally is not recommended for children as it is a
synthetic material.
- SBR latex foam is
normally a chain of linked products and compression is one area affects
other area as well. It looses its hardness very quickly and depressions
are soon formed in the mattress.
- On ignition, SBR latex
foam produces black smoke containing phenolic substances, which are toxic.
- SBR latex foam does not
degrade easily and when disposed off, it pollutes the environment.
Ensuring Total Healthy
Lifestyle
Every stage of the production
process is closely scrutinized to ensure the highest standards of quality. For
this, a series of extensive tests like hardness, permanent deformation,
breaking strain, accelerated ageing and density tests are carried out. Beyond
all this, thanks to the open-celled structure of the foam, the product will
remain bacteria-free even after successive uses, thus ensuring a totally
healthy lifestyle for you.
The measurement and the
characteristic curve of resilience was taken central to the area as
force-displacement plot.
a) After 200 strokes
b) After 30000 strokes
c) After 60000 strokes
The characteristic curves of resilience allow an
assessment of the resilience and durability characteristic as well as
subjective hardness rating.
-Characteristics before the test
Hardness index: 4.3
Hysteresis: 10.7%
Height of the system: 155mm
Characteristics after the test
Change in height after the test: 1 mm
Change in hardness after 30000 strokes: 15%
Change in hardness after the test: 16%
Resilience loss factor after the test: 4.6
(Deviating from European standardization work)
The data is determined based on the LGA-rating system
limited to a maximum of 100 points.
The minimum value for performance is 50 points. The requirement for an
increased quality level is 80 points.
The reached total number of points for the 4 characteristic data is 98 points
out of a maximum of 100.
Change in height after test: 25 points
Change in hardness after 30000 strokes: 25 points
Change in hardness after the test: 25 points
Resilience loss factor after test: 23 points
Dimensions
The 100% natural latex sheets manufactured in various
dimensions. Each product is separately moulded. The maximum dimension is 205 cm
X 150 cm X 15 cm. We also manufacture the products with varying thickness from
3 cm, 6 cm, 10 cm and 15 cm.
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.46.43 |
|
UK
Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.59.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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
|
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 |