MIRA INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
GAUR TEXON FOOTWEAR COMPONENTS LIMITED |
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Registered Office : |
“Web House”, 2/1, Subrayan Street, Nugambakkam, Chennai – 600034,
Tamilnadu |
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Country: |
India |
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Financials (as on) |
31.03.2006 |
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Date of Incorporation : |
05.11.1997 |
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Com. Reg. No.: |
18-39365 |
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IEC No.: |
049-7018624 |
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CIN No.: [Company Identification No.] |
U19201TN1997PLC039365 |
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TAN No.: (Tax Deduction & Collection Account No.) |
CHEG02177A |
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PAN No.: (Permanent Account No.) |
AAACG3816B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Footwear Components like Toe Cap,
Counter, Insole, Steel Shanks and Resin Soles and Trader of Footwear
Materials. Importers of raw material /consumables for own use in addition to
machinery at times |
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 125000 |
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Status : |
Satisfactory |
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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 satisfactory track.
Directors are reported as experienced, respectable and resourceful businessmen.
Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Head Office
: |
“Web House”, 2/1, Subrayan Street, Nugambakkam, Chennai – 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-28213491/42066006/28213490/28223679/28218556 / 520066006 |
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Fax No.: |
91-44-28213264 |
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E-Mail : |
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Website : |
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Area : |
1560 Sq. ft. |
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Location : |
Rented |
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Factory 1 : |
Footwear Component Park, 105 Gundu Salai, Oulgaret, Pondicherry –
605010 |
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Tel. No.: |
91-413-2292782 / 2290026 |
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Fax No.: |
91-413-2291871 |
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E-Mail : |
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Area : |
6000 Sq. ft. |
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Location : |
Rented |
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Factory 2 : |
Room No 10/15, Lyyan Kuttipplayam, Pondichery |
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Tel. No.: |
91-413-2278047 |
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Area : |
2000 Sq. ft. |
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Location : |
Rented |
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Branches : |
2/1 Subburayan Street, Nugambakkam, Chennai – 600 034, Tamilnadu |
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Tel. No.: |
91-44-28213490 |
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Fax No.: |
91-44-28213264 |
DIRECTORS
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Name : |
Mr. Utsav Seth |
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Designation : |
Managing Director |
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Address : |
Flat 1-A, First Floor, 28, Cenotaph Garden,
Cenotaph Road, 1st Street, Teynampet, Chennai – 600 018, Tamilnadu
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Date of Birth/Age : |
35 years |
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Qualification : |
MBA & Undergone Shoe Technology Course
from UK |
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Experience : |
15 years |
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Date of Appointment: |
21.10.1997 |
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Name : |
Mrs. Manjari Seth |
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Designation : |
Director |
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Address : |
Flat 1-A, First Floor, 28, Cenotaph Garden,
Cenotaph Road, 1st Street, Teynampet, Chennai – 600 018, Tamilnadu
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Date of Birth/Age : |
32 years |
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Experience : |
10 years |
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Date of Appointment: |
01.01.2001 |
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Name : |
Mr. B. Nanban |
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Designation : |
Director |
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Address : |
Harish Apartments, 22c, 19th
Avenue, Ashok Nagar, Chennai - 600083 |
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Date of Birth/Age : |
40 years |
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Experience : |
15 years |
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Date of Appointment: |
10.12.1997 |
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Name : |
Mr. Ritesh Tandon |
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Designation : |
Director |
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Address : |
Flat No 3B, 3rd Floor, Block 1, Vijayshanti
Krsna, Old No 36, New No 50, Halls Road, Egmore, Chennai – 600008, Tamilnadu |
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Date of Birth/Age : |
34 years |
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Experience : |
12 years |
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Date of Appointment: |
12.07.2001 |
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Name : |
Mr. Prem Kumar |
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Designation : |
Director |
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Address: |
No 3, Sathyalog, 1st Street, New
Colony, Thiru Nagar, Vellore - 632009 |
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Date of Birth/Age : |
40 years |
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Experience: |
14 years |
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Name : |
Mr. Vivek Mehrotra |
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Designation : |
Director |
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Address: |
1-A, First Floor, 28, Cenotaph Garden,
Cenotaph Road, 1st Street, Teynampet, Chennai – 600 018, Tamilnadu |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment: |
30.05.1998 |
KEY EXECUTIVES
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Name : |
Mr. AXN Prabhu |
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Designation : |
Practicing Company Secretary |
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Address : |
4, Montieth Road, Egmore, Chennai - 600008,
Tamilnadu |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Ms. Manjari Seth |
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416743 |
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Hold Ford Investments Limited |
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222111 |
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Mr. Ravi Mehrotra |
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666343 |
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Mr. Utsav Seth |
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59360 |
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Mr. B. Nanban |
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31943 |
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Mr. Ritesh Tandon |
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8422 |
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Supersight India Limited |
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502644 |
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Mr. Vivek Mehrotra |
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2223 |
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Mr. N. Krishnaveni |
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22185 |
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Mr. Saurabh Mehrotra |
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233 |
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Mrs. Neha Tandon |
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24300 |
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Mr. Deepak Tandon |
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2340 |
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Mr. M. L. Mehrotra |
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117 |
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Mrs. M. L. Mehrotra |
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117 |
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Mrs. Shalini Tandon |
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2223 |
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Mr. GP. Seth |
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1842 |
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Seth Ramji Das and Sons |
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102678 |
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Mr. GP. Seth (HUF) |
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31220 |
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Mr. Sashi Seth |
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29762 |
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Mr. gaurav Seth |
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1860 |
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Mrs. Sheeba Seth |
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1668 |
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Mrs. Thanya Seth |
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3290 |
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Mrs. Mahima Seth |
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2695 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Footwear Components like Toe Cap,
Counter, Insole, Steel Shanks and Resin Soles and Trader of Footwear
Materials. Importers of raw material /cosumables for own use in addition to
machinery at times |
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Agencies Held : |
v
Rhenoflex GmbH, Germany v
Konus Konex, Solovenija v
Costchem, Italy v
Oxley Threads, UK v
Tempel v
Texon Mochmuhl GmbH v
Bartoli |
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Exports to : |
Occasionally to Europe ( Italy
/ Germany ) |
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Imports from : |
Raw Materials and Foot Wear from Germany, Europe and Far East |
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Terms : |
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Selling : |
Contract and Credit (30/45
days) terms |
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Purchasing : |
Credit (30/60/91/120 days) terms |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Topcar and counter |
Number |
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781627 |
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Insolf |
Number |
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1339963 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers
and OEM’s.
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No. of Employees : |
205 |
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Bankers : |
UCO Bank Main Branch, Pondicherry – 605 001 Canara Bank, Overseas branch, Chennai, Tamilnadu, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
K. S. Jagannathan & Company Chartered Accountants |
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Address |
Flat No. G3, Sai Krupa Apartments, Door No. 5, Bharathi Nagar, IV
Street, T. Nagar, Chennai – 600 017, Tamilnadu |
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Tel. No: |
91-44-28341112 |
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Fax. No.: |
9144-28341112 |
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E-mail: |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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22,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 22.500
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21,36,402 |
Equity Shares |
Rs. 10/- each |
Rs. 21.364
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
21.364 |
21.364 |
9.814 |
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2] Share Application Money |
---- |
---- |
11.550 |
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3] Reserves & Surplus |
13.486 |
11.775 |
10.331 |
NETWORTH
|
34.850 |
33.139 |
31.695 |
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LOAN FUNDS |
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1] Secured Loans |
27.735 |
30.237 |
33.105 |
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2] Unsecured Loans |
23.814 |
17.278 |
-- |
TOTAL BORROWING
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51.549 |
47.515 |
33.105 |
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DEFERRED TAX LIABILITIES |
1.270 |
1.377 |
1.429 |
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TOTAL
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87.669 |
82.031 |
66.229 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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17.625 |
20.083 |
21.250 |
Capital work-in-progress
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0.000 |
0.000 |
0.041 |
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INVESTMENT
|
0.510 |
0.108 |
0.108 |
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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25.478
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26.614 |
18.373
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Sundry Debtors
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37.236
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32.115 |
22.909
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Cash & Bank Balances
|
8.336
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9.512 |
8.706
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Other Current Assets
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0.000
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0.000 |
0.000
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Loans & Advances
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44.738
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36.029 |
17.715
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Total Current Assets
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115.788
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104.270 |
67.703
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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43.781
|
40.005 |
19.428
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Provisions
|
3.293
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2.438 |
3.463
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Total Current Liabilities
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47.074
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42.443 |
22.891
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Net Current Assets
|
68.714
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61.827 |
44.812
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MISCELLANEOUS EXPENSES
|
0.820 |
0.013 |
0.018 |
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TOTAL
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87.669 |
82.031 |
66.229 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
139.245 |
128.776 |
100.750 |
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Profit/(Loss) Before Tax
|
3.067 |
2.301 |
2.053 |
Provision for Taxation
|
1.358 |
0.858 |
1.380 |
Profit/(Loss) After Tax
|
1.709 |
1.443 |
0.673 |
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Export Value
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N.A. |
N.A. |
2.174 |
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Import Value
|
104.246 |
104.701 |
31.532 |
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Total Expenditure
|
126.031 |
118.831 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.33
|
1.12 |
0.66
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Net Profit Margin (PBT/Sales) |
(%) |
2.30
|
1.78 |
2.03
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.40
|
1.85 |
2.30
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.06
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Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
2.71 |
1.76
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Current Ratio (Current Asset/Current Liability) |
|
2.46
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2.46 |
2.95 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
GTFC LIMITED |
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Presented By |
UCO BANK, PONDICHERY, MAIN BRANCH, PONDICHERY |
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1) Date and description of instrument creating the change |
1)
A9A- Hypothecation of movable plant and machinery 2)
A1, A47, A3, A9 –Hypothecation of raw materials / finished goods / packing
materials 3)
A109 – Agreement for hypothecation of term loan 4)
A9B – Hypothecation of bills purchase agreement |
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2) Amount secured by the charge/amount owing on the securities of
charge |
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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 stocks of toe puf / counter raw materials/ counter and moulded
insoles, cutting dies,m machines and book debts. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
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5) Name and Address and description of the person entitled to the
charge. |
UCO Bank Pondichery Main Branch, Pondichery |
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6) Date and brief description
of instrument modifying the charge |
A91 – Hypothecation of movable plant and machinery to secure a term
loan for Rs 7.600 Millions dated 24.11.2004 |
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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. |
1] the existing limits of GTFC Limited and the Web Trading India are
being consolidated consequent to merger of web trading India limited (WTIL)
with GTFC Limited as under
2. All charges on movable relating to assets owned by Web Trading India
Limited has been extended to consolidated borrowings of the company. |
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Name of the company |
GAUR TEXON FOOTWEAR COMPONENTS LIMITED |
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Presented By |
THE MANAGER, CANARA BANK, MOUNT ROAD BRANCH. |
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1) Date and description of instrument creating the change |
1) Deed of Hypothecation of machinery
dated 31.01.2000 2)
Agreement for discounting of supply bills dated 31.01.2000 3)
Agreement for cash credit dated 31.01.2000 4)
Agreement for book-debts dated 31.01.2000 5)
Agreement for collateral security for machinery and vehicles dated
31.01.2000 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs 2.100 Millions OCC – Rs 1.000 Millions Supply Bills - Rs. 0.500
Millions MTNL – Rs 0.600 Millions |
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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 |
Hypothecation by way of first charge of whole of the borrowers present
and future stocks of raw materials, goods in process of manufacture and all
finished and manufactured goods stored at B-7, Pipdic industrial estate,
Mettupalayam, Pondichery. Collateral security of machinery and vehicles at
B-7, Pipdic industrial estate, Mettupalayam, Pondichery. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest – 16.83 %p.a. Margin – 25% |
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5) Name and Address and description of the person entitled to the
charge. |
The Manager, Canara Bank 770, A Spencer Tower, Overseas Branch, Chennai- 600002 |
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6) Date and brief description
of instrument modifying the charge |
----- |
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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. |
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History :
Subject was incorporated on 5th November 1997 as a private limited
company with the name of “Gaur Texon Footware Components Private Limited” and
changed to public limited company (I.
E. the world ‘private’ deleted) from 3rd August 1998.
Again name change to “ GTFC Limited ” w.e.f 12th December,
2003.
It is also engaged in the business as traders of Thermo Plastic Sheets,
Insole Sheets, Shank Board, Hot Melt Adhesives, Lining Materials, Threads and
Shoe Chemicals.
It imports Thermo Plastic and Cellulose Sheets from Germany, Hot Melt
Adhesives and Shank Board from Italy, Lining Material from Slovenija and Shank
Board from Czwench Republic.
It is in trade terms with :-
v
Forward Shoes
50, Raja Muthiah Road, Periamet, Chennai –
600 003, Tamilnadu
Contact Person – Mr. Yavardhala (Managing
Director)
v
Florind Shoes
29, College Road, Chennai – 600 006,
Tamilnadu
Contact Person – Mr. Mohammed Akmal (Joint
Managing Director)
v
UB International Trading Limited
9/1, Arekere Village, Off Bannerhatta Road,
Bangalore – 560 076, Karnataka
Contact Person – Mr. Indu Hirani (Director)
v
Good Leather Shoes
158, Thiruneer Malai Road, Chrompet, Chennai
– 600 044, Tamilnadu
Contact Person – Mr. Vijayan (Managing
Director)
v
Khizharia Leathers
A. H. House, 266,
Periyar EVR High Road, Chennai – 600010, Tamilnadu
Contact Person – Mr. Akthar Hussain
v
Presidency Kid Leathers
476, Kilpauk Garden Road, Kilpauk, Chennai –
600 010, Tamilnadu
Contact Person – Mr. Mehaboob Khan
AS PER WEBSITE
OVERVIEW
WHY India?
- India is the Hotspot for shoes.
- It is the second largest shoe manufacturer
in the world.
- This World leader’s Leather
Footwear is exported to more than 50 countries.
- Produces shoes for top
International brands.
- India has a range of leather easily
available – cow, goat, sheep and buffalo – to name a few.
- It is a vibrant source, a one stop
destination for footwear components and all leather needs.
- Cost effective skilled and
experienced labour makes it an ideal destination for leading footwear
brands around the world.
Why GTFC?
Because shoes need a lot more than leather alone to make
them fit like second skin and stay in shape day after day. They are directly in
touch with a variety of surfaces and take a lot of rough with very little
smooth.
GTFC, located in India - the world’s
second largest leather shoe manufacturing country, provides world class
components that go into making that shoe a perfect fit.
Their trading activities make us a one
stop shop for all your shoe manufacturing needs. Their private custom bonded
warehouse stock reliable footwear materials from all over the world. In
addition, we have their own warehouses in different locations across India, and
their efficient staffs are geared to fulfill your orders quickly.
Over 50 countries import shoes from
India. To say they are committed to quality would be an understatement. Top
international brands have placed their faith in GTFC footwear components, for,
GTFC has highly specialised manpower who wield their skills with professional
finesse.
The leather aware Indian Government has
made it possible for companies to take space in manufacturing complexes that
are equipped with the latest technology in tanning, upper manufacturing and
integrated full shoe plants. Keeping up with trends and tailor making their
components to match designs, GTFC is geared for consumer satisfaction.
GTFC Limited is run by a team of
thorough professionals who have a combined experience of 50 years in the
footwear component and material industry.
The company is market-oriented and
focuses on providing complete satisfaction to its customers. They ensure that
all their products and services are customised to meet every client’s sensitive
needs and specifications. They at GTFC are committed to providing you truly
world-class quality at the most competitive prices.
Since inception in the winter of 1997, they have constantly
evolved their business to enhance the value of their products and services to
their customers. With this as their founding principle we are focused to create
GTFC as an international company providing foot wear materials and components
to the most demanding and leading manufacturers of footwear around the world
with quality, flexibility and customised customer relationship - powered with
the one and only aim of giving world class products at competitive prices they partner
in the success of their customers.”
MANAGEMENT TEAMS
The GTFC management team has a
combined experience of over 50 years to back up our promise of a better future
for the Indian leather industry as a whole.
Ritesh Tandon, C.E.O.
Ritesh, Commerce graduate and an MBA in Industrial Management and Marketing, joined
the group during 1998 after 7 years of experience in telecom & personal
product multilevel marketing in India. Ritesh was responsible for building the
group's manufacturing and trading business, and today, heads the independent
profit centre with a strong, close knit team of more than 200 members at its
factory, warehouses and sales offices spreads across India.
Ritesh is today responsible to manage the country's largest and fastest growing
footwear component and material company that enjoys several international
collaborations with some of the industry leaders based in Germany, Italy,
Brazil, China, Taiwan, UK, France & Australasia.
In addition to managing the international collaboration, Ritesh has built
strong relationships with leading manufacturers and exporters of leather
footwear in India on the strength of which the business is today poised to
expand and Ritesh has a task of doubling the business in next three years on
his drawing board.
Prem Kumar, Director - Sales
& Marketing
At Work…
“What motivates me at GTFC is that there are no boundaries,
only horizons. As a company GTFC stands out in a crowd. It is a class apart.”
Weekends are meant to be enjoyed. Prem Kumar’s are precious and loves the time
he spends with his family. Time off from work see him driving them to short
picnics.
V. Ravichandran,GM- Finance and
Accounts
At Work…
"I feel proud to become a member of GTFC, where the
speed and accuracy meet together and I enjoy running fast towards the winning
pole....the common goal ...
Interested in painting and music. Also interested in reading books especially
historic novels. Likes to spend weekends in long and fast drives with family.
Dominic Schellito, GM –
Warehouse.
At Work…
“In ‘my’ company, GTFC, I can say with pride that I have the
freedom to perform my duties independently along with great responsibility.”
Freelancing as a model, Dominic is a fitness enthusiast. He loves swimming and
shopping with his family when he can.
B. Ravi, Credit & Risk
Manager
At Work…
“As a founding member of GTFC I see that my dedication is
recognized. I continue to grow with the company scaling new heights.”
Manipulative moves, cornering kings and queens, rooking the rook…B Ravi enjoys
jogging his brain cells in games of chess. When the board is captured, he
switches on the television and gets transported into the world of competitive
sports. .
Kumaresh, Manager – Client
Service.
At Work…
“GTFC is the place where individual differences and contributions
of all our staff are recognised and valued. At GTFC I have learnt and grown –
as an individual, as a human being.”
A good swimmer and an energetic sportsmen, Kumaresh enjoys watching movies and
drives around with peer group.
Parthiban, Factory Manager.
At Work…
The fact that GTFC moves with the times and has tremendous
plans and programmes for future growth really motivates me.
He gives motivational lectures and educates underprivileged children during his
spare time.
Parthiban enjoys music and attends classical performances.
M. Ganesan, Production Manager.
“The challenge and responsibility given to me makes my association with GTFC
very exciting.”
A good sportsman, our Production Manager plays a mean game of Football himself
. During his spare time he organizes tournaments for the youth.
·
Insoles
PRESS RELEASES
India emerging as alternative to China for shoes
TIMES NEWS NETWORK [FRIDAY, AUGUST 26,
2005 12:33:34 AM]
CHENNAI : India is emerging an
alternative to China for formal and semi-formal leather shoes, not in terms of
capacity though but in design, quality and delivery capability. With an increasing
number of overseas buyers taking a closer look at India, the Indian Shoe
Federation wants the smaller players in the country to scale up their
production capacity and capability to utilise this emerging opportunity.
“Slowly, but steadily India is becoming a stable and dependable
market for foreign customers. Of late, it is considered one of the top three
countries, other than China and Brazil, by overseas buyers in terms of quality,
design and perfection, especially for formal and semi-formal leather shoes,”
says Mr P R Aqeel Ahmed, the newly elected president of the Indian Shoe
Federation (ISF).Set up in ’92, ISF has been bringing together Indian shoe
manufacturers, footwear component suppliers and industry organisations like the
Central Leather Research Institute on a common ground for better interaction.
Wal-Mart finds best fit in Liberty shoes
TIMES NEWS NETWORK [MONDAY, MAY 17,
2004 01:47:11 AM
KOLKATA : Liberty Shoes Limited has
bagged a deal for supplying footwear to Wal-Mart, the world’s largest retailer.
The company would ship the first order to the global retail giant in September
and the size of the initial business will be in the range of Rs 3-5 crore.
Confirming the development to ET, Liberty group executive director Mr Adarsh
Gupta said, “There was a lot of market speculation on our deal with Wal-Mart
and it has been recently finalised. The merchandise would be sold under the
Liberty brand name.” It may be noted that many companies in the Indian footwear
sector have been eyeing supplies of footwear to Wal-Mart but Liberty seems to
be the first off the block. Liberty had approached Wal-Mart with its
non-leather footwear range to overtake competitors in China who have dominance
in the leather range. “We are in the process of developing a range of
non-leather footwear for Wal-Mart, which includes beach and sports footwear,”
Mr Gupta said.
Liberty is focusing on the international market to provide a boost
to the company’s performance in 2004-05. It is looking to strengthen itself as
a contract manufacturing unit for global brands. “Many of the shoe
manufacturing plants in the developed countries have closed down in the last 10
years due to increasing operating and production cost” Mr Gupta added.
Leather Industry welcomes
supplement to Foreign Trade Policy
Issued by : M Rafeeque Ahmed, Chairman,
Council for Leather Exports Date : April 8, 2005
The Leather industry welcomes the first supplement of the National
Foreign Trade Policy 2004-09 announced today by Shri Kamal Nath, Union Minister
for Commerce & Industry, which primarily focus on procedural simplification
and trade facilitation measures.
The Government has rightly recognized the fact that India could be
a major gainer from emerging global trends, particularly in the context of
developed countries shifting their manufacturing to developing countries due to
their high labour cost.
The Indian leather industry is one of the potential sectors to
gain from such fast changing international scenario. The leather industry with
its large skilled workforce, own raw material base, growing domestic market
particularly in footwear, is poised for tremendous growth. Considering this and
also employment generation potential of the industry, the UPA Government
recognized leather sector as a special focus sector as brought out in the CMP.
Accordingly, certain sectoral focus initiatives announced in the FTP last year
continue in the current supplement.
Regarding the much anticipated new scheme to replace the DEPB, there is no
announcement to this effect. The existing DEPB scheme, however, would continue
till a new scheme is developed. The export industry is confident that a WTO
compliant scheme would be announced soon to get neutralization of all duties
and levies.
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.42.74 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|