MIRA
INFORM REPORT
|
Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PALLAVA GRANITE INDUSTRIES PRIVATE LIMITED |
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|
Registered Office : |
No19, Old No 10, Sriram Nagar, North Street, Alwarpet, Chennai, Tamil
Nadu |
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Country : |
India |
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|
Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
09.08.1989 |
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Com. Reg. No.: |
18 17868 |
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CIN No.: [Company
Identification No.] |
U14299TN1989PTC017868 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00793C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers,
Exporters and Importers of Granites, Marble, Sandstone, Limestone and Slate. The
company is engaged in Quarrying, Processing, Cutting, Polishing, monuments
making, Distribution. |
RATING &
COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company and seems to be passing
through difficult times. The company has not filed any financials with the
government registry after 31.03.2004, and the management remained non
co-operative. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution. |
LOCATIONS
|
Registered Office / Corporate Office: |
New No 19, Old No 10, Sriram Nagar, North Street, Alwarpet, Chennai
600 018, Tamil Nadu, India |
|
Tel. No.: |
91-44-24346290 / 24320905 / 24346270 / 8057 |
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Fax No.: |
91-44-24346839 / 24346339 |
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E-Mail : |
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Website : |
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Area : |
2500 sq.fts |
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Location : |
Owned |
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Factory : |
N.H-5, Main Road
,Manubolu, Nellore Dist Andhra Pradesh , India Tel :
91-861-2390388/33 Fax : 91-861-
2390278 e-mail : products@pallava.com RS 39/1,Sedrapet,
Pondicherry Tel :
91-413-2677394 Fax :
91-413-2677395 e-mail : marketing@pallava.com
|
DIRECTORS
|
Name : |
Mr Subba Reddy |
|
Designation : |
Director |
|
Address : |
No 44 A, First Main Road, Raja Annamalai Puram, Chennai 600 028,
Tamil Nadu |
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Date of Birth/Age : |
02.05.1951 |
|
Qualification : |
Graduation |
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|
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|
Name : |
Mrs K Sailaja |
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Designation : |
Directors |
|
Address : |
No 44 A, First Main Road, Raja Annamalai Puram, Chennai 600 028,
Tamil Nadu |
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Date of Birth/Age : |
23.04.1959 |
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Qualification : |
Graduation |
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|
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Name : |
Mr K Balakrishna Reddy |
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Designation : |
Director |
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Address : |
No -7/730, Sambasiva Nagar, South By Pass Road, Ongole Opposite To
Anjaneya Statue, Andhra Pradesh |
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Date of Birth/Age : |
15.05.1946 |
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|
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|
Name : |
Mr. K. Saren Teja |
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Designation : |
Director |
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Date of
Birth/Age : |
27.05.1982 |
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|
|
|
Name : |
Ms. K. Shilpa |
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Designation : |
Director |
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Date of
Birth/Age : |
03.02.1979 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr K Subba Reddy |
|
2496241 |
|
Mrs. K Sailaja |
|
2224009 |
|
Mr K Balakrishna Reddy |
|
100000 |
|
K S Overseas Private Limited |
|
317500 |
|
Umafarm Forest And Investment Private Limited |
|
32500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Monuments Slabs of Granite Block |
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|
Products : |
· Dimensional Granite Block Galaxy · Dimensional Granite Block Blue · Granites · Marble · Sandstone · Limestone and Slate |
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Exports : |
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Products : |
Granites Slabs |
|
Countries : |
USA, UK, Japan, Singapore,
Hong Kong, China, Germany and Australia |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Dimentional
Granite Blocks in Cubic Meters |
|
|
8000 |
-- |
|
Galaxy |
|
|
-- |
4224.041 |
|
Blue |
|
|
-- |
-- |
|
Finished goods
others |
|
|
-- |
55082.533 |
GENERAL
INFORMATION
|
No. of Employees : |
12 |
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|
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|
Bankers : |
State Bank Of India Address: Overseas Branch, Rajaji Salai, Chennai 600 001, Tamil Nadu |
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Facilities : |
Equitable mortgage of land Rs 81.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Sankar Prasad and Company Chartered Accountants |
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Address : |
12, Saradambal Street, Gokulam Colony, T Nagar, Chennai 600 017,
Tamil Nadu |
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Group Companies: |
·
Pallava Granite Industries ·
Aswani Enterprises ·
Pallava Granites Industries India Private.
Limited. ·
Pallava Minerals Limited |
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|
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|
Associates/Subsidiaries : |
· Pallava Granite Industries Limited · Pallava Minerls Limited · Aswani Enterprises · Pallava Granite Industries (India) Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity shares |
Rs 10/- each |
Rs 90.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5170250 |
Equity shares |
Rs 10/- each |
Rs 51.702
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.702 |
51.702 |
53.596 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
108.833 |
61.379 |
34.379 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
160.535 |
113.081 |
87.975 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
108.167 |
138.473 |
144.367 |
|
|
2] Unsecured Loans |
8.291 |
8.514 |
8.250 |
|
|
TOTAL BORROWING |
116.458 |
146.987 |
152.617 |
|
|
DEFERRED TAX LIABILITIES |
0.642 |
0.589 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
277.635 |
260.657 |
240.592 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
94.379 |
95.323 |
89.416 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.725 |
3.725 |
3.725 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.878 |
|
|
|
|
Sundry Debtors |
117.017 |
44.173 |
237.702 |
|
|
Cash & Bank Balances |
6.510 |
4.732 |
|
|
|
Other Current Assets |
0.000 |
0.000 |
|
|
|
Loans & Advances |
104.393 |
161.104 |
|
|
Total
Current Assets |
263.798 |
246.018 |
237.702 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
84.267 |
84.409 |
90.251 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
84.267 |
84.409 |
90.251
|
|
|
Net Current Assets |
179.531 |
161.609 |
147.451 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
277.635 |
260.657 |
240.592 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover |
|
87.855 |
25.333 |
|
Other Income |
|
1.162 |
0.864 |
|
Total Income |
|
89.017 |
26.197 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
51.106 |
28.950 |
|
Provision for Taxation |
|
3.652 |
1.949 |
|
Profit/(Loss) After Tax |
|
47.454 |
27.000 |
|
|
|
|
|
|
Export Value |
|
184.698 |
166.062 |
|
|
|
|
|
Import Value
|
|
17.952 |
17.823 |
|
|
|
|
|
|
Total Expenditure |
|
232.423 |
165.912 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
17.27
|
13.85 |
NA |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
18.60
|
14.85 |
NA |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
14.12
|
10.59 |
NA |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.32
|
0.25 |
NA |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.25
|
2.41 |
3.76 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.13
|
13.81 |
2.63 |
LOCAL AGENCY FURTHER
INFORMATION
Profile
Pallava Group at Chennai in India has always been at the top in the
extraction, cutting, polishing and supplying quality granites. And, it
continues to be at the forefront. Being the pioneers in quarrying, processing
and distributing the most famous Indian granites. Exciting colours. Versatile range. Affordable Price.
The
company is one among the top five Indian granite exporters, exporting quality
granite products which include dimensional blocks, monuments/ memorials, slabs,
tiles, vanity tops, counter tops and columns with special finishes and
intricate workmanship - all at its own factories. It also undertakes
challenging projects. Its strengths are its own quarries with a wide range of
jet black and different premium colored granites, state-of-the-art machineries,
impeccable quality, consistency, its supply and also share in the world markets
for over three decades.
Quarrying
continues to be the company's major export-oriented activity. The company is
engaged in quarrying operations at their own quarries in all four states of
Southern India with major activities in Tamil Nadu and Andhra Pradesh and also
in Orissa. With the implementation of scientific mining and latest quarrying
technology, productivity in the companys quarries has been optimized with
minimum of wastage.
With
the Group's technical expertise in quarrying and constant up-gradation in
state-of-the-art techniques keeping pace with the advancements, it is no wonder
that many countries import granite from the company.
The
group has two 100% EOUs - one at Pondicherry exclusively for monuments, and,
the other at Nellore in Andhra Pradesh for slabs and tiles - catering to all
segments of the world market.
The
urge to provide the customers world-over with fine quality granite continues to
propel the team at the company to explore new frontiers. The quest for
excellence drives the company to add newer varieties from time to time to its
successful product range.
Pallava Group
Comprises of the following companies:
☻
Pallava
Granite Industries
☻
Pallava
Granite Industries (India) Private Limited
☻
Pallava
Minerals Limited
☻
Aswani
Enterprises
☻
Aswani
Minerals Development Private Limited
☻
Srap Minerals
Private Limited
☻
K.S.R.Granites,
Shri Sailaja Exports
With customer satisfaction as the ultimate objective of the Group,
Pallava's service and commitment quality have always been uncompromising.
The
company is the ultimate choice for all those who are driven by the passion to
possess premium granite. The corporate objective of Pallava Group is to
discover, verify, develop, create, manufacture and market throughout the world,
granite and granite products of quality and colour. The company has introduced
to world market, Black Galaxy, Kashmir White, Madura Gold, Tan Brown, Premium Plus,
Premium Black, Orion Blue, Imperial Green and Yl. Kunnam quarry produces
world's best black granite which is equivalent to Swedish AKF quality.
The
Pallava Group has been exporting to nearly 30 countries in the world. To name a
few : The USA, U.K, Japan, Singapore, Hong Kong, China, Germany and Australia
etc..
Pallava
Group - they reliable partner in they granite ventures. A synonym for 3 Q's
Quality, Quantity and Quick delivery. The ultimate assurance of excellence in
natural stone.
At the company, Rocks come to life with a rhythm.
Pallava's
mission towards pursuit for excellence continues... keeping alive man's
fascination for stone.
Group Companies
☻
Pallava Granite Industries
☻
Aswani Enterprises
☻
Pallava Granites Industries India Private. Limited.
☻
Pallava Minerals Limited
Passion. Perseverance. Vision. Dedication.
These
are the tenets that are metaphorically carved in stone for us. Today their
passion is to offer the best in the world of granite with a relentless
determination to go beyond the obvious and create a relationship. That's been
their vision and dedication.
Right
from the day of their inception in 1972, they have passionately followed these
principles. Starting of operations with a partnership firm called Pallava
Granite Industries (PGI), this entity is also the flagship company of the
Group.
While
their sights were first set on the South Arcot District in Tamil Nadu for Black
Granites, their quarrying operations successfully expanded to other south
Indian states.
During
this period, under the aegis of PGI they had rendered their selves pioneers in
the quarrying industry and remained one of the few names that exploited the
export market of Black Granite.
The year 1983 saw a change where Mr.K. Subba Reddy
took over the business in partnership with his wife Mrs.Sailaja Reddy. With
this move there was a total shift in the business plan and also saw further
diversification. There was also an emergence of a group of companies, which are
today an integral part of the company. These include:
Pallava Granite Industries ( India ) Limited :
Based
in Manubolu in Nellore District of Andhra Pradesh, this entity was started in
1995 to exclusively handle Granite Slabs. This fledging company is a 100%
Export Oriented Unit and has registered a commendable growth in the area of
exports.
Pallava Minerals Limited:
This
Company exports Granite Blocks and finished products of bought-out materials
from outside sources on trading terms.
To
summarise, the number of companies under the Pallava Group banner are:
Pallava Granite Industries (India) Limited.
Pallava Minerals Limited
Aswani Enterprises (A.E)
Pallava Granite Industries (India) Private Limited (PGIIL)
Building on Foresight:
Over a period of time, there was a need for a product extension.
With the hard work and foresight, Mr.K Subba Reddy took the group beyond just
being a conventional export house exporting Rough Blocks of granite to a
strategically expanded realm of value-added products.
Expanding the portfolio:
With the growing demands in the international market a 100% EOU
was established in 1988 in Pondicherry for Monuments and Memorials. With the
introduction of an additional product line "BOSEKI", a Japanese
monument, in collaboration with M/s.Mitsubishi Corporation, Japan, the unit was
further expanded.
The success of this unit lead us to venture into manufacture and
export of Building slabs. They established another 100% Export Oriented Unit in
1995 at Manubolu in Andhra Pradesh with an annual capacity of 100,000 Sq.Mtrs.
and also acquired first generation computerised machinery.
State-of-the-art Equipment:
Depending on the requirements and demands of the market, they
acquired additional machinery and equipment for the quarries which today form an
essential part of their assets. These run into several crores of rupees and
have helped us better their business prospects.
Getting closer to their vision:
Today as a Group, they are one of the most professionally managed
companies in the business. Professionalism in the management was brought about
with a team of well-experienced and qualified persons in various disciplines
like Mining Engineers, Mechanical Engineers, Geologists, Machinery Operators,
Accountants and Administrators.
This team of competent persons blended
together helps optimise operational efficiency.
The details of their processing units:
Sl.No Company Place Status CapacitySq.Mtrs/Annum
1. PGIIL A.P. 100% E.O.U 100000
2. PGI Pondicherry 100% E.O.U 20000
Pallava Group's Strengths
Long innings of 25 Years in the granite industry
Owns more than 20 Quarries in South India
Wide Product Range , various colours apart from
Preimum Black Granites
Owns Two Sophisticated 100% EOU Factories
Monument Factory at Pondicherry
Slabs and Tiles Factory at Manubolu, Nellore .
Exports to more than 25 countries in the form of
rough blocks, polished slabs and monuments
Won many export awards continuously for several years
by CAPEXIL A government of India Export Promotion Council
Leading exporter from India with a major share in
terms of Turnover
High profiled personnel right from Executives In
Marketing to Production and Finance
Possession of the latest
technology for Quarrying in all its factories.
Awards
One of their prime concerns has always been quality. At every
single point, there is adherence to quality and maintenance of International
Standards. This has not gone unnoticed.
The stalwart who has helped us move ahead along with the
team of qualified professionals is Dr K.Subba Reddy. Under his dynamic leadership, the
companies he heads have earned
Mine
Safety Awards
CAPEXIL
MERIT Awards
Export
House Certificate from Government of India.
These
awards are in recognition of the safety measures along with the several years
of continuous and consistent export performance put in by the company.
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
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 companys 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.39.43 |
|
UK Pound |
1 |
Rs.81.35 |
|
Euro |
1 |
Rs.57.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
36 |
This score serves as a reference to assess SCs 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 |
|