MIRA
INFORM REPORT
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Report Date : |
23rd February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHARMINAR NONWOVENS LIMITED |
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Registered Office : |
6-2-9, Flat No. G-4, Anushka Towers, Lakdi-Ka-Pool, Hyderabad – 500
004, Andhra Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.02.1987 |
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Com. Reg. No.: |
01-7159 |
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CIN No.: [Company
Identification No.] |
U17100AP1987PLC007159 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDC00017D |
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Legal Form : |
Closely held public limited liability company. |
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Line of Business : |
Carry on the business of manufacturing, buying, selling, importing,
exporting and dealing in Ono Woven products made out of cotton, jute, silk,
wool, rayon, synthetic fibres and other fibre materials to be used for
industrial, household and other allied purposes including the business of
knitting, carpet manufacturing by handooms and other means such as Tufted,
Axminister Chenile, Wilton or other Mechanised Method of Carpet Production,
Finishing and Processing, Manufacturing and Selling Yarn, Cloth, Carpets,
Blankets, Tweeds, Blazers, Gaberdine, Sarge Cloth, Shawls and other woolen
and Blended Goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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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 having moderate track.
Company’s profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered
normal for small business dealings at usual trade terms and conditions, with
slightly caution initially. |
LOCATIONS
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Registered Office : |
6-2-9, Flat No. G-4, Anushka Towers, Lakdi-Ka-Pool, Hyderabad – 500
004, Andhra Pradesh, India |
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Tel. No.: |
91-40-23390345/ 17855/ 94102 |
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Fax No.: |
91-40-23325988/ 23317855 |
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E-Mail : |
charm@charminarnonwovens.com ,
charminarnw@eth.net , charm@chqminarnonwovens.com |
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Website : |
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Head Office : |
10-1-1200, UNI
Building, A. C. Guards, Masabtank, Hyderabad – 500 004, Andhra Pradesh, India |
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Tel. No.: |
91-40-23390345/23317855 |
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Fax No.: |
91-40-23325988 |
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E-Mail : |
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Factory 1 : |
Bonthapalli,
Jinnaram Mandal, Medak District – 502 313, Andhra Pradesh |
DIRECTORS
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Name : |
Dr. S. Krishna Murthy |
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Designation : |
Chairman |
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Address : |
B-27, Gulmohar Park, New Delhi – 110 049, India |
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Date of Birth/Age : |
30.12.1926 |
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Date of Appointment : |
31.07.1992 |
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Name : |
Mr. P V Rao |
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Designation : |
Managing Director |
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Address : |
8-2-674/6/2/A/2, Road No. 13, Banjara Hills, Hyderabad – 500 004,
Andhra Pradesh, India |
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Date of Birth/Age : |
14.06.1955 |
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Date of Appointment : |
15.06.1988 |
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Name : |
Mr. P Nagabhusanam Naidu |
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Designation : |
Director |
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Address : |
Kaikaram Ungutur Mandal, Kainaran, West Godavari District, Andhra
Pradesh, India |
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Date of Birth/Age : |
07.07.1949 |
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Date of Appointment : |
31.07.1992 |
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Name : |
Mr. C H Ram Mohan Rao |
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Designation : |
Director |
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Address : |
101, Ravi Plaza, R R Peta, Seetha Rana Raju Centre, Lalru, West
Godavari, Andhra Pradesh – 500 002, India |
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Date of Birth/Age : |
26.06.1956 |
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Date of Appointment : |
08.04.2005 |
BUSINESS DETAILS
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Line of Business : |
Carry on the business of manufacturing, buying, selling, importing,
exporting and dealing in Ono Woven products made out of cotton, jute, silk,
wool, rayon, synthetic fibres and other fibre materials to be used for
industrial, household and other allied purposes including the business of
knitting, carpet manufacturing by handooms and other means such as Tufted,
Axminister Chenile, Wilton or other Mechanised Method of Carpet Production,
Finishing and Processing, Manufacturing and Selling Yarn, Cloth, Carpets,
Blankets, Tweeds, Blazers, Gaberdine, Sarge Cloth, Shawls and other woolen
and Blended Goods. |
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Products with ITC Code : |
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GENERAL
INFORMATION
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No. of Employees : |
Around 15 |
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Bankers : |
State Bank of
India Koti, Hyderabad –
500 095, Andhra Pradesh, India |
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Facilities : |
Secured Loans
and Terms Loans (Rs. in
millions)
1] Contingent Liabilities not provided for Rs. Nil (previous year Rs.
Nil). 2] Term Loan form IFCI / ICICI are secured by deposit of Title Deeds
with IFCI and Joint Equitable Mortgage to the said Financial Institutions on
immovable properties both present and future and hypothecation of all movable
assets, subject to prior charge to the company’s bankers for working
capital. 3] The Term Loan from the aforesaid Financial Institutions will rank
pari passu among themselves for which an Agreement is yet to be executed. 4] The Term Loan are guaranteed by Three Promoters (of whom one is a
Managing Director) in their personal capacity. Working Capital limi of Rs. 6.500 millions (previous year Rs. 6.500
millions) from State Bank of India are secured by hypothecation of Raw
Material, Consumable Stores, Work-in-process, Finished Goods, Book debts,
etc. The above limits are also secured by second Charge on the fixed assets
and guaranteed by two directors in their personal capacities,\. In additions
to the above, the said limits are collaterally secured by equitable mortgage
of land property of the managing director. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A Ramachandra and Company Chartered Accountants |
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Address : |
3-6-369/A/11, 1str Floor, Street No. 1, Himayat Nagar, Hyderabad – 500
029, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1473000 |
Equity Shares |
Rs. 10/- |
Rs. 14.730 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
14.730 |
14.730 |
14.730 |
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2] Share Application Money |
13.955 |
13.955 |
10.875 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(88.354) |
(85.850) |
(80.055) |
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NETWORTH |
(59.669) |
(57.165) |
(54.450) |
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LOAN FUNDS |
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1] Secured Loans |
75.575 |
76.706 |
77.132 |
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2] Unsecured Loans |
1.010 |
0.000 |
0.000 |
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TOTAL BORROWING |
76.585 |
76.706 |
77.132 |
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DEFERRED TAX LIABILITIES |
0.287 |
0.000 |
0.000 |
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TOTAL |
17.203 |
19.541 |
22.682 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.215 |
18.098 |
20.247 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.703
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8.468 |
7.674 |
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Sundry Debtors |
4.650
|
3.160 |
4.498 |
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Cash & Bank Balances |
0.034
|
0.029 |
0.016 |
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Loans & Advances |
1.190
|
2.540 |
3.389 |
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Total
Current Assets |
13.577
|
14.197 |
15.577 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.589
|
12.754 |
13.142 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
12.589
|
12.754 |
13.142 |
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Net Current Assets |
0.988
|
1.443 |
2.435 |
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TOTAL |
17.203 |
19.541 |
22.682 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
11.791 |
10.371 |
22.284 |
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Other Income |
0.031 |
0.055 |
0.123 |
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Total Income |
11.822 |
10.426 |
22.407 |
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Profit/(Loss) Before Tax |
(2.451) |
(5.794) |
(4.895) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(2.451) |
(5.794) |
(4.895) |
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Expenditures : |
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Cost of Goods Sold |
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Increase / Decrease in Finished Goods |
(0.031) |
0.316 |
NA |
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Salaries, Wages and Bonus |
2.102 |
2.462 |
NA |
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Managerial Remuneration |
0.600 |
0.600 |
NA |
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Payments of Auditors |
0.058 |
0.057 |
NA |
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Insurance Expenses |
0.137 |
0.162 |
NA |
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Other Expenditure |
2.960 |
5.088 |
NA |
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Manufacturing Expenses |
NA |
NA |
2.509 |
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Employees Costs |
NA |
NA |
2.428 |
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Administrative Expenses |
NA |
NA |
3.767 |
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Raw Material Consumed |
5.446 |
4.493 |
8.957 |
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Excise Duty |
NA |
NA |
3.033 |
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Interest |
0.886 |
0.893 |
4.313 |
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Depreciation & Amortization |
2.113 |
2.148 |
2.296 |
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Total Expenditure |
14.273 |
16.221 |
27.303 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(20.73)
|
(55.57) |
(21.84) |
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Net Profit Margin (PBT/Sales) |
(%) |
(20.73)
|
(55.57) |
(21.84) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(8.22)
|
(17.94) |
(13.66) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.10) |
(0.09) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(0.50)
|
(0.56) |
(0.65) |
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Current Ratio (Current Asset/Current Liability) |
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1.08
|
1.11 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Web:
Profile
- Charminar Nonwovens Limited, is an organisation
with technological excellence and a team of young and dedicated
professionals. It established itself as a major player in Nonwoven
textiles manufacturing in India offering a wide range of quality products.
- The resources and expertise of Charminar Nonwovens Limited, in combination had made the
organisation an epitome of quality in the markets well as among the
environmentalists.
- The products of the company branded Charm offers the best solutions in the Nonwoven textile
utilities viz. its floor carpets. Charm
carpet is available in 14 exiting colours.
- Charm Nonwoven Geotextiles are
manufactured by an advanced technology using needle punching technique
.This offers critical design solutions to various Geoengineering problems.
Charm Geotextile is a
proven tool for the Soil engineers.
- Charm Nonwoven Filter Fabrics are
manfactured in vide ranges for different applications like dust
filteration and liquid filteration.
- Charm Nonwoven Bonded Fabrics are
manufactured from different fibres, different process by using bonding
agents.
Carpets
Nonwoven Carpets marketed by the Company under the Brand Name Charm find their use in homes, corporate offices, super markets, computer rooms, restaurants, hotels, clubs and recreation centers, hospitals.
Charm Nonwoven carpets are manufactured from Polypropylene Fiber with Jute backing and Latex coating at the bottom. The basic raw material Polypropylene fiber used in the manufacture of CHARM Carpets has many advantages compared to the material used in conventional Carpets. Polypropylene fibre is thermoplastic, hydrophobic , inert and soft with high strength. It has appreciable resilience and high abrasion resistance.
The specific product features of Charm Carpets are as follows:
·
Stain Resistant: Coffee. Tea. Soup. Glue spilled on the
Carpet do not leave any stain once the carpet is cleaned with a wet cloth/sponge
and soap solution.
· Ultra Violet resistant and nonfading.
· Fire retardant.
· Good Acoustic and Thermal Insulation properties.
· High Abrasion Resistant.
· Moth Proof.
Charm Carpets are available in exciting range of 14 shades and offered in width of 12ft. (3.66 Mtrs).10 ft (3.05 Mtrs) an6ft (1.83 Mtrs.). Generally Nonwoven carpets are offered in six feet in India the advantage of CHARM carpets with the width of ten feet is that it needs less number of joints. Another feature of the carpet is its thickness which is 4.Omm. Handling such a carpet is easy. These carpetsare laid on the floor by fixing with rubber based adhesive solution. which is applied along the edges of the carpet to the extent of 4". This ensures placing of the carpet firmly on the floor. CHARM Carpets give similar feel of a conventional carpet. The special manufacturing process ensures that dust does not penetrate and settle down as a thick layer below the Carpets as happens in the conventional Carpets. CHARM Carpets can be easily cleaned with soft brush or vacuum cleaner.
The Carpets are offered in the standard length of 25 to 30 metres per roll wound on a strong paper core, covered with polythene sheets and jute.
Filter Fabrics
Charminar Nonwovens Limited enjoys a substantial share of Indian Filter Fabrics and filter Bag market, offering a wide range of quality products. Its endeavor is to bring out the best concept of "Pollution Control and Filtration Media" following international norms. It has recognized expertise in Filtration Media technology.
Industries like Cement, Mini-Cement. Aluminium. Asbestos. Thermal Power Plants. Fertilizers. Ferrous and Nonferrous Industries regularly use "Charm" Filter fabrics for Dry and Wet Filtration processes. The fabrics are made out of Synthetic Fibers by employing needle punching technology are generally converted into collection bags.
User General
Guidelines :
|
Component |
GSM |
With Scrim |
Scrim Less |
Singed |
Calendered |
Special Finishes |
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Polyester |
100-900 |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Acrylonitrile |
150-700 |
Yes |
Yes |
Yes |
Yes |
Yes |
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Polypropylene |
150-700 |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Ryton |
400-600 |
Yes |
No |
Yes |
Yes |
Yes |
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Nomex |
400-600 |
Yes |
No |
Yes |
Yes |
Yes |
Custome Made Products
:
|
Antistafic product |
: |
Conductive Fibre blended. Stainless Steel(SS) Net intruded &
Hydrophilic fibers blended. |
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Surface Shearing |
: |
Flame Singed. Roller Singed & Duo Singed. |
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Dermis delicacy |
: |
Glazed, Calendered & Axial. |
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Duo density |
: |
Symmetric & Asymmetric . |
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Repellent Products |
: |
Water, Adhesion & Oil. |
Research and
Development Wing :
An innovative team of technocrats are engaged in various practical research activities and product development. They are in continuous touch with the latest development activities allover the world.
Quality Control :
Each product passes through a rigorous quality control test,
keeping constant vigilance on product quality equipped with instrumental
support of in-house laboratory.
Customer Support
Service :
Charminar Nonwovens Limited has a wide marketing network, having offices in major Indian cities. A dedicated team of enthusiastic professionals is on its toes at your service.
User’s General
Guidelines
|
Basic Raw Material |
Recommended Operational
Temp (cent.) |
General Properties and |
|
Polyester |
120-150 |
Good tensile
properties. Good abrasion resistant. Very good acid resistant. Poor alkali
resistant. Moderately resistant to hydrolysis in presence of moisture and
strong acid/sox/alkali/oxidizing agent at high temperature. Offers good life
for dust collection systems in Cement, Fertilizers, Coal Mills, Asbestos and
other industries. |
|
Acrylonitrile |
100-160 |
Moderate tensile
properties. Moderately abrasion resistant. Acrylonitrile Good acid and alkali
resistant. Resistant to hydrolysis in prsence of moisture combined with
temperature and acid/sox/aIkali/oxildising agent. Popular in dust collection
system with difficult chemical atmosphere at lower temperature. Used by
Cement, Fertilizer, Coal Mills, Asbestos and Chemical industries. |
|
Polypropylene |
80-100 |
Good tensile
properties. Very good abrasion resistant. Excellent chemical resistant.
Resistant to hydrolysis in presence of moisture and strong
acid/sox/alkali/oxidising agent. Used mostly for liquid filtration in
industries like Aluminium, Zinc, Lead, Copper etc. |
|
Ryton |
170-190 |
Good tensile properties.
Good abrasion resistant. Ryton Excellent chemical resistant. Almost
unaffected by most of the chemicals even in presence of moisture and
temperature. Applications are Boiler houses, Kilns of different industries. |
|
Nomex |
190-204 |
Good tensile
properties. Good abrasion resistant fairly good chemical resistant.
Hydrolysis with substantial moisture and typical temperature combination in
presence of strong alkali/acid/sox/oxidising agent. Fire retardant.
Applications are for critical, fine gas filtrations, Kilns, Boiler of
different industries. |
Geo Textiles
Functions
Geotextiles
perform following basic functions:
Separation
They prevent dissimilar materials like base stone and subsoils
from mixing, weakening a structure.
Reinforcement
They provide inherent tensile strength to hold a structure
together.
Filteration
They restrain soils from
movement while allowing free passage of water through and along the plane of
the fabric.
Charm is the support and filter fabric engineers can specify with confidence because Charm is designed to be the "permanent" solution to problems involving construction in wet or unstable soils. The fabric effectivley separates aggregate from subsoil, filters surplus water, and provides tensile reinforcement to maintain the integrity of the structure.
The right material
"polypropylene": Charm is made from pure polypropylene, a readily
available petrolium based polymer that is chemically and biologically inert.
Consequently, Charm will not decompose in soil due to bacterial or
fungal action. In normal use it is also unaffected by ultraviolet light,
acids, alkalis, oils and most chemical solvents, And it resists wear, tear,
puncture, and abrasion. In short, it's permanent.. Totally maintenance free.
The
Right Cost: Saves money in three ways:
1. During purchase Charm can
be specially ordered to the length, width, and grade thickness required for
particular job. There is no cutting.. no waste.
2. During installation Charm
can be rolled out quickly by hand, requires no skilled labour, and eliminates
costly materials, such as graded aggregate.
3. Maintenance: Since Charm
is permanent, it eliminates costly maintenance and its associated materials,
labour, and equipment.
Consider all the advantages: total installed cost, easy installation, long service life. Charm... the geotextile that engineers can specify with confidence.
Application
Railroads
Charm provides inherently stronger track system that lasts longer,
requires little maintenance, and produces a net cost savings. For new track or
repairs, there's no need to remove native soil. Install Charm directly on the subgrade and eliminate contamination from
below the ballast.
Charm bonds tightly between
ballast and subsoil, preventing fine soils from pumping upwards and
contaminating the ballast. Its coarse texture also prevents train action from
pumping soils laterally, causing the track surface to drop.
Charm installed between
ballast and subgrade effectively reinforces the rail bed. Drains water quickly
so that ballast remains dry and functional. In Railroad applications, toughness
and permeability are critical factors due to the dynamic loads imposed by 100
tonne and 200 tonne locomotives. Charm has necessary tensile and elongation
properties to spread these track loads over a large area thus reducing the unit
pressure on the soil. This not only increases the load carry capacity of
railbed, but it also evens out the dynamic loads and lessens the tendency of
the track to become centerbound -- a condition in which the soil at the centre
of the track loses its stability.
Erosion Control
Charm is installed beneath
riprap and armour rock to prevent erosion of under soils. The fabric
economically replaces granular filter materials which are costly and frequently
difficult to replace. It fulfils both as a filter to allow water to move in
either direction, depending on water elevation.
For stream banks and other areas with wave action, the fabric is toed-in at the
bottom and the rock placed directly on the fabric. For coastal location where
there is severe wave action, the fabric should be covered with a 3 to 5 inch
layer of rock or sand (bedding) to protect it from puncture during installation
of the fabric.
Charm is easier to handle and installs more quickly than graded aggregate in projects involving streambank and shore protection. The fabric also drains more quickly and prevents static buildup that can undermine an embankment and cause slides. For silt fencing applications, Charm provides and inexpensive temporary structure meeting local construction codes, outperforming and outlasting such materials as burlap and straw bales.
The Company’s Fixed Assets of important valued includes:
- Freehold Land
- Buildings
- Plant and
Machinery
- Electrical
Installations
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
Bankers Charges
Report as per Registry
Name of the Company : Charminar Nonwovens
Limited
Presented by : -- Mr. P V Rao, Managing Director
|
1. Date and
description of the instrument creating or evidencing the charge
|
31.08.1988. Deed of
Hypothecation executed by the company in favour of Industrial Finance
Corporation of India (IFCI), and the Industrial Credit and Investment
Corporation of India Limited (ICICI) (hereinafter collectively referred to as
“the Lenders”). A certified copy of the said deed of hypothecation is
enclosed. |
|
2. Amount secured
by the charge /amount owing on security of the charge |
The Term Loan of
Rs. 10.000 millions. Agreed to be lent
and advanced by ICICI to the company together with interest, additional
interest, liquidated damages, commitment charges, premia on prepayment or on
redemption, costs, charges, expensed and all other moneys payable by the
company to ICICI in terms of Loan agreement dated 31.08.1988 between the
company of the one part and the lenders of the other part. |
|
3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
The whole of the
movable properties of the company including its movable plant and machinery,
machinery, spares, tools and accessories and other movables, both present and
future (save and expect book debts) whether installed or not and whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereafter from time to time during the continuance of the security be brought
into or upon or be stored in or about the company’s factories, premises and
godowns or wherever else the same may be held by any party to the order or
disposition of the company or in the course of transit or on high seas or on
order, or delivery, however and wherever in the possession of the company and
either by way of substitution or addition. |
|
4. Gist of the
terms and conditions and extent and operation of the charge. |
A] The charge
operates as security, inter alia, for the due repayment by the company to
ICICI of its Term Loan of Rs. 10.000 millions, together with interest,
additional interest, liquidated damages, commitment charges, premia on
prepayment or on redemption, costs, charges, expenses and all other moneys
payable by the said loan agreement. B] The charges in
favour of ICICI under the sid deed of hypothecation is subject to the
charge(s) created and pr to be created by the company in favour of its
bankers on the company’s stocks of raw materials, semi-finished and finished
goods and consumables stores and book debts and such other movables as may be
specifically permitted to secure its working capital requirements in the
ordinary course of business. C] The company
has undertake to keep the goods hypothecated in marketable and good
conditions at its own costs and insure the same in the joint names of the
company and the Lenders. D] All the goods
hypothecated and all the realization and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of the Lenders. E] The security
created under the said deed of hypothecation is to be a continuing
security. |
|
5. Names, address
and description of the persons entitled to charge |
Industrial Credit
and Investment Corporation of India Limited (ICICI) 163, Backbay
Reclamation, Mumbai – 400 020, Maharashtra, India |
|
6. Date and brief
description of instrument modifying the charge |
NA |
|
7. Particular of modification specifying the terms and conditions or the
extent or operation of the charge in
which modification is made and
the details of modification |
NA |
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.44.17 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.58.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions