MIRA
INFORM REPORT
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Report Date : |
06.01.2007 |
IDENTIFICATION DETAILS
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Name : |
GTFC LIMITED |
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Registered Office : |
“Web House”, 2/1, Subrayan Street,
Nugambakkam, Chennai – 600034, Tamilnadu, India |
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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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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. Importers of raw material
/consumables for own use in addition to machinery at times |
RATING
& COMMENTS
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MIRA’s Rating : |
Ba |
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
: |
Rented and shared
partly with group building area – 2400 sq. fts. |
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Factory 1 : |
Footwear Component Park, 105 Gundu
Salai, Oulgaret, Pondicherry – 605010 Tel. 91-413-2292782 Fax. 91-413-2291871 Email.
gtfcfcty@md2.vsnl.net.in |
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Area
: |
Leased – 10000 sq.
fts. |
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Branches : |
2/1 Subburayan Street, Nugambakkam, Chennai – 600 034, Tamilnadu Tel. No. 91-44-28213490 Fax No. 91-44-28213264 Email. gtfcfcty@md |
DIRECTORS
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Name : |
Mr. Utsav Seth |
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Designation : |
Managing
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 : |
24.07.1972 |
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Qualification : |
MBA &
Undergone Shoe Technology Course from UK |
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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 : |
1-A, First
Floor, 28, Cenotaph Garden, Cenotaph Road, 1st Street, Teynampet,
Chennai – 600 018, Tamilnadu |
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Date of Birth/Age : |
19.09.1973 |
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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 : |
1-5 Balaji
Towers, No. 54, 10th Avenue, Ashok Nagar, Chennai – 600083,
Tamilnadu |
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Date of Birth/Age : |
19.09.1967 |
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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 G,
Second Floor, Sterling Manor, No 5, 3rd Cross Street, Sterling
Road, Nungabakkam, Chennai – 600034, Tamilnadu |
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Date of Birth/Age : |
01.04.1973 |
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Date of Appointment: |
12.07.2001 |
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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
|
Names of Shareholders |
No.
of Shares |
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Ms. Manjari Seth |
416743 |
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Hold Ford Investments Limited |
222111 |
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Mr. Ravi Mehrotra |
666343 |
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Mr. Utsav Seth |
59360 |
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Mr. B. Nanban |
31943 |
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Mr. Ritesh Tandon |
8422 |
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Supersight India Limited |
502644 |
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Mr. Vivek Mehrotra |
2223 |
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Mr. N. Krishnaveni |
22185 |
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Mr. Saurabh Mehrotra |
233 |
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Mrs. Neha Tandon |
24300 |
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Mr. Deepak Tandon |
2340 |
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Mr. M. L. Mehrotra |
117 |
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Mrs. M. L. Mehrotra |
117 |
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Mrs. Shalini Tandon |
2223 |
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Mr. GP. Seth |
1842 |
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Seth Ramji Das and Sons |
102678 |
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Mr. GP. Seth (HUF) |
31220 |
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Mr. Sashi Seth |
29762 |
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Mr. gaurav Seth |
1860 |
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Mrs. Sheeba Seth |
1668 |
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Mrs. Thanya Seth |
3290 |
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Mrs. Mahima Seth |
2695 |
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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. 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 : |
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 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
OEM’s.
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No. of Employees : |
90 |
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Bankers : |
UCO Bank Main Branch, Pondicherry – 605 001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
K. S. Jagannathan & Company Chartered Accountants Chennai |
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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
:
|
No. of Shares |
Type |
Value |
Amount |
|
22,50,000 |
Equity Shares |
Rs.
10/- each |
Rs.
22.500 Millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21,36,402 |
Equity Shares |
Rs.
10/- each |
Rs.
21.364 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 |
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
|
51.549 |
47.515 |
33.105 |
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DEFERRED TAX LIABILITIES |
1.270 |
1.377 |
1.429 |
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TOTAL
|
87.669 |
82.031 |
66.229 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
17.625 |
20.083 |
21.250 |
Capital
work-in-progress
|
---- |
---- |
0.041 |
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INVESTMENT
|
0.510 |
0.108 |
0.108 |
DEFERREX TAX
ASSETS
|
---- |
---- |
---- |
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
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25.478
|
26.614 |
18.373
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Sundry Debtors
|
37.236
|
32.115 |
22.909
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Cash & Bank
Balances
|
8.336
|
9.512 |
8.706
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Other Current
Assets
|
0.000
|
0.000 |
0.000
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Loans &
Advances
|
44.738
|
36.029 |
17.715
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Total
Current Assets
|
115.788
|
104.270 |
67.703
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Less : CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities
|
43.781
|
40.005 |
19.428
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Provisions
|
3.293
|
2.438 |
3.463
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Total
Current Liabilities
|
47.074
|
42.443 |
22.891
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Net Current Assets
|
68.714 |
61.827 |
44.812
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MISCELLANEOUS
EXPENSES
|
0.820 |
0.013 |
0.018 |
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TOTAL
|
87.669 |
82.031 |
66.229 |
PROFIT
& LOSS ACCOUNT
|
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
|
3.208 |
2.634 |
2.053 |
Provision for
Taxation
|
1.358 |
0.858 |
1.380 |
Profit/(Loss)
After Tax
|
1.850 |
1.776 |
0.673 |
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Export Value
|
N.A. |
N.A. |
2.174 |
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Import Value
|
N.A. |
N.A. |
31.532 |
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Total Expenditure
|
136.037 |
126.142 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
|
1.33
|
1.38 |
0.66
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Net
Profit Margin(PBT/Sales)
|
|
2.30
|
2.04 |
2.03
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Return
on Total Assets(PBT/Total Assets}
|
|
2.40
|
2.11 |
2.30
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Return
on Investment (ROI)(PBT/Networth)
|
|
0.09
|
0.08 |
0.06
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Debt Equity Ratio(Total Liability/Networth)
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|
2.82
|
2.71 |
1.76
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Current Ratio(Current Asset/Current Liability)
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|
2.46
|
2.46 |
2.95 |
LOCAL
AGENCY FURTHER INFORMATION
|
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 |
|
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. |
----- |
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.
Our trading activities make us a one stop shop for all your
shoe manufacturing needs. Our private custom bonded warehouse stock reliable
footwear materials from all over the world. In addition, we have our own
warehouses in different locations across India, and our efficient staff are
geared to fulfill your orders quickly.
Over 50 countries import shoes from India. To say we 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 our 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. We ensure that all our products and
services are customised to meet every client’s sensitive needs and
specifications. We at GTFC are committed to providing you truly world-class
quality at the most competitive prices.
Since inception in the winter of 1997, we have constantly evolved
our business to enhance the value of our products and services to our
customers. With this as our 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 we
partner in the success of our 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, a 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.”
…And Away
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 ...
…And Away
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.”
…And Away
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.”
…And Away
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.”
…And Away
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.
…And Away
He gives motivational lectures and educates underprivileged children during his
spare time.
Parthiban enjoys music and attends classical
performances.
M. Ganesan, Production
Manager.
At Work…
“The challenge and responsibility given to me makes my association with GTFC
very exciting.”
…And Away
A good sportsman, our Production Manager plays a mean game of Football himself
. During his spare time he organizes tournaments for the youth.
·
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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 Ltd 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.44.30 |
|
UK Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
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 |
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 |