MIRA INFORM REPORT
|
Report Date : |
06.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
MULBERRY
SILKS LIMITED |
|
|
|
|
Registered Office : |
#2
‘O’, Shaugnessy Road, Bangalore – 560025, Karnataka |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.10.1982 |
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Com. Reg. No.: |
08-5007 |
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CIN No.: [Company Identification No.] |
U17113KA1982PLC005007 |
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|
TAN No.: [Tax Deduction & Collection Account No.] |
BLRS04738G |
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PAN No.: [Permanent Account No.] |
AAECS6272P |
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Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Manufactures
Silk products sanctuaries in Silk also services over 50 brands in home furnishings
and interiors. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as experienced,
respectable and resourceful industrialists. Their trade relations are fair.
General financial position is good. Payments are correct and as per
commitments. The company can be
considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium and long-run. |
LOCATIONS
|
Registered Office : |
#2
‘O’, Shaugnessy Road, Bangalore – 560025, Karnataka |
|
Tel. No.: |
91-80-51146204 |
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Fax No.: |
91-80-51146205 |
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E-Mail : |
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Website : |
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Area : |
5000
sq. fts. (Owned) |
|
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Factory 1 : |
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|
Office |
3311, Sapthagiri Arcade, II
Siddaiah Road, 8th Cross, Bangalore |
DIRECTORS
|
Name : |
Mr. Rajendra Kumar Bothra |
|
Designation : |
Director |
|
Address : |
#333, A T Halli, 7th Cross, Lakshmi
Road, Shantinagar, Bangalore – 560027 |
|
Date of Birth/Age : |
19.06.1954 |
|
Date of Appointment : |
01.04.2001 |
|
|
|
|
Name : |
Mr.
Manish Kumar Bothra |
|
Designation : |
Director |
|
Address : |
#333, A T Halli, 7th Cross, Lakshmi
Road, Shantinagar, Bangalore – 560027 |
|
Date of Birth/Age : |
15.09.1974 |
|
Date of Appointment : |
21.10.1992 |
|
|
|
|
Name : |
Mr.
Trilok Kumar Bothra |
|
Designation : |
Director |
|
Address : |
#333, A T Halli, 7th Cross, Lakshmi
Road, Shantinagar, Bangalore – 560027 |
|
Date of Birth/Age : |
21.03.1965 |
|
Date of Appointment : |
21.10.1982 |
|
|
|
|
Name : |
Mrs.
Bimala Bothra |
|
Designation : |
Director |
|
Address : |
#333, A T Halli, 7th Cross, Lakshmi
Road, Shantinagar, Bangalore – 560027 |
|
Date of Birth/Age : |
07.08.1955 |
|
Date of Appointment : |
21.10.1982 |
|
|
|
|
Name : |
Mr. Kamal Kumar Baid |
|
Designation : |
Director |
|
Address : |
No. 13, Bengiyappa Garden, Shantinagar, Bangalore
– 560027 |
|
Date of Birth/Age : |
21.09.1962 |
|
Date of Appointment : |
17.01.2005 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
|
Manish Kumar Bothra |
1840 |
|
Trilok Kumar Bothra |
5040 |
|
Bimala Bothra |
6760 |
|
Kusum Bothra |
2175 |
|
Rohit Kumar |
1925 |
|
Mr. Sudhir Kumar Bothra |
1840 |
|
Ms. Pramila Bothra |
1840 |
|
M/s. Bikaner House Limited |
8250 |
|
TOTAL |
29670 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
Silk products sanctuaries in Silk also services over 50 brands in home
furnishings and interiors. |
|
|
|
|
Imports from : |
China
|
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
400 |
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Bankers : |
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Facilities : |
-- |
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|
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Banking Relations : |
Good
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|
|
|
Auditors : |
Sharma & Pagaria Chartered Accountants |
|
Address : |
Bangalore |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs. 3.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29670 |
Equity Shares |
Rs.100/- each |
Rs. 2.967 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.967 |
2.967 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
144.460 |
94.040 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
147.427 |
97.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
176.390 |
175.491 |
|
|
2] Unsecured Loans |
|
20.000 |
21.667 |
|
TOTAL
BORROWING
|
|
196.390 |
197.158 |
|
|
DEFERRED TAX LIABILITIES |
|
15.313 |
12.952 |
|
|
|
|
|
|
|
TOTAL
|
|
359.130 |
307.117 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
|
255.504 |
201.849 |
|
Capital work-in-progress
|
|
0.000 |
8.358 |
|
|
|
|
|
|
|
INVESTMENT
|
|
48.489 |
0.000 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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|
Inventories
|
|
62.679 |
91.283 |
|
|
Sundry Debtors
|
|
88.895 |
67.198 |
|
|
Cash & Bank Balances
|
|
10.546 |
17.483 |
|
|
Other Current Assets
|
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
24.208 |
30.731 |
Total Current Assets
|
|
186.328 |
206.695 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
|
131.191 |
109.785 |
Total Current Liabilities
|
|
131.191 |
109.785 |
|
Net Current
Assets
|
|
55.137 |
96.910 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
359.130 |
307.117 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
787.169 |
553.364 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
98.008 |
56.437 |
Provision for Taxation
|
|
37.144 |
24.905 |
Profit/(Loss) After Tax
|
|
60.864 |
31.532 |
|
|
|
|
|
Total Expenditure
|
|
735.968 |
531.447 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
7.73 |
5.69 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
12.45 |
10.19 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
22.18 |
13.81 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.66 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
|
2.22 |
3.16 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
1.42 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was incorporated on
21st October, 1982 at Bangalore in Karnataka having Company Registration Number 5007 as
“Shakshambana Silks Exports Private Limited” later its name was changed to “Mulbery
Silks Private Limited” with effect from 24th May, 2002.
BUSINESS
Subject acts as manufacturer,
importer and exporter.
It manufactures Silk products
sanctuaries in Silk also services over 50 brands in home furnishings and
interiors.
Subject is a Government of
India Recognised Export House.
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Bangalore |
|
Date
and Description of the instrument creating charge |
30.03.1992
Letter of hypothecation : Letter of Indemnity & hypothecation agreement
for established L/C&BG |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
20.000 Millions Pcl
– Rs. 7.500 Millions and Imp. LC – Rs. 5.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of stock of Rawmaterials, work in process, semi finished goods, bookdebts etc
stored at godown/factory premises |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Rate
of Interest – 15.5% per annum margin – 10% |
|
Name,
address and description of the person entitled to charge |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and brief of the description of instrument modifying the charge |
Agreement
for CC – Hypothecation of goods Agreement
for CC - of hypothecation of debts and assets Letter
of hypothecation agreement for bills Pledge
letter in respect of machine accepted as collateral security of bills Letter
of undertaking not to create any future charge Shipping
Line/Trust Letter/ Agreement for guarantee
|
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
By
the above the amount secured by the charge stands increased to Rs. 20.500
Millions Collateral
security of machineries obtained as additional bookdebts continue to be
available Rate
of Interest – EPC – 13% |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Bangalore |
|
Date
and Description of the instrument creating charge |
30.03.1992
Letter of hypothecation : Letter of Indemnity & hypothecation agreement
for established L/C&BG |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
20.000 Millions Pcl
– Rs. 7.500 Millions and Imp. LC – Rs. 5.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of stock of Rawmaterials, work in process, semi finished goods, bookdebts etc
stored at godown/factory premises |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Rate
of Interest – 15.5% per annum margin – 10% |
|
Name,
address and description of the person entitled to charge |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and brief of the description of instrument modifying the charge |
Agreement
for CC – Hypothecation of goods Agreement
for CC - of hypothecation of debts and assets Letter
of hypothecation agreement for bills Pledge
letter in respect of machine accepted as collateral security of bills Letter
of undertaking not to create any future charge Shipping
Line/Trust Letter/ Agreement for guarantee
|
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
By
the above the amount secured by the charge stands increased to Rs. 28.000
Millions Collateral
security of machineries obtained as additional bookdebts continue to be
available Rate
of Interest – EPC – 13% |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Bangalore |
|
Date
and Description of the instrument creating charge |
30.03.1992
Letter of hypothecation : Letter of Indemnity & hypothecation agreement
for established L/C&BG |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
20.000 Millions Pcl
– Rs. 7.500 Millions and Imp. LC – Rs. 5.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of stock of Rawmaterials, work in process, semi finished goods, bookdebts etc
stored at godown/factory premises |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Rate
of Interest – 15.5% per annum margin – 10% |
|
Name,
address and description of the person entitled to charge |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and brief of the description of instrument modifying the charge |
Agreement
for CC – Hypothecation of goods Agreement
for CC - of hypothecation of debts and assets Letter
of hypothecation agreement for bills Pledge
letter in respect of machine accepted as collateral security of bills Letter
of undertaking not to create any future charge Shipping
Line/Trust Letter/ Agreement for guarantee
|
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
By
the above the amount secured by the charge stands increased to Rs. 28.000
Millions Collateral
security of machineries obtained as additional bookdebts continue to be
available Rate
of Interest – EPC – 13% |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Bangalore |
|
Date
and Description of the instrument creating charge |
01.02.1999
Letter
of hypothecation Indemnity
for purchases, bills, cheque for companies Agreement
for letter of credit & guarantee limit
|
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
38.500 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of the whole of the present and future stocks, book debts and all other goods
meant for exports belonging to the company
|
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Interest
and margin as applicable from time to time Repayable
on demand |
|
Name,
address and description of the person entitled to charge |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
Mr.
Manish Bothra & Mr. Seetharam |
|
Date
and Description of the instrument creating charge |
16.12.1995
memorandum of agreement to deposite of title deeds |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
30.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Equitable
mortgage created by deposit of title deeds on company immovable |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Immovable
property mentioned at colum 3, given as security for working capital
facilities sanctioned by State Bank
of Hyderabad to Mulberi Silk International Limited |
|
Name,
address and description of the person entitled to charge |
State
Bank of Hyderabad, Industrial Finance Branch, 85, Richmond Road, Bangalore -
560025 |
|
Date
and brief of the description of instrument modifying the charge |
17.07.1996,
Memorandum of deposit for creation of further charge for overall limit where the
initial charge is created by way of mortgage by deposit title deeds |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
The
amount secured by the charge increased to Rs. 45.000 Millions on account of
working capital facility to Mulberi Silk International Limited increased to
Rs. 45.000 Millions |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
Ms.
Bimala Bothra |
|
Date
and Description of the instrument creating charge |
Memorandum
of agreement dated 15.12.1995 |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
30.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
As
per memorandum of deposit for creation of charge |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
As
per memorandum of agreement dated 15.12.1995 |
|
Name,
address and description of the person entitled to charge |
State
Bank of Hyderabad, Industrial Finance Branch, 85, Richmond Road, Bangalore -
560025 |
|
Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and Description of the instrument creating charge |
30.03.1992
Letter of hypothecation : Letter of Indemnity & hypothecation agreement
for established L/C&BG |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
20.000 Millions Pcl
– Rs. 7.500 Millions and Imp. LC – Rs. 5.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of stock of Rawmaterials, work in process, semi finished goods, bookdebts etc
stored at godown/factory premises |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Rate
of Interest – 15.5% per annum margin – 10% |
|
Name,
address and description of the person entitled to charge |
State
Bank of Hyderabad, Industrial Finance Branch, 85, Richmond Road, Bangalore -
560025 |
|
Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge in
which modification |
Not
Applicable |
|
Name
of the company |
MULBERRY SILKS LIMITED |
|
Presented
By |
State
Bank of Mysore, Basavaraja Market, Bangalore |
|
Date
and Description of the instrument creating charge |
30.03.1992
Letter of hypothecation : Letter of Indemnity & hypothecation agreement
for established L/C&BG |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
20.000 Millions Pcl
– Rs. 7.500 Millions and Imp. LC – Rs. 5.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of stock of Rawmaterials, work in process, semi finished goods, bookdebts etc
stored at godown/factory premises |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Rate
of Interest – 15.5% per annum margin – 10% |
|
Name,
address and description of the person entitled to charge |
State
Bank of Mysore, Basavaraja Market, Jama Masjid Road, Bangalore |
|
Date
and brief of the description of instrument modifying the charge |
Agreement
for CC – Hypothecation of goods Agreement
for CC - of hypothecation of debts and assets Letter
of hypothecation agreement for bills Pledge
letter in respect of machine accepted as collateral security of bills Letter
of undertaking not to create any future charge Shipping
Line/Trust Letter/ Agreement for guarantee
|
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
By
the above the amount secured by the charge stands increased to Rs. 20.000
Millions Margin
– for LC – 255 usance period 180 days on DA/DP terms Rate
of Interest at - 13% upto 180
days |
Website Details Attached:
History:
The silk journey started around two hundred years
ago for the Bothra clan, migrants from the land of kings, ‘Rajasthan’, to
Calcutta, which was then the capital of India.
Philosophy and Vision:
It is their means to serve their customers, to form
enduring relationships, to provide honourable and adequate livelihood to
hundreds of families, to give to many people who have very little, to add to
the beauty in this world and to affirm their preceptor’s magnanimity in giving
to us this glorious trade.
People and Partners:
They offer the best to their people and are
second to none in providing medical insurance and employee provident fund,
performance related incentives & bonuses. For the employees there is an
emergency fund to take care of unexpected exigencies, a free education
programme for children till whatever stage they choose to study, overseas
training programmes for both design and production staff, appraisal linked career
planning and a loan clearance assistance programme.
Awards:
They have been awarded the prestigious Indian
Silk Promotion Council Award consecutively for the last ten years. They are
also a Government of India recognised export house.
Production:
They have a 350 ton dyeing & twisting
facility, 40 power looms and 16 rapier looms. They have also recently added 9
embroidery machines from Japan. They are presently jointly working with their
Japanese partners to expand the scope of the present embroidery technology.
They also have 10 handheld embroidery frames manned by approximately two
hundred craftsmen. All capacity is in-house, with permanent partnerships in
place for sub contracts to satisfy any sudden surge in demand.
Quality:
They source silk yarn from China and Brazil.
For their blends they source wool from Australia and linen from Belgium. Their
silk yarn is only GRADE 5A and above. All yarn is tested by the Central Silk
Board of India in strict compliance with its own rigorous world class standards.
Service:
Their customers demand more than the best
from us, because of their track record of finding ways of fulfilling their
demands regardless of how impossible they seem. They will very soon introduce
an electronic order update system. They will update customers on every order on
a weekly basis, or as required via electronic mail, so they can check order
status at their own convenience, anywhere. This system will also be used to
inform customers of unexpected glitches at any stage of order fulfilment. They
use the best airlines to deliver. They try as far as possible to ship straight
out of Bangalore to avoid procedural delays.
Specialization:
This category promotion is their tribute to
silk as well as their strategy for safeguarding their future. They realise that
first time silk users have specific questions and issues regarding silk. Some
of these have to do with perception. They take the extra time they require to
educate them and give them the room they need to experiment and discover. They
develop specially for them and have the time to deal with their special issues
one at a time. They also find ways of introducing silk with their existing
product lines.
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 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score
serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores obtained
from each of the major sections of this report. The assessed factors and their
relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational
base are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |