MIRA
INFORM REPORT
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Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SUPERHOUSE LIMITED |
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Formerly Known As : |
SUPERHOUSE LEATHERS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.01.1980 |
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Com. Reg. No.: |
004910 |
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CIN No.: [Company
Identification No.] |
L24231UP1980PLC004910 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPS01554A |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacture and Exports of Shoe Uppers, Chrome Leather, Sole Leather, Shoes, Sole / Cut Soles, Leather Garment, Textile Garments and Leather Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3400000 |
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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 and reputed company having fine
track. The company is progressing well.
Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Payments are usually correct and as per
commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long -run |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-512-2351120 / 2351867 / 2450391 / 2450373 / 2450396 / 2450398 / 2463373 / 2461391 |
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Fax No.: |
91-512-2450814 / 2820325 / 2451124 / 2460814 |
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E-Mail : |
superhou@lw1.vsnl.net.in super@sancharnet.in |
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Website : |
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Plants: |
Leather Processing A-1 Site-ll, Industrial Area, Unnao - 209 801 B-15, U.PS.I.D.C. Industrial Area, Site-ll, Unnao-209 801 Fashion Footwear Plot No. A-3, A-5, .RS.I.D.C.Industrial Area, Site-B, Sikandra, Agra-282 007 D-15, U.PS.I.D.C. Industrial Area, Site-ll, Unnao-209 801 Safety Footwear B-6, Site I, Industrial Area, Unnao-209 801 Shoe Upper Textile Garment A-14, Sector 65, Phase III, Noida Leather Garment C-10, Sector 58, Phase III, Noida |
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Division Offices: |
Upper Division Chrome Tannery
Division Goat Tannery Harness & Sole
Tannery Shoe Division Safety Footwear
Division Fashion Shoe Division
I Fashion Shoe Division
II Leather Garments
Division Textile Garments
Division Marketing Office, Marketing Office,
Noida Marketing Office,
Chennai Super Footwear Ltd. Superhouse Shoes Ltd. Amin International
Ltd. |
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Overseas
Offices: |
Amin International
Ltd. US Office
UAE Office |
DIRECTORS
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Name : |
Mr. Mukhtarul Amin |
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Designation : |
Chairman cum
Managing Director |
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Date of Birth/Age : |
48 years |
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Qualification : |
B.Sc. |
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Experience : |
29 years |
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Date of Appointment : |
01.11.1990 |
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Previous Employment: |
Super Tannery India
Limited, Managing Director |
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Name : |
Mrs. Shahina Mukhtar |
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Designation : |
Wholetime Director |
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Name : |
Mr. Vinay Sanan |
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Designation : |
Executive Director |
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Name : |
Mr. Anil Kumar Agarwal |
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Designation : |
Director Finance |
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Name : |
Mr. Mohd. Shadab |
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Designation : |
Wholetime Director |
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Name : |
Mr. Zafarul Amin |
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Designation : |
Wholetime Director |
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Name : |
Mr. Salman Khurshid |
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Designation : |
Director |
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Name : |
Mr. Anil Soni |
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Designation : |
Director |
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Name : |
Dr. K. K. Agarwal |
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Designation : |
Director |
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Name : |
Mr. M. D. Dalai |
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Designation : |
Director |
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Name : |
Mr. S. M. Rais |
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Designation : |
Director |
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Name : |
Mr. Sartaj Ahmad |
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Designation : |
Director |
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Name : |
Mr. Rizwan Ahmad Khan |
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Designation : |
Wholetime Director |
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Name : |
Mrs. Nausheen Shadab |
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Designation : |
Director |
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Name : |
Mrs. Shada Fatima |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R. K. Agrawal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A. Promoter's Holding (1+2) |
3147246 |
37.03 |
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1 |
Promoters |
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Indian promoters |
3147246 |
37.03 |
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Foreign Promoters |
- |
- |
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2 |
Persons acting in Concert |
- |
- |
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Sub-Total |
3147246 |
37.03 |
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B. Non-Promoters Holding (3+4) |
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3 |
Institutional Investors |
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a. |
Mutual Funds and UTI |
3838 |
0.05 |
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b. |
Banks, Financial Institutions, Insurance Companies (Central / State Government
Institutions / Non-Government Institutions) |
5425 |
0.06 |
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c. |
Flls |
- |
- |
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Sub-Total |
9263 |
0.11 |
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4. |
Others |
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a. |
Private Corporate Bodies |
502816 |
5.91 |
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b. |
Indian Public |
4813667 |
56.63 |
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c. |
NRIs / OCBs |
27008 |
0.32 |
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d. |
Any Other |
- |
- |
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Sub-Total |
5343491 |
62.86 |
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GRAND
TOTAL |
8500000 |
99.99 |
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BUSINESS DETAILS
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Line of Business : |
Manufacture and Exports of Shoe Uppers, Chrome Leather, Sole Leather, Shoes, Sole / Cut Soles, Leather Garment, Textile Garments and Leather Goods. |
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Products : |
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Exports to: |
Australia, Canada, England, France, Germany, HongKong, Ireland, Israel, Italy, Malaysia, New Zealand, Portugal, Saudi Arabia, South Africa, South Korea, Spain, U.K. and U.S.A. |
PRODUCTION STATUS
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Class of Goods |
Unit |
Capacity (per Annum) |
Actual
Production |
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Licensed |
Installed |
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Shoe Upper |
Pairs |
1000000 |
912000 |
332853 |
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Leather Hides |
Hides |
Delicenced |
450000 |
295714 |
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Leather skin |
Pcs |
Delicenced |
1000000 |
1121997 |
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Shoes |
Pairs |
2629200 |
1435301 |
1810726 |
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Leather Products |
Pcs |
543000 |
N. A. |
44063 |
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Textile Garment |
Pcs |
750000 |
210000 |
352455 |
GENERAL INFORMATION
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Suppliers : |
Ø Avadh Engines and Machines Private Limited Ø Kurt’O John Shoe Components Private Limited Ø M I Rubber Industries Ø R.K. Traders Ø Sanghavi Shoe Accessories Private Limited Ø AKI Leather Industries Private Limited Ø Associated Chemicals Private Limited Ø Associated Chemicals Private Limited Ø Anu Chemicals Ø K.N. Chemicals Ø Keuper Laminators Ø
Pee Ø Roshan Lai |
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Customers : |
v Shoe House v Prime
International |
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No. of Employees : |
1240 |
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Bankers : |
·
Punjab National Bank, Tel. No. 91-512-2317986 / 2362117 / 2311577 Fax No. 91-512-2311232 ·
State Bank of 15/54-B, Civil Court Road, Civil Lines, Tel. No. 91-512-2354990 / 2368174 Fax No. 91-512-2313474 |
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Facilities : |
Of the above Term
loans worth Rs. 56.082 millions (Previous year Rs.47.408 millions) are
repayable within one year. Working Capital
Loans from banks include USD 7,00,000 (Previous Year USD 6,90,000) Foreign
Currency Demand Loan Term Loans from
banks include USD NIL (Previous Year USD 7,70,250) Foreign Currency Term Loan Secured by
hypothecation of specific current assets and movable assets of the Company
both present and future and personal guarantee of two directors and includes
Rs. 1.657 millions (Previous year- Rs.10.646 millions) secured by documentary
bills. Secured by
equitable mortgage of specific fixed assets and hypothecation of Plant and
Machineries and personal guarantee of two directors and includes Rs. 9.941
millions (Previous year Rs. 8.404 millions) secured by hypothecation of
specific assets. Secured by
equitable mortgage of specific Land & Building and hypothecation of
specific Fixed Assets and personal guarantee of two directors. Hypothecation of
specific assets. |
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Banking Relations
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Good |
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Auditors : |
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Name : |
Kapoor Tandon and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Subsidiaries · Amin International Limited ·
Superhouse ( ·
Superhouse ( ·
Superhouse
Australia Pty. Limited, ASSOCIATES ·
Super Tannery ( · Superhouse Overseas Limited · Superhouse Shoes Limited · Chowdhary Overseas Limited · Unnao Tanneries Pollution Control Company · Super Footwear Limited · Tritan Leather Works Private Limited · Prime International · Shoe House · Nigar Talkies Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 150.000 millions |
Issued, Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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12447718 |
Equity Shares |
Rs. 10.00 each |
Rs. 124.477 millions |
Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 85.000 millions |
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3947718 |
Add: forfeited Equity Shares |
Rs. 10.00
each |
Rs. 3.948
millions |
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Total |
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Rs. 88.948 millions |
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Of the above 3817959 Equity shares were allotted as fully
paid Share pursuant to the Scheme of Amalgamation without payments being
received in cash. 606718 Shares allotted as fully paid shares during
the year on conversion of 606718 preferential warrants. |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
92.191 |
82.881 |
82.881 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
767.491 |
717.240 |
667.629 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
859.682 |
800.121 |
750.510 |
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LOAN FUNDS |
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1] Secured Loans |
539.380 |
509.556 |
472.157 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
539.380 |
509.556 |
472.157 |
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DEFERRED TAX LIABILITIES |
70.623 |
69.455 |
68.938 |
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TOTAL |
1469.685 |
1379.132 |
1291.605 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
629.992 |
595.554 |
604.410 |
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Capital work-in-progress |
32.422 |
26.159 |
0.666 |
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Advances for Capital Expenditure |
12.540 |
4.316 |
4.393 |
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INVESTMENT |
52.657 |
50.599 |
50.233 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
584.959
|
491.959 |
495.753 |
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Sundry Debtors |
468.047
|
453.676 |
387.250 |
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Cash & Bank Balances |
50.100
|
59.191 |
79.345 |
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Other Current Assets |
50.661
|
47.501 |
24.137 |
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Loans & Advances |
55.050
|
53.891 |
63.278 |
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Total
Current Assets |
1.209
|
1.106 |
1049.763 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
449.381
|
399.280 |
400.149 |
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Provisions |
16.362
|
4.528 |
18.609 |
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Total
Current Liabilities |
465.743
|
403.808 |
418.758 |
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Net Current Assets |
743.074
|
702.410 |
631.005 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.094 |
0.898 |
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TOTAL |
1469.685 |
1379.132 |
1291.605 |
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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 |
2309.910 |
2207.546 |
1843.913 |
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Other Income |
10.228 |
16.075 |
0.000 |
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Change in stock of Finished Goods and
work-in-process |
58.090 |
(12.738) |
0.000 |
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Total Income |
2378.228 |
2210.883 |
1843.913 |
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Profit/(Loss) Before Tax |
78.599 |
79.382 |
68.655 |
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Provision for Taxation |
31.168 |
22.364 |
22.386 |
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Profit/(Loss) After Tax |
47.431 |
57.018 |
46.269 |
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Earnings in Foreign Currency : |
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Export Earnings |
1784.2354 |
1651.372 |
1261.063 |
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Other Earnings |
0.223 |
0.904 |
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Total Earnings |
1784.458 |
1652.276 |
1261.063 |
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Imports : |
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Raw Materials |
91.587 |
101.706 |
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Stores & Spares |
149.875 |
149.407 |
247.403 |
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Capital Goods |
20.430 |
24.970 |
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Finished Goods |
0.456 |
0.000 |
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Total Imports |
262.348 |
276.083 |
247.403 |
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Expenditures : |
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Materials consumed |
1615.733 |
1515.912 |
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Manufacturing,
Administrative, selling and Distribution Expenses |
635.413 |
571.853 |
1775.258 |
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Depreciation |
48.483 |
43.736 |
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Total Expenditure |
2299.629 |
2131.501 |
1775.258 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
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|
31.03.2007 (Full Year) |
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Sales Turnover |
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|
3246.000 |
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Other Income |
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|
24.200 |
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Total Income |
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|
3270.200 |
|
Total Expenditure |
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|
3050.700 |
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Operating Profit |
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|
219.500 |
|
Interest |
|
|
49.700 |
|
Gross Profit |
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|
169.800 |
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Depreciation |
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|
59.200 |
|
Tax |
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|
50.500 |
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Reported PAT |
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|
59.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
|
0.70
|
0.72 |
0.68 |
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Long Term Debt-Equity Ratio |
|
0.21
|
0.19 |
0.17 |
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Current Ratio |
|
1.31
|
1.27 |
1.29 |
|
TURNOVER RATIO |
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Fixed Assets |
|
2.27
|
2.26 |
1.99 |
|
Inventory |
|
3.75
|
3.76 |
3.06 |
|
Debtors |
|
4.38
|
4.41 |
4.25 |
|
Interest cover Ratio |
|
2.52
|
2.62 |
2.57 |
|
Operating Profit Margin |
(%) |
8.85
|
9.27 |
10.37 |
|
Profit Before Interest and Tax Margin |
(%) |
6.45
|
6.91 |
7.74 |
|
Cash Profit Margin |
(%) |
4.75
|
5.43 |
5.99 |
|
Adjusted Net Profit Margin |
(%) |
2.35
|
3.07 |
3.35 |
|
Return on Capital Employed |
(%) |
10.26
|
10.92 |
10.56 |
|
Return on Net Worth |
(%) |
6.37
|
8.33 |
7.69 |
STOCK PRICES
|
Face Value |
Rs. 10.00 each |
|
High |
Rs. 51.00 |
|
Low |
Rs. 49.50 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE :-
The company has
achieved the sales and other Income of Rs. 2320.138 millions against Rs.
2223.621 millions reported last year. The Profit after Tax was Rs. 47.431
millions during the year under review as compared to Rs. 57.018 millions
reported during the previous year.
SUBSIDIARY
COMPANIES :-
The company is
having three wholly owned subsidiary companies namely M/s. Superhouse (UK)
Limited, M/s. Superhouse (
TECHNOLOGY
ABSORPTION :-
The company is carrying
on the technological innovations, up-gradation and improvements on a regular
way. The company is getting benefit of R & D by developing new range of
Products. The company is hopeful that sustained efforts put in by all concerned
and that will continue in future to achieve excellent working results and
improve competitive strength of the company.
The company has
incurred expenditure of Rs. 7.200 millions for the Research and Development
Activities during the year. The company has not incurred any capital
expenditure on R & D during the year. The company is not using imported
technology. However, Imported Plants and Machineries are being used by the
company.
FOREIGN EXCHANGE
EARNINGS & OUTGO :-
The Company
continues to enjoy the status of a Government of India Recognized Export House.
Continuous efforts are being made to identify the new markets. Exports during
the year were Rs. 1784.235 millions in comparison to previous year of Rs.
1651.372 millions on FOB basis. During the year, total Foreign Exchange outgo
was Rs. 357.486 millions as compared to Rs. 35.5484 millions during the
preceding financial year.
INDUSTRY STRUCTURE
AND DEVELOPMENTS :-
The leather
industry occupies a place of prominence in the Indian economy in view of its
massive potential for employment, growth and export. There has been increasing
emphasis on its planned development, aimed at optimal utilization of available
raw materials for maximizing the returns, particularly from exports. The
leather industry is spread in different segments, namely, Finished Leather
Footwear, Footwear Components, Leather Garments and Leather Goods including
Bags, Saddlery, Harness and Leather Gloves etc. The major production centers
for leather and leather products are located at Chennai, Ambur, Ranipat,
Vaniyambadi, Trichi and Dindigul in Tamilnadu, Kolkata in West Bangal,
Highly
sophisticated infrastructure is available to the industry. The leather industry
is enjoying the facilities of International Airports, well equipped Seaports
and well placed Communication Network. The leather industry is one of the major
foreign exchange earners of the country recorded significant growth since the
beginning of the decade. During 1994-95 the export of leather and leather goods
from
OPPORTUNITIES AND
THREATS
SEGMENT-WISE
PERFORMANCE:-
The segment-wise
performance of the company during the year is as under :-
Segments Turnover
a- Leather and Leather Products Rs. 2079.3 Millions
b- Textile
Garments Rs.
228.4 Millions
OUTLOOK :-
During 2005-06 the
leather industry has registered growth of 7.98%. As per the official
publication of DGCI&S, export of leather and leather products for the year
2005-06 stands at US$ 2694.59 million as against the previous year's export of
US$ 2495.37 million. The trend of positive growth is continuing during the
current year. The company has demand of its products from ail over the world.
The company has achieved export growth rate of 8.05% during 2005-2006. As the
company has increased the production capacity of all the major products, it is
expected that the company will cross the growth rate of 15% during 2006-07.
RISK AND CONCERNS
:-
The major raw material
for leather industry is raw hide/skins. Leather is a natural product and its
prices and availability are changing from time to time. The company is having
vast experience in sourcing the raw materials for its tanneries and leather
products divisions from
INTERNAL CONTROL
SYSTEM AND THEIR ADEQUACY :-
The company has a
proper and adequate system of internal controls to ensure that all assets are
safeguarded and protected against loss from misuse or disposition and those
transactions are authorized, recorded and reported correctly. Proper checks and
controls have been introduced for a!! The incoming and outgoing materials. The
Audit Committee and Internal Audit Department regularly reviews the financial
and operating controls at all locations of the Company. The internal control is
designed to ensure that the financial and other records are reliable for
preparing financial statements and other data, and for maintaining
accountability of assets.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE :-
The financial
statements have been prepared in compliance with the requirements of the
Companies Act, 1956 and Generally Accepted Accounting Principles in
QUALITY MANAGEMENT
:-
During the year,
several new initiatives were taken to improve and strengthen Quality Management
Systems at our various units. The Goat Tannery, Chrome Tannery and Shoe Divisions
of the company were awarded the certificate of ISO 9001:2000 for Quality
Management System Standard. The Safety Shoes and PL) Divisions of the company
are already having such global certificate.
ENVIRONMENT:-
The company is
fully aware of its social and legal responsibility of keeping good and healthy
environment for workforce and society. With the initiative of the company,
first common effluent treatment plant was set-upon Uttar Pradesh. Now a step
forward to its efforts toward environment protection the company achieved the
Global Standard of Environment Management System. The Goat Tannery, Chrome
Tannery and Shoe Division of the company were awarded the certificate of ISO
14001:2004 for Environment Management System Standard.
Fixed Assets:
v
Land
v
Building
v
Plant and machinery
v
Furniture and Fittings
v
Vehicles
v
Computer
Website details
attached
Introduction
From
a single tannery in the 80’s producing finished leather, Subject has emerged as
one of the biggest players in the industry. It started with a commitment to
excel, achieve and deliver the very best. Here, they engineer, optimize and
control every phase of manufacturing process from raw material to finished
products to ensure that end products are of highest quality and also best value
for money.
A
US $50 million group, subject has 15 units, with workforce of over 3000 and has
its presence in over 35 countries. Their commitment to quality is approved by
ISO 9002 certification. Stringent norms of EN 345 make them one of the most
respected manufacturers amongst the importers from European countries. Being
equipped with requisite infrastructure and strict adherence to high standard of
quality, they are able meet CSA, ANZ & SABS standard.
A
perfect blend of highly technical, skilled & semi-skilled work force and
competent executives has helped them in carving an enviable position for
theirselves in the global market.
Three
state-of-art units involved in manufacturing of footwear are ably backed by
their marketing offices strategically located in
To
add on, they are approved vendors to world-wide brands such as Wal-mart,
Filanto, Auchan, Andre, Shoe Fayre,
Their
existence in the trade for over three decades has given them a wealth of
knowledge, which allows them to offer their customers the maximum in choice,
value & quality.
It’s
their in-house tanneries sole division provide them with finest quality leather
Soles for their foot wears. To meet the exacting demand of clients they also
import leather from
Honours and Awards
The
Company has the distinguished Awards. All having been awarded scores of
Performance Awards, some of which are listed below :
Export Award from Council for Leather Exports
for creditable export performance during year 2004-2005 under
the category Saddlery & Harness
(Above US$1 million) - Plaque.
RajyaNiryat Puraskar Trophy ( First Position ) 1988-89 Medium size Industry by
Government of Uttar Pradesh.
RajyaNiryat Puraskar Trophy ( Second Position ) 1990-91 Medium size Industry by
Government of Uttar Pradesh.
RajayaNiryat Puraskar Trophy ( First Position } 1991-92 Medium size Industry by
Government of Uttar Pradesh.
RajyaNiryat Puraskar Trophy ( Second Position ) 1995-96 Medium size Industry by
Government of Uttar Pradesh.
Small
Industries of Export Promotion Department, Government of Uttar Pradesh
Trophy ( Second Prize ) for commendable performance in Exports in 1995-96.
Letter
of Appreciation, International Shoe Fare, 1996.
Certificate
of Merit awarded by C.L.E. Chennai, for commendable performance in
Exports in 1997-98.
Certificate
and Trophy for showing commendable export performance in 1998-99 in leather
Footwear.
Certificate
and Trophy for showing commendable performance for Footwear components.
Certificate and Trophy for showing commendable performance in finished Leather.
C.L.E. Certificate
of Merit for commendable performance in exports for US.$ LOO million to 5,00
million in 1998-99,
Certificate
and Trophy - Rajya Niryat Puraskar, 1998-99 ( First Prize ) by
Government of Uttar Pradesh.
International
Institute of Education and Management /International Udyog Excellence Award,
2000.
Life
time Achievement Award to Mr. Mukhtarul Amin for outstanding Achievement
in achieving Trophy - Certificate and Trophy National and International
Compendium July, 2000.
213i
Century Millenium Award to Mr. Mukhtarul Amin by International Institute
of Education and Management.
C.L.E.
Certificate and Trophy for Exports 1.00 million to 5.00 millions US.$ In
1997-98 in Leather Goods.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.37 |
|
|
1 |
Rs. 82.18 |
|
Euro |
1 |
Rs. 55.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|