MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
LIBERTY SHOES LIMITED |
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Registered Office : |
Liberty Puram, 13th Mile Stone, G. T. Karnal
Road, Kutail, P. O. Bastara, Karnal – 132 001, Haryana |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.09.1986 |
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Com. Reg. No.: |
33185 |
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CIN No.: [Company
Identification No.] |
L19201HR1986PLC033185 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKL00664G |
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PAN No.: [Permanent
Account No.] |
AAACL3146K |
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Legal Form : |
A public limited liability company. The company’s shared
are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and selling of leather & non-leather
shoes, leather shoe uppers and leather garments. |
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 3200000 |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Liberty Puram, 13th Mile Stone, G. T. Karnal
Road, Kutail, P. O. Bastara, Karnal – 132 001, Haryana, India |
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Tel. No.: |
91 - 1748 – 51101/03/52924 /
925 / 52850 / 57653 |
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Fax No.: |
91 - 1748 - 52849
/51100/52297/98/52511 91-11-5934940 / 41 |
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E-Mail : |
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Website : |
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Head Office : |
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Tel. No.: |
91 - 184-2252533,
2256100 |
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Fax No.: |
91 - 184-2255636,
2256400 |
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E-Mail : |
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Factory : |
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Tel. No.: |
91 - 1748 - 52297 / 52299/51111/14 |
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Fax No.: |
91 - 1748 – 52296 / 51000 |
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Marketing Office : |
4 / 42, Punjabi Bagh, |
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Tel. No.: |
91 - 11 - 5194371 / 5934943 / 5934944 / 5934945 |
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Fax No.: |
91 - 11 - 5455567 / 5934940 / 5934941 / 593494 |
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E-Mail : |
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Branches : |
Located at :-
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DIRECTORS
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Name : |
Mr. Adesh Gupta |
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Designation : |
Executive Director, Chief Executive Officer |
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Name : |
Mr. Adarsh Gupta |
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Designation : |
Executive Director |
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Name : |
Mr. Sharnmi Bansal |
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Designation : |
Executive
Director |
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Name : |
Mr. Satish Kumar
Goel |
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Designation : |
Director (Law & Taxation) |
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Name : |
Mr. Sunil Bansal |
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Designation : |
Non-Executive Director |
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Name : |
Mr. S.K. Arya |
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Designation : |
Independent Director |
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Name : |
Mr. Raghu Dayal |
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Designation : |
Independent Director |
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Name : |
Mr. Amitabh
Taneja |
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Designation : |
Independent Director |
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Name : |
Mr. Prem Chand
Garg |
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Designation : |
Independent Director |
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Name : |
Mr. Vivek Bansal |
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Designation : |
Independent Director |
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Name : |
Mr. Siddharth
Sanghi |
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Designation : |
Independent Director |
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Name : |
Mr. Munish Kakra |
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Designation : |
Company Secretary & Manager - Corporate Affairs |
KEY EXECUTIVES
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Audit Committee : |
Mr. Sunil Bansal Mr. Prem Chand Garg Mr. Raghu Dayal Mr. Vivek Bansal |
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Remuneration / Selection Committee : |
Mr. Raghu Dayal Mr. Prem Chand Garg |
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Share Transfer / Investor's Grievances Committee : |
Mr. Adarsh Gupta Mr. Sunil Bansal Mr. Prem Chand Garg |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters Holding |
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Indian Promoter |
5352920 |
31.414 |
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Person acting in concert (Including Geofin Investments (P) Limited) |
5200948 |
30.522 |
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Public Holdings |
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FII's , NRIs
& Banks etc |
142462 |
0.836 |
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Indian Public including
Private Corporate Bodies |
6343670 |
37.228 |
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TOTAL |
17040000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and selling of leather & non-leather
shoes, leather shoe uppers and leather garments. |
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Products : |
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Brand Names : |
Coolers Footfun Force 10 Gliders Fortune Tiptopp Senorita Warrior |
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Imports : |
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Products : |
Raw materials, stores and spares and capital goods |
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Countries : |
Europe and |
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Terms : |
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Purchasing : |
L/C, D/A and D/P terms |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Leather Garments |
Nos. |
1,00000 |
-- |
-- |
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Leather Shoes |
Pairs |
55000OO |
-- |
2574097 |
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Leather Shoe
Uppers |
Pairs |
3000000 |
-- |
2412700 |
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Non Leather
Shoes |
Pairs |
11500000 |
-- |
4198762 |
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Soles &
Heels of Rubber or Plastics |
Pairs |
10000000 |
-- |
-- |
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Hawai Chappals |
Pairs |
40000000 |
2160000 |
-- |
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EVA Co-polymer
Compound |
Tonnes |
2000 |
600 |
342594 |
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Non Leather Shoe
Uppers |
Pairs |
-- |
-- |
3919515 |
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PU/PVC/EVA Soles |
Pairs |
-- |
-- |
1312299 |
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Shoes (Leather & Non Leather) |
Pairs |
-- |
3456000 |
-- |
GENERAL INFORMATION
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No. of Employees : |
3800 |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pardeep Tayal & Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
All Companies of Liberty Group |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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51,000,000 |
Equity Shares |
Rs.
10/- each |
Rs.
510.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17,040,000 |
Equity Shares |
Rs.
10/- each |
Rs. 170.400
Millions |
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 |
170.400 |
50.700 |
50.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
646.340 |
571.261 |
509.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
816.740 |
621.961 |
559.700 |
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LOAN FUNDS |
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1] Secured Loans |
488.118 |
221.115 |
231.700 |
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2] Unsecured Loans |
230.369 |
329.089 |
487.100 |
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TOTAL BORROWING |
718.487 |
550.204 |
718.800 |
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DEFERRED TAX LIABILITIES |
76.284 |
74.986 |
0.000 |
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TOTAL |
1611.511 |
1247.151 |
1278.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
484.867 |
391.139 |
369.100 |
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Capital work-in-progress |
9.183 |
2.445 |
1.200 |
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INVESTMENT |
64.263 |
40.222 |
15.300 |
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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 |
536.496
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410.142 |
443.700 |
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Sundry Debtors |
483.386
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472.574 |
485.500 |
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Cash & Bank Balances |
29.446
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24.532 |
42.500 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
300.148
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231.996 |
256.400 |
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Total
Current Assets |
1349.476
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1139.244 |
1228.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
222.621
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243.153 |
252.400 |
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Provisions |
73.657
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82.746 |
82.800 |
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Total
Current Liabilities |
296.278
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325.899 |
335.200 |
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Net Current Assets |
1053.198
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813.345 |
892.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1611.511 |
1247.151 |
1278.500 |
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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 |
2048.830 |
1765.501 |
1992.000 |
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Other Income |
11.111 |
12.518 |
23.600 |
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Total Income |
2059.941 |
1778.019 |
2015.600 |
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Profit/(Loss) Before Tax |
238.557 |
135.459 |
126.100 |
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Provision for Taxation |
53.628 |
37.513 |
42.100 |
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Profit/(Loss) After Tax |
184.929 |
97.946 |
84.000 |
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Earnings in Foreign Currency : |
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Finished Goods |
613.564 |
544.770 |
NA |
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Raw Materials etc. |
0.000 |
0.051 |
NA |
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Total Earnings |
613.564 |
544.821 |
NA |
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Imports : |
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Raw Materials |
158.377 |
72.075 |
NA |
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Capital Goods |
24.331 |
16.645 |
NA |
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Stores & Spares |
3.949 |
3.199 |
NA |
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Total Imports |
186.657 |
91.919 |
NA |
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Expenditures : |
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Raw Materials
Consumed and Finished Goods Purchased |
966.727 |
817.890 |
832.700 |
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Manufacturing
Expenses |
199.513 |
171.912 |
67.500 |
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Payments and
Benefits to Employees |
199.156 |
164.111 |
152.300 |
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Administration,
Selling and Miscellaneous Expenses |
432.033 |
390.101 |
484.200 |
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Interest &
Financial Charges |
47.418 |
69.871 |
56.000 |
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Excise Duty |
1.512 |
[9.692] |
220.500 |
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Depreciation |
39.999 |
37.109 |
36.400 |
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Power and Fuel
Cost |
0.000 |
0.000 |
39.900 |
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Total Expenditure |
1886.358 |
1641.302 |
1889.500 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2007 |
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Type |
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Full
Year |
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Sales
Turnover |
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2219.400 |
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Other
Income |
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|
9.300 |
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Total
Income |
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2228.700 |
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Total
Expenditure |
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|
1899.500 |
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Operating
Profit |
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|
329.200 |
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Interest |
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|
78.500 |
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Gross
Profit |
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|
250.700 |
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Depreciation |
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|
47.600 |
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Tax |
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|
37.500 |
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Reported
PAT |
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|
167.500 |
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Dividend
(%) |
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|
0.000 |
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
0.88 |
1.07 |
0.93 |
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Long
Term Debt-Equity Ratio |
0.10 |
0.16 |
0.17 |
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Current
Ratio |
1.31 |
1.30 |
1.34 |
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TURNOVER
RATIOS |
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Fixed
Assets |
3.02 |
3.06 |
3.55 |
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Inventory |
4.67 |
4.56 |
4.49 |
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Debtors |
4.63 |
4.07 |
5.69 |
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Interest
Cover Ratio |
6.03 |
2.94 |
3.25 |
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Operating
Profit Margin(%) |
14.74 |
12.44 |
10.97 |
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Profit
Before Interest And Tax Margin(%) |
12.93 |
10.54 |
9.14 |
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Cash
Profit Margin(%) |
10.17 |
6.93 |
6.04 |
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Adjusted
Net Profit Margin(%) |
8.36 |
5.02 |
4.22 |
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Return
On Capital Employed(%) |
21.12 |
16.76 |
17.62 |
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Return
On Net Worth(%) |
25.71 |
16.57 |
15.71 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.136.95/- |
|
Low |
Rs.133.50/- |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Building
- Plant and
Machinery
- Moulds
- Vehicles
- Furniture and
Fixtures
- Patents
History
Liberty Shoes (LSL), incorporated in Sep.'86 as a public
limited company, engaged in the business of manufacturing and selling leather
& non-leather shoes, leather shoe uppers and leather garments. In 1991, LSL
set up a joint venture to manufacture shoes, and in Dec 1995 it was
discontinued.
LSL has floated its maiden public issue at a premium of Rs. 89 to part-finance
the project to manufacture facility for 0.6 Millions pairs of leather shoes and
0.96 Millions pairs of non-leather shoes. The company has commenced commercial
production of non-leather shoes in Dec.'93.
LSL has well established network of retail stores, and markets it's products
under the well known brand '
The company has upgraded its manufacturing facilities to manufacture
high-quality speciality sport shoes of international standard. Beside this the
company intends to open its premier mega leather goods stores of international
standard in the major cities of
LSL entered into an marketing arrangement with renowned distribution company Delta
International Schuhmode, which paves way for LSL to export shoes to
Even though the company was awarded "A1+"(meaning highest safety)
rating for its commercial paper in 1999-2000 by ICRA, the company has not
issued any commercial paper in FY2000-2001.
In 2000-01 the company has completed the first phase of the SAP implementation
project. and the second phase is expected to be completed during the current
year. The company has also implemented a backward integration project for
manufacturing EVA co-polymers at Libertypuram in Haryana. EVA being the import
substitution product, the company can save foreign exchange.
It is in trade terms with :
- Bata India
Limited
- Lakhani India
Limited
- Relaxo
Footwear Limited
- Sarup
Tanneries Limited
- Super House
Leather Limited
Certificate & Membership
- Confederation
of Indian Industry (CII)
- Federation of
Indian Chambers of Commerce & Industry (FICCI)
- PHD Chamber
of Commerce and Industry (PHDCCI)
- The
Associated Chambers of Commerce and Industry of
- Federation of
Indian Export Organisation (FIEO)
- Council for
Leather Export (CLE)
- ISO 9001
Review of Company's operations
The Directors are pleased to inform that the year under review was the best year
ever - in terms of sales, export and profitability - since the Company
commenced operations in 1993.
During the year under review, the Company achieved the following:
- Gross sales of Rs. 2211.198 Millions and net sales of Rs. 2048.830 Millions
which -were 14 per cent and 15 per cent higher respectively over the previous
year.
- Exports at Rs. 628.321 Millions was 14 per cent higher compared to Rs.550.513
Millions in 2004-05.
- Profit after tax at Rs. 184.928 Millions was 88 per cent higher compared to
Rs. 97.946 Millions in 2004-05.
A combination of factors translated into an improved performance during the
year under review. The Company reduced its interest outflow by over 34.05 per
cent in quantum terms and from 3.43 per cent as a proportion of sales in
2004-05 to 2.00 per cent in 2005-06; average per pair realisation increased and
there was an enhanced contribution from the Company's tax incentive plant in
Uttaranchal. Besides, the Directors take pleasure to state that a multinational
footwear giant approved its facilities with the perspective of prospective
outsourcing.
During the year under review, the Company encountered its first labour unrest
and consequent slowdown, triggering a disruption in its production. The problem
remained unresolved but the Directors are confident that normalcy will soon be
restored. So the Company's performance in 2005-06 could have been better but
for the labour unrest.
In a forward-looking direction, the Company widened its presence in
- The Company strengthened its front-end by widening its Revolutions' retail
presence, setting up of a joint venture with Pantaloon in the area of footwear
retail and the formation of a wholly-owned subsidiary at UAE to promote its
global operations.
- The Company's back-end will be strengthened through the commissioning of new
manufacturing facilities in Himachal Pradesh and Uttranchal, which will enhance
its manufacturing capacity from 6.500 Millions pairs per annum to 10.500
Millions pairs per annum.
The Directors are optimistic that following these initiatives, the Company's
profitability and market share will increase further.
Brand building and sales promotion
The Company annually spends about 4 to 5 per cent of its revenues in brand
building exercises comprising advertising, fashion event sponsorship and other
promotional activities. During 2005-06, the Company sponsored major fashion
events in
- Sponsorship of Liberty Miss 8888, a popular segment of Ponds Femina Miss
India 2006, beauty pageant.
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- Images Fashion Forum.
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Since the Company's products reflect the latest designs addressing the preferences
of fashion connoisseurs, the Company's participation in these fashion events
helped reinforce its image as a Company that understands nuances in the world
of fashion and designs products to keep in step with the changing times.
Subsidiary Company(s) and joint venture:
Liberty Retail Revolutions Limited (LRRL)
The Directors are pleased to report that its retail venture showed encouraging
performance for the year ended 31st March, 2006. This Company had nine
Revolutions stores (five in the previous year) and four
During the year under review, the paid-up capital of LRRL increased as the
Company contributed a further sum of Rs. 10.000 Millions following which its
stake in the subsidiary stood at 50.22 per cent of its increased paid up
capital of Rs. 100.000 Millions as on 31st March, 2006. The Board of the
Company, in its meeting held on 29th July, 2006, decided to enhance its stake
in the subsidiary to 100 per cent by acquiring the stake of the other
promoters. To benefit the minority shareholders of the Company, the other promoters
of LRRL decided to offload their stake in the Company at par.
For the year ended 31st March, 2006, LRRL recorded sales and other incomes to
the tune of Rs. 86.462 Millions (as against previous year's Rs. 40.676
Millions) and earned a profit after tax of Rs. 2.589 Millions (as against the
previous year's loss of Rs. 7.352 Millions).
To expand its retail network across the world, especially in the Middle East,
Indian subcontinent and east and west
Foot Mart Retail India Limited (FMRIL), a joint venture Company
The Company set up a joint venture with Pantaloon Retail (
The Company's stake in the joint venture. will be 49 per cent whereas Pantaloon
shall hold 51 per cent. The Company contributed a sum of Rs.29.375 Millions
before 30th June, 2006 towards its stake in the joint venture. FMRIL commenced
operations and as on the date of this report, two mega stores had been launched
in Ahmedabad and
MANAGEMENT DISCUSSION AND ANALYSIS
The Indian footwear industry structure, development, opportunities and
outlook
The business of footwear is classified under
The Indian footwear industry appears poised to play a significant role in the
Indian economy across various counts. One being a labour intensive industry it offers
the prospect of intensive employment generation across the skilled and
unskilled categories. Two, even as India's share of the global footwear trade
has been insignificant, this reality could soon change due to a migration in
installed capacities from the developed to developing countries on account of
high wages and environmental issues.
Notwithstanding economic liberalisation and foreign direct investment permitted
in India's footwear industry on the one hand as well as a vast human resource
base and low wage structure on the other, the country failed to attract major
investments by global or Indian manufacturers on account of declining margins
and competitiveness.
In 2005, the Government of India commissioned a National Manufacturing Competitive
Council (NMCC) to increase the scope of the manufacturing sector in its
economy. Relevantly, the footwear industry was identified as one of the
priority manufacturing sectors on account of its employment generation and
profitable manufacturing potential. The NMCC focused on sectoral and
enterprise-level initiatives, technology development, export promotion and
employment generation opportunities.
Risks and concerns
The possible downturn in the overall economy, competition and the import of low
-value products are matters of concern for Indian footwear manufacturers. By
the virtue of being a value-added manufacturer and net foreign exchange earner,
Internal control and system adequacy
The Company enjoys established and comprehensive internal control procedures,
ensuring that its transactions are authorised, entered and reported correctly
while its business operations are effectively and efficiently conducted.
All the branches/marketing offices are well connected with the Company's
various manufacturing facilities leading to an effective control with a regular
exchange of MIS.
In its meetings, the Audit Committee of the Board regularly reviewed internal
audit reports and the adequacy of internal controls.
Financial performance
The financial performance of the Company has been stated in the Directors'
Report for the year ended 31st March, 2006, which appears separately in this
annual report. The highlights for the year ended 31st March, 2006 are given
hereunder:
Capital structure: During the year, the Company issued bonus shares in the
ratio of 1:1 and converted FCDs into equity shares (allotting bonus shares on
them), which resulted in an increase in its paid-up capital from Rs. 50.700
Millions.
Reserves and surplus:
AS PER WEBSITE
About Liberty Shoes Limited
Liberty
Footwear is the only Indian company that is among the top 5 manufacturers of
leather footwear of the world with a turnover in excess of U.S. $100 million.
Producing more than 50,000 pairs of footwear a day.
A
range that is among the largest in the industry, covering virtually every age group
and income category. Marketed across the globe through 150 distributors, 350
exclusive showrooms and over 6000 multi-brand outlets, and sold in thousands
every day in more than 25 countries including fashion-driven, quality-obsessed
nations like
History
Like
all enterprises this company too is seeped in history. It was on 25th
December 1954 when
With 50 years of excellence behind it
Management
Directors
Adesh Gupta
Chief Executive Officer
Adesh Gupta is a Mechanical Engineer, having specialization
in Polyurethane applications in Footwear and joined
Adarsh Gupta
Executive Director
Having
honed his business skills over the last twenty years, Adarsh is widely traveled
across the globe and understands the nuances of doing business at the global
stage. An avid learner Adarsh continues to enhance his skills and acumen
through development programs, many of which have international acclaim. Adarsh
has done a diploma in Footwear design from the world acclaimed ARS Sutoria
Institute,
Shammi Bansal
Executive Director
Shammi
Bansal is an eminent name in the leather and footwear industry of
Sunil Bansal
Director
Raman Bansal
Director
A
graduate with a Diploma in Shoe Designing under his belt Raman goes about his
task with a sense of precision taking along with him a vast number of dealers
and distributors. Sharing the marketing and sales policies with them and
identifying the success component of each based on continuous feedback from the
market.
Adish Gupta
Director
Looking
closely at the expansion plans and the corresponding human resource
requirements, Adish is constantly planning and strategizing to ensure the right
resource is available at the right time and continuous inputs for the growth of
the individual.
Vivek Bansal
Director
He heads the Non Leather and PVC production facilities of
the company. From procuring raw materials, to keeping the focus on fashion
trends Vivek enjoys the hectic pace he sets for himself to innovate and
surprise the system .
Anupam Bansal
Director
A keen learner Anupam has trudged through the retail markets
in the country to get a first hand feel of the business of retailing. He is
spearheading the company's focus on making the products available at fashion
stores around the country.
News and Events
Notice to the Members
Members of the Company are hereby informed that the Company on the 26th
of February 2007 has completed the dispatch of a Notice under Section 192A of
the Companies Act, 1956, along with the Postal Ballot form and a self -
addressed reply envelope (for which the postage shall) be paid by the Company)
in relation to a Special Resolution under Section 81 of the Companies Act,
1956, seeking member s consent to raise funds through QIP/ Private placement /
FCCB or any other mode to meet the long term needs of the Company.
The Board Commitee has appointed Mr. Pardeep tayal, Chartered Accountant,
Panipat as the Scrutinizer for conducting the postal Ballot exercise in a fair
and transparent manner. Members are requested to note that the Postal Ballot
form duly completed and signed should reach the Scrutinizer not later than the
close of working hours on wednesday, the 28th of March 2007. All Postal Ballot
forms received after the said date will be treated as if reply from such
members has not been received.
A member may request for a Duplicate Postal Ballot form, if so required.
A person who becomes a member of the Company after the 15th of February 2007
but before the 2 6th of February 2007 may obtain the Postal Ballot form from
the Company and vote on the Resolution by Postal Ballot.
The voting rights of the member shall be reckoned on the 26th of February 2007.
for Liberty Shoes LIMITED
Place:
Date : 26.02.2007
Munish Kakra
Vice President & Company Secretary
Manufacturer of Automotive Trim Parts.
Liberty Automotive
is a joint venture company promoted by Azin Khodro group of
Liberty Organosys
Limited is promoted by Liberty Group for manufacturing Acetic Acid in
In the elite
shopping avenues of fashion capitals "Revolutions" has begun its walk.
The fashion accessory and footwear stores have begun operations in Chennai,
Liberty Whiteware Limited
Just 90 minutes
away from
A part of
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.40.47 |
|
|
1 |
Rs.80.28 |
|
Euro |
1 |
Rs.54.43 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|