MIRA INFORM REPORT
|
Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ABHEDYA INDUSTRIES LIMITED |
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Registered
Office : |
Survey No. 160, Kothur Industrial Estate, Hyderabad – 509 228, Andhra
Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
11.10.2002 |
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Com. Reg. No.: |
01-39757 |
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CIN No.: [Company
Identification No.] |
U24134AP2002PLC039757 |
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Legal Form : |
Closely held public limited liability company |
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Line of Business
: |
Manufacturer of BOPP film and other Polymer films |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit
Limit : |
USD 400000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established 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
|
Registered
Office/Factory : |
Survey No. 160, Kothur Industrial Estate, Hyderabad – 509 228, Andhra
Pradesh, India |
|
Tel. No.: |
91-8548-256112 / 2257924 / 35 / 25 |
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Fax No.: |
91-8548-256113 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Ravinder Kumar Agarwal |
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Designation : |
Director |
|
Address : |
10-5-17, Masabtank, Hyderabad – 500028, Andhra Pradesh, India |
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Date of
Birth/Age : |
09.04.1964 |
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Date of
Appointment : |
11.10.2002 |
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Name : |
Mr. Ramesh Kumar Agarwal |
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Designation : |
Director |
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Address : |
8-2-647/B/24 Plot No. 24, Sri Nagar Co-operative Society, Road 13, Banjara
Hills, Hyderabad –500034, Andhra Pradesh, India |
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Date of
Birth/Age : |
12.06.1953 |
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Date of
Appointment : |
11.10.2002 |
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Name : |
Mr. Rajendra Kumar Agarwal |
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Designation : |
Director |
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Address : |
Plot # 874, Road # 45, Jubilee Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of
Birth/Age : |
10.10.1959 |
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Date of
Appointment : |
11.10.2002 |
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Name : |
Mr. Kedarnath Agarwal |
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Designation : |
Director |
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Address : |
Plot # 779, Road # 39, Jubilee Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of
Birth/Age : |
04.03.1950 |
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Date of
Appointment : |
11.10.2002 |
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Name : |
Mr. Mohanlal Agarwal |
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Designation : |
Director |
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Address : |
6-3-1186/A/1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of
Birth/Age : |
01.06.1944 |
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Date of
Appointment : |
11.10.2002 |
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Name : |
Mr. Anil Kumar Agarwal |
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Designation : |
Director |
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Address : |
6-3-1186/A/1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of Birth/Age : |
15.03.1964 |
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Date of Appointment : |
11.10.2002 |
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Name : |
Mr. Sushil Kumar Agarwal |
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Designation : |
Director |
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Address : |
6-3-1186/A/1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of Birth/Age : |
24.09.1975 |
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Date of Appointment : |
11.10.2002 |
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Name : |
Mr. Adarsh Kumar Agarwal |
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Designation : |
Director |
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Address : |
II. No.8-2-674/2/B/4/24, Sai Nagar Co-operative Society, Road 13,
Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
10.12.1977 |
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Date of Appointment : |
08.01.2004 |
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Name : |
Mr. Kapil Kumar Agarwal |
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Designation : |
Director |
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Address : |
6-3-1186/A/1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of Birth/Age : |
11.06.1983 |
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Date of Appointment : |
15.04.2003 |
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Name : |
Mr. G M K Venkat Rao |
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Designation : |
Director |
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Address : |
# 44-25/6, Tirumalanagar Moulali, Hyderabad – 500040 |
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Date of Birth/Age : |
01.06.1977 |
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Date of Appointment : |
01.04.2003 |
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Date of Ceasing : |
05.02.2004 |
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Name : |
Mr. Vimal Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 779, Road No. 39, Jubilee Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.06.1973 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Gourav Kumar Agarwal |
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Designation : |
Director |
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Address : |
6-3-1186/A/1, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of Birth/Age : |
17.06.1984 |
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Date of Appointment : |
29.09.2006 |
MAJOR SHAREHOLDERS
(As on 29.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Anil Kumar Agarwal |
14,000 |
|
Mohanlal Agarwal |
100000 |
|
Kedarnath Agarwal |
690000 |
|
Ramesh Kumar Agarwal |
295000 |
|
Rajendra Kumar Agarwal |
225000 |
|
Ravinder Kumar Agarwal |
660000 |
|
Ravinder Kumar Agarwal |
4000 |
|
Sushil Kumar Agarwal |
20000 |
|
Leo Laminates Private Limited |
1250000 |
|
Meenakshi Paper Mills Private Limited |
320000 |
|
Padmavati Ply Private Limited |
250000 |
|
Premalatha Agarwal |
120000 |
|
Kapil Kumar Agarwal |
36000 |
|
Gaurav Agarwal |
5000 |
|
Nirmala Agarwal |
160000 |
|
Adarsh Kumar Agarwal |
135000 |
|
Vimal Kumar Agarwal |
10000 |
|
Vikas Kumar Agarwal |
110000 |
|
Mohanlal Agarwal – HUF |
35000 |
|
Ravindra Kumar Agarwal – HUF |
41000 |
|
Sheetal Agarwal |
5000 |
|
Kavita Agarwal |
15000 |
|
Anitha Agarwal |
100000 |
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|
|
|
Total |
4600000 |
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Leo Laminates Private Limited |
700000 |
|
Kedarnath Agarwal |
400000 |
|
Vikas Kumar Agarwal |
70000 |
|
Kavita Agarwal |
15000 |
|
Ramesh Kumar Agarwal |
115000 |
|
Ravinder Kumar Agarwal |
200000 |
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|
|
|
Total |
1500000 |
Equity Share Breakup (Percentage of Total Equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate |
39.56 |
|
Directors or relatives of directors |
60.44 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer of BOPP film and other Polymer films |
GENERAL
INFORMATION
|
No. of Employees
: |
30 |
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Bankers : |
·
State Bank of India Mid Corporate Group, Saifabad Branch, HACA
Bhawan, Hyderabad – 500004, Andhra Pradesh, India ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
·
Avis Associates Chartered Accountants 1-2-597/1, Lower Tank Bund Road,
Domalguda, Hyderabad – 500029, Andhra Pradesh, India Tel. No.: 91-40-23227037 Fax No.: 91-40-23227451 ·
Krishna and Suresh Chartered Accountants Address
:
3-6-542/2, Himayath Nagar, Hyderabad – 500 0029, Andhra Pradesh, India Tel. No.: 91-40-27638964 / 27675007 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4600000 |
Equity Shares |
Rs.10/- each |
Rs.46.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
46.000 |
45.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
5.000 |
0.000 |
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|
3] Reserves & Surplus |
34.905 |
22.022 |
9.418 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.905 |
72.022 |
54.418 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
148.557 |
133.415 |
56.576 |
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2] Unsecured Loans |
41.557 |
34.281 |
22.311 |
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TOTAL BORROWING |
190.114 |
167.696 |
78.887 |
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DEFERRED TAX LIABILITIES |
15.019 |
12.584 |
9.169 |
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TOTAL |
286.038 |
252.302 |
142.474 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
165.469 |
170.927 |
76.815 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.520
|
49.778 |
37.855
|
|
|
Sundry Debtors |
61.136
|
31.957 |
18.479
|
|
|
Cash & Bank Balances |
0.134
|
0.547 |
0.066
|
|
|
Other Current Assets |
4.682
|
6.261 |
2.580
|
|
|
Loans & Advances |
13.789
|
18.799 |
17.756
|
|
Total
Current Assets |
157.261
|
107.342 |
76.736 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
34.669
|
25.119 |
11.237 |
|
|
Provisions |
2.137
|
0.985 |
0.000 |
|
Total
Current Liabilities |
36.806
|
26.104 |
11.237
|
|
|
Net Current Assets |
120.455
|
81.238 |
65.499
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.114 |
0.137 |
0.160 |
|
|
|
|
|
|
|
|
TOTAL |
286.038 |
252.302 |
142.474 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
420.086 |
364.376 |
0.000 |
|
Other Income |
4.483 |
0.720 |
274.973 |
|
Total Income |
424.569 |
365.096 |
274.973 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
17.652 |
18.105 |
15.231 |
|
Provision for Taxation |
0.000 |
0.000 |
3.051 |
|
Profit/(Loss) After Tax |
17.652 |
18.105 |
12.180 |
|
|
|
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|
Expenditures : |
|
|
|
|
Raw Material Consumed |
300.840 |
242.555 |
0.000 |
|
Purchases made for re-sale |
2.236 |
2.111 |
0.000 |
|
Consumption of stores and spares parts |
3.299 |
2.352 |
0.000 |
|
Increase/(Decrease) in Finished Goods |
(29.775) |
(4.016) |
0.000 |
|
Salaries, Wages, Bonus, etc. |
1.864 |
1.869 |
0.000 |
|
Payment to Auditors |
0.011 |
0.011 |
0.000 |
|
Interest |
22.425 |
13.317 |
6.959 |
|
Insurance Expenses |
0.411 |
0.889 |
0.000 |
|
Power & Fuel |
2.075 |
2.161 |
0.000 |
|
Depreciation & Amortization |
8.670 |
5.142 |
3.674 |
|
Other Expenditure |
94.861 |
80.600 |
249.109 |
|
Total Expenditure |
406.917 |
346.991 |
259.742 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
4.16
|
4.96 |
4.43 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.20
|
4.97 |
5.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47
|
6.51 |
9.92 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.25 |
0.28 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.80
|
2.69 |
1.66 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
4.11 |
6.83 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate identity number of the company |
U24134AP2002PLC039757 |
|
Name of the company |
ABHEDYA INDUSTRIES LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Survey No. 160, Kothur Industrial Estate, Hyderabad – 509 228, Andhra
Pradesh, India |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
State Bank of India Mid Corporate Group, Saifabad Branch, HACA Bhawan, Hyderabad – 500004,
Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
·
Letter regarding the
grant of individual limits within the overall limit ·
Sanction Letter |
|
Date of
instrument Creating the charge |
26.12.2007 |
|
Amount secured by the charge |
Rs.178.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
·
Rate of Interest Cash Credit : SBAR, at present 12.75% p.a.
with monthly rests. Term Loan – I: 9.44% p.a. Term Loan – II: At SBAR currently 12.75%
p.a. ·
Terms of repayment Cash Credit : Payable on demand The repayment schedule for Term Loan – II has been revised as
indicated in the Sanction Letter dated 13.10.2007 ·
Margin Raw Materials : 25% Finished Goods : 25% Book Debts / Receivables : 40% Letter of Credit : 15% ·
Extent and operation of
the charge Nature of facility : Working Capital limits Total Credit limits sanctioned / renewed : Rs.178.000 millions Security : Primary – Hypothecation of all chargeable current assets;
Collateral – Charge on all Fixed assets of the Company. ·
Others Other terms and conditions as per the Sanction Letter dated 13.10.2007
|
|
Particulars of the property charged |
·
Hypothecation of all chargeable current assets ·
Charge on all Fixed assets of the company. |
|
Name of the company |
ABHEDYA
INDUSTRIES LIMITED |
|
Presented By |
RAVINDER KUMAR AGARWAL,
DIRECTOR |
|
1) Date and description of instrument creating the change |
Dated 08.09.2003 Form –C-2, Agreement of hypothecation of goods and assets Form C-3, Agreement of pledge of goods and assets Form C -1, Agreement of loan for overall limit Form – C – 5, Letter regarding the grant of individual limits within
the overall limits Memorandum of deposit for creation charge for overall limit |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.72 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
·
Land and Building ·
Plant and Machinery ·
Stocks and Book Debts |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rs. 44.500 Millions Term Loan having first charge on land and
buildings, plant and machinery Rs. 27.500 Millions Cash credit having second charge on land and
buildings, plant and machinery and hypothecation of book debts and stocks Rate of interest Term loan 13.35 % Cash Credit 12.35% |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of India Mid Corporate Group, Saifabad Branch, HACA Bhawan, Hyderabad – 500002,
Andhra Pradesh, India |
|
6) Date and brief description
of instrument modifying the charge |
All agreement dated 30.12.2004
|
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
There is no change in term loan Limits have been increase from Rs. 72 Millions to Rs. 75 Millions Additional facilities obtained Stand by line of credit : Rs. 2.500 Millions LC Rs. 2.500 Millions BG Rs. 2.500 Millions No change in terms and conditions rate of interest : CC Hypothecation : 2.00 % above SBAR at 12.25 % at monthly rests Term loan 2.50 % above SBAR at 2.75 % at monthly rests FCNR TL : 6 months LIBOR + 450 Basis Points. |
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Electrical
Equipments
- Vehicles
- Furniture
Business
To carry on the Business of Manufacturers, Importers, Exporters and Dealers
in all kinds an classed of BIAXIMALLY ORIENTED POLY PROPYLENE [B.O.P.P.] FILM
and other POLYMER FILMS and all kinds of articles in the manufacture of which
in any form of B.O.P.P. Film and other POLYMER Film are used and to deal in or
manufacture any other articles or things of character similar or analogous to
the foregoing or any of them or connected therewith.
Sanction of Credit
facilities
Credit Limits :
[Rs in Millions]
|
|
Existing |
Proposed |
Change |
|||||||
|
Limits |
SBI |
% |
CONS |
SBI |
% |
CONS |
SBI |
CONS |
||
|
Fund Based |
27.500 |
100 |
Nil |
42.500 |
100 |
Nil |
15.000 |
Nil |
||
|
|
|
|
|
|
|
|
|
|
||
|
Total FBWC |
27.500 |
100 |
Nil |
42.500 |
100 |
Nil |
15.000 |
Nil |
||
|
Term Loan I |
28.500 |
100 |
Nil |
28.500* |
100 |
Nil |
Nil |
Nil |
||
|
Term Loan II |
-- |
-- |
|
88.500 |
100 |
Nil |
88.500 |
Nil |
||
|
Total FB |
56.000 |
100 |
Nil |
159.500 |
100 |
Nil |
103.500 |
Nil |
||
|
LCs |
2.500 |
-- |
Nil |
5.000 |
100 |
Nil |
2.500 |
Nil |
||
|
FLC [as a sub limit under TL] |
-- |
-- |
-- |
[67.000] |
100 |
Nil |
Nil |
Nil |
||
|
BGs |
2.500 |
-- |
Nil |
Nil |
100 |
Nil |
[2.500] |
Nil |
||
|
Ttoal NFB |
5.000 |
-- |
Nil |
5.000 |
100 |
Nil |
Nil |
Nil |
||
|
Stand by line of credit |
2.500 |
-- |
-- |
0.000 |
100 |
Nil |
[2.500] |
Nil |
||
|
Total [FB + NFB] |
63.500 |
100 |
Nil |
164.500 |
100 |
Nil |
101.000 |
Nil |
||
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|
|
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|
- Existing term
loan present outstanding.
The WC limits have been assessed based on the income estimates for the
current year and projections for the next year as under
[Rs In Millions]
|
|
Estimates
[2005-06] |
Projections
[2006-07] |
|
Net Sales |
213.000 |
276.100 |
|
[Exports] |
|
|
|
Op. Profits |
8.900 |
08.300 |
|
PBT |
14.800 |
14.300 |
|
PBT / Net Sales |
69.400 |
51.800 |
|
PAT |
13.100 |
12.700 |
|
Cash Accruals |
16.700 |
22.100 |
|
PBDIT |
27.200 |
40.100 |
|
PUC |
59.000 |
59.000 |
|
TNW |
53.700 |
89.700 |
|
Adjusted TNW |
53.700 |
89.700 |
|
Total / TNW |
20.900 |
24.400 |
|
Total / Adj. TNW |
20.900 |
24.400 |
|
Current Ratio |
14.500 |
12.400 |
|
NWC |
27.500 |
20.800 |
The purpose, Cost of Project and Means of finance for the term loan are
as under :
Purpose : To add Metalizing
section as a part of forward integration.
Cost of Project and Means of finance
[Rs In Millions]
|
Cost |
|
Means |
|
|
Land and Building |
1.500 |
Equity |
23.000 |
|
Plant and Machinery |
118.200 |
Unsecured Loans |
21.300 |
|
Other Assets |
1.600 |
Debt : |
88.500 |
|
WC Margin |
11.500 |
|
|
|
Total |
132.800 |
Total |
132.800 |
The projected profitability and DSCR during the repayment period of he
term loan is as follows :
|
Capacity Utilisation % |
|
|
|
|
|
|
|
|
|
|
|
31.03 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
|
Cash Accruals |
1.67 |
2.21 |
3.07 |
3.48 |
3.53 |
3.32 |
3.24 |
3.22 |
3.20 |
3.20 |
|
Interest |
0.88 |
0.27 |
1.83 |
0.70 |
0.58 |
0.47 |
0.37 |
0.26 |
0.16 |
0.05 |
|
Total |
2.55 |
2.48 |
3.90 |
4.18 |
4.11 |
3.79 |
3.61 |
3.48 |
3.36 |
3.25 |
|
TL Repayments |
1.77 |
1.16 |
2.55 |
2.05 |
1.69 |
1.58 |
1.48 |
1.37 |
1.27 |
1.13 |
|
Gross DSCR |
1.44 |
2.14 |
1.53 |
2.03 |
2.43 |
2.39 |
2.44 |
2.54 |
2.65 |
2.87 |
|
Avg Gross DSCR |
2.03 |
|
|
|
|
|
|
|
|
|
|
Net DSCR |
2.48 |
|
|
|
|
|
|
|
|
|
The limits will come into force after execution of the documents.
The company should not induct a person who is a director of the Board of
company which has been identified as a wilful defaulter, and in case such a
person is found to be on the Board of the borrower company, it would take
expeditious and effective steps for removal of the person from its Board.
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 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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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. |
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 |
|