MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIMALAYA GRANITES LIMITED |
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Registered Office : |
3-B Riaz Garden, Old
No. 12, New No. 29, Kodambakkam High Road, Nungambakkam, Chennai – 600034,
Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.12.1987 |
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Com. Reg. No.: |
18-015161 |
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CIN No.: [Company
Identification No.] |
L13206TNN1987PLC015161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH00318D |
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Legal Form : |
A public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of
Polished Granite Monuments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old and established company but currently passing through difficult times. Company’s profitability is under severe pressure and continue to incure losses. The company had lock out its unit at Panchalam Village, Melpettai, Tindivanam view of workers strike. Payments are reported as slow at times. The company can be considered for any business dealings on safe and secured terms only. |
LOCATIONS
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Registered Office : |
3-B, Riaz Garden, Old No. 12, New No. 29, Kodambakkam High Road,
Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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Tel. No.: |
91-44-28230078 / 79/ 80 |
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Fax No.: |
91-44-28230088 / 52110788 |
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E-Mail : |
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Website : |
http://www.himalayagranites.com |
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Factory 1 : |
Panchalam Village,
Opp. To Ponds India Limited, Melpettai Post, Tindivanam – 604 307, Tamilnadu. |
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Tel. No.: |
91-4147- 222892 |
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Fax No.: |
91-4147-222981 |
DIRECTORS
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Name : |
Mr. Shiv Prakash
Mittal |
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Designation : |
Chairman Cum
Managing Director |
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Address : |
2nd
Floor, New B.K.Market, 16 A,Shakespezar Sarani, Kolkota, West India |
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Tel. No: |
91-33-24614285 |
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Date of Birth/Age : |
7.04.1949 |
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Date of Appointment : |
13.09. 1991 |
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Expertise in specific functional area : |
Mr. S. P. Mittal is science graduate possessing vast experience in managing operations across various status. |
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Qualification : |
B.Sc. |
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List of outside directorship held excluding alternate directorship: |
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Chairman/Member of the Committee of the Board of Directors of other companies in which he is a director : |
Member: Operational Committee of Greenply Industries Limited |
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Name : |
India Rajesh
Mittal |
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Designation : |
Director |
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Address : |
2nd floor,
New B.K.Market, 16 A,Shakespezar Sarani, Kolkota, West India |
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Tel. No: |
91-33-24798279 |
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Date of Birth/Age : |
10.11.1962 |
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Date of Appointment : |
11.09.1991 |
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Name : |
India Saurabh
Mittal |
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Designation : |
Whole Time
Director |
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Address : |
F-4, Dhawandeep
Building, Janter Manter Lane, New India |
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Tel. No: |
91-11-26262830 |
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Date of Birth/Age : |
6.10.1975 |
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Date of Appointment : |
1.11.1996 |
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Name : |
Mr. Ashok Sharma |
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Designation : |
Director |
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Address : |
B-3/73, Ashok
Vihar Phase II, New India |
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Tel. No.: |
91-11-27464584 |
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Date of Birth/Age : |
31.01.1969 |
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Date of Appointment : |
30.10. 2003 |
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Expertise in
specific functional area : |
Mr. Ashok Kumar Sharma has vast experience in the area of Finance & Accounts. |
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Qualification : |
B.Com, ACA |
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Chairman/Member of the Committee of the Board of Directors of other companies in which
he is a director : |
Audit Committee (w.e.f 31.05.2007), Share Transfer & Investors Grievance Committee, Remuneration Committee |
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Name : |
India Sudhir
Kumar Jena |
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Designation : |
Director |
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Address : |
E-5 Harnya, 67
Greenways Road, Chennai – 600028, Tamilnadu |
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Tel. No.: |
91-44-24951679 |
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Date of Birth/Age : |
17.04.1963 |
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Date of Appointment : |
31.03. 2000 |
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Name : |
Ms. Janaki
Venkatraman |
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Designation : |
Director |
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Address : |
Flat 4-A Fifth
Floor Tolly tower, 140/4A, NSC Bose Road, Kolkata, West India |
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Tel. No,: |
91-33-24719240 |
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Date of Birth/Age : |
4.08.1967 |
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Date of Appointment : |
31.03. 2000 |
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Name : |
India Beni Gopal Saraf |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
India Pawan Kumar Thakur |
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Designation : |
Company Secretary |
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Name : |
India Ramesh Kumar Haritwal |
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Designation : |
Managing Director & CEO |
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Name : |
Mr. Mahendra Kumar Jain |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Toshita Fiscal
Services Limited |
15200 |
0.51 |
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Calcutta Stock
Exchange Association |
16500 |
0.55 |
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Uniply Insutries
Private Limited |
17000 |
0.57 |
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Kenwood Products
Private Limited |
19750 |
0.66 |
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Industrial
Development Bank of India |
20200 |
0.67 |
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Green Tea
Industries Private Limited |
21000 |
0.70 |
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Shoban Mittal |
27500 |
0.92 |
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Saurabh Mittal |
37500 |
1.25 |
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Monet Securities
Private Limited |
74300 |
2.47 |
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Naginimara Timber
Industries Private Limited |
90800 |
3.02 |
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Lilly Exporter
Private Limited |
98900 |
3.29 |
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SM Management
Private Limited |
102317 |
3.40 |
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Shiv Prakash
Mittal |
121750 |
4.05 |
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Karuna Mittal |
128200 |
4.27 |
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Indistock Private
Limited |
1377 |
0.05 |
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M Prasad Company
Limited |
142448 |
4.74 |
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Santosh Mittal |
184700 |
6.15 |
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Gyan Trader
Private Limited |
289958 |
9.65 |
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Worthy Plywood
Limited |
377333 |
12.56 |
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Rajesh Mittal |
619300 |
20.61 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polished
Granite Monuments |
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Products : |
Granite Monuments – 2516.90 |
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Dimensional
Granite Blocks – 2516.11 |
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Exports to : |
USA, UK, India, Holland, Austria, India, Slovenia, Denmark, Belgium, New Zealand, Australia, India, India and India. |
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Terms : |
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Selling : |
L/C or sight terms. |
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Purchasing : |
L/C (60 days) terms |
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PRODUCTION STATUS AS ON 31.03.2008
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Granite Monuments |
|
26500 sq. mtr. |
26500 sq. mtr |
11334.96 sq. mtr |
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Dimensional
Granite Blocks |
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Not Applicable |
Not Ascertainable |
6.308 (CBM) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
410 |
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Bankers : |
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Facilities : |
PARTICULARS OF
SECURITIES A. TERM LOANS Loan from Axis is accured by a first charge over the movable and immovable assets of the company, present & future, (except 1.85 acres of quarry lands at Omandur Village, Tindivanam Taluk & 3.50 acres quarry acress quarry land at Sendur Villages, Tindivanam Taluk, Tamil Nadu and office premises of the Company situated at Riyaz Garden, Nungambakkam, Chennai) and second charge over the current assets of the Company, present & future, and personal guarantee of all the directors of the company. B. WORKING CAPITAL The export facilities from SBI are secured by hypothecation of Raw Materials, WIP, Finished Goods and other consumable spares, first charge over 1.85 acress of quarry lands at Omandur Village and 3.50 acres at Sendur Village, both at Tindivanam Taluk, Tamil Nadu & office premises of the Company situated at Riyaz Garden, Nungambakkam, Channai and second charge over entire fixed assets of the Company except Quarry Land at Omandur and Sendur.
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Banking
Relations : |
- |
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Auditors : |
D. Dhandaria
& Company Chartered Accountants |
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Address : |
Thana Road, Tinsukia, Assam |
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Audit Committee : |
1)
Ms. Janaki
Venkatramani, Chairperson 2)
Mr. Saurabh
Mittal 3)
Mr. Ashok
Kumar Sharma |
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Associates/Subsidiaries : |
·
Greenply
Industries Limited 16A Shakesphere Sarani, New B.K.Market, Kokata – 700071 - Incorporated in the year 1984 is at
present engaged in the manufacture of Plywood which is sold under the brand
name of ‘Greenply”. The plant is located at Tizit in Nagaland. ·
Worthy
Plywoods Private Limited - Incorporated in the year
1985, is engaged in the manufacture of veneer having its plant at Kriparampur, Dist. 24 Paraganas in West
Bengal. ·
Dibang
Valley Timber Trade Private Limited - This company was incorporated
in the year 1978. The company is engaged
in manufacture and market Plywood and Sawn Timber Beams. The plant of
the company is located at Bolung (Roing) in Dist. Dibang Valley, Arunachal Pradesh. ·
Prime
Properties Limited |
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Parent Company : |
Green Group Industries |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
4,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
30,05,000 |
Equity Shares |
Rs. 10/- each |
Rs.30.050
millions |
NOTE:
(Of the above 12,03,000 Equity Shares of Rs 107- each have been allotted
as fully paid Bonus Shares by capitalisation of General Reserve)
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 |
30.050 |
30.100 |
30.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
146.104 |
176.300 |
190.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
176.154 |
206.400 |
220.200 |
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LOAN FUNDS |
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1] Secured Loans |
77.652 |
79.300 |
86.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.700 |
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TOTAL BORROWING |
77.652 |
79.300 |
87.700 |
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DEFERRED TAX LIABILITIES |
5.332 |
0.000 |
0.000 |
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TOTAL |
259.138 |
285.700 |
307.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.269 |
67.600 |
80.800 |
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Capital work-in-progress |
0.000 |
0.000 |
0.100 |
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INVESTMENT |
32.500 |
32.500 |
20.400 |
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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 |
23.509
|
55.300 |
50.400 |
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Sundry Debtors |
31.620
|
29.800 |
31.900 |
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Cash & Bank Balances |
6.913
|
7.500 |
11.400 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
134.487
|
129.700 |
148.900 |
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Total
Current Assets |
196.529
|
222.300 |
242.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.160
|
27.800 |
25.100 |
|
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Provisions |
0.000
|
8.900 |
10.900 |
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Total
Current Liabilities |
27.160
|
36.700 |
36.000 |
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Net Current Assets |
169.369
|
185.600 |
206.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
259.138 |
285.700 |
307.900 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
114.280 |
131.500 |
157.200 |
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Other Income |
9.303 |
11.000 |
92.000 |
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Total Income |
123.583 |
142.500 |
249.200 |
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Profit/(Loss) Before Tax |
(31.830) |
(13.100) |
84.000 |
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Provision for Taxation |
0.472 |
(0.700) |
(0.900) |
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Profit/(Loss) After Tax |
(32.302) |
(12.400) |
84.900 |
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Import Value |
4.080 |
8.787 |
NA |
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Export Value |
113.182 |
130.388 |
NA |
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Expenditures : |
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Miscellaneous Expenses |
0.000 |
8.700 |
2.500 |
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Administrative Expenses |
0.000 |
14.000 |
16.700 |
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Raw Material Consumed |
0.000 |
52.500 |
59.900 |
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Salaries, Wages, Bonus, etc. |
0.000 |
30.900 |
31.500 |
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Interest |
10.588 |
10.400 |
8.200 |
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Power & Fuel |
0.000 |
5.600 |
5.900 |
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Depreciation & Amortization |
11.324 |
13.100 |
17.800 |
|
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Other Expenditure |
133.501 |
21.600 |
23.100 |
|
Total Expenditure |
155.413 |
156.800 |
165.600 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales
Turnover |
|
07.600 |
03.300 |
|
Other
Income |
|
02.300 |
02.100 |
|
Total
Income |
|
09.900 |
05.400 |
|
Total
Expenditure |
|
09.700 |
05.800 |
|
Operating
Profit |
|
00.200 |
(00.400) |
|
Interest |
|
02.800 |
01.700 |
|
Gross
Profit |
|
(02.600) |
(02.100) |
|
Depreciation |
|
01.100 |
01.100 |
|
Tax |
|
0.00 |
0.00 |
|
Reported
PAT |
|
(03.700) |
(03.100) |
KEY
RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio |
0.41 |
0.39 |
0.45 |
|
Long Term Debt Equity Ratio |
0.20 |
0.20 |
0.21 |
|
Current Ratio |
2.81 |
3.03 |
2.41 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.54 |
0.61 |
0.73 |
|
Inventory |
2.90 |
2.49 |
3.12 |
|
Debtors |
3.72 |
4.26 |
4.78 |
|
Interest Cover Ratio |
(1.79) |
(0.26) |
0.94 |
|
Operating Profit Margin (%) |
(7.96) |
7.91 |
16.22 |
|
Profit Before Interest and Tax
Margin (%) |
(17.85) |
(2.05) |
4.90 |
|
Cash Profit Margin (%) |
(18.37) |
0.53 |
12.53 |
|
Adjusted Net Profit Margin (%) |
(28.26) |
(9.43) |
1.21 |
|
Return on Capital Employed (%) |
(7.56) |
(0.91) |
2.97 |
|
Return on Net Worth (%) |
(16.88) |
(5.81) |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Incorported as a private limited, Himalaya Granites (HGL)
was promoted by M P Valusami, M Vijan, M P Balkrishna, S Susindran and R Gunasekaran
to set up a 100% export-oriented granite-processing unit. However, the unit was
sold to S P Mittal and R Mittal of the Greenply group in 1991. Commercial
production of monuments, tombstones, and memorials started form Aug.'91. HGL
was then converted into a public limited company and given its present name in
1994.
The company tapped the capital market in Dec.'94 to fund the expansion of its
existing unit and to implement a backward integration project to acquire and
develop granite quarries and to procure quarrying and material handling
equipment.
Its products are exported to the UK, the US, Germany, Japan, Canada, Ireland,
etc. HGL is the winner of the CAPEXIL Certificate of Merit for two successive
years (1992-93 and 1993-94). The company has also started exports of rough
granite blocks from its own quarries.
In 1997-98 the company increased its installed capacity of Granite Monuments by
14500 Sq Mtrs there by taking the installed capacity to 26500 Sq Mtrs.
The company was
converted into a Public Limited Company pursuant to a special resolution passed
at the Extra-ordinary General Meeting of the company and a new Certificate of
Incorporation consequent upon change of name of the company to its present name
was issued by Registrar of Companies, Tamil Nadu on 21st March,
1994.
The company tapped
the capital market in December, 1994 to fund the expansion of its existing unit
and to implement a backward integration project to acquire and develop granite
quarries and to procure quarrying and handling equipment.
Its products are
exported to the UK, USA, Germany, Japan, Canada, Ireland, etc. The company is
the winner of the CAPEXIL Certificate of Merit for two successive years
(1992-93 and 1993-94). The company had also started exports of rough granite
blocks from its own quarries.
REVIEW OF OPERATIONS:
During the year the export sales has
come down due to sudden decline in the overall demand of rough granite blocks
internationally. The Company is taking various steps to enhance performance and
profitability. The directors are confident of achieving higher turnover and
profit in times to come. The Directors are
pleased to inform you that the Company has been accorded the Status of One Star
Export House in accordance with the provisions of the Foreign Trade Policy,
2004-09.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENT
The growth in this
sector over the years has been inconsistent because of the global recession and
competition. Technological advances and market competition has changed basic
feature of the monument industry and the margins it works with. While granite
has an image of luxury product, in the production side, the processing industry
has changed from being a low volume high margin one to a low margin high volume
business. They are facing stiff competition from China because of its proximity
to European countries, strong yuan and support from Government.
OPPORTUNITIES AND THREATS
Production has
decreased drastically in the recent past and the decline in prices is also very
steep. Gross margins have come sharply down. During the year 2007-08, their
average per sq. mtr. sale price has witnessed a downward pressure of 15.78% in
comparison with the previous year. Fluctuations in foreign currencies and
increase in the raw material costs has lead to retail price volatility and
intense price competition, and had influence trade buying patterns. China has
become a serious factor in the world markets in granite monuments, is offering
cheaper prices even in Indian granites. Its fast increasing presence has
sharply accelerated the trend of lower prices.
OUTLOOK
Export of granite
monuments involves different approach and strategy. They should cope-up with the
foreign buyer's expectations in terms of quality, uniform colour, polish, price
and timely delivery. International marketing is mainly through personalised
selling, Periodical visits to buyer countries and participation in trade fairs
will help in sustaining the clientele and evaluating competition and global
market trends. Outlook looks grim due to increasing cost and reducing sales
prices
HUMAN RESOURCES DEVELOPMENT
During the year, the
workers of the Company unit situated at Panchalam Village, Melpettai Post,
Tindivanam, Tamilnadu-604 307 has gone on strike w.e.f 27th February, 2008
(Seond Shift)./ Consequently, the management has decided Lock-out at the said
unit w.e.f. 18th March, 2008 and the same is continuing.
Fixed Assets:
· Land and Developments
· Quarry Land and Developments
· Building (Factory)
· Building (Others)
· Plant and Machinery
· Vehicles
· Electrical Fitting
· Furniture and Fitting
· Office Equipment
·
Tools and Equipments
STRIKE AND LOCK-OUT
During the year , the
workers of the Company unit situated at Panchalam Village, Melpettai Post,
Tindivanam, Tamilnadu-604 307 has gone on strike w.e.f 27th February, 2008
(Seond Shift). Consequently, the management has decided Lock-out at the said
unit w.e.f. 18th March, 2008 and the same is continuing.
Attached Web Details
Himalaya Granites produces impeccably cut and polished granite
monuments, memorials and tombstones from the finest Indian granites available.
Himalaya Granites has earned International reputation as the Monument Masters
for supplying the world markets including USA, UK, Germany, Holland, Austria,
Canada, Slovenia, Denmark, Belgium, New Zealand, Australia, Spain, Italy and
France with a range of Black, Black Galaxy, Dakota, Himalaya Blue, Indian
Juparana, Red multi-color, Viscount White, Bash Paradiso, Steel Grey, Kerala
Green, Kashmir White, Raw Silk , Seaweed Green, NH-Red, Ruby Red,Vizag
Blue,Orissa Blue,Paradiso Classico,Ghibli and Colombo Juparana granite stones.
Himalaya's success rests on its dedicated team of highly skilled
specialists. The developmental programmes are an ongoing process at Himalaya,
which provides competitive perspective in terms of quality and expectations of
the world market. The company's creative group, production team and stone
masters work in unison to produce the timeless songs in stone. Any design, any
stone, any texture, has never posed a problem to the dedicated specialists. The
impeccably finished products fully justify the mission of Himalaya Granites
which is: to pay rich homage and tribute to the transcendent qualities of human
spirit. The ultra modern machinery has given an added advantage in delivering
the finest finish to the most demanding customers around the world.
The well experienced production staff and the highly sophisticated
machinery with state-of-the-art technology from Eisenwerk Hensel Bayreuth,
Germany, makes any kind of intricate monuments to the most accurate tolerances,
specifications and drawings of the customers Himalaya incorporates advanced technology
with unmatched quality and service. Strict quality control methods are employed
to produce world class monuments using granites. Himalaya, today, has emerged
as one of the most sought after companies in the world to manufacture, finish
and deliver Monument masterpieces.
Himalaya has a very strong quarrying division. Some of the finest
granites are being quarried from Himalaya's quarries spread all over India.
Their activities include Blocks trading of many other popular Indian granites
apart from their own quarrying sources.
Himalaya Granites factory is located at Tindivanam, roughly
120 kms from Chennai airport, approximately 2 hrs by road
INDIANA CULTURE
The company’s success is due to its attention to detail, work expertise, a high quality standard, operational performance, effective costing and added value in delivery. The understanding of the needs in their ever changing marketplace enables us to be in the position to deliver unique ideas and performance that according to the objectives can be creative, sophisticated, exciting, luxurious, competitive and impacting.
Along the years they have developed a working style based on the willingness to accept their client’ challenges, operational flexibility, efficiency, continuous product updating and added value.
They understand the competitiveness and the nature of their business. They are up to date in high tech developments and their computers are linked to a world-wide communications data system, which enable us to efficiently reduce vast distances to manageable proportions. Their expertise is recognized throughout the industry.
In order to strengthen their leadership role in the industry, they will work with their customers to continually improve standards for quality and strive to do so at a competitive price.
They recognize that their future is directly linked to their ability to define customer expectations and their goal is to meet or exceed those expectations 100% of the time.
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
22 |
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 |
|