MIRA
INFORM REPORT
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Report Date : |
29.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KURLON LIMITED |
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Registered Office : |
Chitrakala, Upendra Nagar, Manipal-576119, Karnataka. |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.02.1962 |
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Com. Reg. No.: |
001443 |
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CIN No.: [Company
Identification No.] |
U17214KA1962PLC001443 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Rubberised Coir products (such as mattresses, beds, pillows etc.), plain/curled coir products (such as mats and spreads etc.) and polyurethan foam |
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 2836500 |
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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. ‘Kurl-on’ brand enjoys very favorable reputation in the industry. Financial position of the company is satisfactory. 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 : |
Chitrakala, Upendra Nagar, Manipal-576119, |
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Tel. No.: |
91-80-25595367/25597168/25597262 |
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Fax No.: |
91-80-25587189 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Leased |
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Head Office : |
3rd Floor, North Block, Front Wing, Manipal
Centre, 47, |
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Tel. No.: |
91 – 80 – 25587132 / 25587168 / 25587235 / 25587262 |
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Fax No.: |
91-80-25587189 |
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Zonal Office : |
Located at Kolkata, Chennai, |
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Factories : |
Factory-1: Jalahalli, Factory-2: Dobbespet, Off. Factory-3: Plot No.: 88, Chandaka,
B-Sector, Industrial Estate,
Factory-4: Hosur, Dharmapuri District, Tamilnadu Rubber |
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Area : |
100000 Sq. ft. |
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Location : |
Owned |
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Coir Division Office : |
32/2451, A-2, |
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Sales Offices : |
Located at: v Ahmedabad, v
v
v
v
v Bhubaneshwar, v Mumbai, v Burdwan, v
v
v Chandigard, v
v
v
v
v
v Guwahati, v Hoshiarpur, v
v
v Hubli, v
v
v
v Jaipur, v Jalandhar, v
v Chennai, v
v Mangalore, v
v
v
v
v
v
v
v
v Siliguri, v
v Tirupati, v
v
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Tel. No. : |
91 – 80 – 22233212 (Bangalore) |
DIRECTORS
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Name : |
Mrs. Jaya S. Pai |
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Designation : |
Managing Director |
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Date of Birth/Age : |
23.08.1958 |
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Date of Appointment : |
11.03.2005 |
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Name : |
Mr. Ramkrishanan Visvanathan |
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Designation : |
Director |
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Date of Birth/Age : |
20.10.1948 |
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Date of Appointment : |
22.10.1994 |
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Name : |
Mr. Nitin Gajanan Rao Khot |
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Designation : |
Director |
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Date of Birth/Age : |
10.09.1948 |
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Date of Appointment : |
22.10.1994 |
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Name : |
Mr. S Ananthanarayanan |
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Designation : |
Director |
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Date of Birth/Age : |
22.06.1935 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mr. Kumble Taranath Bhagath |
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Designation : |
Director |
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Date of Birth/Age : |
24.07.1927 |
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Date of Appointment : |
13.09.1984 |
KEY EXECUTIVES
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Name : |
Mr. Madhwesh K |
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Designation : |
Company Secretary |
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Address : |
637, No. 118, 21st Cross, Jayanagar 4th block,
Bangalore, Karnataka, India. |
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Date of Birth/Age : |
19.02.1981 |
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Date of Appointment : |
19.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Subject, until about 2001, was a subsidiary of Maharashtra Apex Corporation Limited, which held 4,765,320 shares.
Subsequently, from about 2002, subject has ceased to become a subsidiary of Maharashtra Apex Corp. Limited.
As On : 27.09.2008
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Sr. No. |
Category |
Percentage |
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1 |
Bodies Corporate |
92.50 |
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2 |
Directors or relatives of directors |
1.56 |
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3 |
Other top Fifty (50) Shareholders |
3.89 |
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4 |
Others |
2.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Rubberised Coir products (such as mattresses, beds, pillows etc.), plain/curled coir products (such as mats and spreads etc.) and polyurethan foam |
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Products : |
Home and Sleep Comfort Products. |
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Brand Names : |
“Kurlon”, “Kurlo-Mat”, “Comforel”. |
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Exports : |
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Countries : |
U.A.E., Qatar, Oman, Bahrain, UK, Europe, South and East of Africa, Indian
Ocean rim, SAARC, South East And Far East Countries. |
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Imports : |
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Products : |
Raw Materials, Machinery and Spares. |
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Countries : |
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Terms : |
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Selling : |
L/C and Advance Payment (30-60 days credit) |
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Purchasing : |
L/C (30-60 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Rubberized Coir |
M.T. |
N.A. |
15000 |
13127 |
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Polyuethane Foam |
M.T. |
N.A. |
675 |
962 |
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Polyurethane Foam |
M.T. |
N.A. |
6100 |
3116 |
GENERAL INFORMATION
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Suppliers : |
v
Bayer AG., v
Lyondell Chemical Company, v
Marubeni – Chemex Corporation , |
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Customers : |
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Dealers in v
Hotels in v
Hospitals in v Importers / Dealers Abroad |
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No. of Employees : |
120 |
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Bankers : |
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State Bank of v
Bank of v
Abu Dhabi Commercial Bank, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte, Haskins and Sells, Chartered Accountants |
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Address : |
Deloitte Centre, |
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Tel. No. : |
91-80-66276000 |
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Fax No. : |
91-80-66276011 |
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Subsidiaries : |
Kurlon-Cesare Furniture Private Limited (w.e.f.-22.10.2007) |
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Joint Venture : |
Kurlon International General Trading LLC (w.e.f.-01.03.2006) |
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Associates : |
v
Maharashtra
Apex Corporation Limited v
Commercial
Corporation of India Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14872870 |
Equity Shares |
Rs.10/-each |
Rs.148.728 millions |
Of The Above ;
·
845836 Equity Shares of
Rs.10/- each (Py8458360 Equity Shares of
Rs.1/- each) Were allotted by way of fully paid-up bonus shares in earlier
years by capitalization of reserves.
·
345810 Equity Shares of Rs.10/- each (py 345810
Equity Shares of Rs.1/- each) were allotted for consideration received
other than cash to the share holders of Brstwhile DKL Trading Company limited
in the ratio of 1 38 as per the scheme of amalgamation sanctioned by Honorable
High Court of Karnataka.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
148.729 |
148.728 |
89.237 |
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2] Share Application Money |
0.000 |
0.000 |
2.655 |
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3] Reserves & Surplus |
418.561 |
354.445 |
293.419 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
567.300 |
503.173 |
385.311 |
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LOAN FUNDS |
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1] Secured Loans |
462.604 |
372.072 |
318.403 |
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2] Unsecured Loans |
4.203 |
7.002 |
0.792 |
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TOTAL BORROWING |
466.807 |
379.074 |
319.195 |
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DEFERRED TAX LIABILITIES |
12.007 |
17.451 |
28.231 |
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Others |
2.741 |
3.379 |
0.000 |
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TOTAL |
1048.845 |
903.077 |
732.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
546.306 |
286.402 |
238.862 |
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Capital work-in-progress |
0.000 |
76.740 |
1.302 |
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INVESTMENT |
7.804 |
7.283 |
5.483 |
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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
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534.353
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551.804 |
491.241 |
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Sundry Debtors
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481.499
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355.541 |
242.953 |
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Cash & Bank Balances
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90.968
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96.874 |
49.058 |
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Loans & Advances
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337.645
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233.640 |
180.317 |
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Total
Current Assets |
1444.465
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1237.859 |
963.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities
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610.772
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481.714 |
336.562 |
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Provisions
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338.958
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223.493 |
139.916 |
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Total
Current Liabilities |
949.730
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705.207 |
476.478 |
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Net Current Assets |
494.735
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532.652 |
487.091 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1048.845 |
903.077 |
732.737 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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3265.209 |
2706.777 |
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Other Income |
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6.403 |
2.750 |
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Total Income |
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3271.612 |
2709.527 |
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Profit/(Loss) Before Tax |
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151.105 |
154.116 |
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Provision for Taxation |
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36.585 |
46.320 |
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Profit/(Loss) After Tax |
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114.472 |
107.796 |
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Earnings in Foreign Currency : |
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Export Earnings |
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15.284 |
19.204 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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15.284 |
19.204 |
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Imports : |
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Raw Materials |
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1351.837 |
1258.964 |
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Stores & Spares |
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17.412 |
23.200 |
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Total Imports |
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1369.249 |
1282.164 |
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Expenditures : |
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Manufacturing Expenses |
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3004.993 |
2561.913 |
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Increase/(Decrease) in Finished Goods |
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19.159 |
(66.771) |
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Interest |
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47.579 |
36.115 |
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Depreciation & Amortization |
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26.937 |
24.139 |
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Other Expenditure |
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21.837 |
0.015 |
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Total Expenditure |
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3120.505 |
2555.411 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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3.50 |
3.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.63 |
5.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.59 |
10.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50 |
2.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.52 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 9th February 1962 at Manipal in Karnataka having Company Registration No. 08-1443.
The company was originally incorporated with the name and style of “Karnataka Consumer Products Limited”. The name of the company has been changed as “KURLON LIMITED” w.e.f. 14th March, 1996.
BUSINESS
Subject is engaged in Manufacturing, Processing, Importing, Exporting and Dealing in all kinds of Rubberised Coir Products, Curled Coirs, Polyurethane Foam, Latex Foam and Coir Matting etc.
It imports Raw Materials, Machinery and Spares.
It exports part of production , especially plain/curled coir products.
Products
Certified ISO:9002 (TUV,
The subject also trades in Latex Foam Goods, Poly Fibre Goods, Soft Luggage and Soft Furnishings.
It has no collaboration or agencies held.
Performance
During the year the company has achieved a 20.75% increase in total income at Rs. 3271.613 millions compared to Rs. 2709.527 millions of previous year. The profit before tax is Rs.151.057 millions in the current year compared to Rs.154.116 millions of the previous year. The profit after tax is increased from Rs107.796 millions to Rs.114.472 millions during the year.
Operations :
Their marketing strategy continued to revolve around maintaining dealer profitability and dealer loyalty during the year under review. Through continuous sales and marketing efforts towards providing the market innovative products, logisitic support, increased customer reach and introduction of attractive dealer loyalty programs. Their company could achieve a revenuegrowth of 20.75% during the year.
With rising incomes and spending power consumer tastes are shifting and tendency to spend on newer product offerings, both in terms of utility and style is on the rise. Their focus will be to add on such new category and increase the range of product offering along with developing existing ones to increase their share in spring mattress plant at peenya, Bangalor. They have also introduced their ‘ultra Spinekare’, visco elastic foam mattresses in the medicated mattress segemnt.
Further within each category of their products offerings, they continuously focous on enhancing the depth and width of their merchandise. They may also consider strategic growth opportunities, through acquisitions and investments, to expand their portfolio of product offerings and to increase their production capabilities.
Confidence shown by customers on bed line and bath linen has encouraged their company to venture into business of furniture. Bed room furniture dinning table and sofa have been test marketed and the response wad encouraging.
The world class SAPERP has bee rolled out in all their manufacturing facilities with effect from 1st April,2006 covering Finance, Sales and Distribution and Materials Management.
SAPERP rollout at their 7 warehouses has been accomplished. All their sales offices and showrooms will go live with the new ERP system in the near future.
Further SAPERP implementation and rollout of production planning and human resource management are underway. With this initiative, the company’s financial system and process will completely be under the control of a single integrated and online system, thus ensuring high degree of efficiency and accuracy in financial management system and control mechanism.
Company is extensively embracing web based software technology tools to enhance operational efficiency transparency and productivity, catering to the entire value chain of the business, at large.
Continuous analysis and reassessment of the system will enable the company to fine tune the business processes and achieve excellence. Their company’s SAP initiative would be a strong foundation to adapt best processes and practices, to sustain future growth and expansion plans in domestic and global market place.
Future Outlook :
They intend to foray into manufacture of furniture through their joint venture subsidiary, Kurlon-Cesare Furniture Private Limited which is to manufacturing and market Italian styled furniture. They intend to further increase their presence in the home furnishings market by continuing to increase their product offerings in this segment. They believe that a wider product portfolio will decrease their dependence on a single product and also increase their customer reach in addition to realizing their vision of becoming a ‘Home Comfort Company’.
Fixed Assets :
Tangible Assets
v Land
v Building
v Plant and Machinery
v Computers
v Furniture and Fittings
v Office Equipments
v Vehicles
Intangible Assets
v Software
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80007716 |
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Corporate
identity number of the company |
U17214KA1962PLC001443 |
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Name of the
company |
Kurlon Limited |
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Address of the
registered office or of the principal place of business in |
Chitrakala Nagar,
Manipal-576104, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
IDBI Bank Limited IDBI House No.58,
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Nature of
description of the instrument creating or modifying the charge |
Joint Deed Of
Hypothecation. |
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Date of
instrument Creating the charge |
09.07.2008 |
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Amount secured by
the charge |
Rs.514.700
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest for
IDBI Bank Limited (Exclusive of Interest Tax other Levies/Duties) BPLR-1.25
bps(Presently BPLR is @13.25% p.a.) Payable Monthly. (Subject to minimum of
12% p.a.) Penal Interest for Non-Compliance of terms of sanction : Max2% p.a.
over the normal rate. Prepayment Penalty as per terms of sanction for other
Banks in the Consortium as per terms of sanction by respective Banks. Terms of
Repayment WLC- On Demand.
Advance is for a period of 12 months and subject to review as per sanction Margin 20% of current
Assets for IDBI Bank as per terms of sanction by the respective Banks in the
consortium Extent and
Operation of the charge (a) The charge
operates as security, inter alia, for the due repayment by Co to IDBI
consortium (comprising of IDBI Bank Limited, SBI, BOB and AXIS Bank Limited)
of its aggrt wlc facilities of Rs. 514.700 millions sanctioned together with
interest, additional interest, liquidated damages, premia on redemption,
costs, charges, expenses and all other money payable by the Company to IDVI
Consortium in terms of WCL Consortium Agr date 09.07.2008 and shall rank
pari-passu with the Others Members of the
IDBI consortium. (b) The Company has undertaken to keep the goods
hypothecated in marketable and good condition at its own costs and to insure
the same in the joint names of the Company and the members of the IDBI
consortium. (c) All goods hypothecated and all realizations and insurance
proceeds thereof and all documents in respect of the said security are to be
kept distinguishable and held as the exclusive prop of the members IDBI
Consortium. |
|
Short particulars
of the property charged |
The whole of the
Current Assets of the company namely, stocks of raw materials. Stocks in Process,
Semi-finished and finished Goods, Stores and Spares (consumable Stores and
Spares ), Bill Receivable and Book Debts and all other movables, both present
and future and more particularly described in the Schedule to the Joint Deed
of Hypothecation attached hereto. |
|
Date of latest
modification prior to the present modification |
12.07.2006 |
|
Particulars of
the present modification |
The amount
secured stands increased from Rs.320.000 millions to Rs.514.700 millions The
consortium is IDBI Bank Limited and the consortium is now known as IDBI
Consortium the securities described in col no.14 is available for enhanced
limit IDBI Bank Limited entered the consortium all other terms and conditions
remain unchanged |
WEBSITE DETAILS ATTACHED:
Subject
is into the business of pure comfort. A head start in the business in 1962 by
Mr. Ramesh Pai, the chairman, it is now looking into an extensive brand
extension, and a complete makeover - from sleep comfort, to home comfort.
To
give its expanding activities a definite direction and a wider dimension,
Subject is repositioning itself as a major player in the comfort industry
rather than a leader in just the mattress business. Thus operating on a larger canvas,
the company will have more room to grow, and will manufacture a whole wide
range of trusted quality products for its customers.
Subject , a Manipal Group Company came into existence in 1962. The Company was then called 'Karnataka Consumer Products Ltd' and on the 8th of December, 1995 the Company was renamed as Subject .
Subject is part of the 2,000 crore Manipal Group of
companies founded by the Pai's of Manipal which is a major financial and
industrial group in
Subject was conceived when Mr. Pai was in
Austrian technology was available to extract fibre from the
dried coconut husk and curl it into ropes and keep it in that state for minimum
3 months. When uncurled, curled coir becomes tiny springs. The cars
manufactured in
Today Subject has created direct employment over 1000 people
and indirect employment to lakhs of coir workers across the sub-continent.
Subject's success is built on a solid infrastructure and its powerful marketing
strength. The Company has 44 Sales Offices, which are profit centers,
strategically located all over the country. All the centers are working on and
trade terms. The Company products are exported to West Asia viz; U.A.E.,
Subject is the brand leader in the industry and has acquired major market share in the branded mattresses segment.Taking advantage of the market potential, Subject strongly believes in giving the customers quality products of a wide range at competitive prices, which will result in customer satisfaction.
Kurlon Nest
Kurlon has been dedicated to the comfort and convenience of its customers for years. With their convenience in mind, Kurlon has conceptualized a chain of outlets to bring the whole range of comfort products, under one roof.
Kurlon Nest offers you the
entire range of home and sleep comfort products arranged in an exquisitely
arranged platter, in the form of its showrooms. It encompasses the feel of a
home, with an excellently, trained customer support group for assistance. Currently functioning in
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NESTS |
TELE NUMBER |
EMAIL ID |
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KURLONNEST
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91-80-26571901 |
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KURLONNEST |
91-80-28463836 |
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KURLONNEST |
91-80-25710295 |
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KURLONNEST |
91-120-2512881/4318811 |
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KURLONNEST |
91-124-4380046/47 |
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KURLONNEST |
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KURLONNEST |
91-731-2432711/2529564 |
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MANGALORENEST |
91-824-2410520 /9341407473. |
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HYDERABADNEST |
91-40- 24761688/24658547 |
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LUCKNOWNEST |
91-522- 2311896 |
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News
Best
Achievement Awards
:
Mr. T.
Sudhakar Pai has won the following Coir Industry Awards:
1. Best
Performance in Exports of Rubberised Coir Products
2.
Best Achievement in Domestic Market Development (Rubberised Coir Products)
The
Coir Industry Awards were presented by Shri Pranab Kumar Mukerjee, Hon'ble Minister
for Defence, Government of India at the Function scheduled at Ashika Hotel,
Chanakyapuri,
The
Manipal group family has congratulated Mr.Pai for the excellent performance and
this recognition.
They have won the Coir Board of India's top honours for Outstanding Performance in Export of
Rubberised Coir Products and Development of Domestic Market for
Rubberised Coir for the year 2003.
Just like they won the awards in 2002 and 2001. Kind of
makes it less surprising that they are
STORES
KORAMANGALA NEST
NO 50,HIG,KHB Colony
8th Block,Kormangala,
BANGALORE-560095
Tel :080-25710295
KURLON NEST
NO.26/36,
Next to RNR convention hall,
Nr. South end circle,Basvangudi
Tel : 080 26571901
KURLON NEST
M.R.Mansion, No.935/786,
Yelahanka,
Tel : 28463836
KURLON NEST
# 13-12,1393-13,Rambhavan Complex,
Ground Floor,Kodabail
MANGALORE - 575 003
Tel : 0824 - 2410520
KURLON NEST
Shop # 19,20,26, I st Floor,
Tel : 040 - 24761688
KURLON NEST
Shop # 1&2, G. Floor, Classic Centre
575,
Tel : 0731 - 2432711
KURLON NEST
Murari Nagar,
Tel : 0522 - 2311896
KURLON NEST
371, Nirman vihar
Vikas marg, Nr.Vishal mega mart
NEW DELHI-110092
Tel : 011 - 22045093
KURLON NEST
Shop No - 11& 12, J.S.Arcade
D-1, Opp. Atta Market, Sector 18
NOIDA , U.P
Tel : 0120 -251 2885/4318811
KURLON NEST
Shop No -MS. 0010, Dlf Mega Mall,
GURGAON, Haryana
Tel : 0124-4380046 / 4380047
Awards and patent :
They have pleasure in sharing with us all that their company has been awarded with the following coir industry Awards for the year 2007-2008.
v Export Performance in Rubberized Coir Products.
v Achievements in Domestic Market Development Rubberized Coir Products
v
v Largest Domestic Trader of Coir and Coir Products for the year 2007-2008.
Their company has been granted patent from controller of Patents, bearing patent no. 219746 (94/CHE/2004) for its invention “Method of Manufacturing Visco Elastic Foam Pillow” for product ‘Grazel’
Joint Venture :
Their company has signed a joint venture with Mr. Cesare Giacomuzzo of Itally to manufacture and Marketing of Italian Sofa and Furniture.
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.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|