MIRA
INFORM REPORT
|
Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
22, Marshalls Road, Egmore, Chennai -600008, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
21.09.1977 |
|
|
|
|
Com. Reg. No.: |
18-007377 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18209TN1977PTC007377 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA00398G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Leather Goods, Shoe and Shoe Upper |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1205228 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. General financial position is good. 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 : |
22, Marshalls Road, Egmore, Chennai -600008, Tamilnadu, India |
|
Tel. No.: |
91 - 44 – 28553249/22285324 |
|
Fax No.: |
91 - 44 – 28553247 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1850 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
118A, Velacherry Road, Guindy, Chennai - 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22201954 |
|
Fax No.: |
91-44-22201959 |
|
E-Mail : |
|
|
Area : |
7500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
22, Marshalls Road, Egmore, Chennai - 600 008, Tamilnadu, India |
|
Tel. No.: |
91 - 44 – 28553249 |
|
Fax No.: |
91 - 44 – 28553247 |
|
E-Mail : |
|
|
Area : |
1850 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branches : |
12, Race Course Road, Guindy, Chennai - 600 032, Tamil Nadu, India |
|
Tel. No.: |
91-44-22454427 / 22455510 |
|
Fax No.: |
91-44-2201959 |
|
E-Mail : |
DIRECTORS
|
Name |
Mr. J. Thomas |
|
Designation |
Chairman |
|
|
|
|
Name |
Mr. Ajit Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T. Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
07.06.1954 |
|
Date of Appointment : |
18.06.2001 |
|
|
|
|
Name |
Mr. Dilip Thomas |
|
Designation |
Director |
|
Address |
9, Lodikhan Street, T. Nagar, Chennai – 600017, Tamil Nadu, India |
|
Date of Birth |
07.08.1958 |
|
Date of Appointment : |
18.06.2001 |
|
|
|
|
Name |
Mr. Ramaswami |
|
Designation |
Director |
|
Address |
43, Venkatrathnam Nagar, Adyar, Chennai - 600020, Tamil Nadu, India |
|
Date of Birth |
01/07/1921 |
|
|
|
|
Name |
Mrs. Shanthi Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T. Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
28.07.1954 |
|
Date of Appointment : |
29.07.2002 |
|
|
|
|
Name |
Ms. Priyalatha Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T. Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
15.07.1960 |
|
Date of Appointment : |
29.02.2002 |
|
|
|
|
Name |
Mr. K. D. Madan |
|
Designation |
Director |
|
Address |
18, Cenotaph Road, Second Lane, Chennai - 600018, Tamil Nadu, India |
|
Date of Birth |
11/09/1948 |
KEY EXECUTIVES
|
Name : |
Lakshmmi Subramaniam and Associates |
|
Designation : |
Company Secretary |
|
Address : |
Murugesa Naicker Office Complex, 81 – Greams Road, Chennai – 600006 |
|
Tel No.: |
91-44-28292272/28292273 |
|
Fax No.: |
91-44-42142061 |
|
Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Ajit Thomas |
|
493900 |
|
Mr. Dilip Thomas |
|
492750 |
|
Mrs. Priyalatha Thomas |
|
1150 |
|
|
|
|
|
Total |
|
987800 |
|
|
|
|
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Leather Goods, Shoe and Shoe Upper. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Leather Goods |
Nos. |
|
|
4502888 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
· Chandru Printers · Industrial Connections · I.C. Industries · Jai Plastics · Jayaram Enterprises · Sri Sathyanarayana Plastics · Kalika Poly Packaging Industry · Kanna Process · M.N. Polymers · Meenakshi and Company Agency Division · Nitya Enterprises · Pavitraa Graphics Limited · Plastix · Preciision Engineering Plastics · R D Polymers · Sai Packaging Company · Sajawat Industries · Salanix Private Limited · Sasudina Packaging Private Limited · Seliam Chemicals · Success Chemicals Company · Sun Enterprises · Syntyokem Industries · Vadapalani Press · A.K. Prints · Annai Polymer India Private Limited · Angel Labels · D-Pack · Trim Pack |
|
|
|
|
Customers : |
· Wholesalers · Retailers · End Users |
|
|
|
|
No. of Employees : |
Around 160 |
|
|
|
|
Bankers : |
· Indian Bank Park Town Branch, 53 Raja Muthiah Road, Leather Chennai - 600 003, Tamil Nadu, India · State Bank of India Commercial Branch, 232 NSC Bose Road, Second Line Beach, Chennai - 600001, Tamil Nadu, India · CITI bank N.A. No.2, Club House Road, Annasalai, Chennai-600002, Tamilnadu, India · Bank of Baroda · State Bank of Travancore · The South Indian Bank Limited · HDFC Bank Limited · Punjab National Bank |
|
|
|
|
Facilities : |
Secured Loans
(31.03.2005) : From Bank: Packing Credit – Rs.176.303 millions (Secured by hypothecation of Inventories and Plant and Machinery) Unsecured Loans
(31.03.2005) : Employees Housing Loan – Rs.1.128 millions |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
No.70 (Old No.139A), Kodambakkam High Road, Nungambakkam,
Chennai - 600 034, Tamilnadu, India |
|
Tel No.: |
91-44-28277082/28075876 |
|
Fax No.: |
91-44-28223282 |
|
|
|
|
Associates/Subsidiaries : |
· A V Thomas and Company Limited, 174, Thambu Cheety Street, Chennai - 600001, Tamil Nadu, India Tel. No. 91-44-25231892 Air and Sea Department - Travel agents and clearing and forwarding agents · A V Thomas Exports Limited A-8, Dhandeeswarar Nagar, 3rd Cross Street, Velacherry, Chennai - 600042, Tamil Nadu, India Tel. No. 91-44-22430082 · Neelamalai Agro Industries Limited 27 Mc Nichols Road, Chennai - 600031, Tamil Nadu, India Tel. No. 91-44-29216332 · The Neliampathy Tea and Produce Limited (Plantations,Agrochemical, Oil Extractions, Medical Rubber Products, Hospital Supplies, Plant Bio-Technology etc) · AVT Natural Products Limited, 72/B, Chesney Estates, Ethiraj Salai, Chennai - 600010, Tamil Nadu, India · Teleflex Medical Private Limited 59, Rems Street, Kilpauk, Chennai - 600010, Tamil Nadu, India Tel. No. 91-44-26448588 · Daip Tradepool Limited 2984 Taramani Link Road, Chennai - 600042, Tamil Nadu, India Tel. No. 91-44-22411958 · L.J. International Limited · A.V. Thomas Investments Company Limited · Neeliampathy Tea and Produce Company Limited · AVT Infotech Private Limited · DALP Trade Pool Private Limited · S.T. Holdings Private Limited · Ajit Thomas Holdings Private Limited · Alina – Proprietory Concern · A V Thomas Industrial Products Limited · AVT Mccornic Ingredients Limited · AVT Rubber Products Limited · Midland Latex Products Limited · The Highland Produce Company Limited (Cardamom, Allied Products) · The Kalpetta Estates Limited · The Midland Rubber And Produce Company Limited, · A V Thomas International Limited · The Rajagiri Rubber and Produce Company Limited · A V Thomas Leather (UK) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/-each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
987800 |
Equity Shares |
Rs.10/-each |
Rs.9.878 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.878 |
9.878 |
9.878 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
291.429 |
263.210 |
253.967 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
301.307 |
273.088 |
263.845 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
538.143 |
287.788 |
176.303 |
|
|
2] Unsecured Loans |
25.611 |
0.899 |
1.128 |
|
|
TOTAL BORROWING |
563.754 |
288.687 |
177.431 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
865.061 |
561.775 |
441.276 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
137.836 |
117.163 |
79.420 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.960 |
77.500 |
57.790 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
677.951
|
327.928 |
210.211 |
|
|
Sundry Debtors |
120.460
|
80.867 |
87.392 |
|
|
Cash & Bank Balances |
17.834
|
16.010 |
35.331 |
|
|
Other Current Assets |
0.231
|
0.076 |
0.058 |
|
|
Loans & Advances |
193.702
|
124.481 |
114.785 |
|
Total
Current Assets |
1010.178
|
549.362 |
447.777 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
207.823
|
102.491 |
94.868 |
|
|
Provisions |
90.090
|
79.759 |
48.843 |
|
Total
Current Liabilities |
297.913
|
182.250 |
143.711 |
|
|
Net Current Assets |
712.265
|
367.112 |
304.066 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
865.061 |
561.775 |
441.276 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2260.783 |
1385.230 |
1489.402 |
|
|
Other Income |
11.595 |
39.450 |
10.596 |
|
|
Total Income |
2272.378 |
1424.680 |
1499.998 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
106.473 |
68.270 |
66.301 |
|
|
Provision for Taxation |
33.200 |
19.000 |
24.000 |
|
|
Profit/(Loss) After Tax |
73.273 |
49.270 |
42.301 |
|
|
|
|
|
|
|
|
Export Value |
1951.990 |
1182.974 |
1289.054 |
|
|
|
|
|
|
|
|
Import Value |
578.362 |
298.535 |
205.811 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Insurance Expenses |
0.000 |
0.000 |
0.000 |
|
|
Power & Fuel |
54.652 |
25.612 |
14.425 |
|
|
Depreciation & Amortization |
22.826 |
12.516 |
9.643 |
|
|
Other Expenditure |
2193.265 |
1298.850 |
1419.857 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.22
|
3.46 |
2.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.71
|
4.93 |
4.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.27
|
10.24 |
12.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.25 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
1.72 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
3.01 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
|
Corporate
identity number (CIN) Foreign company registration number |
U18209TN1977PTC007377 |
|
Name of the
Company |
A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED |
|
Address |
22, Marshalls Road, Egmore, Chennai-600008, Tamilnadu, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
Book Debts Movable Property (Not being pledge) |
|
Particulars of
the charge holder |
Sate Bank of
India Commercial Branch,
No.232, NSC Bose Road, Chennai – 600001, Tamilnadu, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Agreement of Loan for Increase in the Overall Limit in from C1A Supplemental
Agreement of Hypothecation of Goods and Assets for Increase in the Overall
Limit In from C2A Letter Regarding
the grant of individual Limits within the Overall Limit in from C5 |
|
Date of the
instrument creating or modifying the charge |
Date : 18.09.2006 |
|
Amount secured by
the charge |
Rs.323.300
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: EPC/PCFC : 2.90%
below SBAR effective rate 8.10% p.a. Corporate Loan :
1.50% Over SBAR i.e. 12.50% Terms of
Repayment : As stipulated by
the Bank from time to time. Margin : Raw Materials, Stock in process, Finished Goods 25% Book debts,
Receivable (Cover Period 60 days) 40% Extent and
operation of the charge : As stipulated by
the Bank from time to time. |
|
Short particulars
of the property charged (including location of the property) |
Primary : Hypothecation of Raw Materials, Stocks in
process, finished Goods, Store and spares, Receivable on Pari Passu basis
with Indian Bank and CITI Bank Export Orders
Confirmed LCs. Collateral : Extension of
first Charge over Fixed Assets other than the assets charge exclusively to
state Bank of India, Commercial
Branch, Chennai – 600001, on Pari-passu basis with Indian Bank and CITI Bank. |
|
Particular of the
present modification |
The Credit
Facilities extended to the company has now been enhanced from Rs.225.000
Millionst6o Rs.323.3000 Millions ( As per annexure Attached ). |
|
Name of the company |
A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED |
|
Presented By |
Mr. Ajit Thomas |
|
1) Date and description of instrument creating the change |
Goods Security
Agreement Dated 22.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
Facility of RS.80.000 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 |
Pari - Passu
Charge on all present and future stock and book debts of the company. Pari – Passu
Charge on all plant and machinery and all office equipment of the company
including computers, air conditioners furniture and fixture and all the
movable assets of the company both present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate of
7.25% per annum on cash credit Penal interest
@4.00% per annum over prime lending rate on over dues, delays, default of any
monies payable. |
|
5) Name and Address and description of the person entitled to the charge. |
CITI Bank NA No.2, Club House
Road, Chennai – 600002., |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Name of the company |
A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE LIMITED |
|||||||||||||||
|
Presented By |
State Bank of India Commercial Branch, 232, N.S.C. Bose Road, Chennai-600001 |
|||||||||||||||
|
1) Date and description of instrument creating the change |
All agreements dated 24.03.2003 Agreement of Loan for overall limit in Form C-1 Agreement of Hypothecation of Goods and Assets in Form C-2 Letter regarding the grant of individual limits within the overall limit in Form C-5 Agreement of pledge of goods and assets in Form C-3 |
|||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.70.000 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 |
Hypothecation in favour of Bank on all entire present and future goods book debts and all other movable assets of the Borrower including documents of title to the goods, receivables including receivables by way of cash assistance and / or cash incentives under the cash incentives scheme or any other scheme claims including claims by way of round of customs/ excise duties under the Duty drawback schemes or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery and all future machinery belonging to or in the possession or under the control of the borrower or of the Bank or of any third party whether in India or elsewhere |
|||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
For EPC and FBD the rate of interest at the rate of 3.15% below SBAR min.7.60%. Margin : Raw Materials 25% Stock in trade 25% Finished Goods 25% Book Debts/ Receivables 40% |
|||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
STATE BANK OF INDIA Commercial Branch, 232, N.S.C. Bose Road, Chennai-600001 |
|||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Agreement ceding pari passu charge dated 13.05.2005 |
|||||||||||||||
|
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. |
The present modification is for offering company’s fixed assets, current assets viz- raw materials, stock in process, semi finished goods, bills receivables etc. on pari pasu basis without any preference or priority of one over the others to secure both fund based and non fund based limits aggregating to Rs.4.550 millions together with interest and all other monies payable by the company to the following Banks :
|
|
Corporation identity number or foreign company registrations number of the company |
U18209TN1977PTC007377 |
|
Name of the company |
A V THOMAS LEATHER AND ALLIED PRODUCTS LIMITED |
|
Address |
22, Marshalls Road, Egmore, Chennai-600008, Tamilnadu, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Citibank N.A. No.2, Club House Road, Anna Salai, Chennai-600002, Tamilnadu, India E-Mail : raghu.chejaria@citigroup.com |
|
Amount Secure by the charge |
Rs.80.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Pari passu first charge on present and future current assets and movable fixed assets. Above charge of Citibank NA shall rank pari pasu with Indian Bank and State Bank of India for their working capital facilities. |
|
Description of the property charge whether it is a charge on |
Plant and Machinery Furniture and Fixtures Stock in trade Book debts |
|
Modification charge Charge identification number of the charge to be modified |
90297234 |
|
Date of instrument modifying the charge |
28.08.2006 |
|
Particulars of the Property charged |
Present and future current assets and movable fixed assets of the company |
Fixed Assets :
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Motor Vehicles
·
Land and Development
·
Electrical Installation
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 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.39.27 |
|
UK Pound |
1 |
Rs.77.01 |
|
Euro |
1 |
Rs.58.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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 |
|