MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHAHLON
INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
303, 3rd
Floor, Dawar Chambers, Near Sub Jail, Ring Road, Surat - 395 002, Gujarat. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
18.01.1993 |
|
|
|
|
Com. Reg. No.: |
04-18826 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25200GJ1993PTC018826 |
|
|
|
|
IEC No.: |
5201000690 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS01835B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS0163E |
|
|
|
|
Legal Form : |
Private Limited Liability
Company. |
|
|
|
|
Line of Business : |
Manufacturers of
Zero Twist Sized Yarn and Grey Cloth |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 431000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hitesh K. Garmora |
|
Designation : |
Company Secretary of group company |
|
Contact No.: |
Mobile no.91-9377555543 |
|
Date : |
15.07.2008 |
LOCATIONS
|
Registered Office : |
303, 3rd
Floor, Dawar Chambers, Near Sub Jail, Ring Road, Surat - 395002, Gujarat,
India. |
|
Tel. No.: |
91-261-3090200/ 2635541/ 2635542 |
|
Fax No.: |
91-261-2635550 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4320 sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Block No. 298, Plot No. 1, 3/A, 3/B and 4/A, Block No.297, Plot No.3, 3A,
3B, 3C and 2B, Limodara Patia, Village: Karanj, Taluka: Mandvi, Dist. Surat. |
|
Tel. No.: |
91-2621-234370-71 |
|
Fax No.: |
91-2621-234372 |
|
E-Mail : |
|
|
Area : |
12094.76 sq.mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No. 72 to 86, Apparel Park Sez, Sachin G.I.D.C., Surat |
|
Tel. No.: |
91-261-3090200/ 2635541/ 2635542 |
|
Fax No.: |
91-261-2635550 |
|
E-Mail : |
|
|
Area : |
17505 sq.mtrs. |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Nitin
Raichand Shah |
|
Designation : |
Whole Time
Director |
|
Address : |
9, Deep Mangal
Society, Near Narmad Library, Surat – 395 001, Gujarat, India |
|
Date of Birth/Age : |
13.01.1961 |
|
Qualification : |
B.Com |
|
Experience : |
23 Years |
|
Date of Appointment : |
18.01.1993 |
|
|
|
|
Name : |
Mr. Dipan
Jayantilal Shah |
|
Designation : |
Director |
|
Address : |
302, Gunjan Flats,
Near Narmad Library, Ghod Dod Road, Surat – 395 001, Gujarat, India |
|
Date of Birth/Age : |
22.09.1975 |
|
Qualification : |
B.Com |
|
Experience : |
13 Years |
|
Date of Appointment : |
04.10.2000 |
|
|
|
|
Name : |
Mr. Mahendra
Raichand Shah |
|
Designation : |
Director |
|
Address : |
403, Soneri
Apartment, Near Chinmay Hospital, Surat – 395 001, Gujarat, India |
|
Date of Birth/Age : |
06.08.1957 |
|
Qualification : |
B.Com |
|
Experience : |
23 Years |
|
Date of Appointment : |
18.01.1993 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Raichand Shah |
|
Designation : |
Director |
|
Mobile No. : |
91-9825114371 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Arvind Raichand Shah |
|
Designation : |
Director in group company |
|
Mobile No. : |
91-9825114362 |
|
E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Dhiraj Raichand
Shah |
|
1500 |
|
Suresh Somchand
Shah |
|
1000 |
|
Jayantilal
Raichand Shah |
|
1500 |
|
Raichand Kanji
Shah |
|
1500 |
|
Mahendra Raichand
Shah |
|
1500 |
|
Arvind Raichand
Shah |
|
1500 |
|
Nitin Raichand
Shah |
|
1500 |
|
Raichand Kanji Shah Jointly With Jiviben
Raichand Shah |
|
23000 |
|
Mahendra Raichand Shah Jointly With Meena
Mahendra Shah |
|
59000 |
|
Jayantilal Raichand Shah Jointly With
Damyanti Jayantilal Shah |
|
40000 |
|
Dhiraj Raichand Shah Jointly With Kanchan
Dhiraj Shah |
|
57000 |
|
Arvind Raichand Shah Jointly With Avani
Arvind Shah |
|
35000 |
|
Nitin Raichand Shah Jointly With Manaxi
Nitin Shah |
|
57000 |
|
Biren Jayantilal Shah Jointly With Smita
Biren Shah |
|
37000 |
|
Dipen Jayantilal Shah Jointly With Sonal
Dipen Shah |
|
37000 |
|
Raichand Kanji Shah – HUF |
|
31000 |
|
Jayantilal Raichand Shah – HUF |
|
35000 |
|
Pravin Raichand Shah – HUF |
|
35000 |
|
Dhiraj Raichand Shah – HUF |
|
20000 |
|
Mahendra Raichand Shah – HUF |
|
35000 |
|
Arvind Raichand Shah – HUF |
|
20000 |
|
Nitin Raichand Shah – HUF |
|
20000 |
|
Biren Jayantilal Shah – HUF |
|
26000 |
|
Dipan Jayantilal Shah – HUF |
|
11000 |
|
Jiviben Raichand Shah Jointly With
Raichand Kanji Shah |
|
28000 |
|
Damyanti Jayantilal Shah Jointly With
Jayantilal Raichand Shah |
|
18000 |
|
Kanchan Dhiraj Shah Jointly With Dhiraj
Raichand Shah |
|
18000 |
|
Meena Mahendra Shah Jointly With Mahendra
Raichand Shah |
|
18000 |
|
Avani Arvind Shah Jointly With Arvind
Raichand Shah |
|
18000 |
|
Minaxi Nitin Shah Jointly With Nitin
Raichand Shah |
|
18000 |
|
Smita Biren Shah Jointly With Biren
Jayantilal Shah |
|
18000 |
|
Sonal Dipan Shah Jointly With Dipan
Jayantilal Shah |
|
13000 |
|
Pravin Raichand Shah |
|
58000 |
|
Jigna Dhiraj Shah Jointly With Dhiraj
Raichand Shah |
|
5000 |
|
Rakhee Mahendra Shah Jointly With Mahendra
Raichand Shah |
|
2000 |
|
Harsh Mahendra Shah Jointly With Mahendra
Raichand Shah |
|
10000 |
|
Hiral Arvind Shah Jointly With Arvind
Raichand Shah |
|
2000 |
|
Dhruv Arvind Shah Jointly With Arvind
Raichand Shah |
|
9500 |
|
Sonal Dipen Shah Jointly With Nitin
Raichand Shah |
|
1500 |
|
Tanvi Nitin Shah Jointly With Nitin
Raichand Shah |
|
2000 |
|
Ravi Mahendra Shah Jointly With Mahendra
Raichand Shah |
|
8000 |
|
Total |
|
835000 |
|
|
|
|
|
Equity Share
Break-up (As on 27.09.2007) |
|
Percentage of Holding |
|
Bodies Corporate |
|
0.07 |
|
Directors or relatives of directors |
|
99.93 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Zero
Twist Sized Yarn and Grey Cloth |
|
|
|
|
Products : |
· Grey Fabrics · Texturised Yarn · Twisted Yarn |
|
|
|
|
Brand Names : |
Shahlon |
|
|
|
|
Agencies Held : |
· Reliance
Industries Limited – Indian Marketing agent for yarn
products |
|
|
|
|
Exports : |
|
|
Products : |
Grey Fabrics, Garments |
|
Countries : |
Asian countries – Bangladesh, Indonesia African countries – Egypt, Uganda, Russia, Ukraine, Oman, Qatar, Saudi
Arabia |
|
|
|
|
Imports : |
|
|
Products : |
Nylon Filament Yarn, NT Micro bial Yarn, Textile machine parts |
|
Countries : |
Singapore, Korea |
|
|
|
|
Terms : |
|
|
Selling : |
Credit 60 days |
|
|
|
|
Purchasing : |
Credit 7 days |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Yarn |
|
|
1658 MTPA |
1012.91 MTPA |
|
Grey Fabrics |
|
|
147.70 Lacs
Meters |
124.57 Lacs
Meters |
|
|
|
|
|
|
GENERAL
INFORMATION
|
Customers : |
Others - Big traders and exporters
for fabrics and local weavers for yarn |
|
|
|
|
No. of Employees : |
369 (In office-22, In factory-347) |
|
|
|
|
Bankers : |
State Bank of India Industrial Finance Branch, Marble Arch, Race Course, Vadodara – 390
005. |
|
|
|
|
Facilities : |
Rs.297.300 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P. A. Topiwala
and Associates Chartered
Accountants |
|
Address : |
44, Shivdhara Raw House, Opp. Amrapall Society, Pal Adajan Road, Pal,
Surat |
|
Mobile No.: |
91-9374555543 |
|
Fax No.: |
91-261-2635550 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
· Fairdeal
Filaments Limited Address: 3rd
Floor, Dawar Chambers, Near Sub Jail, Ring Road, Surat - 395002, Gujarat,
India. Line of Business:
Textiles Manufacturing and trading-Sizing, Text rising, Twisting, Weaving · Shahlon Silk
Mills Private Limited Address: 91 GIDC, Khatodara, Ring Road, Surat Line of Business: Textiles
Manufacturing and trading-Sizing, Twisting, Weaving |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
P
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
835000 |
Equity Shares |
Rs.10/- each |
Rs.8.350
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 |
8.350 |
8.350 |
8.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.000 |
|
|
3] Reserves & Surplus |
77.887 |
69.359 |
57.570 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
86.237 |
77.709 |
68.920 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
178.990 |
105.132 |
89.076 |
|
|
2] Unsecured Loans |
33.925 |
16.198 |
2.811 |
|
|
TOTAL BORROWING |
212.915 |
121.330 |
91.887 |
|
|
DEFERRED TAX LIABILITIES |
9.034 |
5.403 |
7.319 |
|
|
|
|
|
|
|
|
TOTAL |
308.186 |
204.442 |
168.126 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
180.372 |
103.129 |
94.570 |
|
|
Capital work-in-progress |
6.530 |
2.196 |
2.809 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.856 |
1.976 |
1.415 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.926
|
36.089
|
33.899
|
|
|
Sundry Debtors |
71.985
|
52.400
|
31.139
|
|
|
Cash & Bank Balances |
1.328
|
3.292
|
3.288
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
26.095
|
33.658
|
29.239
|
|
Total
Current Assets |
152.334
|
125.439 |
97.565
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
10.231
|
12.100
|
25.416
|
|
|
Provisions |
21.696
|
16.226
|
2.852
|
|
Total
Current Liabilities |
31.927
|
28.326 |
28.268 |
|
|
Net Current Assets |
120.407
|
97.113 |
69.297
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.021 |
0.028 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
308.186 |
204.442 |
168.126 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
470.350 |
395.405 |
277.273 |
|
|
Other Income |
7.356 |
5.367 |
0.000 |
|
|
Total Income |
477.706 |
400.772 |
277.273 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
15.202 |
19.569 |
20.744 |
|
|
Provision for Taxation |
5.572 |
7.781 |
8.670 |
|
|
Profit/(Loss) After Tax |
9.630 |
11.788 |
12.074 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.724 |
1.663 |
2.853 |
|
Total Earnings |
0.724 |
1.663 |
2.853 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
6.557 |
12.334 |
|
|
|
Stores & Spares |
1.424 |
2.824 |
|
|
|
Capital Goods |
0.370 |
0.000 |
|
|
Total Imports |
8.351 |
15.158 |
1.814 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
363.693 |
290.662 |
NA |
|
|
Manufacturing Expenses |
56.061 |
49.168 |
NA |
|
|
Administrative Expenses |
9.991 |
6.666 |
NA |
|
|
Interest |
14.025 |
10.571 |
NA |
|
|
Depreciation & Amortization |
15.490 |
18.290 |
NA |
|
|
Other Expenditure |
3.244 |
5.846 |
NA |
|
Total Expenditure |
462.504 |
381.203 |
256.529 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.02
|
2.94 |
4.35
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.23
|
4.95 |
7.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.57
|
8.56 |
10.80
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.25 |
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
1.93 |
1.74
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.77
|
4.43 |
3.45
|
LOCAL AGENCY
FURTHER INFORMATION
Note:
·
The company will export garments products in future.
·
Garment project at Sachin Apparel Park, SEZ is under construction
·
Managing Fast delivery centre (FDC) of Reliance Industries Limited
FORM 8
|
Name of the company |
SHAHLON
INDUSTRIES PRIVATE LIMITED |
|||||||||||||||||||||||||||||||||
|
Presented By |
Dipan J. Shah –
Director |
|||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Agreement for
Hypothecation of goods and Assets dated 21.04.2005 Letter regarding
the grant of individual limits within the overall limit dated 21.04.2005 |
|||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.122.700
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 |
All present and
future goods, book debts and all other movable assets of the borrower
including documents of title to the goods, outstanding monies, 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 refund of customs/ excise duties under the Duty Drawback Credit Scheme or
any other scheme, bills, invoices documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights and the present
machinery belonging to or in the possession or under the control of the borrower
wherever lying, stored and kept and whether in possession of the borrower or
of the bank or of any third party whether in India or elsewhere throughout
the world including all such goods, other movable assets as may be in course
of shipment, transit or delivery. |
|||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
charge of the Bank over properties of the Company as described in Column no.3
above to secure the credit facilities granted to the company as mentioned
hereunder:
Margin
in respect of aforesaid limits are as under: Particulars
of Item Margin i)
Raw materials, stock in process, Finished
goods, stores and spares -
25% ii)
Book debts/ receivables - 30% iii)
Letter of Credit - 10% |
|||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Industrial Finance
Branch Marble Arch, Race
Course, Baroda |
|||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
|||||||||||||||||||||||||||||||||
|
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. |
NA |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90100028 |
|
Corporate
identity number of the company |
U25200GJ1993PTC018826 |
|
Name of the company
|
SHAHLON
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
303, 3rd
Floor, Dawar Chambers, Near Sub Jail, Ring Road, Surat - 395 002, Gujarat,
India. |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of
India Industrial
Finance Branch Marble Arch, Race
Course, Varodara – 390
007, Gujarat, India. |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit. |
|
Date of
instrument Creating the charge |
19.10.2007 |
|
Amount secured by
the charge |
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of
Interest : ROI for Cash
Credit @SBAR ROI for Term Loan
–I, II, III, IV and V @ 1.5% below SBAR ROI for Term Loan
–VI @ 1.25% below SBAR ROI for Term Loan
–VII @ SBAR b)Terms of
Repayment: Term Loan-I:
monthly installment of Rs.0.076 millions each Term Loan-II:
monthly installment of Rs.0.076 millions each Term Loan-III:
monthly installment of Rs.0.273 millions each Term Loan-IV:
monthly installment of Rs.0.700 millions each Term Loan-V:
monthly installment of Rs.0.050 millions each Term Loan-VI: 20
quarterly installment of Rs.0.265 millions each Term Loan-VII: 25
quarterly installment of Rs.3.075 millions each and last installment of
Rs.3.125 millions c) Margin: Cash Credit :–Raw
material -25%, Finished goods-25%, Stores and spares-25%, Receivables-30%,
Letter of credit-10%, Cover periods of receivables-120 days for processing
units and 90 days for others, EPC/ PCFC-25% of FOB value of order and EPC
stock TL-I, II, III, IV
and V-25% for machinery And 25% for building, TL-VI-25% for mach and 40% for
civil work, TL-VII-Factory, Land and building and machinery -30%, Other
machinery and equipments under TUF-25%, Windmill -27%, Bank Guarantee -10% d) Extent and Operation
of the charge All present and
future goods, book debts, plant and machinery and other moveable assets
belonging to the company wherever situated. |
|
Short particulars
of the property charged |
All present and
future goods, book debts, plant and machinery and other moveable assets
belonging to the company wherever situated. |
|
Date of latest
modification prior to the present modification |
24.03.2007 |
|
Particulars of
the present modification |
The charge of the
Bank on the properties mentioned above is modified to secure aggregate credit
facilities of Rs.289.000 millions increased from Rs.239.000 millions granted
by the Bank of the company. CC limit is increased by Rs.45.000 millions and
Bank Guarantee facility of Rs.5.000 millions. |
TRADE REFERENCES:
· Anjani Synthetics Limited
Plot no.140, Pirana Road, Piplej, Ahmedabad –
380 025.
· Shree Siddhi Vinayak Saree Private Limited
Plot no.A/ 26-28, Central Park, Near Annpurna
Dying, Pandesara, Surat – 394 221.
· Orbit Exports Limited
Shop no.11, Mehta Chambers, Kalyan Street,
P.D. Mello Road, Masjid Bunder (East), Mumbai – 401 404.
· Roop Creation Private Limited
Shop no.F-4406 to 4408, Radhakrishana Textile
Market, Ring Road, Surat.
· Kappa International Private Limited
· Hyosung Corporation
· Dongil Electronics
Fixed Assets
Land
Lease Hold Land
Building
Plant and Machinery
Office Equipments
Computer
Vehicles
Furniture and Fixture
Beam Pipe
The group is engaged in various synthetic textile manufacturing and marketing activities like texturising, sizing, twisting, waterjet weaving and manufacturing of embroidery yarns etc. They are having strength of more than 700 dedicated employees, committed to the growth of the organization.
Fairdeal group consists of four companies as follows:
1. Fairdeal Filaments Limited
2. Shahlon Industries Private Limited
3. Shah Silk Corporation.
4. Sanimo Polymers Private Limited
Apart from the manufacturing activities, the group is also engaged in the marketing
of POY(Partially Oriented Yarns), PFY(Polyester Filament Yarn) and
PTY(Polyester Texturised Yarn) manufactured by reliance industries Limited
India’s largest Private Sector company. They market around 25,000 metric tones
of reliance annually.
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.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|