MIRA INFORM
REPORT
|
Report
Date : |
22.05.2008 |
IDENTIFICATION DETAILS
|
Name : |
VIVEK LIMITED |
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Registered
Office : |
133, Royapettan High Road, Mylapore, Chennai – 600004,
Tamilnadu |
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Country
: |
India |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
31.08. 1994 |
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Com.
Reg. No.: |
18-28470 |
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CIN
No.: [Company
Identification No.] |
U51909TN1994PLC028470 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEV02035F |
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PAN
No.: [Permanent
Account No.] |
AAACV1186B |
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Legal
Form : |
A Closely Held Public Limited Liability Company |
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Line
of Business : |
Dealer and Distributors of Electrics Products. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
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RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD 250000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
The company has made steady progress in retail business
but profit margin is very limited. Directors are reported as experienced,
respectable and having satisfactory means. Their payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
133, Royapettan High Road, Mylapore, Chennai – 600004,
Tamilnadu, India |
|
Tel.
No.: |
91-44-24989439 |
|
Email
: |
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|
Website
: |
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Area : |
Large |
|
Locations : |
Owned |
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Corporate
Office: |
New. No. 171, Old No. 74, LUZ Church Road, 2nd
Street, Mylapore, Chennai - 600004, Tamilnadu, India |
|
Tel.
No.: |
91-44-262021166/62169495/62169330/ 24992015/24996783 |
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Fax
No.: |
91-44-24996783 |
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E-Mail
: |
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Website
: |
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Corporate
Office : |
150 (New No.68), Luz Church Road, II Floor,
Mylapore, Chennai – 600004 |
|
Tel.
No.: |
91-44-42221700 |
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Fax
No.: |
91-44-42221770 |
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|
Regional
Office: |
No. 310, 15th Cross, 5th Phase, J.P. Nagar, Bangalore
– 560078, Karnataka, India |
|
Tel.
No.: |
91-80- 41461901, 41461920, 41461921 |
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Fax
No.: |
91-80-41461900 |
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Branches
: |
Located
at:
Tel. No. 91-44-22316970
Tel. No. 91-44-26422462/26422486
Tel. No. 91-44-28140062/28144129
Tel. No. 91-44-28232020/28233005
Tel. No. 91-44-24845454/24845444
Tel. No. 91-44-26261841/26212107
Tel. No. 91-44-28524247/28524248/
24425270 Fax No.:91-44-24425306
Tel. No. 91-44-22261470
Tel. No. 91-80-26532338
Tel. No. 91-80-2125437/23121772
Tel. No. 91-80-25286240/25286241
Tel. No. 91-80-3337868/3337869
Tel. No. 91-80-22247122/22247123
Tel. No. 91-80-22206546/22206547
Tel. No. 91-452-2750476/2750477
Tel. No. 91-422-2200329/2200330
Tel. No. 91-427-2334343/2334344
Tel. No. 91-462-2578983 |
DIRECTORS
|
Name : |
Mr.
Kodandarama Setty B. A. |
|
Designation
: |
Chairman and Managing Director |
|
Address
: |
64, Luz Church Road, Mylapore,
Chennai - 600014, Tamilnadu |
|
Date
of Birth/Age : |
07.02.1939 |
|
Date
of Appointment : |
31.08.1994 |
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|
Name : |
Mr. B. A. Chandrasekara Setty |
|
Designation
: |
Director |
|
Address
: |
2 Taylors Road, Kilpauk,
Chennai - 600010, Tamilnadu |
|
Date
of Birth/Age : |
09.06.1946 |
|
Date
of Appointment : |
31.08.1994 |
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|
Name : |
Mr. B. A. Srinivasa |
|
Designation
: |
Joint Managing Director |
|
Address
: |
23, 1B, Sterling First Cross
Street,Sterling Road, Nugambakkam,
Chennai - 600034, Tamilnadu |
|
Date
of Birth/Age : |
19.05.1957 |
|
Date
of Appointment : |
31.08.1994 |
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|
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|
Name : |
Mr. J. Ramanan |
|
Designation
: |
Director |
|
Address
: |
5, Thiruveedi Amman Koil
Street, Raja Annamalai Puram, Chennai - 600028, Tamilnadu |
|
Date
of Birth/Age : |
02.07.1946 |
|
Date of
Appointment : |
22.07.1998 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
|
Mr. B. L.
Aswathanarayana Setty |
120,100 |
|
Mr. B. A.
Vasanthalakshmi |
198,600 |
|
Mr. B. K.
Nalini Jayanthi |
191,100 |
|
Mr. B. C.
Padmavathi |
113,600 |
|
Mr. B. A.
Kodandarama Setty |
795,774 |
|
Mr. B. A.
Chandrasekara Setty |
789,263 |
|
Mr. B. A.
Srinivasa |
1,480,263 |
|
Mr. J.
Ramanan |
500 |
|
Mr. B K
Shanker |
18000 |
|
MR. B K
Anand |
52500 |
|
Mr. B K
Sridhar |
42500 |
|
Mr. B A Kodandarama
Setty |
34500 |
|
Mr. B A
Koodandarama Setty |
22500 |
|
Mrs. B A
Nanda Srinivas |
97000 |
|
Mr. S D
Gopinath |
20000 |
|
Mrs. G
Priya |
7500 |
|
Mrs. D
Kalanithi |
10000 |
|
Mrs. M
Sheela Devi |
10000 |
|
Mrs. A
Selvi |
5000 |
|
Ms. S
Shagunthlal |
7500 |
|
Mr. S S
Rameshwarnath |
5000 |
|
Mrs.
Shanthi Kannan |
5000 |
|
Mr. B V
Ramachandran |
5000 |
|
Mrs. B R
Devendrakumar |
5000 |
|
Mr. K
Saravanan |
5000 |
|
Mr. R D
Badrinath |
10000 |
|
Mrs. R B
Rajeshwari |
5000 |
|
Ms. S
Lakshmi |
5000 |
|
Mrs. B A
Mahalakshmi |
12500 |
|
Ms. G
Priya |
7500 |
|
Mr. R
Nageshwaran |
17100 |
|
Mr. Pani
N Chakrapani |
11700 |
|
Mrs.
Rajeshwari Chakrapani |
11700 |
|
Mr. Arun
C Swaminath |
11700 |
|
Mr. R
Srinivasan |
10000 |
|
Mr. Vinay
Goyal |
5000 |
|
Mr. Vikas
Goyal |
5000 |
|
Mr.
Vardhman Jain |
5000 |
|
Ms. C
Sita |
10000 |
|
Mr. B R
Veerabhadar Guptha |
5000 |
(As on 31.03.2007)
|
Category |
Percentage |
|
|
|
|
Directors
or relatives off directors |
95.00 |
|
Others top
fifty shareholders (Other than listed above) |
5.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Dealer and Distributors of Electrics Products. |
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Products
: |
Electrics Products |
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Terms
: |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash Credit (30 days) |
GENERAL INFORMATION
|
Customers
: |
·
Wholesalers ·
Retailers
·
End
users |
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|
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|
No. of
Employees : |
1000 |
|
|
|
|
Bankers
: |
·
South
Indian Bank Mylapore,
Chennai - 600034, Tamilnadu, India ·
Canara
Bank Mylapore
Branch, Royapettah High Road, Mylapore. Chennai – 600004, India · The South India Bank Limited Musore Branch, 146 Royapettah High Road, Chennai – 600004,
Tamil Nadu, India |
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Facilities : |
Secured Loan From Bankers Working Capital Facilities – Rs. 194.995 From Financial Institutions Term Loan – 88.091 Millions From Others On Hire Purchased – 1.973 Millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
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|
Name : |
Frazer
and Ross Chartered
Accountants |
|
Address : |
2nd
Floor, Temple Towers, 672 Anna Salai, Nandanam, Chennai - 600035, Tamilnadu |
|
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|
Name : |
Deloitte Haskins and Selld Chartered Accountant |
|
Address : |
672, Secound Floor, Temple Tower, Nandanam, Chennai –
600035, Tamilnadu, India |
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Associates/Subsidiaries
: |
Vivek
Hire Purchase and Leasing Limited Vivek
Hire Purchase and Leasing Limited Vivek
& Company Profile: Subject is mainly engaged in the business of extending
hire purchase finance for consumer durables and home applicances at all the
above 38 retail outlets of Viveks, Jainsons and Premier. The company also extends hire purchase finance at few
other dealer retail outlets in Chennai, Bangalore and Uttar Pradesh towns of
Tamilnadu for a variety of products like consumer durables, cell phones,
office equipments like Xerox machines, EPABX Machines and Fax Machines,
Household Furniture, Computers, Air Conditioners, Electronic Weighing
Machines and Two & Three Wheeler Vehicles. The company is a pioneer in consumer finance and enjoys a
significant and sizable market share in the hire purchase business among the
consumer finance companies, which operate at Viveks, Jainsons and Premier
Showrooms. The company also offers corporate finance (Loans and Bills
Discounting) and Personal Loans to Individuals to a limited extent. The company also had attractive Fixed Deposit Schemes for
the public. The fixed deposit schemes are rated by Credit Analysis and
Research Limited (CARE) |
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|
Subsidiaries |
·
Jainsons
Corporation Limited ·
Premier
Consumer Electronic Limited ·
Bysani
Consumer Electronic Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
millions |
|
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|
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|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4822150 |
Equity Shares |
Rs.10/- each |
Rs.
48.221 millions |
|
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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 |
48.221 |
48.200 |
48.221 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
23.505 |
14.800 |
11.546 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
71.726 |
63.000 |
59.767 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
456.751 |
476.200 |
285.060 |
|
|
2]
Unsecured Loans |
100.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
556.751 |
476.200 |
285.060 |
|
|
DEFERRED TAX
LIABILITIES |
16.692 |
0.000 |
12.139 |
|
|
|
|
|
|
|
TOTAL
|
645.169 |
539.200 |
356.966 |
|
|
|
|
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|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
103.546 |
102.200 |
60.106 |
|
Capital work-in-progress
|
0.000 |
0.000 |
2.127 |
|
|
|
|
|
|
|
INVESTMENT
|
0.100 |
0.100 |
29.600 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
284.780
|
299.800
|
146.334
|
|
|
Sundry Debtors
|
122.153
|
98.800
|
77.573
|
|
|
Cash & Bank Balances
|
106.236
|
35.600
|
12.038
|
|
|
Loans & Advances
|
122.808
|
123.200
|
55.751
|
Total Current Assets
|
635.977
|
557.400
|
291.696
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
92.645
|
92.800
|
25.344
|
|
|
Provisions
|
1.809
|
27.700
|
1.219
|
Total Current Liabilities
|
94.454
|
120.500
|
26.563
|
|
Net Current
Assets
|
541.523
|
436.900
|
265.133
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
645.169 |
539.200 |
356.966 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3448.978 |
2988.077 |
1631.229 |
|
|
Other Income |
23.058 |
9.214 |
10.221 |
|
|
Total Income |
3472.036 |
2997.291 |
1641.450 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
18.194 |
6.773 |
2.095 |
|
|
Provision for Taxation |
9.503 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
8.691 |
6.733 |
2.095 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
3080.747 |
2670.339 |
1470.337 |
|
|
Salaries, Wages, Bonus, etc. |
70.981 |
51.357 |
31.045 |
|
|
Managerial Remuneration |
3.060 |
3.060 |
3.620 |
|
|
Payment to Auditors |
0.808 |
0.786 |
0.237 |
|
|
Interest |
46.141 |
39.714 |
26.220 |
|
|
Insurance Expenses |
1.693 |
2.260 |
1.446 |
|
|
Power & Fuel |
0.000 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
16.228 |
12.373 |
7.013 |
|
|
Other Expenditure |
234.184 |
210.668 |
99.437 |
|
Total Expenditure |
3453.842 |
2990.557 |
1639.355 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.23
|
0.22 |
0.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.23 |
0.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.46
|
1.03 |
0.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.11 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.08
|
9.47 |
5.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.73
|
4.62 |
10.98 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets
·
Showroom
Equipment
·
Electrical
Installation
·
Office
Equipment
·
Computer
·
Vehicles
·
Furniture
& Fixture
·
Building
The company
deals with the following brand companies:
- BPL
- Sanyo
- Sony
- Philips
- Akai
- Kelvinator
- Allwyn
- Cromptor Greaves
- Electrolux
- TVS
- Whirlpool
- LG
- Sharp
- Videocon
- Godrej
- Onkyo
- Carrier
- Voltas
- Usha
- Samsung
Form 8:
|
Name of the company |
VIVEK LIMITED |
|
1) Date and description of instrument creating the change |
19.03.2002 Hypothecation of movable machinery Agreement of hypothecation of book debts Agreement for Cash Credit Security for advance and loans |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 57.500 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 |
Stocks Book Debts All movable and other assets |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Hypothecation of stocks, book debts and all movables and
other assets in the premises and godown Rate of Inertest – 13.5%
|
|
5) Name and Address and description of the person entitled
to the charge. |
Andhr Bank, North Mada Street, Mylapore, Chennai –
600004 |
|
6) Date and brief
description of instrument modifying the charge |
21.02.2005 |
|
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 total limits has been enhanced from Rs. 77.500
Millions to 127.500 Millions OCC – Existing – Rs. 77.500 Millions, Enhanced – Rs.
89.000 Millions Working Capital Demand Loan - Enhanced – Rs. 38.500
Millions Besides the securities so far offered hypothecation by way
of first charge in favour of Bank on all the borrower goods produced and
merchandise and vehicles existing and or by way of cash monies under the cash
incentives to secure the above enhanced limit of Rs. 127.500 Millions |
|
Corporation identity number or foreign company
registrations number of the company |
U51909TN1994PLC028470 |
|
Name of the company |
VIVEK
LIMITED |
|
Address |
133, Royapettan High Road, Mylapore, Chennai – 600004,
Tamil Nadu, India |
|
This Form is for |
Modification Charge |
|
Type of Charge |
Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of the charge holder |
The South India Bank Limited Musore Branch, 146 Royapettah High Road, Chennai – 600004,
Tamil Nadu, India |
|
Name or description of the instrument creating charge |
First Supplemental Working Capital
Consortium Agreement First Supplemental Joint Deeds of
Hypothecation Inter se Agreement |
|
Date of the instrument creating charge |
22.03.2007 |
|
Amount Secure by the charge |
Rs. 457.000 Millions |
|
Rate of Interest |
Rate Of Interests: As specified in the second Schedule to first supplemental
working capital consortium agreement Terms of Repayment: As per the sanction letter and instrument executed on
22.03.2000 Margin: As per the sanction letter and instrument executed on
22.03.2000 Extent and operation of the charge; As per the instrument and as mentioned in column 14of this
form Others: All other terms and conditions As per the sanction letter
and instrument executed on 22.03.2000 |
|
Short Particulars of the Property Charged |
NA |
|
Particulars of the present modification |
By this modification The cash credit facilities enjoyed by the company has
been enhanced to Rs.310.000 Millions
to Rs.457.000 Millions |
Profile:
Subject is a professionally managed public limited
company carrying three retail brands - Viveks, Jainsons, and Premier and
continuously adding to the formidable strength of 1000 employees. Subject is
the largest consumer electronics and home appliances retail chain in India and
the group consists of
·
Vivek Agencies,
·
Viveks Service Centre and
·
Viveks Lockers
Company popularized several brands by creating visibility and has the
distinction of being market leaders and trendsetters with continuous
Support from the principal companies. Reliable services
are ensured through cordial customer relationships. CII and Mckinsey raved
about subject "More trusted than the brands it sells". This proves to
be enough testimony to the acclaim enjoyed by Viveks as a household name.
Viveks group has a 42-year legacy and today
operates out of 52 stores in South India in a total area of 1,75,000 sq. ft
with an overall turnover of Rs.4000.000 Millions. (USD 100 million) Landmarks
achieved, traced from the year of inception leave an impression of sustenance
and growth at a rapid pace.
2006: Viveks's T.Nagar &
Coimbatore received VM-RD Retail Design Award 2007
2006: Vivek's Coimbatore
received the Merit Award for the best store Visual Merchandising
2006: Vivek's T.Nagar received
Special Jury Award for the Best Shop Fitting store in the Country
2004: Received the “Images
Consumer Durables Retailer of the Year 2004” award
2004: Launched a home theater
gallery named “Multiplex”, the first of its kind in India
2004: Launched a new strategic
business unit "Viveks Service Centre"
2002: Received India’s No.1
Retailer Award from Kenstar
2001: Received “Employer –
Employee Relations Award” from Rotary Club of Madras for the second time
2001: Acquired Premier and
Spencers . Both Spencer & Premier were changed into Viveks during April '06
& '08 respectively.
1999: Acquired 14 store
Jainsons
1998: Received the “Employer –
Employee Relations Award” from Rotary Club of Madras
1996: Outstanding performance
from IFB
1995: Received President’s Cup
from Whirlpool for maximum sales of Whirlpool washing machines
1994: Changed from a
partnership firm to a Public Limited Company
1993: Launched group company
“Viveks Lockers”
1990: Launched group company
“Vivek Hire Purchase & Leasing Ltd.”
1987: Received the “Best Dealer”
by Bajaj IIM
1980: Opened third store in T.
Nagar, Chennai
1976: Launched group company
“Vivek Agencies”
1969: Opened second store in
Purasawalkam, Chennai
1965: Opened first store in
Mylapore, Chennai
Directors
Profile:
B.A. Kodandaraman
Chairman &
Managing Director
He is simple and unassuming and has ably nurtured the
company from its infancy to its present premier position in the industry. He is
widely acknowledged for his dynamic entrepreneurship, organizational
capabilities, skilled interpersonal relationships and personal charm. He has
displayed exemplary leadership skills in giving a cutting edge to the Viveks
group.
B. A. Chandrashekar,
Joint Managing
Director
He is a dynamic personality with shrewd marketing skills. He
is highly recognized and respected for his outstanding services and has won
several laurels. He was honoured by the International Parliament for safety and
peace (registered in USA) as a senator member of High Chamber. He is conferred
with the Royal Noble Status Knighthood "Chevaliar", approved by Pope
John V.
B.A. Srinivas,
Joint Managing
Director
He is versatile and is admired for his organizational
ability, business acumen, and management insight. He has made effective use of
the latest technology in directing the day-to-day affairs of the company. He is
an engineering graduate in electronics.
Press Release:
Vivek
plans to raise funds thru equity
Chennai , Sept. 6
WITH major expansion plans on the anvil Vivek Limited plans to
raise fresh capital through private equity or an initial public offering.
Mr. B.A. Kodandarama Setty, Chairman and Managing Director,
Viveks, said that the company would divest about 25 per cent in the next four
to six months.
Mr. Setty said that the expansion plan involves setting up
another 50 retail outlets in the South, mainly Tamil Nadu and Karnataka, before
venturing into markets in the northern and western region. The Rs 3500.000
Millions Viveks currently has a chain
of 52 outlets in Tamil Nadu and Karnataka.
He said that the retail sector in India is going into a boom
period and potential investors are keen to participate in retail ventures. The
only way to survive in this market is to grow and gear up to face the
challenges when the Government opens up foreign direct investment in retail, he
said.
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. 42.72 |
|
UK Pound |
1 |
Rs. 83.96 |
|
Euro |
1 |
Rs. 66.90 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
|
41 |
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/normal. |
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 |
|