MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACE DERIVATIVES AND COMMODITY EXCHANGE LIMITED (w.e.f. 18.05.2010) |
|
|
|
|
Formerly Known
As : |
AHMEDABAD COMMODITY EXCHANGE LIMITED |
|
|
|
|
Registered Office
: |
Rawat Ni Wadi, Near Central Bank, |
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|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.03.1956 |
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|
|
|
Com. Reg. No.: |
04-000597 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67100GJ1956PLC000597 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Castor and Cotton Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2012000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Yash Kotak |
|
Designation : |
Finance Head |
|
Date : |
06.04.2011 |
LOCATIONS
|
Registered Office : |
Rawat Ni Wadi, Near Central Bank, |
|
Tel. No.: |
91-79-25356115 |
|
Mobile No.: |
91-9099947342 (Ritesh Rathod) |
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Fax No.: |
91-22-66709290 |
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E-Mail : |
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|
Website : |
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|
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Corporate Office : |
Infinity IT Park, 4th Floor, Building no.4, B-Wing, General
AK Vaidya Marg, Dindoshi, Malad (East), Mumbai – 400097 |
|
Tel. No.: |
91-22-66709200 |
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|
|
|
Branch Office : |
Delhi : 703, 7th
Floor, Block-A, Naurang House, 21 K.G. Marg, Cannaught Place, New Delhi –
110001 |
|
Mobile No.: |
91-9582901299 (Nishant Dixit) |
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|
|
|
Branch Office : |
Jaipur : M-1, |
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Mobile No.: |
91-8094671777 (K V Singh) |
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|
|
|
Branch Office : |
Kolkata : |
|
Mobile No.: |
91-9836090111 (Amit Kumar Sharma) |
DIRECTORS
As on 18.12.2010
|
Name : |
Mr. Narayan Subramaniam Ayypankav |
|
Designation : |
Director |
|
Address : |
2nd Floor, Silvares (Clear Villa), Plot No.- 502, |
|
Date of Birth/Age : |
09.11.1960 |
|
Date of Appointment : |
04.08.2009 |
|
DIN : |
00007404 |
|
|
|
|
Name : |
Mr. Prakash Nayak |
|
Designation : |
Director |
|
Address : |
402, |
|
Date of Birth/Age : |
23.08.1963 |
|
Date of Appointment : |
04.08.2009 |
|
DIN : |
00011490 |
|
|
|
|
Name : |
Mr. Ragunath Tirupattur Venkataraman |
|
Designation : |
Director |
|
Address : |
11, Kalpataru Harmony, |
|
Date of Birth/Age : |
11.05.1962 |
|
Date of Appointment : |
04.08.2009 |
|
DIN : |
02143711 |
|
|
|
|
Name : |
Mr. Kodavali Jayanth |
|
Designation : |
Nominee Director |
|
Address : |
228/3265, Sector-6, CGS Colony, Antop Hill, Mumbai - 400037 |
|
Date of Birth/Age : |
22.07.1954 |
|
Date of Appointment : |
11.06.2007 |
|
DIN : |
02661487 |
|
|
|
|
Name : |
Mr. Prahladbhai Ramdas Patel |
|
Designation : |
Director |
|
Address : |
D/403, |
|
Date of Birth/Age : |
21.05.1961 |
|
Date of Appointment : |
30.09.2009 |
|
DIN : |
02853662 |
|
|
|
|
Name : |
Mr. Shivendra Gupta |
|
Designation : |
Director |
|
Address : |
A1-62, |
|
Date of Birth/Age : |
12.08.1970 |
|
Date of Appointment : |
20.11.2009 |
|
DIN : |
00140360 |
|
|
|
|
Name : |
Ms. Shanti Ekambaram |
|
Designation : |
Director |
|
Address : |
101A, Kalpatru Habitat, |
|
Date of Birth/Age : |
14.09.1962 |
|
Date of Appointment : |
20.11.2009 |
|
DIN : |
00004889 |
|
|
|
|
Name : |
Mr. Dileep Chinubhai Choksi |
|
Designation : |
Nominee Director |
|
Address : |
E/7, |
|
Date of Birth/Age : |
26.12.1949 |
|
Date of Appointment : |
20.11.2009 |
|
DIN : |
00016322 |
|
|
|
|
Name : |
Ms. Dharmishta Narendraprasad Raval |
|
Designation : |
Nominee Director |
|
Address : |
25, Saurabh Society, Drive In Road, Ahmedabad – 380009, |
|
Date of Birth/Age : |
12.01.1956 |
|
Date of Appointment : |
20.11.2009 |
|
DIN : |
02792246 |
|
|
|
|
Name : |
Mr. Jaimin Bhatt |
|
Designation : |
Director |
|
Address : |
3, Orion Apartments, 29 A, |
|
Date of Birth/Age : |
30.03.1962 |
|
Date of Appointment : |
28.09.2010 |
|
DIN : |
00003657 |
|
|
|
|
Name : |
Mr. Pranab Kumar Datta |
|
Designation : |
Nominee Director |
|
Address : |
Belvedere Court, Flat No.10B, Sane Guruji Marg, Mahalakshmi (East),
Mumbai – 400011 |
|
Date of Birth/Age : |
30.09.1949 |
|
Date of Appointment : |
09.04.2010 |
|
DIN : |
00011876 |
|
|
|
|
Name : |
Mr. Narasimhan Raghavacharya Vurupputtoor |
|
Designation : |
Director |
|
Address : |
C-602, |
|
Date of Birth/Age : |
06.04.1957 |
|
Date of Appointment : |
27.04.2010 |
|
DIN : |
00170064 |
|
|
|
|
Name : |
Mr. Anil Malik |
|
Designation : |
Director |
|
Address : |
House No.299, Secvtor-16, |
|
Date of Birth/Age : |
04.04.1968 |
|
Date of Appointment : |
28.09.2010 |
|
DIN : |
01818775 |
|
|
|
|
Name : |
Mr. Jagjit Singh Sangwan |
|
Designation : |
Director |
|
Address : |
Village Paintawas, Tehsil Charkhi Dadri, District Bhiwani – 127306,
Haryana |
|
Date of Birth/Age : |
12.10.1955 |
|
Date of Appointment : |
28.09.2010 |
|
DIN : |
03280678 |
|
|
|
|
Name : |
Mr. Monal Thakkar |
|
Designation : |
Director |
|
Address : |
19/20/21 3rd Floor, Narayan Chambers, |
|
Date of Birth/Age : |
25.06.1982 |
|
Date of Appointment : |
18.12.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Yash Jainish Kotak |
|
Designation : |
Manager |
|
Address : |
203/A, Shalimar Apartment, |
|
Date of Birth/Age : |
26.09.1979 |
|
Date of Appointment : |
27.04.2010 |
|
DIN : |
AGMPK2765L |
|
|
|
|
Name : |
Mr. Manish Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
D-504, Beach Classic, Chikuwadi, |
|
Date of Birth/Age : |
01.03.1975 |
|
Date of Appointment : |
28.09.2010 |
|
DIN : |
AFLPJ7851A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.11.2009
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Adani Enterprises Limited, Ahmedabad |
|
366000 |
|
Amrapali Industries Limited, Ahmedabad |
|
356000 |
|
Ashwin kumar Jibhaidas Patel |
|
30000 |
|
Bharat Fojlal Shah |
|
64000 |
|
Bhavesh Dashrath patel |
|
20000 |
|
Dinesh Chandra Jagjivandas Shah |
|
26000 |
|
Girinkumar Babubhai Labha |
|
56000 |
|
Govindlal Hiralal Patel |
|
37000 |
|
Hasmukhbhai Thakkar |
|
25000 |
|
Hitesh Natwarlal Thakkar |
|
356000 |
|
Jayant Agro Organics Limited, Mumbai |
|
56000 |
|
Jyotsna Pravinbhai Thakkar |
|
367000 |
|
Kamalkumar Prnalal Shah |
|
131000 |
|
Kaushik Babulal Shah |
|
68750 |
|
Kunal Thakkar |
|
367000 |
|
Bipinchandra Shantilal Shah |
|
500 |
|
Dashrat Nagardas Nayak |
|
1000 |
|
Dilip Navinchandra Zaveri |
|
3000 |
|
Hitendra Ramanlal shah |
|
22420 |
|
Ishwarlal Patel |
|
4000 |
|
Jashwant Thakkar |
|
1000 |
|
Jayantilal Acharya |
|
20000 |
|
Kalpesh Shah |
|
2500 |
|
Kanaiyalal thakkar |
|
56000 |
|
Kiran motilal Thakkar |
|
16500 |
|
Kirtibhai Shah |
|
10000 |
|
Kanibhai Darji |
|
1000 |
As on 18.12.2010
|
Category |
Percentage |
|
Nationalized or
other banks |
41.68 |
|
Bodies corporate |
41.22 |
|
Directors or relatives of Directors |
0.02 |
|
Others |
17.08 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Castor and Cotton Products |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by Management |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates |
|
Address : |
Jalan Mil Compound, 95 Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400013, |
|
Tel. No.: |
91-22-40356300 |
|
Fax No.: |
91-22-40356400 |
|
PAN No. : |
AACFS6921Q |
|
|
|
|
Related Party : |
|
CAPITAL STRUCTURE
As on 18.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/-each |
Rs.1000.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,827,461 |
Equity Shares |
Rs.10/-each |
Rs.958.275 millions |
|
|
|
|
|
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/-each |
Rs.1000.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,721,308 |
Equity Shares |
Rs.10/-each |
Rs.487.213 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
487.213 |
0.000 |
0.000 |
|
|
2] Matta Contribution |
7.436 |
7.436 |
7.436 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
28.444 |
24.894 |
21.110 |
|
|
5] (Accumulated Losses) |
(20.052) |
0.000 |
0.000 |
|
|
NETWORTH |
503.041 |
32.330 |
28.546 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
503.041 |
32.330 |
28.546 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.259 |
14.016 |
0.686 |
|
|
Capital work-in-progress |
18.206 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
430.706 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.019 |
|
|
Sundry Debtors |
0.058
|
0.750 |
0.000 |
|
|
Cash & Bank Balances |
26.318
|
28.417 |
42.519 |
|
|
Other Current Assets |
0.853
|
1.764 |
0.000 |
|
|
Loans & Advances |
2.905
|
0.264 |
3.369 |
|
Total
Current Assets |
30.134
|
31.195 |
45.907 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.805
|
0.414 |
0.187 |
|
|
Other Current Liabilities |
9.882
|
12.467 |
17.860 |
|
|
Provisions |
1.577
|
0.000 |
0.000 |
|
Total
Current Liabilities |
23.264
|
12.881 |
18.047 |
|
|
Net Current Assets |
6.870
|
18.314 |
27.860 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
503.041 |
32.330 |
28.546 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
1.866 |
2.739 |
4.760 |
|
|
|
Other Income |
2.587 |
3.320 |
1.321 |
|
|
|
TOTAL (A) |
4.453 |
6.059 |
6.081 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
10.637 |
0.930 |
0.580 |
|
|
|
Administrative and Operating Expenses |
17.174 |
1.347 |
2.114 |
|
|
|
Expenses ion Respect of Property |
0.000 |
0.000 |
0.156 |
|
|
|
TOTAL (B) |
27.811 |
2.277 |
2.850 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(23.358) |
3.782 |
3.231 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.406 |
0.347 |
0.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(23.764) |
3.435 |
2.937 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.911 |
0.160 |
0.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(25.675) |
3.275 |
2.804 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(25.675) |
3.275 |
2.804 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.938 |
4.141 |
2.937 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.000 |
1.000 |
|
|
|
Transfer to General Reserve |
0.315 |
0.478 |
0.600 |
|
|
BALANCE CARRIED
TO THE B/S |
(20.052) |
5.938 |
4.141 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.04) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(576.58)
|
54.05 |
46.11 |
|
|
|
|
|
|
|
Ner Profit Margin Ratio (PBT/Sales) |
(%) |
(1375.93)
|
119.57 |
58.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(33.17)
|
7.24 |
6.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.05
|
0.40 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
2.42 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors :
(Rs.in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Total Outstanding Dues of |
|
|
|
|
Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
11.805 |
0.414 |
0.187 |
|
Total |
11.805 |
0.414 |
0.187 |
FINANCIAL RESULTS
:
The income during the period under
consideration has decreased from Rs.6.059 million in Financial year 2008-09 to Rs.4.453
million if FY 2009-2010. the company is in the process of upgrading itself into
Nationwide Multi-Commodity Exchange.
MANAGEMENT DISCUSSION AND ANALYSIS :
Indian Commodity
markets in the year 2009-10
This financial year 2009-10 has been good for the Indian commodity futures market. All the national
level commodity exchanges have witnessed growth m volume and value traded.
Volume of the National commodity exchanges has increased by 61 % in financial year 2009-10
compared to the year 2008-09. Volume in the year 2009- 10 was 19,18,70,527
(contracts traded) compared to 11,94,38,337 (contracts traded) in 2008-09.
Value of commodity traded on National commodity exchanges has witnessed a
growth of 49% in the year 2009-
10 compared to the year 2008-09. Value of commodities traded in 2009-10 was
Rs.76,74,313.716 crore compared to Rs 5
1,85,257.556 crore in 2008-09.
The growth in the number of contracts traded was
fuelled by the surge in trade
of metals and energy. Energy future trading saw a growth of 145% in number of
contracts traded in 2009-10 (5,27,26,111) compared to 2008-09 (2,15,48,201).
Base MetaIs saw a growth of 123%
in number of contracts traded in 2009-10 (4,7794,920) compared to 2008 -09 (2,13,97,120). Bullion registered
a growth of 18% in number of contracts traded in 2009-10 (5,89,81,006) compared
to 2008-09 (5,01,18,189).
Agricultural future trading, which includes CPO, RSO, Soyabean, Chana, Barley,
Wheat, Maize, Kapas, Cardamom, Coriander, Turmeric, Rubber, Yellow Peas,
Pepper, Jeera, Chilli, Indian 28.5 mm
(Medium Staple Cotton), V 797(Cotton),
Castorseed, Cottonseed Oilcake, Soyameal and Mustard seed, Kachhi Ghani
and RBD trading saw a growth of 14% in number of contracts traded in 2009- 10
(2,04,50,016) compare to 2008-09 (1,79,69,107). Others commodities, which includes Almond, Guarseed, Mentha
Flakes, Mentha Oil, Potato,
Guar Gum, Gur, Sugar, CER and Polyvinyl Chloride witnessed a growth of 42% in
number of contracts traded in 2009- 10 (I ,19,38,474) in comparison with 2008-09 (84,05,720).
Volume of Castor trading
on your Exchange declined to 2.138 million tonnes in 2009-10 from 3.553 million
tonnes in 2008-09, a decline of 40% Traded value has declined to
5979.38 crore in 2009-10 compare to
8781 crore in 2008-09, a decline of 32%
NATURE OF OPERATION :
Ahmedabad Commodity Exchange Limited is a
regional level exchange which offers trading in castor and cotton products
through its platform. The company had applied to Forward Market Commission to
set up a national level exchange for which it received an in principal approval
on May 14, 2009.
CONTINGENT LIABILITIES :
Fixed Deposits placed with schedules banks
against guarantee of Rs.5.000 million given in favor of Forward Market
Commission (Previous year Rs. nil)
FIXED ASSETS :
- Land
- Premises
- Computers
- Furniture and Fixtures
- Office Equipments
- Motor Vehicle
- Dead Stock
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.