1. Summary Information
|
Country |
|
||
|
Company Name |
BENNETT
COLEMAN AND COMPANY LIMITED |
Principal Name 1 |
Mr. Samir Jain |
|
Status |
Good |
Principal Name 2 |
Mr. Vineet Jain |
|
Registration # |
11-000391 |
||
|
Street Address |
The
Times of |
||
|
Established Date |
29.11.1913 |
SIC Code |
-- |
|
Telephone# |
91-22-22731271 |
Business Style 1 |
Printing |
|
Fax # |
91-22-22731482
|
Business Style 2 |
Publishing |
|
Homepage |
Product Name 1 |
Newspapers |
|
|
# of employees |
-- |
Product Name 2 |
Periodicals |
|
Paid up capital |
Rs.
318,839,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate 98.97 %, Directors or relatives of directors
1.03% |
Banking |
United
Bank of |
|
Public Limited Corp. |
NO |
Business Period |
97 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
A
(69) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
Dharmayug Investment Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
13,861,277,000 |
Current Liabilities |
21,654,392,000 |
|
Inventories |
2,979,859,000 |
Long-term Liabilities |
4,683,922,000 |
|
Fixed Assets |
17,287,435,000 |
Other Liabilities |
299,776,000 |
|
Deferred Assets |
000 |
Total Liabilities |
26,638,090,000 |
|
Invest& other Assets |
39,996,727,000 |
Retained Earnings |
47,168,369,000 |
|
|
|
Net Worth |
47,487,208,000 |
|
Total Assets |
74,125,298,000 |
Total Liab. & Equity |
74,125,298,000 |
|
Total Assets (Previous Year) |
75,800,548,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
24,765,481,000 |
Net Profit |
3,866,033,000 |
|
Sales(Previous yr) |
35,485,783,000 |
Net Profit(Prev.yr) |
2,626,950,000 |
MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
BENNETT COLEMAN AND COMPANY LIMITED |
|
|
|
|
Registered Office : |
The Times of |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
29.11.1913 |
|
|
|
|
Com. Reg. No.: |
11-000391 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22120MH1913PLC000391 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11162E/
MUMB08208E/ DELB00141B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB4373Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Printing and Publishing of newspapers and periodicals and also in carrying on the business of Investment and Lending. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 180000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Flagship Company of times group. It is one of the oldest and highly respected Publishing House in the country. Financial position of the company is sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long term. |
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 |
LOCATIONS
|
Registered Office : |
The Times of |
|
Tel. No.: |
91-22-22731271/ 22620271 / 56353535 / 66354460 |
|
Fax No.: |
91-22-22731482/ 22620144/ 22620401 / 22731737 |
|
E-Mail : |
|
|
Website : |
www.timesofindia.indiatimes.com www.enil.co.in |
|
|
|
|
Printing Press : |
Times of |
|
|
|
|
Sales Office : |
Located At: v Kolkata v
v
v
v
v
v Madhya Pradesh v
v
v Bhubaneshwar v Guwahati v
v
v
|
|
|
|
|
Overseas Office : |
v
P. B. No. 576, |
|
|
|
|
Branches : |
Located At: v
v Ahmedabad v Kolkata v
v Jaipur v
v Chennai v Pune v
|
DIRECTORS
As on 27.07.2010
|
Name : |
Mr. Samir Jain |
|
Designation : |
Vice-Chairman and
Managing Director |
|
Address : |
15, Moti Lal
Nehru Marg, |
|
Date of Birth/Age : |
22.06.1954 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
01.02.1985 |
|
|
|
|
Name : |
Mr. Vineet Jain |
|
Designation : |
Managing Director |
|
Address : |
15, Moti Lal
Nehru Marg, |
|
Date of Birth/Age : |
12.02.1966 |
|
Qualification : |
MBA (Marketing) |
|
Date of Appointment : |
27.06.1993 |
|
|
|
|
Name : |
Dr. Ram S. Tarneja |
|
Designation : |
Director |
|
Address : |
4 – Pashmina,
33-A, |
|
Date of Birth/Age : |
07.12.1931 |
|
Date of Appointment : |
01.05.1981 |
|
|
|
|
Name : |
Mr. Ravi Dhariwal
|
|
Designation : |
Whole Time
Director |
|
Address : |
Aashray Farm,
Khasra No. 1523, Asola Village, New Delhi – 110030, Delhi , India |
|
Date of Birth/Age : |
11.09.1952 |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. Richard
Blaise Saldanha |
|
Designation : |
Director |
|
Address : |
C-309, Defence
Colony, |
|
Date of Birth/Age : |
03.02.1944 |
|
Date of Appointment : |
01.06.2002 |
|
|
|
|
Name : |
Mr. Aditya Mittal
|
|
Designation : |
Director |
|
Address: |
39, |
|
Date of Birth/ Age: |
22.01.1976 |
|
Date of Appointment: |
28.11.2005 |
|
|
|
|
Name : |
Mrs. Amba
Preetham Parigi |
|
Designation : |
Additional
Director |
|
Address : |
Tahnee Heights
Chs Limited, 66, |
|
Date of Birth/Age : |
15.07.1949 |
|
Date of Appointment : |
14.09.2007 |
|
|
|
|
Name : |
Mrs. Kalpana
Jaisingh Morparia |
|
Designation : |
Additional
Director |
|
Address : |
B – 925, Ocean
Gold Chs, |
|
Date of Birth/Age : |
30.05.1949 |
|
Date of Appointment : |
14.09.2007 |
|
|
|
|
Name : |
Mr. Haigreve
Khaitan |
|
Designation : |
Additional
Director |
|
Address : |
1104 Sterling
Seaface, |
|
Date of Birth/Age : |
13.07.1970 |
|
Date of Appointment : |
27.07.2010 |
|
|
|
|
Name : |
Mr. Bhaskar Das |
|
Designation : |
Whole Time
Director |
|
Address : |
C-1, Queens View,
28/30m |
|
Date of Birth/Age : |
08.05.1953 |
|
Date of Appointment : |
07.12.2007 |
|
|
|
|
Name : |
Mrs. Indu Jain |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
4 Tilak Marg, |
|
Date of Birth/Age : |
08.09.1936 |
|
Date of Appointment : |
13.05.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Padmakar
Manjunath Rao |
|
Designation : |
Company Secretary |
|
Address : |
B-17/18, Shree
Niketan, |
|
Date of Birth/Age : |
23.05.1953 |
|
Date of Appointment : |
02.06.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanmati
Properties Limited, |
|
3109000 |
|
Bharat Nidhi
Limited, |
|
7782400 |
|
PNB Finance and
Industries Limited, |
|
2962872 |
|
Vineet Jain |
|
182472 |
|
Samir Jain |
|
800 |
|
Mera Jain |
|
104800 |
|
Camac Commercial
Company Limited, |
|
4240172 |
|
Arth Udyog
Limited, |
|
2968872 |
|
Jacaranda Corporate
Services Limited, |
|
2848000 |
|
T M Investments
Limited |
|
1899224 |
|
Ashok Viniyoga
Limited |
|
5745324 |
|
Trishla Jain |
|
40000 |
|
|
|
|
|
Total |
|
31883936 |
As on 27.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
98.97 |
|
Directors
or relatives of directors |
|
1.03 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Printing and Publishing of newspapers and periodicals and also in carrying on the business of Investment and Lending. |
|
|
|
|
Products : |
v Print Media v Electronic Media v Investment and lending |
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40, Ambalala Doshi Marg, Mumbai-400023,
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 27.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31883936 |
Equity Shares |
Rs.10/- each |
Rs.318.839
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (8th
Months) |
31.07.2009 (12th
Months) |
31.07.2008 (12th
Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
318.839 |
318.839 |
318.839 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
47168.369 |
44668.062 |
42210.081 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47487.208 |
44986.901 |
42528.920 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
5208.667 |
|
|
2] Unsecured Loans |
4683.922 |
5871.029 |
8304.554 |
|
|
TOTAL BORROWING |
4683.922 |
5871.029 |
13513.221 |
|
|
DEFERRED TAX LIABILITIES |
2.169 |
0.000 |
93.114 |
|
|
|
|
|
|
|
|
TOTAL |
52173.299 |
50857.930 |
56135.255 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17287.435 |
14985.832 |
11897.687 |
|
|
Capital work-in-progress |
2871.934 |
4932.792 |
6810.057 |
|
|
|
|
|
|
|
|
INVESTMENT |
37124.793 |
38126.872 |
37787.554 |
|
|
DEFERREX TAX ASSETS |
0.000 |
2.846 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2979.859
|
4686.073
|
3404.610
|
|
|
Sundry Debtors |
1979.409
|
1502.582
|
1587.409
|
|
|
Cash & Bank Balances |
1536.437
|
1611.711
|
1793.728
|
|
|
Other Current Assets |
0.000
|
0.067
|
0.069
|
|
|
Loans & Advances |
10345.431
|
9951.773
|
14702.294
|
|
Total
Current Assets |
16841.136
|
17752.206
|
21488.110
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5933.291
|
5303.650 |
|
|
|
Other Current Liabilities |
15721.101
|
19446.587
|
21633.785
|
|
|
Provisions |
297.607
|
192.381
|
214.368
|
|
Total
Current Liabilities |
21951.999
|
24942.618
|
21848.153
|
|
|
Net Current Assets |
(5110.863)
|
(7190.412)
|
(360.043)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52173.299 |
50857.930 |
56135.255 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (8th
Months) |
31.07.2009 (12th
Months) |
31.07.2008 (12th
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24765.481 |
35485.783 |
39440.276 |
|
|
|
Other Income |
759.596 |
8264.976 |
2582.574 |
|
|
|
TOTAL (A) |
25525.077 |
43750.759 |
42022.850 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Production and Other Expenses |
18070.559 |
35742.068 |
26642.424 |
|
|
|
TOTAL (B) |
18070.559 |
35742.068 |
26642.424 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7454.518 |
8008.691 |
15380.426 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.704 |
1144.783 |
315.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7204.814 |
6863.908 |
15064.551 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1465.767 |
2104.618 |
1954.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5739.047 |
4759.290 |
13110.428 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1873.014 |
2132.340 |
4424.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3866.033 |
2626.950 |
8686.040 |
|
|
|
|
|
|
|
|
|
Less |
TAX FOR EARLIER
YEARS (NET) |
1343.420 |
146.587 |
41.843 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
2522.613 |
2480.363 |
8644.197 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.149 |
100.167 |
152.617 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2500.000 |
2400.000 |
8674.266 |
|
|
|
Dividend |
19.130 |
19.130 |
19.130 |
|
|
|
Tax on Dividend |
3.177 |
3.251 |
3.251 |
|
|
BALANCE CARRIED
TO THE B/S |
158.455 |
158.149 |
100.167 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Publication |
16.999 |
44.060 |
29.129 |
|
|
|
Cassettes/ CDs |
3.174 |
5.326 |
5.969 |
|
|
|
Advertisement Income |
279.067 |
406.798 |
410.134 |
|
|
|
Other income |
9.818 |
22.327 |
17.381 |
|
|
|
Subscription |
0.000 |
1.831 |
15.877 |
|
|
TOTAL EARNINGS |
309.058 |
480.342 |
478.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4189.116 |
12870.800 |
8251.315 |
|
|
|
Stores & Spares |
286.838 |
300.642 |
438.793 |
|
|
|
Capital Goods |
370.162 |
1357.507 |
3220.799 |
|
|
|
Leisure and Retails Products |
2.967 |
2.810 |
2.327 |
|
|
TOTAL IMPORTS |
4849.083 |
14531.759 |
11913.234 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
79.12 |
77.79 |
271.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (8th
Months) |
31.07.2009 (12th
Months) |
31.07.2008 (12th
Months) |
|
PAT / Total Income |
(%) |
15.15
|
6.00 |
20.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.17
|
13.42 |
33.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.82
|
6.28 |
39.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
0.68 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.71 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 29th November, 1913
at Mumbai in
The first edition of The Bombay Times and Journal of Commerce, later to be called The Times of India, was launched in Mumbai in 1838. After several years of change, evolution and growth in the paper’s character, the company, the proprietors of the Times of India Group, was established with the principal objective of publishing newspapers, journals, magazines and books.
Today, the company is
In April 2000, Times Internet Limited, a wholly owned subsidiary of the company, was floated to handle the Group’s internet properties. Times Internet Limited’s mother brand is Indiatimes.
REVIEW OF
OPERATION:
During the 8 months period ended 31st March 2010, the
flagship brand. The Times of India recorded a marginal decline of 3.6% in net
sales with the average daily net sales at 39.9 lakhs copies compared to the
corresponding earlier period (previous period’s average sales being 41.48 lakhs
copies.) The editions recording growth were the Chennai edition at 10.2%
(average daily sales in the current period being 2.49 lakhs copies versus 2.26
lakh copies. Ant the
The mirror editions held their ground, trailing the flagship brands in
all the city markets, namely Mumbai,
The economic Times showed a decline in circulation of 8.5% over the
previous periods with average daily net sles for the current year at 6.58 lakh
copies (previous period 7.19 laks copies) in line with the sluggishness in the
business environment and the Indian stock markets. However, it held its market
share intact as the leading business daily.
The Time of India Crest edition had a highly successful launch at
several centers during the period. The crest edition is now available form 7
major locations
The speaking Tree which was launched in the middle of March 2010 in the
Mumbai,
There is sustained competitive pressure in the General Interest English
Dailies, Business Dailies and Vemacular Markets. However the inherent strengths
of the company brands coupled with the marketing strategies, should enable the
company consolidate its position in the industry.
CONTINGENT LIABILITIES
NOT PROVIDED FOR:
|
Particular |
As
on 31.03.2010 (Rs.
in Millions) |
As
on 31.03.2009 (Rs.
in Millions) |
|
Claims against the company no acknowledged as debts labour claims |
38.921 |
35.108 |
|
Others excluding cases with remote probability as per legal opinion
obtained. |
243.684 |
183.296 |
|
Disputes sales tax matter (includes interest up to the date of
demand.) |
28.261 |
26.293 |
|
Corporate guarantees given to bankers for credit facilities availed by
subsidiary companies |
134.950 |
174.950 |
|
Uncalled liability on partly paid shares |
9.000 |
9.125 |
|
Estimated amount of contracts remaining to be executed on capital
account |
12602.327 |
13603.144 |
|
Total |
13057.143 |
14031.916 |
FIXED ASSETS:
Ø Land (Leased and Freehold)
Ø Land and Building (Leased and Freehold)
Ø Building
Ø Plant and machinery
Ø Furniture and Fixture And Office equipments
Ø Vehicles
Ø Drawing and Business commercial rights
AS PER WEBSITE:
Company Overview:
Subject provides media publishing services. The company offers newspapers,
magazines, Internet, and electronic commerce information publication services. Its
brands include The Economic Times, Times of India, Femina, Sandhya Times, Times
FM, and Filmfare. Additionally, it provides radio and television programs
production and distribution, Web portals operation, and mobile value added
services. Bennett, Coleman and Company Limited was founded in 1838 and is based
in
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 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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
Yes |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
69 |
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.