MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEADER VALVES LIMITED |
|
|
|
|
Registered
Office : |
S-3, S-4, |
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|
Country : |
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|
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|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
incorporation: |
29.12.1979 |
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|
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|
Com. Reg. No.: |
16 - 003792 |
|
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|
|
CIN No.: [Company Identification
No.] |
U29120PB1979PLC003792 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDL00012F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL2362H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Walves. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sounds. Trade relations are fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for good business dealings at
usual trade terms and conditions. |
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 PARTED BY
|
Name : |
Mr. Gagandeep |
|
Designation : |
Engineer |
|
Contact No.: |
91-181-2490668 |
|
Date : |
23.04.2011 |
LOCATIONS
|
Registered Office : |
S-3, S-4, |
|
Tel. No.: |
91-181-2490666/ 2490777/ 2490888/ 2490999/ 6570919 |
|
Fax No.: |
91-181-2290894/ 2294256 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Jatinder Kumar Beri |
|
Designation : |
Chairman and Managing Director |
|
Address : |
R/o-334, Lajpat Nagar, Jalandhar |
|
Date of Birth/Age : |
30.04.1943 |
|
Date of Appointment : |
29.12.1979 |
|
DIN No.: |
00831215 |
|
|
|
|
Name : |
Mrs. Ambika Beri |
|
Designation : |
Director |
|
Address : |
R/o-334, Lajpat Nagar, Jalandhar |
|
Date of Birth/Age : |
22.02.1970 |
|
Date of Appointment : |
01.06.1997 |
|
DIN No.: |
01201417 |
|
|
|
|
Name : |
Mrs. Ayushi Beri |
|
Designation : |
Director |
|
Address : |
R/o-334, Lajpat Nagar, Jalandhar |
|
Date of Birth/Age : |
22.01.1973 |
|
Date of Appointment : |
06.11.1998 |
|
DIN No.: |
01201457 |
|
|
|
|
Name : |
Mrs. Purnima Beri |
|
Designation : |
Director |
|
Address : |
R/o-334, Lajpat Nagar, Jalandhar |
|
Date of Birth/Age : |
13.10.1949 |
|
Date of Appointment : |
29.12.1979 |
|
DIN No.: |
01201488 |
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|
|
|
Name : |
Mr. Hemant Beri |
|
Designation : |
Director |
|
Address : |
R/o-334, Lajpat Nagar, Jalandhar |
|
Date of Birth/Age : |
26.02.1972 |
|
Date of Appointment : |
06.10.1995 |
|
DIN No.: |
01201529 |
|
|
|
|
Name : |
Mr. Sudarshan Lal Bajaj |
|
Designation : |
Director |
|
Address : |
R/o, 321, Shaheed Udham Singh Nagar, Jalandhar |
|
Date of Birth/Age : |
02.06.1941 |
|
Date of Appointment : |
22.08.2005 |
|
DIN No.: |
01599263 |
|
|
|
|
Name : |
Mr. Vinod Dhanprakash sharma |
|
Designation : |
Director |
|
Address : |
R/o, C-33, Cozy Home, Pali hills, Mumbai – 56 |
|
Date of Birth/Age : |
22.08.1943 |
|
Date of Appointment : |
31.08.1999 |
|
DIN No.: |
01643304 |
|
|
|
|
Name : |
Mr. Lalit Kumar Chopra |
|
Designation : |
Director |
|
Address : |
R/o HNo., E.G.-827, Mohalla, Gobindgarh, |
|
Date of Birth/Age : |
17.03.1935 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
03006492 |
|
|
|
|
Name : |
Mr. Kewal Krishan Jain |
|
Designation : |
Director |
|
Address : |
R/o HNo.-374, Lajpat Rai Nagar Ward, Jalandhar |
|
Date of Birth/Age : |
16.02.1922 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
03022306 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Purnima Beri Mr. Hemant Beri (Jointly with) |
|
1275 |
|
Purnima Beri J K Beri (Jointly with) |
|
1875 |
|
Hemant Beri J K Beri (Jointly with) |
|
1275 |
|
Jatinder Kumar Beri Purnima Beri (Jointly with) |
|
1500 |
|
M/s. P.N. Ben Inv, Private Limited, |
|
6045 |
|
Jatinder Kumar Beri Purnima Beri Hemant Beri (Jointly with) |
|
1875 |
|
Purnima Beri Ambika Beri Ayushi Beri (Jointly with) |
|
1980 |
|
Ayushi Beri Hemant Beri (Jointly with) |
|
150 |
|
Hemant Beri Ayushi Beri (Jointly with) |
|
300 |
|
Jatinder Kumar Beri Purnima Beri Hemant Beri (Jointly with) |
|
1500 |
|
Jatinder Kumar Beri Purnima Beri (Jointly with) |
|
1688 |
|
Purnima Devi Hemant Beri Master Jey Dev Beri (Jointly with) |
|
30 |
|
Purnima Devi Hemant Beri Master Jey Dev Beri (Jointly with) Ambika Beri M/N/ Guardian Ambika Beri |
|
1305 |
|
Purnima Beri Ambika Beri Master Jey Dev Beri M/N/ Guardian Ambika Beri |
|
1575 |
|
Hemant Beri Ambika Beri (Jointly with) Master Jey Dev Beri M/N/ Guardian Ambika Beri |
|
1500 |
|
Hemant Beri Ambika Beri (Jointly with) Master Jey Dev Beri M/N/ Guardian Ambika Beri |
|
150 |
|
Jatinder Kumar Beri Ambika Beri (Jointly with) Master Jey Dev Beri M/N/ Guardian Ambika Beri |
|
1875 |
|
Purnima Beri Hemant Beri (Jointly with) Ambika Beri |
|
2123 |
|
Jatinder Kumar Beri Hemant Beri (Jointly with) Purnima Beri |
|
8457 |
|
Hemant Beri Purnima Beri J.K. Beri |
|
13919 |
|
Hemant Beri (Jointly with) Ayushi Beri Purnima Beri J.K.Beri |
|
9173 |
|
Ambika Beri Hemant Beri (Jointly with) Purnima Beri J.K. Beri |
|
11055 |
|
Ayushi Beri Hemant Beri Purnima Beri J.K. Beri |
|
10641 |
|
Late. Dwarka Dass Sehgal |
|
3732 |
|
Jatinder Beri Purnuma Beri |
|
4296 |
|
Jatinder Beri Purnuma Beri (Jointly with) Hemant Beri |
|
1500 |
|
Jatinder Beri Purnuma Beri (Jointly with) Hemant Beri |
|
30001 |
|
Jatinder Kumar Beri Purnima Beri (Jointly with) Hemant Beri |
|
1875 |
|
Hemant Beri Jaydev Beri (Minor) M/N/ Guardian Ambika Beri |
|
60 |
|
Jatinder Kumar Beri Hemant Beri (Jointly with) |
|
1500 |
|
Jatinder Kumar Beri |
|
15 |
|
Total |
|
124245 |
Equity share Break up (Percentage of Total equity)
As on As on 29.09.2010
|
Category |
Percentage |
|
Bodies corporate |
4.87 |
|
Directors or relatives of Directors |
95.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Walves. |
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Exports : |
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Products : |
Valves |
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Countries : |
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Imports : |
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Products : |
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Countries : |
Itly |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Dealers |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V.P. Vijh and Company Chartered Accountant |
|
Address : |
2nd Floor, |
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Tel. No.: |
91-181-2220922/ 2452202/ 4622922 |
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Fax No.: |
91-181-22311447 |
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PAN.: |
AABHV1419B |
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Associates : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124245 |
Equity Shares |
Rs.100/- each |
Rs.12.424
Millions |
|
|
|
|
|
|
|
|
|
|
Note:
124245 equity shares of Rs. 100/- Each fully
Paid (Out of above 78750 Equity shares of Rs. 100/- Each Fully Paid have been
Allotted for Consideration other than Cash)
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 |
12.425 |
12.425 |
12.425 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
237.578 |
157.365 |
100.747 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
250.003 |
169.790 |
113.172 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
63.994 |
65.963 |
83.813 |
|
|
2] Unsecured Loans |
17.272 |
17.953 |
19.934 |
|
|
TOTAL BORROWING |
81.266 |
83.916 |
103.747 |
|
|
DEFERRED TAX LIABILITIES |
17.203 |
3.058 |
4.152 |
|
|
|
|
|
|
|
|
TOTAL |
348.472 |
256.764 |
221.071 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
162.979 |
91.555 |
81.862 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.783 |
0.783 |
0.814 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.444
|
70.060 |
60.318 |
|
|
Sundry Debtors |
236.627
|
171.311 |
141.931 |
|
|
Cash & Bank Balances |
25.464
|
33.195 |
26.632 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
72.748
|
50.116 |
38.846 |
|
Total
Current Assets |
406.283
|
324.682 |
267.727 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
162.183
|
113.361 |
99.461 |
|
|
Other Current Liabilities |
10.305
|
8.854 |
8.670 |
|
|
Provisions |
49.085
|
38.041 |
21.201 |
|
Total
Current Liabilities |
221.573
|
160.256 |
129.332 |
|
|
Net Current Assets |
184.710
|
164.426 |
138.395 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
348.472 |
256.764 |
221.071 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
685.232 |
604.095 |
563.241 |
|
|
|
Other Income |
37.164 |
49.869 |
44.857 |
|
|
|
Depreciation Written Back |
41.423 |
0.000 |
0.000 |
|
|
|
Excise Duty |
0.000 |
0.453 |
1.519 |
|
|
|
TOTAL (A) |
763.819 |
654.417 |
609.617 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material consumed |
184.571 |
169.311 |
146.969 |
|
|
|
Other Manufacturing Expenditure |
256.908 |
228.487 |
190.851 |
|
|
|
Excise Duty paid |
35.808 |
47.859 |
59.229 |
|
|
|
Finished/ Semi Finished goods |
33.350 |
25.814 |
33.653 |
|
|
|
Excise Duty Adjustment Account on Stock of finished goods |
0.070 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
53.418 |
38.438 |
32.650 |
|
|
|
Office ADMIN Expenses |
18.272 |
16.387 |
18.236 |
|
|
|
Selling and distribution Expenses |
37.532 |
32.176 |
27.765 |
|
|
|
TOTAL (B) |
619.929 |
558.472 |
509.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
143.890 |
95.945 |
100.264 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.723 |
12.392 |
14.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
134.167 |
83.553 |
86.260 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.906 |
11.825 |
9.991 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
124.261 |
71.728 |
76.269 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
43.300 |
15.746 |
14.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
80.961 |
55.982 |
62.007 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
137.961 |
81.979 |
19.972 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
218.922 |
137.961 |
81.979 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import of Plant and Machinery |
21.966 |
0.000 |
NA |
|
|
|
Import of Car |
0.000 |
7.283 |
NA |
|
|
|
Import of Spares for Repair of Plant and Machinery |
0.260 |
0.316 |
NA |
|
|
|
Import of stores Spares and Semi Finished Goods |
28.365 |
18.284 |
NA |
|
|
TOTAL IMPORTS |
50.591 |
25.883 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
651.62 |
450.58 |
499.07 |
|
Expected Sales (2010-11) : Rs. 680.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.60
|
8.55 |
10.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.13
|
11.87 |
13.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.83
|
17.23 |
21.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.42 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
1.44 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
2.03 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U29120PB1979PLC003792 |
|
Name of the
company |
Leader Valves
Limited |
|
Address of the
registered office or of the principal place of business in |
S-3, S-4, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Punjab National Bank, |
|
Nature of
instrument creating charge |
Letter of
Continuity Dated 21.01.2011 for the following facilities: Leader Valves
Limited (Fund 1200 + Non Fund 1100) Rs. 230.000 Millions Leader High Pressure
Fittings India Limited =Rs 3.500 Millions BMT Sand Coatings and Eng Private
Limited = Rs.0.700 Millions Leader Exports
-Rs. 20.000 Millions Total =Rs. 254.200 Millions |
|
Date of
instrument Creating the charge |
21.01.2011 |
|
Amount secured by
the charge |
Rs. 254.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per individual
agreement with the Bank Terms of repayment: As per individual
agreement with the Bank . Margin: As per individual
agreement with the Bank Extent and operation of the charge: 100 % |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
Mortgage of Deed of conveyance issued on 26.10.1954 by Director of
Industries, Jalandhar for the property situated at industrial area, Jalandhar
in the name of Leader Valves Limited |
Fixed Assets:
Land and Building
Plant and Machinery
Furniture and Fixture
Patterns
Office Equipment
Vehicles
Library Books
Agricultural Equipment
Live Stock
Workers Welfare Equipment
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.44.59 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.64.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
52 |
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.