MIRA
INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOLLAR INDUSTRIES LIMITED |
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Formerly Known
As : |
BHAWANI TEXTILES LIMITED |
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Registered
Office : |
Om Tower, 12th Floor, 32, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.05.1993 |
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Com. Reg. No.: |
21-058969 |
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Capital
Investment / Paid-up Capital : |
Rs.67.452
Millions |
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CIN No.: [Company Identification
No.] |
L17299WB1993PLC058969 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALG01916F |
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PAN No.: [Permanent Account No.] |
AACCG1932C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Vests, Briefs, Undergarments etc. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 0 The company can be considered normal for 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Alok Agarwal |
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Designation : |
Accountant |
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Date : |
10.08.2011 |
LOCATIONS
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Registered Office / Head Office : |
Om Tower, 12th Floor, 32, |
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Tel. No.: |
91-33-22884064/ 22884065/ 22884066 |
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Fax No.: |
91-33-22884063 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office / Factory : |
8/624, Avinashi Gounder Palayam, |
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Tel. No.: |
91-421-2485716/ 91-421-2474101/ 91-421-2474104 |
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Fax No.: |
91-421-2474102 |
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E-mail : |
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Location : |
Owned |
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Factory : |
Located at: · Kolkata · Howrah · Tirupur · Delhi · Ludhiana |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vinod Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
15 E, |
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Date of Birth/Age : |
30.07.1966 |
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Qualification : |
CA and CS |
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Date of Appointment : |
30.03.1996 |
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Name : |
Mr. Binay Kumar Gupta |
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Designation : |
Whole Time Director |
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Address : |
15 E, |
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Date of Birth/Age : |
02.03.1968 |
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Date of Appointment : |
10.01.2005 |
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Name : |
Mr. Bajrang Lal Gupta |
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Designation : |
Whole Time Director |
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Address : |
15 E, |
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Date of Birth/Age : |
19.09.1972 |
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Date of Appointment : |
10.01.2005 |
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Name : |
Mr. Din Dayal Gupta |
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Designation : |
Whole Time Director |
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Address : |
15 E, |
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Date of Birth/Age : |
13.09.1937 |
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Qualification : |
B.COM |
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Date of Appointment : |
14.08.2005 |
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Name : |
Mr. Krishan Kumar Gupta |
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Designation : |
Whole Time Director |
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Address : |
15 E, |
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Date of Birth/Age : |
09.11.1970 |
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Date of Appointment : |
04.08.2005 |
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Name : |
Mr. Ashok Kumar Goel |
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Designation : |
Director |
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Address : |
Shivganga Apartment, Nivedita, Pradhan Nagar, Kolkata – 734405, |
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Date of Birth/Age : |
22.01.1962 |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Rakesh Agarwal |
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Designation : |
Dierctor |
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Address : |
138A, |
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Date of Birth/Age : |
20.10.1971 |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Pawan Kumar Agarwal |
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Designation : |
Director |
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Address : |
CA/125, |
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Date of Birth/Age : |
09.09.1966 |
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Date of Appointment : |
25.10.2005 |
KEY EXECUTIVES
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Name : |
Mr. Alok Agarwal |
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Designation : |
Accountant |
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Name : |
Mr. Jitendra Tiwari |
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Designation : |
Company Secretary |
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Address : |
B-234, |
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Date of Birth/Age : |
12.11.1952 |
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Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
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Names of Shareholders |
No. of Shares |
% of Holding |
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Promoters and Associates |
4697210 |
69.64 |
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Mutual Funds and UTI |
-- |
-- |
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Banks, Financial Institutions, insurance Companies (Central/ State
Govt., Institutions) |
-- |
-- |
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FIIs |
667800 |
9.90 |
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Private Corporate Bodies |
1380150 |
20.46 |
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NRI’s / OCBs |
-- |
-- |
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Total |
6745160 |
100.00 |
(AS ON 31.03.2011)
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Names of Shareholders |
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No. of Shares |
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Shakuntala Exim Private Limited, India |
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1000000 |
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Total |
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1000000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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71.55 |
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Directors or relatives of directors |
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4.07 |
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Other top fifty shareholders |
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16.81 |
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Others |
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7.57 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Vests, Briefs, Undergarments etc. |
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Products : |
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Exports : |
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Products : |
Vests, Briefs, Undergarments |
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Countries : |
·
Middle East |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
· Allahabad Bank “Chowringhee Court” 1st Floor, 55 Chowringhee Road, Kolkata – 700071, West Bengal, India · Indusind Bank Limited 2401 Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India · State Bank of India Industrial Finance Branch, 11 Dr. U. N. Brahmachari Street, Kolkata – 700017, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Amid Ved Garg and Company Chartered Accountant |
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Associates/Subsidiaries : |
·
Goldman Trading Private Limited ·
Sri Venkateshwara Knitting ·
L. M. Garmants ·
Bhawani Textiles ·
Simplex Impex Private Limited |
CAPITAL STRUCTURE
(AS ON 27.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7745160 |
Equity Shares |
Rs.10/- each |
Rs.77.452
Millions |
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(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6745160 |
Equity Shares |
Rs.10/- each |
Rs.67.452
Millions |
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NOTE:
(Out of the above 42,45,160 shares of Rs.10/= each have been
allotted as fully paid up pursuant to the scheme of amalgamation without
payment being received in cash )
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
67.452 |
67.452 |
67.452 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
420.516 |
438.686 |
381.226 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
487.968 |
506.138 |
448.678 |
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LOAN FUNDS |
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1] Secured Loans |
580.944 |
376.066 |
319.224 |
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2] Unsecured Loans |
1.200 |
0.000 |
0.000 |
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TOTAL BORROWING |
582.144 |
376.066 |
319.224 |
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DEFERRED TAX LIABILITIES |
51.661 |
0.000 |
0.000 |
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TOTAL |
1121.773 |
882.204 |
767.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
152.578 |
98.144 |
40.006 |
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Capital work-in-progress |
1.510 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.017 |
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DEFERREX TAX ASSETS |
59.857 |
120.251 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
580.967
|
446.623
|
455.179 |
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Sundry Debtors |
611.374
|
559.190
|
14.662 |
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Cash & Bank Balances |
66.713
|
21.420
|
47.424 |
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Other Current Assets |
0.000
|
0.000
|
480.219 |
|
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Loans & Advances |
151.537
|
97.490
|
74.735 |
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Total
Current Assets |
1410.591
|
1124.723
|
1072.219 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
374.610
|
390.953
|
390.011 |
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Other Current Liabilities |
61.600
|
41.316
|
53.780 |
|
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Provisions |
66.572
|
28.680
|
23.205 |
|
Total
Current Liabilities |
502.782
|
460.949
|
466.996 |
|
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Net Current Assets |
907.809
|
663.774
|
605.223 |
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.019 |
0.035 |
122.656 |
|
|
|
|
|
|
|
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TOTAL |
1121.773 |
882.204 |
767.902 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
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Income |
2894.691 |
2294.618 |
1936.028 |
|
|
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Other Income |
19.370 |
11.817 |
9.365 |
|
|
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TOTAL (A) |
2914.061 |
2306.435 |
1945.393 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
1620.336 |
1176.380 |
1154.299 |
|
|
|
Manufacturing Expenses |
624.364 |
518.189 |
472.008 |
|
|
|
Payments to and provisions for Employees |
8.450 |
7.070 |
7.232 |
|
|
|
Administrative Expenses |
603.823 |
511.135 |
220.621 |
|
|
|
Increase /(Decrease) in Stock |
(72.619) |
(15.061) |
(8.226) |
|
|
|
Preliminary Expenses written off |
0.018 |
0.018 |
0.018 |
|
|
|
Previous year Incomes |
0.000 |
0.000 |
(0.046) |
|
|
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TOTAL (B) |
2784.372 |
2197.731 |
1845.906 |
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.689 |
108.704 |
99.487 |
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
39.680 |
33.977 |
31.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
90.009 |
74.727 |
67.688 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.627 |
9.521 |
3.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.382 |
65.206 |
63.778 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.464 |
7.746 |
8.600 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
45.918 |
57.460 |
55.178 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
212.823 |
155.363 |
100.185 |
|
|
|
|
|
|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
6.745 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
1.146 |
0.000 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
250.850 |
212.823 |
155.363 |
|
|
|
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
175.611 |
126.487 |
NA |
|
|
TOTAL EARNINGS |
175.611 |
126.487 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.81 |
8.52 |
8.18 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
3900.000 |
|
|
|
|
|
The above information has been parted by Mr. Alok Agarwal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.58
|
2.49
|
2.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
2.84
|
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.58
|
5.33
|
5.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.22
|
1.65
|
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
2.44
|
2.29 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
OPERATIONS
The Company during the year has achieved a turnover of
Rs.2894.691 Millions compared to Rs.2294.618 Millions showing an increase of
26.15% over the previous financial year and has earned a net profit of
Rs.45.918 Millions compared to Rs.57.460 Millions resulting in decrease of
20.09% over the previous year due to increase in input and overhead expenses
and also higher tax expenses. Company has made export of its products of a
value of Rs.189.431 Millions compared to Rs.126.487 Millions over the previous
financial year. The brand of the Company is surging ahead with the acceptability
and response to the Company’s products both in the national and international
market. The marketing strategy has also given an impetus to the huge jump in
the consumption of the products. The management philosophy of newer products as
per the changing taste and preferences of the new generation would provide
upward trend to the growth of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
CAUTIONARY STATEMENT
This statement made in this section describes the Company’s
objectives, projections, expectations and estimations which may be ‘forward
looking statements’ within the meaning of applicable securities laws and
regulations. The annual results can differ materially from those expressed or
implied, depending on the economic and climatic conditions, Government policies
and other incidental factors which are beyond the control of the Company.
ECONOMY AND MARKET TREND
After a sharp, broad and synchronized global downturn in
late 2008 and early 2009, a number of countries reported positive growth in
2009-10. Consequently, global growth is expected to rebound from a negative
territory in 2009 to a projected 3.9% in 2010 and 4.3% in 2011. The Indian
economy bounced back with robust growth. India could withstand dramatic changes
in macroeconomic environment and depressed market conditions largely due to
domestic consumption and savings. The Indian economy grew 7.4% in 2009-10,
compared with 6.7% in 2008-09, following a strong fiscal stimulus, monetary
easing, improved consumer confidence, return of risk appetite and large capital
inflows. The real turnaround happened in the last quarter of 2009-10, when the
economy grew 8.6%. Double digit growth in industrial production of April, 2010
indicates encouraging fiscal year ahead of them. However the Indian Corporate
will have to learn to live with volatility, inflationary pressures and frequent
monetary policy changes.
INDUSTRY AND COMPANY’S PRODUCT
India’s textile industry is one of the mainstays of national
economy. In the last few years, India’s textile sector was in the process of
adapting itself to the changes that are occurring in the global market in the
wake of dismantling of restrictions on the movement of textile products across
the world. The competition for India’s textile companies became bigger and
non-traditional. Further, due to elimination of quantitative restrictions, the
Indian textile industry also subjected to tough foreign competition due to
low-cost imports from neighboring countries.
Hosiery segment of India’s textile industry is growing to
meet these global challenges. Hosiery undergarment sector is volume driven and
characterized by low margins. The products are branded and backed by marketing,
heavy advertising and strong distribution networks. Also, raw material prices
play an important role in determining the pricing of the final product. Keys to
success for this segment are brand building, extensive distribution network and
control over raw materials.
The Company has diversified portfolio of hosiery undergarments
under brand name of ‘DOLLAR’. The Company is one of leading consumer companies
in India and amongst the few brands that created market for itself. The
Company’s commitment to quality and customer orientation reflects in its strong
nationally recognized valuable brand ‘DOLLAR’. The Company has also received
several awards for its brand. The Company has established over the years strong
brand name, loyal nation-wide dealers’ network and millions of satisfied
customers. The Company continues to provide the best quality products at a fair
and competitive price through its experienced and well-informed distributors
across the country. The Company in the past undertook capacity expansion to
achieve economies of scale and to focus on cost efficient operations, value
added products, quality, competitive pricing, design, meeting delivery
schedules etc. in order to enhance the overall profitability of the Company.
With innovations as the key driver, the Company introduced several new products
in order to stay at the top.
The Company strive to nurture customer relationships and
take pride in always putting the customer first. The Company will continue to
work towards knowing the customers, shopping trends and preferences and spire
to reach every potential customer. The Company’s initiatives, particularly in
the areas of marketing, and operations have yielded positive results in the
sales growth. The Company emphasizes on enrichment of its product mix, with
increasing shares of premium varieties.
The Company continues its efforts in the areas of operations
and marketing efficiencies. It has planned significant investment in upgrading
the IT infrastructure, including installation of ERP package, which will help
better planning and control of operations. The Company’s mission is to be an
Indian multinational providing trend-setting solutions to meet the discerning
needs of global consumers.
BUSINESS OUTLOOK
Strong underlying economic growth, population expansion, the
increasing wealth of individuals are some of the key factors behind the
forecast explosive growth in India’s retail sales. Carrying forward new brand
philosophy of ‘Start Something ‘New’, was the central theme of Company’s
advertising, promotions and events this year. At Dollar, the management has
been always looking at providing Company’s esteemed customers with exclusive
merchandise.
The Company is pursuing cost cutting measures and focusing
on increased productivity, better product mix, introduction of new products and
thrust in sales and better price realization. However, the performance of the
Company in the coming months, would be largely dependent on the overall
industry scenario.
FINANCIAL PERFORMANCE
The total operating expenses, including interest, during the
year was Rs.2824.000 Millions for FY 2009-10. As a percentage of gross sales,
it was 97.56%. Material consumption at Rs.1620.300 Millions during the year was
55.97% of gross sales. Profit before Interest, Depreciation and Tax at
Rs.129.700 Millions increased by 19.32% as compared to Rs.108.700 Millions of
the previous year. The depreciation was Rs.18.600 Millions for the year as
against Rs.9.500 Millions in the previous year.
The net profit after tax was at Rs.45.900 Millions. Debtors
at Rs.611.400 Millions are marginally higher than Rs.559.200 Millions in
previous year. The Earning per Share stood at Rs.6.81.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
1] Bank Guarantee = Rs.2.982 Millions (Previous Year: Rs.2.982 Millions)
2] Central Excise (Appeal) = Rs.0.306 Million (Previous year: Rs.0.306
Million)
FORM: 8
|
Corporate
identity number of the company |
L17299WB1993PLC058969 |
|
Name of the
company |
Dollar Industries
Limited |
|
Address of the registered
office or of the principal place of
business in |
Om Tower,
32,J.L.Nehru Road, 12th Floor, Kolkata – 700071, West Bengal, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others: Plant and
Machinery |
|
Particular of
charge holder |
Indusind Bank
Limited 2401 GEN Thimmayya
Road, Contonment, Pune – 411001, Maharashtra, India |
|
Nature of
instrument creating charge |
1) Supplementary
Agreement for Hypothecation of Stocks, Book Debts, Receivables etc. (for
enhancement in limits ) 2) Memorandum
Recording Equitable Mortgage by deposit of title deeds ( Firms and Companies
) |
|
Date of
instrument Creating the charge |
02.07.2011 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : As stipulated by
the Bank from time to time. Terms of Repayment : Repayable on
demand Margin : Nil Extent and
operation of the charge : First pari passu charge on the entire current assets of the Company. Exclusive first charge on plant and machinery located at Sankneri, Tamilnadu. First PP charge on the entire movable fixed assets of the Company excluding the fixed assets exclusively charged with other Banks/ FIs i.e. Windmill (other than one located at Sankneri, Tamilnadu) and a spinning mill at Dindigul, Tamil Nadu acquired by the Company. Second PP charge on the fixed assets ( i.e. Windmill and the Spinning Mill at Dindigu |
|
Particulars of
the property charged |
First pari passu
charge on the entire current assets of the Company. Exclusive first charge on
plant and machinery located at Sankneri, Tamil Nadu. First PP charge on the
entire movable fixed assets of the Company excluding the fixed assets
exclusively charged with other Banks/FIs i.e. Windmill (other than one
located at Sankneri, Tamilnadu) and a spinning mill at Dindigul, Tamilnadu
acquired by the Company. Second PP charge on the fixed assets (i.e. Windmill
and the Spinning Mill at Dindigul, Tamil Nadu exclusively charged in favour
of Allahabad Bank) All that piece and parcels of land and other immovable
properties of the Company situated at S. No. 619/1A, 1B, 1C, 2 and 3 (P),
admeasuring 2 Acres Parameswarapuram Udhayathoor Road, Near Perumal Kovil,
Udhayathoor Village , Radhapuram Taluk , Tirunedvili Dist : Tamilnadu |
|
Particulars of the present modification |
By this
modification, at the request of the Borrower the Bank has enhanced the Cash
Credit limit/WCDL from Rs.5,00,00,000/-
to Rs.15,00,00,000/- So by this
modification overall limit is being increased to Rs.15,00,00,000/- from
Rs.10,00,00,000/- against stock, book debts including plant and machinery and
also equitable mortgage. Nature of
Facility : Cash Credit limit - Rs.15,00,00,000/- Other terms and
conditions save as modified by these presents remain in full force. |
FIXED ASSETS:
·
Land
·
Building
·
Computers and Accessories
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Cars
·
Motor Cycles
·
Wind Mill
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.