MIRA
INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOOD LUCK STEEL TUBES LIMITED |
|
|
|
|
Registered
Office : |
5/102, Sikka Complex, 1st Floor, Community Centre, Preet
Vihar, Vikas Marg, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
06.11.1986 |
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|
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|
Com. Reg. No.: |
55-050910 |
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Capital
Investment / Paid-up Capital : |
Rs.37.442 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1986PLC050910 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MRTG00350A |
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|
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PAN No.: [Permanent
Account No.] |
AAACG3204D |
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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 galvanized sheets and coils, towers,
hollow section, CR coils CRCA and pipes and tubes. |
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|
|
|
No. of Employees
: |
45 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [50] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 2580000 |
|
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is a well
established and reputed company having good track. General financial position
is satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
5/102, Sikka Complex, 1st Floor, Community Centre, Preet
Vihar, Vikas Marg, |
|
Tel. No.: |
91-11-22465439 |
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Fax No.: |
91-11-22214254 |
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E-Mail : |
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Website : |
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Administrative Office : |
II F 166-167, Good Luck House, Nehru Nagar, |
|
Tel. No.: |
91-120-4196600 / 4196700 [200 Lines] |
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Fax No.: |
91-120-4196666 / 4196777 |
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|
|
|
Factory 1 : |
A-42 and 45, Industrial
Area, Sikandrabad, District Bulandshahr - 203205 |
|
Tel. No.: |
91-5735-221969 / 221970 |
|
Fax No.: |
91-5735-222863 |
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|
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Factory 2 : |
A-51, Industrial Area, Sikandarabad, District
Bulandhahar-203205, |
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Tel. No.: |
91-5735-221017 |
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|
|
Factory 3 : |
Khsra No. 2839, Dhoom Manik Pur, G.T. Road, Gautam Budh
Nagar, Dadri, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2666896 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Mahesh Chandra Garg |
|
Designation : |
Whole-time Director |
|
Address : |
R-4/52, Raj Nagar, |
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Date of Birth/Age : |
28.06.1946 |
|
Date of Appointment : |
06.11.1986 |
|
DIN : |
00292437 |
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|
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Name : |
Mr. Ramesh Chandra Garg |
|
Designation : |
Whole-time Director |
|
Address : |
10/159, Raj Nagar, Sector - 10, |
|
Date of Birth/Age : |
15.07.1946 |
|
Date of Appointment : |
12.09.1988 |
|
DIN : |
00298129 |
|
|
|
|
Name : |
Mr. Anil Kumar Garg |
|
Designation : |
Whole-time Director |
|
Address : |
Kf – 7, Kavi Nagar, |
|
Date of Birth/Age : |
21.07.1956 |
|
Date of Appointment : |
06.11.1986 |
|
DIN : |
00292595 |
|
|
|
|
Name : |
Mr. Vijender Kumar Tyagi |
|
Designation : |
Director |
|
Address : |
K 36 Hig, Niti Nagar, Sector - 23, |
|
Date of Birth/Age : |
05.10.1957 |
|
Date of Appointment : |
19.12.2006 |
|
DIN : |
01584278 |
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|
|
|
Name : |
Mr. Rahul Goel |
|
Designation : |
Director |
|
Address : |
Ke 93, Kavi Nagar, |
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Date of Birth/Age : |
14.09.1972 |
|
Date of Appointment : |
19.12.2006 |
|
DIN : |
02067212 |
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|
|
|
Name : |
Mr. Anurag Agarwal |
|
Designation : |
Director |
|
Address : |
Om Kunj, Chiranji Colony, Dadri,Gautam Budha Nagar, |
|
Date of Birth/Age : |
12.02.1982 |
|
Date of Appointment : |
19.12.2006 |
|
DIN : |
01584222 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Agrawal |
|
Designation : |
Secretary |
|
Address : |
66b, Dayanand Block, Shakarpur, |
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Date of Birth/Age : |
01.12.1979 |
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Date of Appointment : |
19.12.2006 |
|
PAN : |
AIQPA6773J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Chandra Garg |
|
377250 |
|
Ramesh Chandra Garg |
|
570250 |
|
Anil Kumar Garg |
|
927250 |
|
Jasbir Kaur |
|
100 |
|
Vineshvari Ramniklal |
|
50 |
|
Prakash Agarwal |
|
500 |
|
Pravina Prakash Kawa |
|
130 |
|
Dilip K dwivedi |
|
100 |
|
Jyoti B Jain |
|
500 |
|
Vinod Rewashankar Bh |
|
100 |
|
Kusum Ashwin Chotau |
|
100 |
|
Pravin Diwakar Garud |
|
50 |
|
Sunil Kumar Agrawal |
|
750 |
|
Ferozemf |
|
120 |
|
Pushpa Dhairyawan As |
|
500 |
|
Amber Kedia |
|
100 |
|
Ibrahim Nsama |
|
80 |
|
Niraj K Shah |
|
100 |
|
R Ponnambalam |
|
250 |
|
Hamida Iqbal Kasmani |
|
1500 |
|
Iqbal alimohmmed Kas |
|
1000 |
|
Ranjitbhai Vaghjibha |
|
100 |
|
Pradip Nautamlalsha |
|
2000 |
|
Krishan Mendiratta |
|
500 |
|
Shreeyans Kumar Jain |
|
500 |
|
Vishwa Bhawan Gupta |
|
200 |
|
Kashmira Investment |
|
1000 |
|
V Subramanian |
|
100 |
|
Mahesh Kaushik |
|
100 |
|
Mahendra Kumar Banth |
|
4000 |
|
Pushpaben Shashikant |
|
150 |
|
Matalia Stock Brokin |
|
4875 |
|
Tejas Pravin Chandra |
|
100 |
|
Krishan Lal Khurana |
|
100 |
|
Arjun Devtrikha |
|
10 |
|
NDA Securities Limited |
|
100 |
|
Mohammad Akmal |
|
299 |
|
Kapil Sabarwal |
|
5 |
|
Nandakumar G |
|
150 |
|
Santosh Mukund Ranad |
|
191 |
|
Sarthak Bansal |
|
10 |
|
Amit Kumar Baranwal |
|
50 |
As on 30.09.2011
|
Equity Share
Break Up Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
1.07 |
|
Bodies corporate |
6.29 |
|
Directors or relatives of Directors |
43.95 |
|
Other top fifty shareholders |
30.06 |
|
Others |
14.17 |
|
Government Companies |
4.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of galvanized sheets and coils, towers, hollow
section, CR coils CRCA and pipes and tubes. |
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Products : |
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Terms : |
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Selling : |
L/C / Cash / Credit [30 / 60 / 90 Days] |
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Purchasing : |
L/C / Cash / Credit [30 / 60 / 90 Days] |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Unit |
Installed
Capacity |
|
Pipes / Tubes |
MT |
66000.000 |
|
C. R. / G. P. / G. C Sheets / Coils |
MT |
54000.000 |
|
Structure and Poles |
MT |
16000.000 |
|
Forged Steel / Alloy Steel |
MT |
10000.000 |
|
Particulars |
Unit |
Actual
Production |
|
Pipes / Tubes |
MT |
54010.352 |
|
Scrap and Residue |
MT |
861.753 |
|
C. R. Sheets / Coils |
MT |
6114.032 |
|
G. P. / G. C Sheets |
MT |
17441.288 |
|
Others |
MT |
- |
|
Structure and Poles |
MT |
20133.423 |
|
Forged Steel / Alloy Steel |
MT |
3081.616 |
|
Scaffolding Parts |
MT |
3.376 |
GENERAL INFORMATION
|
No. of Employees : |
45 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sanjeev Anand and Associates Chartered Accountants |
|
Address : |
77, Navyug Market, |
|
PAN : |
AAPFS7604B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.2/- each |
Rs.100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,721,250 |
Equity Shares |
Rs.2/- each |
Rs.37.442
millions |
Note :-
1. Of the above 13,70,750 Equity Shares have been allotted as bonus shares by capitalisation from Capital Reserves and General reserves.
2. Pursuant to the Shareholder's approval in their meeting held on 30.05.2009, the Equity Shares of the Company have been split from Rs. 10/- per share to Rs. 2/- per share.
3. Company has issued 52100 Nos. of Equity Shares of Rs.
10/- at a premium of Rs. 165/- each on 30.05.2009 out of share forfeited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
37.442 |
36.921 |
36.921 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
608.951 |
453.614 |
335.924 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
646.393 |
490.535 |
372.845 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1498.526 |
1059.262 |
887.598 |
|
|
2] Unsecured Loans |
134.366 |
191.753 |
218.098 |
|
|
TOTAL BORROWING |
1632.892 |
1251.015 |
1105.696 |
|
|
DEFERRED TAX LIABILITIES |
60.382 |
55.315 |
47.378 |
|
|
|
|
|
|
|
|
TOTAL |
2339.667 |
1796.865 |
1525.919 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
530.998 |
465.894 |
446.897 |
|
|
Capital work-in-progress |
5.398 |
1.067 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
598.161
|
348.946 |
495.080 |
|
|
Sundry Debtors |
995.565
|
843.518 |
599.827 |
|
|
Cash & Bank Balances |
82.892
|
54.531 |
70.755 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
340.055
|
238.585 |
217.671 |
|
Total
Current Assets |
2016.673
|
1485.580 |
1383.333 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.769
|
30.662 |
|
|
|
Other Current Liabilities |
106.763
|
58.188 |
259.824 |
|
|
Provisions |
72.250
|
66.871 |
44.555 |
|
Total
Current Liabilities |
213.782
|
155.721 |
304.379 |
|
|
Net Current Assets |
1802.891
|
1329.859 |
1078.954 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.380 |
0.045 |
0.068 |
|
|
|
|
|
|
|
|
TOTAL |
2339.667 |
1796.865 |
1525.919 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4775.079 |
4818.633 |
3315.679 |
|
|
|
Other Income |
128.078 |
59.713 |
105.343 |
|
|
|
TOTAL (A) |
4903.157 |
4878.346 |
3421.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
3724.205 |
3768.766 |
2666.116 |
|
|
|
Manufacturing Expenses |
331.444 |
268.157 |
157.292 |
|
|
|
Employee's Remuneration & Other Benefits |
139.596 |
103.431 |
68.682 |
|
|
|
Selling Expenses |
267.630 |
343.249 |
216.005 |
|
|
|
Administrative & Other Expenses |
38.456 |
30.911 |
30.686 |
|
|
|
TOTAL (B) |
4501.331 |
4514.514 |
3138.781 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
401.826 |
363.832 |
282.241 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
137.607 |
140.802 |
117.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
264.219 |
223.030 |
164.524 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.202 |
31.314 |
26.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
229.017 |
191.716 |
137.779 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
68.483 |
66.200 |
48.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
160.534 |
125.516 |
89.711 |
|
|
|
|
|
|
|
|
|
Add/ less |
Prior Period Adjustments |
[6.417] |
[0.428] |
[0.104] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
353.125 |
254.607 |
182.960 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
20.000 |
5.000 |
|
|
|
Proposed Dividend |
5.616 |
5.616 |
11.077 |
|
|
|
Tax on Dividend |
0.933 |
0.954 |
1.883 |
|
|
BALANCE CARRIED
TO THE B/S |
470.693 |
353.125 |
254.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1333.632 |
1979.491 |
NA |
|
|
TOTAL EARNINGS |
1333.632 |
1979.491 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
116.414 |
0.000 |
- |
|
|
|
Stores & Spares |
0.058 |
0.481 |
- |
|
|
|
Capital Goods |
1.369 |
2.949 |
- |
|
|
|
Material for resale |
23.480 |
4.469 |
- |
|
|
TOTAL IMPORTS |
141.321 |
7.899 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
8.25 |
6.78 |
24.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.27
|
2.57 |
2.62 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
4.80
|
3.98 |
4.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
9.82 |
7.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.39 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
2.87 |
3.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.43
|
9.54 |
4.54 |
LOCAL AGENCY FURTHER INFORMATION
Note : Subject was
originally incorporated on 6th November, 1986 at
The company changed its registered office from 24th Addl,
Sihani Gate Scheme,
History
Subject was incorporated in Nov.'86 as a private limited
company. It became a deemed public company in Jul.'90 and was converted into a
public limited company in 1994. The company was promoted by M C Garg, K C Garg,
Anil Kumar and K C Agarwal.
The company manufactures galvanised steel tubes and pipes (of diameters ranging
from 1/2" to 10"). It has its unit in Sikandrabad with an installed
capacity of 32,000 tpa, equipped with sophisticated automatic electrical
resistance welding steel tubes manufacturing machinery and galvanizing plant.
Commercial production commenced in Aug.'87.
GSTL commenced mining granite in 1993. Granite mining is done at its plant at
Berhampur, Orissa. In Apr.'95, it came out with a public issue to part-finance
the expansion project to expand the existing capacity of 32,000 tpa to 50,000
tpa.
The company exports to
During the year 1999-2000, the company has set-up cold rolling strip plant at
its factory premises which is fully operational and registered a sales turnover
of Rs.525.251 Millions i.e. growth of 16% over the previous year.
Financial performance
During the year,
the gross turnover of the Company decreased by 3.6% from Rs. 5337.400 millions
to Rs. 5144.200 millions. The Earnings before interest, tax depreciation and
amortization for the same period has been increased by 10.44% from Rs. 363.800
million to Rs. 401.800 millions and the Net Profit increased by 27.89% from Rs.
125.500 millions to Rs. 160.500 millions in the current year.
Transfer to general reserves
Out of the total
profit for the financial year 2009-10, an amount of Rs. 30.000 millions is
proposed to be transferred to the General Reserve.
Delisting
The company’s
Equity Share has been also delisted from the Jaipur Stock Exchange. The
Company’s Equity share shall remain listed with Bomaby Stock Exchange Ltd.
& Delhi Stock Exchange Limited.
Contingent
Liabilities
Contingent Liabilities not provided for in respect of:
Rs.in millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
i) Outstanding guarantees issued by the banks Counter guaranteed by the company |
88.759 |
105.608 |
|
ii) Bills Discounted |
53.153 |
48.457 |
|
iii) Income Tax demand related to A.Y. 2004-05 |
0.000 |
0.000 |
|
iv) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advance) |
0.000 |
0.000 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L74899DL1986PLC050910 |
|
Name of the
company |
GOOD LUCK STEEL
TUBE LIMITEDTD (TFR. CO. FROM |
|
Address of the
registered office or of the principal place of business in |
5/102, Sikka Complex, Ist Floor, Community Centre, Preet Vihar, Vikas Marg, Delhi, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, 4/10, Opg House, Email : form8.axisbank@gmail.com |
|
Nature of
instrument creating charge |
Deed of
hypothecation of machinery and movable fixed assets. |
|
Date of
instrument Creating the charge |
17.08.2011 |
|
Amount secured by
the charge |
Rs.272.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per sanction letter no. Axisb/MC/VA/10-11/123 dated 04.08.2011 to be
amended from time to time. Terms of Repayment
- As per sanction letter no. Axisb/MC/VA/10-11/123 dated 04.08.2011 to be
amended from time to time. Margin - As per
sanction letter no. Axisb/MC/VA/10-11/123 dated 04.08.2011 to be amended from
time to time. Extent and
Operation of the charge - Extent and Operation - 100% Others – The above is to
secure the following :- Term Loan
VII = RS. 100.000 millions Corporate
Loan = RS. 150.000 millions LER = RS. 22.800 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first and exclusive charge over all present and future movable fixed
assets of the company stored or to be stored at the company's godowns or
premises or wherever else the same may be. |
Fixed
Assets
- Land
- Furniture and
Fixture
- Plant and
Machinery
- Office
Equipments
- Electrical
Installation
- Vehicles
- P and M Under
Installation
- Building
Under Construction
- Electrical Installation
Under Progress
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.52.82 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.68.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.