MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
KAMDHENU FOODS LIMITED |
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Registered
Office : |
D-10, D Block, Market Ashok Vihar, Phase – I, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.12.1994 |
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Com. Reg. No.: |
55-063743 |
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CIN No.: [Company Identification
No.] |
U74899DL1994PLC063743 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELK03366G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers, Producers and Processors of and Dealers in Milk, Cream,
Butter, Ghee, Cheese, Condensed Milk, Molted Milk, Milk Powder, Skimmed Milk
Powder, Whole Milk Powder, Ice-milk, Ice Cream, Milk Foods, Baby Foods,
Infant Foods, Invalid Foods and milk products and milk preparations of all
kinds. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 73300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company ca n be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office : |
D-10, D Block, Market Ashok Vihar, Phase – I, |
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E-Mail : |
Singh_shoorveer@yahoo.com |
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Head Office : |
1002, 10th Floor, D Mall, Pitam Pura, |
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Tel. No.: |
91-114-27351090 / 27351074 |
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Mobile No.: |
91-9810534796 (Mr. Abhishek) |
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E-Mail : |
kamdhenufood@gmail.com |
DIRECTORS
|
Name : |
Mr. Anil Gupta |
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Designation : |
Director |
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Address : |
C-51, Phase -1, Ashok Vihar, |
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Date of Birth/Age : |
14.04.1962 |
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Date of Appointment : |
23.12.1994 |
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DIN : |
00058333 |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Director |
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Address : |
C-51, Phase -1, Ashok Vihar, |
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Date of Birth/Age : |
21.08.1959 |
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Date of Appointment : |
08.04.1996 |
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DIN : |
01325434 |
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Name : |
Mr. Rajesh Gupta |
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Designation : |
Director |
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Address : |
C-51, Phase -1, Ashok Vihar, |
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Date of Birth/Age : |
14.11.1966 |
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Date of Appointment : |
31.03.2003 |
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DIN : |
01325452 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Anil Gupta |
|
238766 |
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Mr. Ashok Gupta |
|
201666 |
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Rajesh Kumar Gupta and Sons |
|
38000 |
|
Kanshi Ram Gupta |
|
100 |
|
Abhishek Gupta |
|
44500 |
|
Arti Securities and Sales Private Limited |
|
60000 |
|
Bhaskar Marketing and Sales Private Limited |
|
70000 |
|
Anil Gupta and Sons (HUF) |
|
86500 |
|
Patliputra Finvest Private Limited |
|
80000 |
|
Vaibhav Laxmi Dairy Products Private Limited |
|
280000 |
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Surohit Fincap and Leasing Private Limited |
|
90000 |
|
Vinayak Finxcap Limited |
|
50000 |
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Vidhi Gupta |
|
17500 |
|
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Total |
1257032 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
50.11 |
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Directors or relatives of Directors |
49.89 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Producers and Processors of and Dealers in Milk, Cream,
Butter, Ghee, Cheese, Condensed Milk, Molted Milk, Milk Powder, Skimmed Milk
Powder, Whole Milk Powder, Ice-milk, Ice Cream, Milk Foods, Baby Foods,
Infant Foods, Invalid Foods and milk products and milk preparations of all
kinds. |
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|
|
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Products : |
Whey Powder Demineralised White Butter Edible Acid Casein Ghee (Butter Fat) Dairy Whitener Skimmed Milk Powder Lactose Full Cream Milk Powder Milk Ingredients Milk Formulations Milk Protein Concentrate Milk Powder and Milk Fat Whey Powders and Milk Proteins |
GENERAL INFORMATION
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No. of Employees : |
51 to 100 (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 : |
KPS and Company Chartered Accountant |
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Address : |
F-65, |
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PAN No. : |
AAGFK4891H |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/-each |
Rs.20.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1257032 |
Equity Shares |
Rs.10/-each |
Rs.12.570 million |
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 |
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|
|
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|
1] Share Capital |
12.570 |
12.570 |
12.570 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.766 |
5.570 |
4.761 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.336 |
18.140 |
17.331 |
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LOAN FUNDS |
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1] Secured Loans |
118.164 |
37.635 |
57.607 |
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2] Unsecured Loans |
0.000 |
37.081 |
26.270 |
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TOTAL BORROWING |
118.164 |
74.716 |
83.877 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
136.500 |
92.856 |
101.208 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.312 |
1.456 |
1.252 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.773 |
1.773 |
1.773 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
41.739
|
29.724 |
8.432 |
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Sundry Debtors |
33.600
|
53.362 |
27.933 |
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Cash & Bank Balances |
27.575
|
0.705 |
18.272 |
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Other Current Assets |
27.694
|
28.014 |
26.133 |
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Loans & Advances |
32.660
|
41.811 |
55.231 |
|
Total
Current Assets |
163.268
|
153.616 |
136.001 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.291
|
28.099 |
15.987 |
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Other Current Liabilities |
23.018
|
35.414 |
21.174 |
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Provisions |
0.544
|
0.476 |
0.657 |
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Total
Current Liabilities |
31.853
|
63.989 |
37.818 |
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Net Current Assets |
131.415
|
89.627 |
98.183 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
136.500 |
92.856 |
101.208 |
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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 |
23.420 |
12.227 |
6.700 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
23.420 |
12.227 |
6.700 |
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Less |
EXPENSES |
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Administrative and General Expenses |
2.805 |
1.517 |
1.463 |
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Direct Expenses |
15.131 |
6.409 |
0.066 |
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TOTAL (B) |
17.936 |
7.926 |
1.529 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5484 |
4.301 |
5.171 |
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Less |
FINANCIAL
EXPENSES (D) |
4.804 |
2.872 |
3.974 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.680 |
1.429 |
1.197 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.397 |
0.187 |
0.137 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.283 |
1.242 |
1.060 |
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Less |
TAX (I) |
0.087 |
0.433 |
0.346 |
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PROFIT AFTER TAX
(G-I) (J) |
0.196 |
0.809 |
0.714 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.023 |
2.214 |
1.500 |
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BALANCE CARRIED
TO THE B/S |
3.219 |
3.023 |
2.214 |
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Earnings Per
Share (Rs.) |
15.59 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.84
|
6.62 |
10.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.17
|
0.80 |
0.77 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.07 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.18
|
7.65 |
7.02 |
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Current Ratio (Current Asset/Current Liability) |
|
5.13
|
2.40 |
3.60 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1994PLC063743 |
|
Name of the
company |
Kamdhenu Foods
Limited |
|
Address of the
registered office or of the principal place of business in |
D-10, D Block, Market Ashok Vihar, Phase – I, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90332380 |
|
Type of charge |
|
|
Particular of
charge holder |
Email-ID: pawan.k.garg@sbi.co.in |
|
Nature of
instrument creating charge |
i)
Supplement
Agreement of Loan Cum Hypothecation (SME-4) ii)
Letter
of Agreement (SME-4) |
|
Date of
instrument Creating the charge |
19.11.2009 |
|
Amount secured by
the charge |
Rs.100.000
million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– Rate of Interest @0.25% below SBAR minimum rate 11.50% p.a. with monthly
rests Terms of
Repayment – Payable on demand Margin –
SIP/FG/Receivables/Letter of Credit-25% Extent and
Operation of the charge – 100% Others – The
above is secure Credit facilities of Rs.100.000 million i.e. Cash Credit
(Hypothecation Of Stocks and book Debts) Rs.90.000 million and letter of
Credit (Inland/Foreign) of Rs. 100.000 million granted to the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i)
Primary: 1st charge on entire current assets of milk products viz pure
ghee, Skimmed milk powder, lactose, whole milk powder etc. and other items as
also stocks in transit and present and future receivables ii)
Collateral: a) Equitable mortgage of Residential house No.31, Block –B, Ashok
Vihar, Phase -1, Delhi, in the name of Smt. Veena Gupta and Smt. Asha b) Equitable mortgage of Residential house No.144, Block –H, Ashok
Vihar, Phase -1, Delhi, in the name of Smt. Veena Gupta and Smt. Asha Gupta. |
|
Date of
instrument modifying the charge |
25.04.2009 |
|
Particulars of
the present modification |
The various
facilities enhanced from Rs.60.000 million to Rs. 100.000 million i.e.CC
(Hypothecation of Book debts and stocks) of Rs. 90.000 million and letter of
credit (Inland/Foreign) of Rs.10.000 million. Other terms and conditions
remained same. |
FIXED ASSETS:
- Air
Conditioner
- Car
- Computer and
Printers
- EPBAX
- Inverter
- Fax Machine
- Furniture and
Fixtures
- Jeep-207
- Office
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. 45.11 |
|
|
1 |
Rs. 73.25 |
|
Euro |
1 |
Rs. 61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.