MIRA
INFORM REPORT
|
Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE NILGIRI DAIRY FARM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 180, EPIP Zone, Behind Ginger Hotel, I Gate, Whitefield, M-Silver
Line Tech Park, Bangalore-560066, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.08.1970 |
|
|
|
|
Com. Reg. No.: |
001942 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1970PTC001942 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT02509D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AASACT8121A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Seller, Importer, Exporter and Trader of Dairy Products,
Bakery Products and Confectionery etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relation are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No. 180, EPIP Zone, Behind Ginger Hotel, I Gate, Whitefield, M-Silver
Line Tech Park, Bangalore-560066, Karnataka, India |
|
Tel. No.: |
91-80-40437100 |
|
Fax No.: |
91-80-40347108 |
|
E-Mail : |
DIRECTORS
As on 13.08.2010
|
Name : |
Mr. Padmanabh P Vora |
|
Designation : |
Chairman and Independent Director |
|
Address : |
Flat No. 503-504, 5th Floor, ‘A’ Wing, Mount Everest Toer,
Bhakti Parkl, Wadala, Mumbai-400037, |
|
Date of Birth/Age : |
01.10.1943 |
|
Date of Appointment : |
25.11.2009 |
|
|
|
|
Name : |
Mr. Mayukh Mitter |
|
Designation : |
Director |
|
Address : |
83C, Saptaparui, 58/1, |
|
Date of Birth/Age : |
29.08.1965 |
|
Date of Appointment : |
03.10.2006 |
|
|
|
|
Name : |
Mr. Prabhu Ramchandran |
|
Designation : |
Director |
|
Address : |
187, 1st Block, 2nd Cross, Koramangala,
Bangalore-560034, |
|
Date of Birth/Age : |
17.07.1972 |
|
Date of Appointment : |
12.10.2006 |
|
|
|
|
Name : |
Mr. J.M. Trivedi |
|
Designation : |
Director |
|
Address : |
201, 21st Floor, Antarikhsa Apartments, Kakasaheb Gadgil
Marg, Prabhadevi, Mumbai-400025, |
|
Date of Birth/Age : |
19.09.1953 |
|
Date of Appointment : |
30.06.2008 |
|
|
|
|
Name : |
Mr. G Rathinam |
|
Designation : |
Director |
|
Address : |
U-26 A/6, DLF Phase III, Gurgaon-122002, |
|
Date of Birth/Age : |
16.09.1967 |
|
Date of Appointment : |
31.03.2009 |
|
|
|
|
Name : |
Mr. Shomik Prasdanna Mukherjee |
|
Designation : |
Director |
|
Address : |
C-7/8, Vasant Vihar, New Delhi-110057, |
|
Date of Birth/Age : |
16.02.1971 |
|
Date of Appointment : |
18.06.2009 |
|
|
|
|
Name : |
Mr. N Srinivasan |
|
Designation : |
Director |
|
Address : |
64, 31st Crosss, Jayanagar VII Block, Bangalore-560082, |
|
Date of Birth/Age : |
08.08.1962 |
|
Date of Appointment : |
25.11.2009 |
|
|
|
|
Name : |
Mr. M Chellayan |
|
Designation : |
Director |
|
Address : |
739 A, |
|
Date of Birth/Age : |
09.03.1939 |
|
Date of Appointment : |
12.10.2006 |
|
|
|
|
Name : |
Mr. Vijay Jacob |
|
Designation : |
Alternate Director |
|
Address : |
Kalathil House, Vadavathoor P.O. Kottayam, Kerala-686001, |
|
Date of Birth/Age : |
14.06.1983 |
|
Date of Appointment : |
19.12.2009 |
|
Date of Ceasing: |
18.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Sitaram P R |
|
Designation : |
Secretary |
|
Address : |
61 Sita Building, |
|
Date of Birth/Age : |
28.11.1982 |
|
Date of Appointment : |
17.03.2010 |
|
|
|
|
Name : |
Mr. Hari Venkatachalam |
|
Designation : |
Director |
|
Address : |
D-7, Aditya Nest, 13th Cross, 4th Main
Malleshwaram Bangalore-560003, |
|
Date of Birth/Age : |
30.04.1959 |
|
Date of Appointment : |
15.09.2009 |
|
Date of Ceasing: |
28.02.2010 |
|
|
|
|
Name : |
Mr. Shravan Kumar Kulkarni |
|
Designation : |
Secretary |
|
Address : |
MIG II, 119, Hudco Colony, Gadag-582103, |
|
Date of Birth/Age : |
10.12.1985 |
|
Date of Appointment : |
12.11.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.08.2010
|
Names of Shareholders |
|
No. of Equity Shares |
|
Rabhu Ramchandran (Class A) |
|
11529 |
|
Actis Nilgiris India Investments Limited, |
|
113604 |
|
Actis Niolgiris South Aisa Investments Limited, |
|
28401 |
|
C Kumaravelu (Class A) |
|
7019 |
|
C Ramachandran (Class A) |
|
8875 |
|
C Suresh (Class A) |
|
8019 |
|
C Kumar (Class A) |
|
3500 |
|
S Raja (Class A) |
|
3510 |
|
N C Venugopal (Class B) |
|
559 |
|
Keki Bomi Dediseth and Alloo Keki Dadiseth (Class B) |
|
366 |
|
Ketty Retail Ventures Private Limited, |
|
2318 |
|
Limras Enterprises Private Limited, |
|
140 |
|
Suhail Enterprises Private Limited, |
|
20 |
|
V N |
|
43 |
|
Saravana Markets Private Limited, |
|
72 |
|
C Sivaramakrishna (Class C) |
|
73 |
|
SNV Holdings Private Limited, |
|
15 |
|
Jaswinder Singh Chatha (Class C) |
|
50 |
|
A Murugappan (Class C) |
|
40 |
|
M V Gopinath (Class C) |
|
30 |
|
Sai Mohan Uehil (Class C) |
|
30 |
|
|
|
30 |
|
E |
|
20 |
|
V Vanniarajan (Class C) |
|
20 |
|
|
|
20 |
|
|
|
10 |
|
|
|
10 |
|
Lily Mary (Class C) |
|
10 |
|
G Mahadeva Prasad (Class C) |
|
10 |
|
|
|
10 |
|
B Rajesh Khanna (Class C) |
|
10 |
|
C T Naryanan and R. M Subbaiah (Class C) |
|
13 |
|
M I Shahul Hameed (Class C) |
|
199 |
|
Blue Invesments Private Limited (Class A and Class C Shares) |
|
26361 |
|
Thiagarajan (Class C) |
|
85 |
|
A Thiagaraja and A Perumalaswam (Class C) |
|
153 |
|
Rama Lakshmanan and A Perumalswamy (Class C) |
|
84 |
|
Rama Lakshmand and A Peruimalswmay (Class C) |
|
36 |
|
Total |
|
215294 |
|
|
|
|
|
Names of Shareholders |
|
No. of Preference
Shares |
|
Actis Nilgiris India Investments Limited, |
|
3753416 |
|
Actis Nilgiris South Asia Investments Limited, |
|
930854 |
|
Total |
|
4684270 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
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 |
65.95 |
|
Bodies corporate |
13.43 |
|
Directors or relatives of Directors |
19.71 |
|
Other top fifty shareholders |
0.91 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller, Importer, Exporter and Trader of Dairy Products,
Bakery Products and Confectionery etc. |
|
|
|
|
Products : |
Diary, General merchandisers |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
|
Actual
Production |
|
Toned Milk |
Ltrs |
|
|
11585265 |
GENERAL INFORMATION
|
Bankers : |
|
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Maruthi Info- Tech Centre, 11-12/1, Inner Ring Roasd, Koramangala,
Bangalore-560071, |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
|
|
|
Holding Company : |
Actis Nilgiris India Investments Limited |
|
|
|
|
Subsidiaries : |
Nilgiris Franchise Private Limited U65910KA1996PTC019885 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Class A Equity Shares |
Rs. 100/- each |
Rs. 35.000 Millions |
|
650000 |
Class B Equity Shares |
Rs. 100/- each |
Rs. 65.000 Millions |
|
5000 |
Class C Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
|
|
|
|
1995000 |
1% Redeemable non cumulative Preference Shares |
Rs. 100/- each |
Rs. 499.500 Millions |
|
3000000 |
0.01% Redeemable non cumulative Preference Shares |
Rs. 100/- each |
Rs. 300.000 Millions |
|
|
Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64509 |
Class A Equity Shares |
Rs. 100/-
each |
Rs. 6.451
Millions |
|
125322 |
Class B Equity Shares |
Rs. 100/-
each |
Rs. 12.532
Millions |
|
20801 |
Class C Equity Shares |
Rs. 100/-
each |
Rs. 2.080
Millions |
|
4684270 |
1% Redeemable non cumulative Preference
Shares |
Rs. 100/-
each |
Rs. 468.427
Millions |
|
|
Total |
|
Rs. 489.490 Millions |
Of the above
a)
97671 (Previous year
97671) Class B Equity Shares 15933 (Previous year: Nil) Class C Equity Shares and
3753416 (Previous year: 3753416) 1% redeemable preference shares are held by
Actis Nilgiris India Investments Limited,
b)
24418 (Previous year
24418) Class B equity shares, 3983 (Previous year: Nil) Class C Equity Shares and
930854 (Previous year 930854) 1% Redeemable preference shares are held by Actis
Nilgiris South Asia Investments Limited,
Note:
1)
Class A, Class B and
Class C will rank pari passu except to
the extent of Retained Earning where Class A and Class B Equity shares
will be entitle to an aggregate of 15.2% and 84.8% respectively of the Retained
Property Profits and Class C equity shares will not have any entitlement to
Retained Property Profits.
2)
349650 1% Redeemable
non-cumulative preference shares of Rs. 100 each fully paid up, were redeemed
on 13th June 2008 out of the general reserve balance (net of debit
balance in profit and loss account) as on that date. An amounts of Rs. 34.965
Millions was consequently transferred to capital redemption reserve.
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 |
489.490 |
487.497 |
517.425 |
|
|
2] Share Application Money |
0.036 |
0.017 |
26.484 |
|
|
3] Reserves & Surplus |
682.211 |
452.700 |
426.543 |
|
|
4] (Accumulated Losses) |
[327.437] |
[254.648] |
[30.301] |
|
|
NETWORTH |
844.300 |
685.566 |
940.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
282.000 |
320.000 |
0.000 |
|
|
2] Unsecured Loans |
39.074 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
321.074 |
320.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1165.374 |
1005.566 |
940.151 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
320.603 |
374.132 |
194.192 |
|
|
Capital work-in-progress |
0.000 |
0.683 |
96.376 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.499 |
2.499 |
157.569 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
20.348 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.225
|
30.529 |
23.855 |
|
|
Sundry Debtors |
260.681
|
78.023 |
337.514 |
|
|
Cash & Bank Balances |
293.363
|
126.152 |
52.193 |
|
|
Other Current Assets |
5.237
|
0.613 |
0.000 |
|
|
Loans & Advances |
465.633
|
687.891 |
241.627 |
|
Total
Current Assets |
1056.139
|
923.208 |
655.189 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
277.788 |
138.130 |
|
|
Other Current Liabilities |
|
9.272 |
40.456 |
|
|
Provisions |
7.726
|
7.896 |
4.937 |
|
Total
Current Liabilities |
213.866
|
294.956 |
183.523 |
|
|
Net Current Assets |
842.273
|
628.252 |
471.666 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1165.375 |
1005.566 |
940.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1106.817 |
1342.794 |
1192.376 |
|
|
|
Other Income |
424.068 |
617.728 |
93.382 |
|
|
|
TOTAL |
1530.885 |
1960.522 |
1285.758 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
2113.141 |
1315.285 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1412.617 |
2113.141 |
1315.285 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[26.276] |
[152.619] |
[29.527] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
45.996 |
38.723 |
24.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
[72.272] |
[191.342] |
[54.392] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
[0.517] |
[30.280] |
22.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
[72.789] |
[221.622] |
[31.429] |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
24.132 |
|
|
TOTAL IMPORTS |
NA |
NA |
24.132 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[14.87] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[4.75]
|
[11.30] |
[2.44] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[6.53]
|
[14.25] |
[4.56] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[5.25]
|
[14.75] |
[8.30] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.09]
|
[0.28] |
[0.06] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.62 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.94
|
3.13 |
3.57 |
LOCAL AGENCY FURTHER INFORMATION
Background:
Subject was incorporated on 21 August 1970 as a private limited company
under the Companies Act, 1956. The registered office of the company is a
Review of
Performance:
During the year, income from operations was Rs. 1106.800 Millions while
in 2008-09 it was Rs. 1342.800 Millions, a decrease of 26% owing to
discontinuation of certain business operations. The Profit/ Loss before
Depreciation and Tax stood at a loss of Rs. 26.300 Millions in 2009-10 as
against a loss of Rs. 152.600 Millions in the previous year. Profit/ Loss after
tax fro the current year is at loss of Rs. 72.789 Millions as against a loss of
Rs. 221.622 Millions for the previous year.
Market Conditions
and Future Outlook:
Organized retail continues to show robust growth despite the relative
slowdown in the economy. The company retains its status as the largest
franchised food and grocery retail operations. For the year going forward, the
company’s focus areas are:
·
Strengthening the store network: The company aims
to expand its footprint to over 120 stores by FY 11. They expect growth and the
franchisee pipeline to be strongest by the latter part of the year.
·
Private Label: The company is renowned for its high
quality, private label offering. This is a key driver of footfalls at Nilgiris
1905 stores. In the current year the focus
is to extent the private label offering by extending to General Trade so
as to leverage its strong Brand identity.
·
Operational improvements: Continue its focus on
improved operational efficiency leveraging the investment in IT in supply chain
and in operations. These should yield sustainable benefits in the current year.
·
Financial management: Continues focus on costs and
cash management so as to ensure operation breakeven and minimize cash burn.
CONTINGENT
LIABILITIES AND CAPITAL COMMITMENTS:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Indemnity given against purchase of land |
12.342 |
|
Claims against the company not acknowledged as debts |
17.076 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U85110KA1970PTC001942 |
|
Name of the
company |
THE NILGIRI DAIRY FARM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 180, EPIP Zone, Behind Ginger Hotel, I Gate, Whitefield, M-Silver
Line Tech Park, Bangalore-560066, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10107169 |
|
Type of charge |
Immovable Property Any Interest in immovable property Book debts |
|
Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited, |
|
Nature of
instrument creating charge |
Memorandum of
entry dated 05.02.2010, Declaration |
|
Date of
instrument Creating the charge |
05.02.2010 |
|
Amount secured by
the charge |
Rs. 320.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the company on the facilities as per banks tariff, subject however
that the bank shall have the right to change the rate of interest after
giving notice to the company. Terms of
Repayment In Consideration
of banking facilities sanctioned be sanctioned by the bank to the company.
The company has hypothecated and charged to the bank by way of exclusive
charge the assets mentioned in deeds
of hypothecation and mortgage and charged to the bank by way of
exclusive charge. The properties mentioned in the memorandum for deposit of
title deeds to secure the repayment of the advance together with interest and
all other charges. Margin The borrower
shall maintain such margins as may be specified by the bank from time to time Extent and
Operation of the charge In case the
borrower fails to fulfill its obligation under the credit facility, the bank
shall be entitled to take possession of the mortgaged properties and of the
hypothecated assets and sell therm by public auction or private contract and
utilize the proceeds in full or part
settlement of its claims under the credit facility. |
|
Short particulars
of the property charged |
Stocks and
receivable, present and future Plant and
Machinery, present and future Exclusive charge
by way of Equitable Mortgage of all that piece and parcel of F. No. 1325/1
measuirng an extent of 0.64 Acres S.F. No. 1325/2 measuring an extent of 3.95
Acres and S.F. No. 1325/5
measuring an extent of 0.43 Acres totally measuring 5.13 Acres as per the
Deeds of Slaess and 5.02 Acres as per the revenue records. Survey Nos. 99/2
(Part), 99/4, 99/5 (part), 100/1, 100/2 (part), 100/3, 100/4, 100/5 (part)
and 129 and bearing Khata No. 298/257 of Survey Nos. 99/2 (Part),
99/4, 99/5 (part), 100/1, 100/2 (part), 100/3, 100/4, 100/5 (part) and 129
and bearing Khata No. 298/257 of Sy. No. 327, and
Khata No. 146/154-A, which is currently at Sy. No. 327/1 and 327/2,
Bommasandra Industrial Area, Attibele, Anekal Taluk, Bangalore. |
|
Date of
instrument modifying the charge |
19.12.2008 |
|
Particulars of
the present modification |
Exclusive first
charge was created on stocks, receivables and plant, machinery on 25 June 08
for INR 250.000 Millions. The charge was enhanced as exclusive first charge
for INR 320.000 Million on 30.10.2008. The charge was extended to include
Land and Building at Golden Enclave property for Rs. 320.000 Millions and
property in Erode dated 19.09.2008. the charge is now extended for 2
additional properties is Bommassandra in SNO 327, Katha No. 146, 154A |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Furniture and Fixture
·
Vehicles
·
Software
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.