MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SCOTTS GARMENTS LIMITED |
|
|
|
|
Formerly Known
As : |
SCOTTS GARMENTS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
481-B, IV Phase, Peenya
Industrial Area, |
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|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
01.03.2002 |
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|
|
|
Com. Reg. No.: |
08-030185 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.267.383
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101KA2002PTC030185 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS11395G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCS9703C |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and Exporter of
Garments. |
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|
|
|
No. of Employees
: |
12000 (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 |
|
Maximum Credit Limit : |
USD 5194000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Account Executive |
|
Date : |
23.07.2011 |
LOCATIONS
|
Registered Office : |
481-B, IV Phase, Peenya
Industrial Area, |
|
Tel. No.: |
91-080-41179001 / 41179002 / 41179003
/ 28363576 / 28360181 / 28361451 |
|
Fax No.: |
91-080-28362452 / 41179007 / 41272949
|
|
E-Mail : |
|
|
Website : |
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|
Area : |
62000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
C/O Nu Look
Studio, Next to Old Shoppers Stop, |
|
Tel No.: |
91-80-28361451/
28360181 |
|
Fax No.: |
91-80-28362452 |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Naseer Ahmed |
|
Designation : |
Managing Director |
|
Address : |
391, 2nd
Cross, 2nd Stage, RMV Extension, |
|
Date of Birth/Age : |
22.05.1959 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.03.2002 |
|
DIN No.: |
00027095 |
|
|
|
|
Name : |
Mrs. Nuzhat Aisha
Naseer |
|
Designation : |
Director |
|
Address : |
391, 2nd
Cross, 2nd Stage, RMV Extension, |
|
Date of Birth/Age : |
28.08.1977 |
|
Qualification : |
Fashion Designers |
|
Date of Appointment : |
24.04.2002 |
|
DIN No.: |
00245176 |
|
|
|
|
Name : |
Mr. Arunachalam Arumugham |
|
Designation : |
Director |
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Date of Birth/Age : |
26.10.1942 |
|
Date of Appointment : |
04.05.2006 |
|
DIN No.: |
00350163 |
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|
|
|
Name : |
Mr. Babugowda
Sangangowda Patil |
|
Designation : |
Director |
|
Address : |
149, 5th Cross, 10th Main Rajamahal
Vilas Extension, |
|
Date of Birth/Age : |
20.01.1944 |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
00061959 |
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|
|
|
Name : |
Mr. Syed Anis
Hussain |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.05.1938 |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00115949 |
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|
|
|
Name : |
Mr. Madan Mohan
Chopra |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.03.1933 |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00036367 |
|
|
|
|
Name : |
Mr. Prashant
Janardan Agarwal |
|
Designation : |
Director |
|
Address : |
315A, Mittal park,
|
|
Date of Birth/Age : |
26.01.1974 |
|
Date of Appointment : |
01.09.2007 |
|
Date of Ceasing : |
19.04.2011 |
|
DIN No.: |
00019464 |
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|
|
|
Name : |
Mr. Aman Janardan
Agrawal |
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Designation : |
Director |
|
Address : |
315A, Mittal park,
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|
Date of Birth/Age : |
21.05.1972 |
|
Date of Appointment : |
01.09.2007 |
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Date of Ceasing : |
19.04.2011 |
|
DIN No.: |
00019534 |
|
|
|
|
Name : |
Mr. Azeezulla Baig
|
|
Designation : |
Director |
|
Date of Birth/Age : |
03.07.1947 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00532908 |
|
|
|
|
Name : |
Mr. Murali
Ranganathan Rao Channasamudram |
|
Designation : |
Director |
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Date of Birth/Age : |
28.04.1958 |
|
Date of Appointment : |
12.12.2007 |
|
DIN No.: |
00533104 |
KEY EXECUTIVES
|
Name : |
Mr. S. Guruswamy Babu |
|
Designation : |
Secretary |
|
Date of Birth/Age : |
08.10.1959 |
|
Date of Appointment : |
01.08.2007 |
|
PAN No.: |
ALJPG8190K |
|
|
|
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Naseer Ahmed |
|
12551500 |
|
Nuzhat Aisha
Naseer |
|
764500 |
|
Naseer Ahmed
(Father and Natureal Guardian of Awaiz Ahmed) |
|
643500 |
|
Naseer Ahmed
(Father and Natureal Guardian of Faiz Ahmed) |
|
643500 |
|
Mukthar Ahmed |
|
100100 |
|
K. Loganathan |
|
90000 |
|
Pedigree Construction Private Limited |
|
4831250 |
|
Aslam Ahmed |
|
100000 |
|
Zareena Begum |
|
100000 |
|
Jabeen Sultana |
|
100000 |
|
Yasmeen Sultana |
|
100000 |
|
Nazneen Ishrath |
|
100000 |
|
Thaseen Sultana |
|
100000 |
|
Kusthari Begum |
|
100000 |
|
Parvathi A. |
|
100000 |
|
Pranav Verma |
|
100000 |
|
B.R. Machine Tools Private Limited |
|
3002500 |
|
Ashwell Textiles Private Limited |
|
205700 |
|
Bombay Rayon Fashions Limited, |
|
2000000 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
37.70 |
|
Directors
or relatives of directors |
|
57.61 |
|
Others
(Public) |
|
4.69 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of
Garments. |
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Products : |
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Exports : |
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Products : |
Garments |
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Countries : |
v
v
v
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Terms : |
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Selling : |
Cash and Credit (60 days) |
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Purchasing : |
Cash and Credit (60 days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
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|
Unit |
Actual
Production |
|
Woven |
|
|
Pieces |
5865936 |
|
Knits |
|
|
Pieces |
11357955 |
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|
|
|
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GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
12000 (Approximately) |
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Bankers : |
v Canara Bank, Credit Group – II, Circle Office, No. 86, M.G. Road, Bangalore – 560 001, Karnataka, India v
Canara Bank, Overseas Branch, v
Export-Import Bank of v
Canara Bank, Prime Corporate Branch, |
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Facilities : |
Note: * Secured by equitable mortgage of immovable properties of the
Company, and charge over movable assets, both present and future of the
Company and personal guarantee of two directors. ** Secured by charge over current assets of the Company, both present
and future and personal guarantee of two directors. |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Siddaiah and Ram Chartered Accountants |
|
Address : |
32/2, First Floor, |
|
Tel. No.: |
91-80-22221590/2242540 |
|
Fax No.: |
91-80-41145464 |
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E-Mail : |
|
|
|
|
|
Related Parties : |
v
Scotts Fashionciti India Limited v
Scotts |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs.440.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26738250 |
Equity Shares |
Rs.10/- each |
Rs.267.383
Millions |
|
|
|
|
|
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 |
267.383 |
267.383 |
247.383 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1031.144 |
858.673 |
517.735 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1298.527 |
1126.056 |
765.118 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1900.302 |
1591.057 |
1115.533 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
151.065 |
|
|
TOTAL BORROWING |
1900.302 |
1591.057 |
1266.598 |
|
|
DEFERRED TAX LIABILITIES |
87.621 |
38.802 |
9.747 |
|
|
|
|
|
|
|
|
TOTAL |
3286.450 |
2755.915 |
2041.463 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
295.092 |
368.865 |
0.000 |
|
|
FIXED ASSETS [Net Block] |
1124.226 |
877.711 |
510.521 |
|
|
Capital work-in-progress |
1.678 |
5.082 |
8.087 |
|
|
|
|
|
|
|
|
INVESTMENT |
166.500 |
166.500 |
628.937 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1114.851
|
813.425
|
418.541 |
|
|
Sundry Debtors |
930.165
|
849.657
|
720.965 |
|
|
Cash & Bank Balances |
48.432
|
60.221
|
12.024 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
444.091
|
298.966
|
185.510 |
|
Total
Current Assets |
2537.539
|
2022.269
|
1337.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
623.586
|
544.725
|
282.527 |
|
|
Other Current Liabilities |
22.134
|
21.180
|
21.288 |
|
|
Provisions |
192.865
|
118.607
|
139.307 |
|
Total
Current Liabilities |
838.585
|
684.512
|
443.122 |
|
|
Net Current Assets |
1698.954
|
1337.757
|
893.918 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3286.450 |
2755.915 |
2041.463 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
4301.707 |
3638.770 |
2189.319 |
|
|
|
Other Income |
41.891 |
105.586 |
15.965 |
|
|
|
TOTAL (A) |
4343.598 |
3744.356 |
2205.284 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase or Decrease in Stock |
(251.785) |
(211.739) |
(86.563) |
|
|
|
Cost of Material |
2214.210 |
2023.242 |
1097.170 |
|
|
|
Employees’ Costs and Benefits |
825.427 |
624.173 |
383.121 |
|
|
|
Manufacturing and Other Expenses |
834.843 |
713.974 |
408.060 |
|
|
|
TOTAL (B) |
3622.695 |
3149.650 |
1801.788 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
720.903 |
594.706 |
403.496 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
164.461 |
123.620 |
60.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
556.442 |
471.086 |
342.746 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
123.981 |
99.035 |
59.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
432.461 |
372.051 |
283.437 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
154.038 |
99.868 |
102.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
278.423 |
272.183 |
181.293 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Goodwill Written off |
74.773 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
26.738 |
26.739 |
24.738 |
|
|
|
Tax on Dividend |
4.441 |
4.544 |
4.204 |
|
|
BALANCE CARRIED
TO THE B/S |
172.471 |
240.900 |
152.351 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (F.O.B. basis) |
3430.280 |
3181.340 |
1999.400 |
|
|
TOTAL EARNINGS |
3430.280 |
3181.340 |
1999.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
54.340 |
82.690 |
156.490 |
|
|
|
Components and Spare Parts |
60.120 |
44.950 |
0.000 |
|
|
|
Capital Goods |
106.230 |
44.790 |
45.330 |
|
|
TOTAL IMPORTS |
220.690 |
172.430 |
201.820 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.41 |
9.04 |
8.75 |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
4500.000 |
|
|
|
|
|
The above information has been parted by Mr. Shiv Kumar (Account Executive).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.41
|
7.27
|
8.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.05
|
10.22
|
12.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.81
|
12.83
|
15.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.33
|
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
2.02
|
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
2.95
|
3.02 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The profit before tax is Rs.432.460 millions in the current year
compared to Rs.372.050 millions in the previous year. The profit after tax
during the current year is Rs.278.420 millions compared to Rs.272.180 millions
in the previous year.
MERGER OF ARORA
FASHIONS LIMITED WITH THE COMPANY:
During the year
the company has filed petition with the High Court of Karnataka for
amalgamation of Arora Fashions Limited with Scotts Garments Limited. The
Hon'ble High Court of Karnataka has passed the order on 06.02.2010 confirming
the amalgamation.
AMALGAMATION OF ARORA FASHIONS LIMITED WITH THE
COMPANY:
(i) During the
year Arora Fashions Limited, 100% subsidiary of the Company has got amalgamated
with the company vide Order of the Hon'ble High Court of Karnataka dated 06th
February, 2010. Arora Fashions Limited was in the business of manufacturing
Ready Made Garments. The production facilities of erstwhile Arora Fashions
Limited are located at Tirupur, Tamilnadu.
(ii) Effective
date of amalgamation is 02nd February, 2008 as per the scheme of
Amalgamation sanctioned.
(iii) Purchase
method of accounting is followed to reflect the amalgamation.
(iv) The Scheme of
amalgamation, sanctioned by Hon'ble High Court of Karnataka vide its order
dated 06th February, 2010, had provided for amalgamation of Arora
Fashions Limited as a going concern with the Company, pursuant to section 391
to 394 and other relevant provisions of the Companies Act, 1955.
The scheme also
provided that the authorized share capital of transferee company (SGL) shall
automatically stand increased without any further act, instrument or deed and
consequent up on the amalgamation, the authorized share capital of the
transferee company will be Rs.440.000 millions comprising of 44000000 equity
shares of Rs.10/- each.
(v) Since the
entire shares of Arora Fashions Limited was held by the company, on merger of
Arora Fashions Limited into Scotts Garments Limited, all these shares cancelled
and no allotment of shares or cash is paid as consideration for amalgamation.
(vi) The
difference between net identifiable assets of Arora Fashions Limited and the
cost of shares of Arora Fashions Limited is Rs.368.865 millions and it is
accounted as Goodwill. Goodwill amount will be amortised over a period of five
years.
FORM 8:
|
Corporate
identity number of the company |
U18101KA2002PTC030185 |
|
Name of the
company |
SCOTTS GARMENTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
481-B, IV Phase, Peenya
Industrial Area, E-Mail: accounts@scottsgarments.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10119473 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank, Prime Corporate Branch, E-Mail: cb2636@canarabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter evidencing
deposit of title deeds |
|
Date of
instrument Creating the charge |
21.04.2011 |
|
Amount secured by
the charge |
Rs.3389.600
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may be
prescribed by the bank from time to time Terms of
Repayment: As applicable to
respective credit limits Margin: As per bank norms Extent and
Operation of the charge: The charge shall
operate to the extent of the loan amount plus interest commission costs
expenses and other charges thereon Others: The said amount of
Rs.3389.600 millions comprises PC/ PCFC/ FDB/
FBE/ BRD/ ILC/ FLC/ (DA/DP)/ BG Rs.1400.000 millions, BG Rs.300.000
millions, Term Loans Rs.98.000 millions, 22.000 millions, 72.000 millions,
120.000 millions, 100.000 millions and Rs.1250.000 millions and Forward
Exchange Contract Rs.27.600 millions. |
|
Short particulars
of the property charged |
First charge by
way of equitable mortgage on leasehold rights
of immovable property of the company comprising land with all
buildings, structures, fixtures, fittings, machineries standing thereon and
to be erected/installed and put up in future, situate at property bearing
Plot Nos. D-3, D-4, A-3, A-10, A-11, S-43, S-44 and S-45 (P) in Sy. Nos.
Parts of 16, 17, 18, 19, 20, 21, 22
and 23 in the I Phase Apparel Park Industrial Area, Doddaballapura
within the village limits of Arehalli Guddadahalli, Kasaba Hobli,
Doddaballapura Taluk, Bangalore Rural District measuring 57,567 sq.mtrs or
thereabouts on the East by 30 mtr wide
road, West by 18 mtr wide road, North by 18 mtr wide road and South 18 mtr
wide road |
|
Date of latest
modification prior to the present modification |
15.02.2011 |
|
Particulars of
the present modification |
By the above, the
charge amount stands revised from Rs.3427.000 millions to Rs.3389.600
millions and the same is additionally secured by immovable property situate
at property bearing Plot Nos. D-3, D-4, A-3, A-10, A-11, S-43, S-44 and S-45
(P) in Sy. Nos. Parts of 16, 17, 18, 19, 20, 21, 22 and 23 in the I Phase
Apparel Park Industrial Area, Doddaballapura within the village limits of
Arehalli Guddadahalli, Kasaba Hobli, Doddaballapura Taluk, Bangalore Rural
District. (all other terms
remain unchanged) |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18101KA2002PLC030185 |
|
Name of the
company |
SCOTTS
GARMENTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
481-B, IV Phase, Peenya
Industrial Area, |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Export-Import
Bank of E-Mail: eximoif@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Deed of
Hypothecation (DOH) executed by the Company on 24/03/2010 |
|
Date of
instrument Creating the charge |
24.03.2010 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Exim Bank's Prime
Lending Rate (PLR) in force from time to time less 375 basis points subject
to reset in accordance with the Loan Agreement. Terms of
Repayment Loan shall be repaid
in 23 equal quarterly installments commencing at the end of 12 months from
the date of first disbursement. Margin 21% Extent and
Operation of the charge The charge
created in favour of Exim Bank shall rank as first pari passu charge over the
entire movable fixed assets of the Borrower, both present and future. |
|
Short particulars
of the property charged |
Whole of the
Borrower's movable fixed assets. |
CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF: (As on
31.03.2010)
v Corporate guarantee given by the company for Term Loans granted by Banks - Rs.30.000 millions.
v Outstanding Letter of Credit issued by Bank - Rs.194.280 millions.
v Liability on account of export obligation to be fulfilled - Rs.1210.750 millions.
FIXED ASSETS
v Land
v Land and Buildings
v
v Show Room
v Project at Tarapur
v
v Factory Buildings
v Plant and Machinery
v Electrical Installation
v Furniture and Fixtures
v Furniture and Fixtures 100%
v Office Equipments
v Data Processing Equipments
v Vehicles
v Civil Work on Leased Building
v Mobile Handsets
v Effluent Treatment Plant
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
|
1 |
Rs72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
6 |
|
--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 |
NO |
|
--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.