MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KUSALAVA MOTORS PRIVATE LIMITED (w.e.f. 25.03.2003) |
|
|
|
|
Formerly Known
As : |
CHUKKAPALLI INVESTMENTS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
40-1-10, M |
|
|
|
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Country : |
|
|
|
|
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
15.09.1980 |
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|
|
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Com. Reg. No.: |
01-002782 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.13.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65993AP1980PTC002782 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDK01552F |
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|
|
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PAN No.: [Permanent Account No.] |
AACCK1665J |
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|
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader of Two Wheelers and Four Wheelers. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 190000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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.
INFORMATION PARTED BY
|
Name : |
Mr. N. Nageshrao |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-8656-220281 |
|
Date : |
05.05.2011 |
LOCATIONS
|
Registered Office : |
40-1-10, M |
|
Tel. No.: |
91-866-2551504/2471385 |
|
Fax No.: |
91-866-5566888 |
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E-Mail : |
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|
Website : |
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|
Area : |
2000 sq. ft. (Owned) |
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|
|
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Corporate Office : |
B-4, Industrial Estate, Autonagar, Vijaywada-520007, |
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Tel. No.: |
91-8656-220281/2 |
|
Fax No.: |
91-8656-220297 |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Ch Ramakrishna Prasad |
|
Designation : |
Director |
|
Address : |
D NO.60-28-3, Gayatri Nagar, |
|
Date of Birth/Age : |
02.06.1959 |
|
Date of Appointment : |
01.04.2005 |
|
|
|
|
Name : |
Mr. Ch Venkateswara Rao |
|
Designation : |
Director |
|
Address : |
D No.40-15/2-10, Brindavan Colony, |
|
Date of Birth/Age : |
04.06.1955 |
|
Date of Appointment : |
01.04.2005 |
|
|
|
|
Name : |
Mr. Ravindra Muttavarapu |
|
Designation : |
Director |
|
Address : |
Flat No. A6, Vankata Balaji Apartment, |
|
Date of Birth/Age : |
07.06.1956 |
|
Date of Appointment : |
01.02.2004 |
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|
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|
Name : |
Mr. Malempati B. Krishna Prasad |
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Designation : |
Director |
|
Address : |
D NO.39-8-51, |
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Date of Birth/Age : |
10.01.1959 |
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Date of Appointment : |
01.01.2005 |
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|
Name : |
Ms. Ch Santha Devi |
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Designation : |
Director |
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Address : |
D No.40-15/2-10, Brindavan Colony, |
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Date of Birth/Age : |
29.01.1956 |
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Date of Appointment : |
01.04.2005 |
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|
|
|
Name : |
Ms. Sudha Chukkapalli |
|
Designation : |
Director |
|
Address : |
D NO.60-28-3, Gayatri Nagar, |
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Date of Birth/Age : |
23.08.1964 |
|
Date of Appointment : |
01.04.2005 |
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|
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|
Name : |
Mr. Chukkapalli Chakravarthi |
|
Designation : |
Director |
|
Address : |
40-152, 10 Brindavancly, Venkateswarapuram, Vijayawada-520010,
Krishna, |
|
Date of Birth/Age : |
28.06.1978 |
|
Date of Appointment : |
21.06.2010 |
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|
|
|
Name : |
Mr. Venkata Reddy Bhimavarapu |
|
Designation : |
Director |
|
Address : |
Loyabata, Nunna, Vijayawada-521212, Krishna, |
|
Date of Appointment : |
21.06.2010 |
|
Date of Ceasing: |
27.05.1975 |
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|
|
|
Name : |
Mr. Dandu Satya Narayana Raju |
|
Designation : |
Additional Director |
|
Address : |
D No. 27-8-25/6A, Flat No. 403, |
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Date of Birth/Age : |
15.07.1956 |
|
Date of Appointment : |
21.01.2011 |
KEY EXECUTIVES
|
Name : |
Mr. N. Nageshrao |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ch Rama |
|
46900 |
|
Ch Venkateswara Rao |
|
44470 |
|
Ch. Kusalava |
|
28750 |
|
Ch. Egneetha |
|
5530 |
|
Ch. Santha Devi |
|
2190 |
|
Ch. Chakravarthy |
|
2140 |
|
Ch. Sudha |
|
1950 |
|
Ch. Siddhartha |
|
1400 |
|
Ch. Suseela |
|
1240 |
|
A. Krishna Kumari |
|
5 |
|
A. Leelavathi |
|
5 |
|
A Srinivas |
|
5 |
|
A Srinivas Rao |
|
5 |
|
A Venkata Ravi Kumar |
|
5 |
|
Atluri Leelavathi |
|
5 |
|
B Narayanamma |
|
5 |
|
Battiprolu Lalitha |
|
5 |
|
Ch. Vijaya Babu |
|
250 |
|
Chevuturi Kusuma Kumari |
|
5 |
|
Chevuturi Rama |
|
5 |
|
Chevuturi Ramani |
|
5 |
|
Ch. Gopi Srikanth |
|
5 |
|
Ch. Lalitha Parameswari |
|
5 |
|
Ch. Priyanka |
|
5 |
|
Datta Purnachandra Reddy |
|
5 |
|
Kodali Purnachandra Rao |
|
5 |
|
Koganti Venkata Padma Rani |
|
5 |
|
Konda Seetha Mahalakshmi |
|
5 |
|
Kotary Rama |
|
5 |
|
Kotaru Sundara Ramaiah |
|
5 |
|
Maddukuri Rama Tulasamma |
|
5 |
|
Manda Deepa Manogna |
|
5 |
|
Nada Mari |
|
5 |
|
Pidikiti Padma |
|
5 |
|
Pidikiti Ravi |
|
5 |
|
Pidikiti Sulochana |
|
5 |
|
Pidikiti Suneetha |
|
5 |
|
Saripudi Durgamba |
|
5 |
|
Sureddy Ashok Kumar |
|
5 |
|
Sureddy Surya Mohan |
|
5 |
|
Sureddy Surya Mohan (HUF) |
|
5 |
|
Sureddy Venkataramana |
|
5 |
|
Tatineni Narsimharao |
|
5 |
|
Tatineni Satyanarayana |
|
5 |
|
Vennam Nageswara Rao |
|
5 |
|
Y Ahalya Devi |
|
5 |
|
|
|
|
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Total |
|
135000 |
As on 25.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.70 |
|
Other
top fifty shareholders |
|
0.30 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Two Wheelers and Four Wheelers. |
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Agencies Held : |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Suresh and Babu Chartered Accountant |
|
Address : |
36-14-3/1, Santhi Nagar, Vijayawada-520010, |
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|
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Associates: |
Address: 40-1-10, M Line of Business: Trader of Automobile
Spare Parts.
Address: 40-1-10, M |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
135000 |
Equity Shares |
Rs.100/- each |
Rs.13.500
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 |
13.500 |
13.500 |
13.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.134 |
25.524 |
19.204 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47.634 |
39.024 |
32.704 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
92.633 |
62.427 |
25.777 |
|
|
2] Unsecured Loans |
30.107 |
9.905 |
9.851 |
|
|
TOTAL BORROWING |
122.740 |
72.332 |
35.628 |
|
|
DEFERRED TAX LIABILITIES |
1.154 |
0.552 |
0.537 |
|
|
|
|
|
|
|
|
TOTAL |
171.528 |
111.908 |
68.869 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
69.316 |
48.400 |
40.143 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.489 |
0.489 |
0.489 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.845
|
71.770
|
88.093 |
|
|
Sundry Debtors |
72.961
|
50.619
|
49.503 |
|
|
Cash & Bank Balances |
12.562
|
14.446
|
5.402 |
|
|
Other Current Assets |
2.470
|
0.000
|
0.000 |
|
|
Loans & Advances |
3.013
|
4.820
|
6.460 |
|
Total
Current Assets |
182.851
|
141.655
|
149.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
64.492
|
66.014
|
112.914 |
|
|
Other Current Liabilities |
2.643
|
2.384
|
1.839 |
|
|
Provisions |
13.993
|
10.238
|
6.468 |
|
Total
Current Liabilities |
81.128
|
78.636
|
121.221 |
|
|
Net Current Assets |
101.723
|
63.019
|
28.237 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
171.528 |
111.908 |
68.869 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
1189.826 |
886.157 |
731.777 |
|
|
|
Tax Collections |
112.807 |
112.235 |
91.425 |
|
|
|
Other Income |
37.037 |
30.077 |
24.436 |
|
|
|
TOTAL (A) |
1339.670 |
1028.469 |
847.638 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
1125.778 |
839.420 |
696.948 |
|
|
|
Tax Payments |
113.718 |
113.854 |
95.309 |
|
|
|
Administrative and Selling Expenses |
63.564 |
47.666 |
35.169 |
|
|
|
TOTAL (B) |
1303.060 |
1000.940 |
827.426 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.610 |
27.529 |
20.212 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.105 |
15.348 |
12.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.105 |
12.181 |
7.228 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.499 |
2.727 |
2.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.006 |
9.454 |
4.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.396 |
3.134 |
1.645 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.610 |
6.320 |
3.092 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.500 |
19.180 |
16.088 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.110 |
25.500 |
19.180 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
63.78 |
46.81 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
1300.000 |
Expected Sales (2011-12): Rs.1500.000 Millions.
The above information has been parted by Mr. N. Nageshrao.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.64
|
0.61 |
0.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.09
|
1.07 |
0.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.16
|
4.97 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.24 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.28
|
3.87 |
4.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25
|
1.80 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Trade Creditors |
52.180 |
53.323 |
100.215 |
|
Sundry Creditors |
12.312 |
12.691 |
12.699 |
|
Total |
64.492 |
66.014 |
112.914 |
Operations:
During the year the Company has registered a
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90118084 |
|
Corporate
identity number of the company |
U65993AP1980PTC002782 |
|
Name of the
company |
KUSALAVA MOTORS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
40-1-10, M |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Andhra Bank, Labbipet Branch, Labbipet, Vijayawada-520010, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
R. F. 210 Composite
Agreement |
|
Date of
instrument Creating the charge |
29.03.2011 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Finer Rate at
Base Rate + 3.25% i.e., 12.75% per annum with monthly rests. Terms of
Repayment Repayable on
demand Margin 25.00% on Stocks 30.00% on Spares 50.00% on
Receivables Extent and
Operation of the charge Charge operates
full on securities. |
|
Short particulars
of the property charged |
Hypothecation of
Stock in trade and Receivables of the Company both present and future. |
|
Particulars of
the present modification |
Overall limits
enhanced from Rs. 50.000 Millions to Rs. 70.000 Millions. |
TRADE REFERENCES:
- New
- Emerson
- Cummins
FIXED ASSETS:
- Land
- Building
- Computers
- Electrical Equipment
- Furniture
- Vehicles
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.