%20LIMITED%20-%20153188%2006-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
HYPERCITY RETAIL (INDIA) LIMITED (w.e.f. 30.03.2007) |
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Formerly Known As : |
HYPERCITY RETAIL (INDIA) PRIVATE LIMITED (w.e.f. 04.03.2005) RAINBOW RETAIL PRIVATE LIMITED |
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Registered Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.05.2004 |
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Com. Reg. No.: |
11-146577 |
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Capital Investment / Paid-up Capital : |
Rs.2109.500 millions |
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CIN No.: [Company
Identification No.] |
U52510MH2004PLC146577 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MIUMR16595F |
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PAN No.: [Permanent
Account No.] |
AACCR8461K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Retail Store Business |
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No. of Employees : |
1200 Approximately |
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 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established chain of retail stores. Financial position
of the company is moderate. Profitability is under pressure. There appears to
be huge accumulated losses in the company. However trade relations are fair.
Business is active. Payments are reported to be slow. The company can be
considered for business dealings with slight caution. |
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. Rohit Mistry |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9870004370 |
|
Date : |
03.09.2011 |
LOCATIONS
|
Registered Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-26564000 / 26002177 |
|
Mobile No. : |
91-9870004370 (Mr. Rohit Mistry) |
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Fax No.: |
91-22-26564909 |
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E-Mail : |
prashant.mehta@shppersstop.com
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|
Website : |
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Corporate Office : |
“Paradigm”, A Wing, 1st Floor, Mindspace, |
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Tel. No.: |
91-22-40695555 |
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Fax No.: |
91-22-40032120 |
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|
|
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Retail Stores : |
Located at ·
Malad ·
Vashi ·
Thane ·
Jaipur ·
·
·
·
·
|
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Chandru Lachmandas Raheja |
|
Designation : |
Chairman |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
12.10.1940 |
|
Date of Appointment : |
27.05.2004 |
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DIN No.: |
00027979 |
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|
|
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
23.09.1971 |
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Date of Appointment : |
27.05.2004 |
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DIN No.: |
00028044 |
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Name : |
Mr. Neel Chandru Raheja |
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Designation : |
Director |
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Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
27.06.1974 |
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Date of Appointment : |
27.05.2004 |
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DIN No.: |
00029010 |
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Name : |
Mr. Nagesh Satyanarayan Basavanhalli |
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Designation : |
Vice Chairman |
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Address : |
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Date of Birth/Age : |
12.04.1959 |
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Date of Appointment : |
23.05.2005 |
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DIN No.: |
00027595 |
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|
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Name : |
Mr. Deepak Keshav Ghaisas |
|
Designation : |
Director |
|
Address : |
B/61-62, Swapnashilp, |
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Date of Birth/Age : |
19.11.1957 |
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Date of Appointment : |
23.09.2010 |
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DIN No.: |
00001811 |
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Name : |
Mr. Nitin Jagubhai Sanghavi |
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Designation : |
Director |
|
Address : |
15, |
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Date of Birth/Age : |
28.12.1948 |
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Date of Appointment : |
23.09.2010 |
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DIN No.: |
00863107 |
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|
|
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Name : |
Mr. Govind Shridhar Shrikhande |
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Designation : |
Additional Director |
|
Address : |
Flat No. 1801, 18th Floor, Brooke Villa, |
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Date of Birth/Age : |
07.09.1960 |
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Date of Appointment : |
26.10.2010 |
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DIN No.: |
00029419 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Kanaklal Sanghavi |
|
Designation : |
Company Secretary and Manager |
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Address : |
202, |
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Date of Birth/Age : |
05.04.1971 |
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Date of Appointment : |
01.09.2010 |
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PAN No.: |
APRPS4260C |
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|
|
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Name : |
Mr. Dharmendra Bhavarlal Jain |
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Designation : |
Manager |
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Address : |
Building No. 48, Flat No. 104, JVLR, Near St. Xavier School, Andheri
(E), Mumbai – 400 093, Maharashtra, India |
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Date of Birth/Age : |
13.03.1969 |
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Date of Appointment : |
01.04.2010 |
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Date of Ceasing : |
30.06.2010 |
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PAN No. : |
ACLPJ2891H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Support Properties Private Limited jointly with Anbee Construction
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Cape Trading Private
Limited, |
|
1 |
|
Support Properties Private Limited jointly with Capstan Trading
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Casa Maria Properties
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Palm Shelter Estate
Development Private Limited, |
|
1 |
|
Shopper’s Stop Limited, |
|
484500 |
|
Support Properties Private Limited, |
|
232745 |
|
Eternus Logistics Private Limited, |
|
232750 |
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Total |
|
950000 |
As on 23.09.2010
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Casa Maria Properties Private Limited, |
|
10080000 |
|
Raghukool Estate Development Private Limited, |
|
10080000 |
|
Capstan Trading Private Limited, |
|
10080000 |
|
Palm Shelter Estate Development Private Limited, |
|
10080000 |
|
Anbee Constructions Private Limited, |
|
10080000 |
|
Cape Trading Private Limited, |
|
10080000 |
|
Chandru L Raheja |
|
1681964 |
|
Jyoti C Raheja |
|
1681964 |
|
|
|
1678036 |
|
Neel C Raheja |
|
1678036 |
|
Shopper’s Stop Limited, |
|
55200000 |
|
Support Properties Private Limited, |
|
58800000 |
|
Eternus Logistics Private Limited, |
|
58800000 |
|
Total |
|
240000000 |
List of Allotment (As on 29.06.2011)
|
Names of Allottees (Preference) |
|
No. of Shares |
|
Shopper’s Stop Limited, |
|
22000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 21.07.2009
|
Category |
|
Percentage of
Holding |
|
Bodies corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Store Business |
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|
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Imports : |
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Products : |
Sports wear and Furniture |
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Countries : |
·
Hongkong ·
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|
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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|
|
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No. of Employees : |
1200 Approximately |
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|
|
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Bankers : |
·
IDBI Bank Limited ·
YES BANK Limited 9th Floor, Nehru Centre,
Discover of ·
Indian Overseas Bank Bandra (West) Branch, Radhaswami
Apartments, 36th TPS III, Mumbai – 400 050, ·
Oriental Bank of Commerce 181-A, ·
IDBI Bank Limited, MIDC Andheri Branch ·
Kotak Mahindra Bank, Nariman Point Branch |
|
|
|
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Facilities : |
·
IDBI Bank Limited – Rs.800.000 millions ·
Indian Overseas Bank – Rs.250.000 millions ·
Kotak Mahindra Bank – 600.000 millions ·
YES BANK Limited – 250.000 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
G M Kapadia and Company Chartered Accountant |
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Address : |
Tamarind House, 36-B, |
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Name 2 : |
Deloitte Haskins and Sells Chartered Accountant |
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Holding Company : |
Shopper’s Stop Limited CIN No. : L51900MH1997PLC108798 |
CAPITAL STRUCTURE
After 23.09.2010
Authorised Capital : Rs.3500.000 millions
Issued, Subscribed & Paid-up Capital : Rs.3019.500 millions
As on 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
270000000 |
Preference Shares |
Rs.10/- each |
Rs.2700.000 millions |
|
|
Total |
|
Rs.2750.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
millions |
|
240000000 |
Preference Shares |
Rs.10/- each |
Rs.2400.000
millions |
|
|
Total |
|
Rs.2409.500 millions |
As on 31.03.2010
Authorised Capital : Rs.2250.000 millions
Issued, Subscribed & Paid-up Capital : Rs.2109.500 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 |
2109.500 |
1609.500 |
1009.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2067.772) |
(1516.821) |
(651.560) |
|
|
NETWORTH |
41.728 |
92.679 |
357.940 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1305.855 |
815.084 |
352.490 |
|
|
2] Unsecured Loans |
887.838 |
1555.333 |
1466.130 |
|
|
TOTAL BORROWING |
2193.693 |
2370.417 |
1818.620 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2235.421 |
2463.096 |
2176.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1372.959 |
596.502 |
337.560 |
|
|
Capital work-in-progress |
19.663 |
427.312 |
257.650 |
|
|
Expenses awaiting Capitalisation |
17.479 |
241.017 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
5.720 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
542.652
|
267.951
|
254.250
|
|
|
Sundry Debtors |
68.869
|
17.306
|
8.140
|
|
|
Cash & Bank Balances |
20.105
|
10.004
|
23.230
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
909.740
|
1233.691
|
1519.390
|
|
Total
Current Assets |
1541.366
|
1528.952
|
1805.010 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
Provisions |
9.837
|
6.074
|
10.860
|
|
Total
Current Liabilities |
716.046
|
330.687
|
229.380
|
|
|
Net Current Assets |
825.320
|
1198.265
|
1575.630
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2235.421 |
2463.096 |
2176.560 |
|
%20LIMITED%20-%20153188%2006-Sep-2011_files/image003.gif){kind=small}
%20LIMITED%20-%20153188%2006-Sep-2011_files/image004.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
3048.292 |
1960.789 |
1638.010 |
|
|
|
Other Income |
304.426 |
133.209 |
44.110 |
|
|
|
TOTAL (A) |
3352.718 |
2093.998 |
1682.120 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
2473.868 |
1642.914 |
1382.200 |
|
|
|
Employees Costs |
288.250 |
312.918 |
184.390 |
|
|
|
Operating and Administrative Expenses |
669.051 |
530.132 |
334.480 |
|
|
|
TOTAL (B) |
3431.169 |
2485.964 |
1901.070 |
|
|
|
|
|
|
|
|
Less |
LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(78.451) |
(391.966) |
(218.950) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL CHARGES (D) |
395.658 |
161.414 |
101.020 |
|
|
|
|
|
|
|
|
|
|
LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(474.109) |
(553.380) |
(319.970) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
95.347 |
69.517 |
46.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
18.508 |
238.642 |
0.000 |
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE TAX
(E-F) (G) |
(550.948) |
(861.539) |
(366.570) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.003 |
3.711 |
2.800 |
|
|
|
|
|
|
|
|
|
|
LOSS AFTER TAX
(G-H) (I) |
(550.951) |
(865.250) |
(369.370) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1516.821) |
(651.571) |
(282.190) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2067.772) |
(1516.821) |
(651.560) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
70.835 |
60.600 |
54.780 |
|
|
TOTAL EARNINGS |
70.835 |
60.600 |
54.780 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Merchandise |
20.609 |
76.641 |
105.820 |
|
|
|
Capital Goods |
2.721 |
95.410 |
13.910 |
|
|
TOTAL IMPORTS |
23.330 |
172.051 |
119.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(579.95) |
(910.79) |
(388.82) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
5200.000 |
The above information has been parted by Mr. Rohit Mistry
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(16.43)
|
(41.32)
|
(21.96)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.07)
|
(43.94)
|
(22.38)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.90)
|
(40.53)
|
(17.11)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(13.20)
|
(9.30)
|
(1.02)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
69.73
|
29.14
|
5.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
4.62
|
7.87
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS ARE NOT AVAILABLE
NOTE
The registered office of the company has been shifted from Construction
House, ‘A’ 24th Road, Khar West, Mumbai – 400 052, Maharashtra,
India to present address w.e.f. 08.07.2008.
TRADE REFERENCES
·
Shoppers Stop
COMPANY BACKGROUND
The Company was incorporated on May 27, 2004 as a Private Limited
Company. The Company became a Public Limited Company on March 30, 2007. The
Company is promoted by C L Raheja group of companies and the Promoters have committed
to provide the necessary level of financial support to the Company to enable it
to operate. The Company is engaged in the business of retailing mainly food and
grocery, health and beauty products, fruits and vegetables, homeware and
homecare products, furniture, appliances, multi media sports, toys and ready
made garments. The Company has recently made a foray into the Real Estate
business. The Company opened its first Hyper Store in Malad Mumbai in April
2006 and subsequently started 2 more stores during 2008-09 in Vashi and Jaipur
and added 4 more stores during the year 2009-10 in Hyderabad, Thane (Mumbai),
Amritsar and Bengaluru.
PERFORMANCE REVIEW
During the year, the Company opened 4 new hypermarket stores at
The operations at the maiden hypermarket store in Malad, Mumbai
continued to show a positive trend, being its third full year of operations.
Despite the deep slowdown in the economic scenario, this store has
achieved like growth.
The total revenues for the Company touched Rs.3048.300 millions,
registering a growth of 55% year on year basis. Considering that the company is
still in the expansion phase and in financial year 2010-11 all the existing 7
stores will operate throughout the year and with few more Hypermarket stores
being planned, returns from the business will see an improvement in the
forthcoming periods.
The management, after reviewing the performance of ‘Gourmet Business’
i.e. Gourmet City store at Malad, Mumbai had decided to abandon the format and
accordingly has closed the said store. The company ceases to operate any store
in the Gourmet format.
It’s entry in to a new area i.e. Real Estate Business. Accordingly, the
company has acquired the option to purchase some apartments in a project to be
developed by K Raheja Private Limited.
CONTINGENT
LIABILITIES
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
|
Bank Guarantees issued |
11.412 |
2.620 |
|
Preference Dividend payable |
237.827 |
91.460 |
|
Bank Guarantees and Bonds issued to Customs under EPCG scheme |
97.082 |
95.760 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Corporate identity number of the company |
U52510MH2004PLC146577 |
|
Name of the company |
HYPERCITY RETAIL ( |
|
Address of the registered office or of the principal place of business in |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
Indian Overseas Bank Bandra (West) Branch, Radhaswami Apartments, 36th TPS III,
Mumbai – 400 050, |
|
Nature of description of the instrument creating or modifying the
charge |
Letter of Hypothecation dated December 10, 2010 in Form 110-E |
|
Date of instrument Creating the charge |
10.12.2010 |
|
Amount secured by the charge |
Rs.200.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest Cash Credit: BR +2.50% WCDL / 90 days: BR+1.00% WCDL /180 days: BR + 1.50% Letter of Credit: As per Circulars in force. Terms of repayment Repayable on Demand Margin Cash Credit and WCDL: 25% Letter of credit: 10% Extent and operation of the charge Modification of charge by way of inclusion of 3 sub-limits under the
existing Cash credit facility of Rs.150.000 millions- as follows: WCDL/90 days - Rs.120.000 millions WCDL/180 days - Rs.120.000 millions Letter of Credit on DP/DA 90 days terms - Rs.50.000 millions Others Nil |
|
Short particulars of the property |
Hypothecation of goods, book-debts and all currents assets of the
Company along with other lenders (Pari passu first charge on current assets
along with other Lenders) |
|
Particulars of the present modification |
Enhancement of existing Cash credit facility of Rs.150.000 millions by
inclusion of the below sub-limits under the said facility: 1) WCDL/90 days - Rs.120.000 millions 2) WCDL/180 day - Rs.120.000 millions 3) Letter of Credit on DP/DA 90 days terms - Rs.50.000 millions |
FIXED ASSETS
·
Leasehold Improvement
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computer Equipments
·
Vehicles
·
Electrical Installation
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 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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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.