MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KAVERI WAREHOUSING PRIVATE LIMITED (w.e.f.24.12.2001) |
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Formerly Known
As : |
KAVERI WAREHOUSING (WITH UNLIMITED LIABILITY) |
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Registered
Office : |
New No. 9, Old No.5, Errabalu Chetty Street, No.5, Chennai-600001,
Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.06.1999 |
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Com. Reg. No.: |
18-042695 |
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Capital Investment
/ Paid-up Capital : |
Rs. 58.520 millions |
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CIN No.: [Company Identification
No.] |
U63022TN1999PTC042695 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEK07930G |
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PAN No.: [Permanent Account No.] |
AACCK0302J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject act as a Carrying and Forwarding Agent. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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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 condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
New No. 9, Old No.5, Errabalu Chetty Street, No.5, Chennai-600001,
Tamil Nadu, India |
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Tel. No.: |
91-44-25351353/ 25341698 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch Office: |
Gate No. B, No.5, TTC Industrial Area, Thane Belapur Road, Ghansoli,
Navi Mumbai, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Amrutesh Reddy Naidu |
|
Designation : |
Managing Director |
|
Address : |
No. 13/A, 7th Street,
Ashtalakshmi Nagar, Valasaravakkam, Chennai 600087, Tamil Nadu, India |
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Date of Birth/Age : |
18.02.1979 |
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Date of Appointment : |
22.06.1999 |
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DIN No : |
00898556 |
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Name : |
Mr. Devireddy Mallaikarjun Reddy |
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Designation : |
Director |
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Address : |
Flat No. 302
Bharat Villa 330/13, 3rd Main Road, Domlur Layout, Bangalore 560071,
Karnataka, India |
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Date of Birth/Age : |
18.06.1956 |
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Date of Appointment : |
22.06.1999 |
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DIN No : |
01012776 |
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Name : |
Mr. Devireddy Venkata Krishna Reddy |
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Designation : |
Director |
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Address : |
2/157
Mudivarthi, Vidavalur Mandal, Nellore 524137, Andhra Pradesh, India |
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Date of Birth/Age : |
17.01.1937 |
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Date of Appointment : |
22.06.1999 |
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DIN No : |
02418368 |
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Name : |
Mr. N Kamakshi Reddy |
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Designation : |
Director |
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Address : |
13 A, Seventh
Street, Ashtalakshmi Nagar, Valasaravakkam, Chennai 600087, Tamil Nadu, India |
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Date of Birth/Age : |
15.06.1960 |
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Date of Appointment : |
22.06.1999 |
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DIN No : |
01847127 |
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Name : |
Mr. Nageswaramma Naidu |
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Designation : |
Director |
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Address : |
House No.
23/1298, Tekkemita, Nellore 524 003, Andhra Pradesh, India |
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Date of Birth/Age : |
12.04.1936 |
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Date of Appointment : |
22.06.1999 |
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DIN No : |
02418416 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Continental Warehousing Corporation(Nhava
Seva) Limited, India |
585190 |
|
N Amrutesh Reddy |
10 |
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Total |
585200 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject act as a Carrying and Forwarding Agent. |
GENERAL INFORMATION
|
Bankers : |
·
Axis
Bank Limited, CMC, Karumuthu Nilayam, NO.192, Anna Salai, Chennai-600002, Tamil Nadu, India |
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Facilities : |
Notes: *Term loans and
working capital loan are secured
by way of a hypothecation on
entire current assets and secured by movable fixed assets except vehicles financed by other banks and financial institutions and
collaterally secured by way of personal guarantee of directors **Vehicle loans are secured by hypothecation of
vehicles acquired under hire purchase/ lease agreements
Note: *Other loans and
advances includes Its. Nil (Rs 2,217 millions) due to party in which
directors are interested. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028,
Maharashtra, India |
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Holding Company : |
Continental Warehousing Corporation (Nhava Seva) Limited CIN No.: U63090MH1997PLC108197 |
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Associates/Subsidiaries : |
·
Continental Warehousing Corporation (Nhava Seva)
Limited (till 15/07/2009) ·
Continental Warehousing Corporation Limited ·
NDR Warehousing Private Limited ·
Delex Cargo India Private Limited ·
Kaveri Warehouse Management Services Private
Limited ·
NDR Plantations Private Limited ·
Sastha Warehousing Limited ·
Kribhco Continental Multimodal Logistics Parks
Limited ·
Amirtha1inl:eswara Cold Storages Private Limited ·
NDR Estates ·
Sree Mookambica Enterprises ·
Mookambica Enterprises ·
Mookambica Logistics ·
Avanthi Agencies ·
Hyderabad Warehousing Company ·
Amrutesh Warehousing Company ·
Caiutta Warehousing Corporation ·
Kolkatta Warehousing Corporation ·
Amaravath Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.100/- each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
585200 |
Equity Shares |
Rs.100/-
each |
Rs. 58.520
Millions |
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|
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 |
58.520 |
58.520 |
16.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
2.659 |
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|
3] Reserves & Surplus |
204.576 |
124.694 |
52.292 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
263.096 |
183.214 |
70.951 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
182.671 |
112.845 |
23.638 |
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2] Unsecured Loans |
7.904 |
4.035 |
29.900 |
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|
TOTAL BORROWING |
190.575 |
116.880 |
53.538 |
|
|
DEFERRED TAX LIABILITIES |
12.760 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
466.431 |
300.094 |
124.489 |
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
173.462 |
75.078 |
42.317 |
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|
Capital work-in-progress |
1.071 |
0.000 |
0.000 |
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|
|
|
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|
INVESTMENT |
2.104 |
2.104 |
2.104 |
|
|
DEFERREX TAX ASSETS |
0.000 |
3.543 |
4.007 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
333.689
|
194.328 |
99.904 |
|
|
Cash & Bank Balances |
12.408
|
12.923 |
6.476 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
84.233
|
77.420 |
76.316 |
|
Total
Current Assets |
430.330
|
284.671 |
182.696 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
90.718
|
40.566 |
33.725 |
|
|
Other Current Liabilities |
47.326
|
22.005 |
42.779 |
|
|
Provisions |
2.492
|
2.731 |
30.131 |
|
Total
Current Liabilities |
140.536
|
65.302 |
106.635 |
|
|
Net Current Assets |
289.794
|
219.369 |
76.061 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
466.431 |
300.094 |
124.498 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
937.694 |
733.216 |
474.777 |
|
|
|
Other Income |
4.610 |
0.144 |
0.000 |
|
|
|
TOTAL (A) |
942.304 |
733.360 |
474.777 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
687.774 |
407.877 |
|
|
|
|
Administrative Expenses |
45.779 |
30.056 |
|
|
|
|
Personal Expenses |
51.621 |
148.578 |
|
|
|
|
TOTAL (B) |
785.174 |
586.511 |
407.593 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
157.130 |
146.849 |
Including Financial |
|
|
|
|
|
|
Expenses |
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.013 |
11.100 |
And |
|
|
|
|
|
|
Depreciation |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
138.117 |
135.749 |
|
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.260 |
20.072 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
130.857 |
115.677 |
67.184 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
50.975 |
43.274 |
14.892 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
79.882 |
72.403 |
52.292 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
124.695 |
52.292 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
204.577 |
124.695 |
NA |
|
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
136.50 |
123.72 |
326.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.48
|
9.87 |
11.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.96
|
15.78 |
14.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.67
|
31.84 |
29.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.63 |
0.95 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
0.99 |
2.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
4.36 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U63022TN1999PTC042695 |
|
Name of the
company |
KAVERI
WAREHOUSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.5, Errabalu Chetty Street, No.5, Chennai-600001, Tamil Nadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Axis Bank
Limited, CMC, Karumuthu Nilayam, NO.192, Anna Salai, Chennai-600002, Tamil Nadu, India |
|
Nature of
instrument creating charge |
1) Deed of
hypothecation of current assets (Stocks and Book Debts) 2) Deed of
hypothecation of machinery and other movable fixed assets. |
|
Date of
instrument Creating the charge |
23.10.2010 |
|
Amount secured by
the charge |
Rs. 215.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC: (BR + 4.00%)
i.e. 11.75% per annum at Present with monthly rests. Invoice / Bill
Discounting Limit (Clean / Documentary) : (BR + 4.00%) i.e. 11.75% per annum
at Present. Terms of repayment CC : On Demand. Margin CC : Book Debts
(Cover Period 90 days) - 25% Other Nature of
facility Existing Revised (Rs. In. millions) Cash Credit - - - 50.000 Invoice Bills
Discounting 50.000 100.000 Term Loan I 40.000 40.000 Bank
Guarantee 5.000 5.000 Term Loan II 20.000 20.000 TOTAL 115.000 215.000 All other terms
and conditions as per sanction letter and instrument executed on 23.10.2010. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of FIRST CHARGE in favour of bank on all stock in trade, consisting
of stocks including raw material,
stock in process, book debts and other current assets, both present and
future. Hypothecation of
all movable fixed assets purchased or to be purchased out of the Term Loans. Hypothecation of
unencumbered movable fixed assets of the company. |
|
Charge
identification number of the charge to be modified |
10113628 |
|
Date of
instrument modifying the charge |
30.11.2009 |
|
Particulars of
the present modification |
a)
The
amount secured by the charge has been enhanced from Rs.115.000 millions to
Rs.215.000 millions as hereunder Nature of
facility Limit (Rs. In.
millions) Cash Credit 50.000 Invoice Bills
Discounting 100.000 Term Loan I 40.000 Bank
Guarantee 5.000 Term Loan II 20.000 TOTAL 215.000 b)
All
other terms and conditions of the original charge and subsequent
modifications remain unchanged |
FIXED ASSETS
·
Land
·
Building
·
Furniture and Fixtures
·
Plant and Machinery
·
Computers
·
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. 45.93 |
|
|
1 |
Rs. 74.27 |
|
Euro |
1 |
Rs. 64.97 |
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 |
6 |
|
--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 |
|
47 |
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.