|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHREENIWAS COTTON MILLS LIMITED |
|
|
|
|
Registered
Office : |
Shreeniwas House, Hazarimal Somani Marg, Fort, Mumbai 400001, |
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Country : |
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|
Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
05.02.1935 |
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|
Com. Reg. No.: |
002249 |
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Capital Investment
/ Paid-up Capital : |
Rs. 99.002 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70104MH1935PLC002249 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS69897C |
|
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Company Operates Mainly in Development of Luxury Residences. |
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|
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|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 5503588 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Shreeniwas House, Hazarimal Somani Marg, Fort, Mumbai 400001,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Venkateshwer Somani |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.02.1928 |
|
Date of Appointment : |
10.10.1980 |
|
|
|
|
Name : |
Mr. Mangal Prabhat Lodha |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.12.1955 |
|
Date of Appointment : |
05.08.2009 |
|
|
|
|
Name : |
Mr. Abhisheck Lodha |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.11.1979 |
|
Date of Appointment : |
04.09.2009 |
|
|
|
|
Name : |
Mr. Rajendra Lodha |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.06.1966 |
|
Date of Appointment : |
02.08.2010 |
|
|
|
|
Name : |
Mr. Mangesh Puranik |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.03.1970 |
|
Date of Appointment : |
02.08.2010 |
|
|
|
|
Name : |
Mr. Deepak Lodha |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.02.1963 |
|
Date of Appointment : |
02.08.2010 |
|
|
|
|
Name : |
Mr. Hariharan Jayakumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.04.1949 |
|
Date of Appointment : |
28.09.2010 |
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|
|
|
Name : |
Mr. Rajeev Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.02.1980 |
|
Date of Appointment : |
11.05.2011 |
|
|
|
|
Name : |
Mr. Naresh Nadkarni |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.07.1962 |
|
Date of Appointment : |
28.09.2010 |
|
|
|
|
Name : |
Mr. Keyur Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.01.1971 |
|
Date of Appointment : |
28.09.2010 |
|
|
|
|
Name : |
Mr. Sandeep Saxena |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1964 |
|
Date of Appointment : |
26.10.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Surendra Shah |
|
Designation : |
Manager |
|
Date of Birth/Age : |
02.02.1946 |
|
Date of Appointment : |
19.09.2009 |
|
|
|
|
Name : |
Ms. Anshu Agarwal |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
01.11.1976 |
|
Date of Appointment : |
25.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.01 |
|
Bodies corporate |
|
99.19 |
|
Other top fifty shareholders |
|
0.41 |
|
Others |
|
0.38 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company Operates Mainly in Development of Luxury Residences. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
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Bankers : |
Punjab and Sind Bank, J K Somani Building, British Hotel Lane, Fort,
Mumbai 400023, Maharashtra, India |
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Facilities : |
Rs. In Millions
|
||||||||||||||||||||||||||||||||||||
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shaker and Kapani Chartered Accountant |
|
Address : |
Shanker and Kapani, NTC House, 2nd Floor, 15, Narottam
Morarjee Marg, Ballard Estate, Mumbai 400038, Maharashtra, India |
|
|
|
|
Ultimate Holding / Parent Company: |
Lodha Developers Limited (From 19th
September, 2009) |
|
|
|
|
Holding Company : |
Adinath Builders Private Limited (From
19th September,2009) |
|
|
|
|
Subsidiaries : |
Kidderpore Holdings Limited (From
31/03/11) |
|
|
|
|
Other Fellow Subsidiary Companies : (From 19th September, 2009 unless
otherwise stated) |
·
Aasthavinayak Estate Company Private Limited ·
Aasthavinayak Real Estate Private Limited ·
Ajitnath Hi-tech Builders Private Limited ·
Anantnath Construction and Farms Private
Limited (From 22/11/10) ·
Arihant Premises Private Limited ·
Bahubali Real Estate and Farms Management
Private Limited (Upto 01/04/10) ·
Bellissimo Holdings Singapore Pte Limited
(Upto 31/03/11) ·
Cowtown Land Development Private Limited ·
Dharamnath Infra and Agro Private Limited
(Upto 01/04/10) ·
Galaxy Premises Private Limited ·
Gandhar Builders Private Limited ·
Hi-Class Buildcon Private Limited ·
Hi-Class Developers Private Limited ·
Hotel Rahat Palace Private Limited ·
Infratech Builders and Agro Private Limited ·
Kidderpore Holdings Limited (From 08/11/10
to 30/03/11) ·
Lodha Achiever Buildcon and Farms Private
Limited (Upto 01/04/10) ·
Lodha Antique Buildtech and Farms Private
Limited (Upto 01/04/10) ·
Lodha Attentive Developers and Farms Private
Limited ·
Lodha Attractive Constructions and Farms
Private Limited (Upto 01/04/10) ·
Lodha Buildcon Private Limited ·
Lodha Builders Private Limited (Upto
01/07/10) ·
Lodha Building and Construction Private
Limited ·
Lodha Construction Private Limited (Upto
01/04/10) ·
Lodha Crown Buildmart Private Limited ·
Lodha Designer Construction Private Limited ·
Lodha Developers UK Limited (27/11/09) ·
Lodha Dwellers Private Limited ·
Lodha Elevation Buildcon Private Limited ·
Lodha Estate Private Limited ·
Lodha Glowing Construction Private Limited ·
Lodha Healthy Constructions and Developers
Private Limited ·
Lodha Hi-Rise Builders Private Limited ·
Lodha Home Developers Private Limited ·
Lodha Home Styles Private Limited ·
Lodha Impression Real Estate Private Limited ·
Lodha Land Developers Private Limited ·
Lodha Landscapes Private Limited (Upto
01/04/10) ·
Lodha Novel Buildfarms Private Limited ·
Lodha Pinnacle Buildtech and Farms Private
Limited ·
Lodha Prime Buildfarms Private Limited (From
12/11/10) ·
Lodha Properties Development Private Limited ·
Lodha Quality Buildmart Private Limited
(From 01/10/10) ·
Lodha Structure Developers Private Limited
(From 01/07/10) ·
Lodha Ultimate Buildtech and Farms Private
Limited (From 10/06/10) ·
Maa Padmavati Buildtech Private Limited ·
Macrotech Constructions Private Limited ·
Mahavir Build Estate Private Limited ·
Mahavir Premises Private Limited ·
Marutinandan Real Estate Dovelopers Private
Limited (Upto 01/04/10) ·
Microtech Constructions Private Limited ·
Naminath Builders and Farms Private Limited ·
Odeon Theatres and Properties Private
Limited (Formerly known as Odeon Theatres Private Limited) ·
Padmavati Buildtech and Farms Private
Limited (From 30/03/11) ·
Sahajanand Hi-Tech Constructions Private
Limited (Formerly known as Parasnath Hi-Tech Construction Private Limited) ·
Sanathnagar Enterprises Limited (Formerly
known as Bakelite Hylam Limited) (From 25/05/10) ·
Seatech Estate Private Limited (Formerly
known as Lodha and Kheni Estate Private Limited) (Upto 31/03/10) ·
Shantinath Designer Construction Private
Limited ·
Shri Kailash Properties and Agro Farms
Private Limited (From 01/10/10) ·
Shri Nakoda Bhirav Realtors Private Limited ·
Shri Vardhvinayak Builders Private Limited ·
Shripal Reality Private Limited ·
Siddhnath Residential Paradise Private
Limited (Formerly known as Paraswanath Residential Paradise Private Limited) ·
Simtools Private Limited (Formerly known as
Simtools Limited) ·
Sitaldas Estate Private Limited ·
Suryakrupa Farms and Construction Private
Limited (From 21/03/11) |
|
|
|
|
Associates (with whom the company had
transaction during the year): (Upto 18th September, 2009) |
·
Lodha Builders
Private Limited ·
Adinath Builders
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2240000 |
Equity Shares |
Rs. 100 each |
Rs.224.000 millions |
|
10000 |
Preference Shares |
Rs. 100 each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
990026 |
Equity Shares |
Rs. 100 each |
Rs. 99.002 millions |
|
|
|
|
|
Note:
990,026 Equity Shares of Rs. 100 Each Fully Paid Up (Including 66,000
Shares allotted as fully paid-up by way of Bonus Shares by capitalization of
Reserves) (Out of the above; 942,746 shares are held by Adinath Builders Private
Limited, the Holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
99.002 |
99.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1673.179 |
1672.000 |
|
|
4] (Accumulated Losses) |
|
(396.284) |
(170.176) |
|
|
NETWORTH |
|
1375.897 |
1600.824 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
860.046 |
0.000 |
|
|
2] Unsecured Loans |
|
4998.818 |
2423.198 |
|
|
TOTAL BORROWING |
|
5858.864 |
2423.198 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7234.761 |
4024.022 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
30.493 |
0.066 |
|
|
Capital work-in-progress |
|
192.284 |
12.075 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.719 |
333.159 |
|
|
DEFERREX TAX ASSETS |
|
129.381 |
1.357 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8218.145
|
4336.036 |
|
|
Sundry Debtors |
|
77.729
|
0.000 |
|
|
Cash & Bank Balances |
|
46.314
|
1.341 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
4196.219
|
1107.209 |
|
Total
Current Assets |
|
12538.407
|
5444.586 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
591.031
|
1133.876 |
|
|
Other Current Liabilities |
|
5065.492
|
633.345 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
5656.523
|
1767.221 |
|
|
Net Current Assets |
|
6881.884
|
3677.365 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7234.761 |
4024.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
342.934 |
0.000 |
|
|
|
Other Income |
|
0.117 |
0.076 |
|
|
|
TOTAL (A) |
|
343.051 |
0.076 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
|
230.547 |
0.000 |
|
|
|
Administrative Expenses |
|
274.103 |
60.637 |
|
|
|
TOTAL (B) |
|
504.650 |
60.637 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(161.599) |
(60.561) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
188.867 |
6.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(350.466) |
(67.436) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3.669 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
(354.135) |
(67.436) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(128.028) |
(1.355) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(226.107) |
(66.081) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(170.176) |
(104.095) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(396.283) |
(170.176) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(228.39) |
(80.17) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(65.91) |
(86948.68) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(103.26) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.81) |
(1.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.25) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.36 |
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.21 |
3.08 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL OVERVIEW
The Company’s income has increased from Rs.0.076 million for the period ended
31stMarch, 2010 to Rs.343.051 millions in the financial year 2010-2011.
However, the Company recorded a net loss of Rs.226.107 millions for the year
under review as against the net loss of Rs.66.081 millions incurred during the
previous Financial Year due to gestation period of the project undertaken by
it.
BUSINESS OVERVIEW
The Company operates mainly in development of luxury residences. The top
projects of the Company currently under development are:
- World One: Catering to the super-luxury segment, World One at Lodha
Place is slated to be the tallest residential structure in the World. Once
completed, it will surpass all previous benchmarks set for luxury living spaces
creating a landmark destination by bringing together legendary names like Pei Cobb
Freed and Partners (Architecture), Ken Smith (Landscape), Six Senses (Club and
Spa), Quintessentially (Concierge), Casa Armani (Interior Design).
- World Crest: World Crest is another super – luxury segment, in Lodha
Place which is a masterpiece to join the ranks of some of the most remarkable
structures in the world. Once completed it will set a benchmark for urban
planning in the country. Its edifice is proposed to be in curvilinear design
that provides spectacular views from each residence. Its sleek contemporary
structure will be a tribute to the collective vision of the greatest talent in
the world.
The primary focus of the Company is to strengthen its position as a
premium developer across business segments and price points, maintaining
reputation for quality and innovation and enhance the brand value.
FORM 8
|
Corporate
identity number of the company |
U70104MH1935PLC002249 |
|
Name of the
company |
SHREENIWAS COTTON MILLS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shreeniwas House, Hazarimal Somani Marg, Fort, Mumbai 400001,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Punjab and Sind Bank, J K Somani Building, British Hotel Lane, Fort,
Mumbai 400023, Maharashtra, India Email: psb_mbb@yahoo.co.in |
|
Nature of
instrument creating charge |
Deed of Mortgage
dated 24.09.2010. |
|
Date of
instrument Creating the charge |
24.09.2010 |
|
Amount secured by
the charge |
Rs. 900.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 1) for Term Loan
facility and OD facility is Base Rate (8.20%)+4.80% (presently 13.00% p.a.)
with monthly rests, to be serviced as and when charged 2) for BG/LC facility
is Commission Charges @1% p.a. Terms of repayment Tenor of 1) Term Loan
facility (TL) is 36 months. The entire
term loan to be paid in 4 unequal quarterly installments commencing from
Quarter ending September, 2012 2) OD facility is
Payable on demand (maximum up to maturity of TL). The OD facility payable on
demand. 3) BG is max. up
to TL tenor and LC is Usance maximum up to 180 days. Margin Margin for Term
Loan facility and OD facility is 28.40% (However, debt component is 41.80%
and balance 29.80% is to be meet through Sale Proceeds) and for BG/LC
facility is 25% cash margin. Extent and operation of the charge The charge is
extended to secure repayment of the credit facilities alongwith interest,
costs, charges and expenses. Other Sanctioned Amount
of Term Loan facility (TL) is Rs.900 millions. Sub Limit: OD
facility of Rs.150 millions (within the TL of Rs.900 millions) and Sub Limit: BG/LC
DA 180 days (Interchangeable) Rs.100 millions (within the TL of Rs.900
millions) |
|
Short particulars
of the property charged (Including location of the property) |
All that Forus
land bearing cadastral Survey no. 453 Lower Parel Division admeasuring 5018
sq. yards equivalent to 4195.67 sq. meters (net 3594 sq. meters) with
building to be constructed thereon lying being and situated at Senapati Bapat
Marg, Lower Parel, Mumbai - 400013 in the district and subdistrict of Mumbai
City and Mumbai Suburban and assessed by Municipal Corporation under
"G-South". |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
-- |
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.