|
Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXTRAWEAVE PRIVATE LIMITED [w.e.f. 29.06.2005] |
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Formerly Known
As : |
EXTRATUFT PRIVATE LIMITED |
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Registered
Office : |
Building No. 264, Saktheeswaram
Junction, Cherthala, P O Box – 74, Alleppey-688524, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.01.2005 |
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|
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Com. Reg. No.: |
09-17785 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17226KL2005PTC017785 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
TVDE00222F |
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Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Various Types of Floor Coverings. |
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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 |
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Maximum Credit Limit : |
USD 1000000 |
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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
some accumulated losses recorded by the company. However, with some improvement
in financial position the company is trying to wiping off its accumulated
losses. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
Building No. 264, Saktheeswaram
Junction, Cherthala, P O Box – 74, Alleppey-688524, Kerala, India |
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Tel. No.: |
91-478-2812528 |
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Fax No.: |
91-478-2822906 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Santosh Veliyil Velayudhan |
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Designation : |
Managing Director |
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|
Address : |
Jovial Bunglow, Velorvattom, Cherthala – 688524, Alleppey, |
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Date of Birth/Age : |
13.09.1956 |
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Date of Appointment : |
12.03.2007 |
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Din No.: |
00465132 |
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Other Directorship:
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Name : |
Mr. Veliyil Velayudhan
Pavithran |
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Designation : |
Director |
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Address : |
Lakshmi Sadanam, Maruthorvattom, Cherthala – 688524, Allepppey, |
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Date of Birth/Age : |
16.01.1932 |
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Date of Appointment : |
13.01.2005 |
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Din No.: |
00026418 |
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Other Directorship:
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Name : |
Mr. Velayudhan Ravindra Prasad |
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Designation : |
Director |
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Address : |
Asha Bhavan, Velorvattom, Cherthala – 688524, Alleppey, |
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Date of Birth/Age : |
01.10.1934 |
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Date of Appointment : |
13.01.2005 |
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Din No.: |
00026426 |
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Other Directorship:
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Name : |
Mr. Veliyil Velayudhan Pyarelal |
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Designation : |
Director |
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Address : |
Saraswatham, Cherthala – 688524, Alleppey, |
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Date of Birth/Age : |
19.10.1943 |
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Date of Appointment : |
29.01.2007 |
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Din No.: |
02095050 |
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Other Directorship:
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Name : |
Mr. Veliyil Velayudhan
Haridas |
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Designation : |
Director |
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Address : |
Krishna, Maruthorvattom, Cherthala – 688524, Alleppey, |
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Date of Birth/Age : |
12.09.1942 |
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Date of Appointment : |
29.01.2007 |
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Din No.: |
01862690 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Veliyil Velayudhan Pavithran |
|
180 |
|
Velayudhan Ravindra Prasad |
|
180 |
|
Santosh Veliyil Velayudhan |
|
180 |
|
Veliyil Velayudhan
Haridas |
|
180 |
|
Veliyil Velayudhan Pyarelal |
|
180 |
|
K. Prasanna Kumari |
|
50 |
|
Girijakumari K. |
|
50 |
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Total |
|
1000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Various Types of Floor Coverings. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of Travancore, Cherthala Branch, Alappuzha-688524, Kerala,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M P Chartered Accountants |
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Address : |
P B # 2406, Padinjare Madom, Behind Thondankulangara Siva Temple,
Avalukkunnu, Alappuzha-688006, Kerala, India |
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Tel. No.: |
91-477-2234555 |
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Mobile No.: |
91-9446855966/9446577199 |
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E-Mail : |
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Pan No.: |
AADPI2540Q |
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Associates : |
·
Travancore Cocotuft Private Limited ·
Travancore Mats and Matting Company ·
United Spinners Private Limited ·
Wilton Weavers Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3600000 |
Equity Shares |
Rs.100/- each |
Rs.360.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
254.134 |
254.134 |
254.134 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(3.856) |
(20.885) |
(33.833) |
|
|
NETWORTH |
250.378 |
233.349 |
220.401 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
244.849 |
238.751 |
214.781 |
|
|
2] Unsecured Loans |
1.033 |
1.033 |
0.033 |
|
|
TOTAL BORROWING |
245.882 |
239.784 |
214.814 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.952 |
2.602 |
|
|
|
|
|
|
|
|
TOTAL |
496.260 |
474.085 |
437.817 |
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
207.399 |
241.691 |
244.705 |
|
|
Capital work-in-progress |
17.121 |
11.043 |
48.346 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.200 |
10.200 |
10.200 |
|
|
DEFERREX TAX ASSETS |
2.821 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.287
|
103.354 |
98.655 |
|
|
Sundry Debtors |
42.910
|
62.730 |
25.460 |
|
|
Cash & Bank Balances |
83.334
|
27.170 |
9.701 |
|
|
Other Current Assets |
19.359
|
14.659 |
14.365 |
|
|
Loans & Advances |
64.974
|
46.623 |
39.627 |
|
Total
Current Assets |
289.864
|
254.536 |
187.808 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.957
|
41.784 |
52.123 |
|
|
Other Current Liabilities |
3.408
|
0.034 |
0.077 |
|
|
Provisions |
3.608
|
2.808 |
2.696 |
|
Total
Current Liabilities |
31.973
|
44.626 |
54.896 |
|
|
Net Current Assets |
257.891
|
209.910 |
132.912 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.828 |
1.241 |
1.654 |
|
|
|
|
|
|
|
|
TOTAL |
496.260 |
474.085 |
437.817 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
474.132 |
456.827 |
294.251 |
|
|
|
Other Income |
5.080 |
1.459 |
46.602 |
|
|
|
TOTAL (A) |
479.212 |
458.286 |
340.853 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
383.534 |
362.828 |
289.050 |
|
|
|
Stock Differential |
7.821 |
11.616 |
20.354 |
|
|
|
Prior Period Expenses |
0.000 |
2.224 |
0.000 |
|
|
|
TOTAL (B) |
391.355 |
376.668 |
309.404 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
87.857 |
81.618 |
31.449 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.672 |
26.106 |
26.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.185 |
55.512 |
4.780 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.929 |
44.214 |
35.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
13.256 |
11.298 |
(31.182) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.773) |
(1.650) |
2.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
17.029 |
12.948 |
(33.784) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
453.526 |
431.341 |
271.456 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17029.00 |
12948.00 |
(33784.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.55
|
2.83 |
(9.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
2.47 |
(10.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.67
|
2.27 |
(7.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
4.84 |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
1.22 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.07
|
5.70 |
3.42 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 three years |
Yes |
|
12) Profitability for last three 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 |
No |
|
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 |
Yes |
PERFORMANCE REVIEW:
During the year ended 31st March 11,
the company posted a net profit of Rs.17.029 Millions and an operating profit
of Rs.87.857 Millions. During the year the company was able to overcome the
effect of recession and improve its sales and net profit considerably.
Considering the fact that the effect of recession is not fully over, the
performance of the company in satisfactory.
FUTURE PROSPECTS:
The company is making every attempt to
penetrate the overseas market by offering new and innovative products at
competitive prices. These initiatives in the domestic and export market are
expected to yield good results in the ensuing years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10162697 |
|
Corporate
identity number of the company |
U17226KL2005PTC017785 |
|
Name of the
company |
EXTRAWEAVE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Building No. 264, Saktheeswaram
Junction, Cherthala, P O Box – 74, Alleppey-688524, Kerala, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Travancore, Cherthala Branch, Alappuzha-688524, Kerala,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter from bank |
|
Date of
instrument Creating the charge |
06.05.2010 |
|
Amount secured by
the charge |
Rs.495.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank from time to time. Terms of
Repayment As stipulated by
bank from time to time. Margin As stipulated by bank
from time to time. Extent and
Operation of the charge As stipulated by
bank from time to time. |
|
Short particulars
of the property charged |
State Bank of
Travancore to have second charge on Sale Deed No.1412/08 dated 10/07/2008 of
SRO Pattanakad comprised of 287.29 Ares, 275.15 Ares of Pattanakad Village,
Cherthala Taluk, Alleppey District. State Bank of
Travancore to have second charge over Plant and Machinery belonging to the
Company. |
|
Particulars of
the present modification |
1. State Bank of
Travancore to have second charge on Sale Deed No.1412/08 dated 10/07/2008 of
SRO Pattanakad comprised of 287.29 Ares, 275.15 Ares of Pattanakad Village,
Cherthala Taluk, Alleppey District, and Kerala Financial Corporation,
Alappuzha to have first charge. 2. State Bank of
Travancore to have second charge over Plant and Machinery belonging to the
Company, and Kerala Financial Corporation, Alappuzha to have first charge. |
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.55.15 |
|
|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.