MIRA
INFORM REPORT
|
Report Date : |
05.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAJAPALAYAM MILLS LIMITED |
|
|
|
|
Registered
Office : |
Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramaswamy Raja
Salai, Rajapalayam – 626117, Tamilnadu |
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Country : |
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|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
24.02.1936 |
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|
|
Com. Reg. No.: |
18-002298 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.35.126 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TN1936PLC002298 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIR00352C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR8897F |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Cotton Yarn / Fabric. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Rajapalayam Mills Premises, Post Box No.1, P.A.C. Ramaswamy Raja
Salai, Rajapalayam – 626117,
Tamilnadu, India |
|
Tel. No.: |
91-4563-235666 |
|
Fax No.: |
91-4563-236520 |
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E-Mail : |
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Website : |
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Details of factory Location: |
TEXTILE DIVISION
·
Rajapalayam,
Tamilnadu Post
Box No.1, P.A.C. Ramasamy Raja Salai, Rajapalaiyam – 626 117, Tamilnadu,
India Rajapalaiyam
Spintext, P.A.C. Ramasamy Raja Salai, Rajapalaiyam – 626 117, Tamilnadu,
India Rajapalaiyam
Textiles, Perumalpatti Village – 627753 Tirunelveil District, Tamilnadu,
India ·
Andhra
Pradesh Gopinenipalem
Village, Vatsavi Mandal, Krishna District – 521190, Andhra Pradesh, India TISSUE CULTURE DIVISION Shri Ramco Bio-Tech, Mailanahalli Village, Nelamangala – 526 123,
Bangalore Rural District, Karnataka, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. P.R. Ramasubrahmaneya Rajha |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mrs. R. Sudarsanam |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. P.R. Venketrama Raja |
|
Designation : |
Director |
|
Qualification : |
B. Tech., M.B.A., |
|
|
|
|
Name : |
Mr. S. S. Ramachandra Raja |
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Designation : |
Director |
|
Qualification : |
B.Sc., |
|
|
|
|
Name : |
Mr. N. K. Ramasuwami Raja |
|
Designation : |
Director |
|
Qualification : |
B.Sc., |
|
|
|
|
Name : |
Dr. K. T. Krishnan |
|
Designation : |
Director |
|
Qualification : |
M.D., F.C.C.P. |
|
|
|
|
Name : |
Mr. P. S. Jaganatha Raja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. R. K. Venkatesh Raja |
|
Designation : |
Director |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr. V.S. Vemban |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.V. Dharmakrishnan |
|
Designation : |
Director |
|
Qualification : |
B. Com., ACA. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,014,760 |
27.31 |
|
|
1,905,440 |
25.83 |
|
|
3,920,200 |
53.15 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3,920,200 |
53.15 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2,060 |
0.03 |
|
|
2,060 |
0.03 |
|
|
|
|
|
|
|
|
|
|
203,844 |
2.76 |
|
|
|
|
|
|
|
|
|
|
1,796,743 |
24.36 |
|
|
1,453,313 |
19.70 |
|
|
3,453,900 |
46.83 |
|
|
|
|
|
Total Public shareholding
(B) |
3,455,960 |
46.85 |
|
|
|
|
|
Total (A)+(B) |
7,376,160 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
7,376,160 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton Yarn / Fabric. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
|
|
|
|
|
Spindles |
Nos |
125792 |
|
Rotors |
Nos |
3816 |
|
Wind Mills |
MW |
30.70 |
|
Particulars |
Unit |
Actual Productions |
|
|
|
|
|
Yarn |
Kgs |
13728874 |
|
Power from wind Mills |
Lakh – KWH |
443 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited · Canara Bank · Corporation Bank · ICICI Bank Limited · IDBI Bank Limited · Indian Bank · Karur Vysya Bank Limited · Punjab and Sind Bank · State Bank of India · Tamilnad Mercantile Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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|
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Auditors : |
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|
Name : |
M.S. Jagannathan
and N. Krishnaswami Chartered Accountant |
|
Address : |
27, Premier
Flats, Karur Bypass Road, Tiruchirapalli – 620002, Tamilnadu, India |
|
|
|
|
Name : |
Ramakrishna Raja and Company Chartered Accountants |
|
Address : |
1-D,
Shanthinikethan, V P Rathinasamy Nadar Road, Madurai - 625002, Tamilnadu,
India |
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|
|
|
Enterprises over which the above persons exercise
significant influences and with which the Company had transactions during the
year: |
· Madras Cements Limited · Sri Vishnu Shankar Mill Limited · The Ramaraju Surgical Cotton Mills Limited · Thanjavur Spinning Mill Limited · Ramco Industries Limited · Ramco Systems Limited · Sandhya Spinning Mill Limited · Sri Harini Textiles Limited · Rajapalayam Spinners Private Limited |
CAPITAL STRUCTURE
(AS ON 20.07.2011)
Authorised Capital : Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.73.762
Millions
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3512580 |
Equity Shares |
Rs.10/- each |
Rs.35.126
Millions |
|
|
|
|
|
NOTE:
27,01,270 Shares
of Rs. 10/- each were alloted as fully paid Bonus Shares by Capitalisation of
General Reserves.
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 |
35.126 |
35.126 |
35.126 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1447.093 |
1239.626 |
1146.521 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1482.219 |
1274.752 |
1181.647 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3541.186 |
3293.462 |
3760.326 |
|
|
2] Unsecured Loans |
555.155 |
293.057 |
208.854 |
|
|
TOTAL BORROWING |
4096.341 |
3586.519 |
3969.180 |
|
|
DEFERRED TAX LIABILITIES |
406.175 |
286.176 |
265.375 |
|
|
|
|
|
|
|
|
TOTAL |
5984.735 |
5147.447 |
5416.202 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3294.362 |
3014.704 |
3227.910 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
9.353 |
|
|
|
|
|
|
|
|
INVESTMENT |
388.039 |
388.039 |
388.039 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1180.190
|
769.283 |
608.246 |
|
|
Sundry Debtors |
414.274
|
238.885 |
205.023 |
|
|
Cash & Bank Balances |
63.812
|
55.932 |
27.416 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1115.543
|
1036.066 |
1229.462 |
|
Total
Current Assets |
2773.819
|
2100.166 |
2070.147 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
275.707
|
270.988 |
225.528 |
|
|
Provisions |
195.778
|
84.474 |
54.499 |
|
Total
Current Liabilities |
471.485
|
355.462 |
280.027 |
|
|
Net Current Assets |
2302.334
|
1744.704 |
1790.120 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.780 |
|
|
|
|
|
|
|
|
TOTAL |
5984.735 |
5147.447 |
5416.203 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3048.510 |
2384.037 |
2192.685 |
|
|
|
Value of Power Generated from Wind Mills |
176.931 |
168.722 |
155.486 |
|
|
|
Other Income |
158.782 |
283.304 |
237.095 |
|
|
|
TOTAL (A) |
3384.223 |
2836.063 |
2585.266 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decrease) in stock |
(253.182) |
(7.809) |
(33.366) |
|
|
|
Raw Materials Consumed |
1544.737 |
1224.913 |
1086.161 |
|
|
|
Trade Purchases |
0.000 |
2.616 |
0.000 |
|
|
|
Salaries, Wages and Other amenities to employees |
293.139 |
229.838 |
202.105 |
|
|
|
Power and Fuel |
460.535 |
391.869 |
366.341 |
|
|
|
Packing Materials consumed |
53.279 |
44.280 |
40.861 |
|
|
|
Job Work Charges |
7.243 |
4.672 |
52.709 |
|
|
|
Repairs & Maintenance |
136.403 |
97.610 |
85.268 |
|
|
|
Managing Director’s Remuneration |
20.486 |
7.807 |
3.048 |
|
|
|
Rates and Taxes |
9.217 |
8.129 |
6.463 |
|
|
|
Deferred Revenue Expenses |
0.000 |
0.780 |
1.552 |
|
|
|
Administrative and Selling Expenses |
103.242 |
80.410 |
170.403 |
|
|
|
Corporate Social Responsibility Expenditure |
14.136 |
6.028 |
2.102 |
|
|
|
TOTAL (B) |
2389.235 |
2091.143 |
1983.647 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
994.988 |
744.920 |
601.619 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
285.078 |
293.659 |
252.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
709.910 |
451.261 |
348.880 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
321.107 |
303.370 |
299.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
388.803 |
147.891 |
48.912 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.100 |
30.210 |
(15.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
268.703 |
117.681 |
64.412 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
96.931 |
15.595 |
13.294 |
|
|
|
|
|
|
|
|
|
|
Excess
Income Tax provision Withdrawn |
0.000 |
0.000 |
3.437 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
280.000 |
11.770 |
45.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
10.538 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
1.791 |
|
|
|
Dividend |
26.344 |
21.075 |
7.025 |
|
|
|
Tax on Dividend |
4.274 |
3.500 |
1.194 |
|
|
|
Platium Jubilee Dividend |
26.344 |
0.000 |
0.000 |
|
|
|
Tax on Platinum Jubilee Dividend |
4.274 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
24.398 |
96.931 |
15.595 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
814.375 |
442.648 |
850.546 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
445.712 |
416.653 |
312.979 |
|
|
|
Stores & Spares |
11.777 |
10.073 |
10.865 |
|
|
|
Capital Goods |
37.822 |
1.560 |
439.232 |
|
|
TOTAL IMPORTS |
495.311 |
428.286 |
763.076 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
76 |
34 |
18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
800.200 |
940.200 |
740.000 |
791.800 |
|
Total Expenditure |
794.000 |
825.600 |
634.600 |
598.700 |
|
PBIDT (Excl OI) |
6.200 |
114.600 |
105.400 |
193.100 |
|
Other Income |
14.700 |
61.500 |
17.300 |
105.600 |
|
Operating Profit |
20.900 |
176.100 |
122.700 |
298.700 |
|
Interest |
90.300 |
94.200 |
87.800 |
98.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.0000 |
0.000 |
|
PBDT |
(69.400) |
81.900 |
34.900 |
200.400 |
|
Depreciation |
77.900 |
77.600 |
80.300 |
65.000 |
|
Profit Before Tax |
(147.300) |
4.300 |
(45.400) |
135.400 |
|
Tax |
(45.500) |
(8.000) |
(22.500) |
9.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(101.800) |
12.300 |
(22.900) |
125.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(101.800) |
12.300 |
(22.900) |
125.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.94
|
4.15 |
2.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.75
|
6.20 |
2.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.41
|
2.89 |
0.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.12 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.08
|
3.09 |
3.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.88
|
5.91 |
7.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
FINANCIAL RESULTS
The financial results
for the year ended 31st March, 2011 after charging all expenses and
contribution to P.A.C. Ramasamy Raja Memorial Fund of Rs.10.000 Millions (which
is within the limits laid in the Articles of Association) but before deducting
interest and depreciation have resulted in operating profit of Rs.994.988
Millions.
After deducting
Rs.285.078 Millions towards interest cost and providing Rs.321.107 Millions
towards Depreciation, the Net Profit for the year is Rs.388.803 Millions adding
the surplus of Rs.96.931 Millions brought forward from the previous year; The
Directors propose to appropriate the total sum of Rs.485.734 Millions.
FINANCE
The Company has
availed working capital loan in foreign currency at a competitive rate of interest
and gained an amount of Rs.4.276 Millions towards exchange fluctuations. This
gain is because of appreciation of rupee against dollar and the foreign
currency loans were repaid at the lower exchange rates.
EXPORTS
On the export
front during the year, they have made direct export of Cotton Yarn / Fabric for
a value of Rs.814.400 Millions as against Rs.442.600 Millions of the previous
year.
PROSPECTS FOR THE
CURRENT YEAR
The cotton prices
during cotton season 2010-11 are very volatile. The cotton prices which have
gone up too steeply during the peak cotton season have fallen suddenly during
May, 2011. As a result, the Yarn prices have also been crashed. Due to
sluggishness in garment/fabric market, the demand for yarn has come down
unexpectedly. The Government’s decision to re-introduce the Quota system for
export of cotton yarn is very unfortunate, which in turn has affected the
market share and profitability of the Indian Spinning Mills due to uncertain
Government Policies. The increase in wages, fuel prices and interest cost and
the increase in the power cuts in recent period definitely pose a challenge.
While the cost of major inputs increasing steeply, the yarn price has started
declining due to decrease in demand. The cumulative effect of the above factors
would affect the performance of the Company substantially. The Directors are
therefore unable to predict the profitability of the Company in the current
year. However, the Company is maintaining high standards of quality yarn, cost
effective production and stringent waste control measures. These measures
strengthened the Company to face the challenges in the current scenario.
WIND MILL
The Division has
generated 443 Lakhs Kwh as compared to 460 Lakhs Kwh of the previous year. The
income during the year from the Wind Mill Division was Rs.176.900 Millions as
against Rs.168.700 Millions of previous year. During the year, 11 Nos. of Wind
Electric Generators for an aggregate capacity 8.80 MW were purchased during
September, 2010. With this, the capacity of the Wind Mills has increased to
30.70 MW comprising of 34 Wind Electric Generators.
CONTINGENT
LIABILITIES: (Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
(i) Liability on Letter of Credit opened - Capital Goods - Others |
83.300 39.600 |
2.700 30.100 |
|
(ii) Estimated amount of contracts remaining to be executed on capital account not provided |
172.000 |
29.900 |
|
(iii) Liability on guarantees given by the bankers |
3.600 |
3.200 |
|
(iv) Liability on guarantees given to the bankers |
6139.900 |
5753.900 |
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Electrical Machinery
· Furniture and Office Equipment
· Vehicles
· Loose Tools
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.55.52 |
|
|
1 |
Rs.85.29 |
|
Euro |
1 |
Rs.68.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.