|
Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND WOOLLEN OUTERWEAR LIMITED (w.e.f. 20.07.2009) |
|
|
|
|
Formerly Known
As : |
RAYMOND WOOLEN OUTERWEAR LIMITED (w.e.f. 15.09.2008) RAYMOND WOOLEN OUTERWEAR PRIVATE LIMITED RAYMOND FEDORA PRIVATE LIMITED
|
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|
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Registered
Office : |
New Hind House, Narottam Morarji Marg, Ballard Estate, Fort,
Mumbai-400001, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.06.2005 |
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|
|
|
Com. Reg. No.: |
11-154066 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 97.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2005PLC154066 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKR02198A |
|
|
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PAN No.: [Permanent Account No.] |
AADCR0368L |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Blankets of Wool, Shawls of Wools and Woolen Fabric |
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|
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|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having poor track record. There
appear huge accumulated losses recorded by the company and profitability of
the company is under pressure. However, trade relations are reported to be
fair. Business is active. Payments are slow. The company can be considered for business dealing on a safe and
secure trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
New Hind House, Narottam Morarji Marg, Ballard Estate, Fort,
Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-61529999 / 22618321 / 66046000 |
|
Fax No.: |
91-22-22620052 |
|
E-Mail : |
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|
|
|
|
Works : |
E-1/11, MIDC Area, Ajanta Road, Jalgaon-425003, Maharashtra, India |
|
Tel. No.: |
91-257-2210386 / 87 / 88 |
|
Fax No.: |
91-257-2210408 |
DIRECTORS
AS ON 02.12.2011
|
Name : |
Mr. Gyanmal Dharmilal Jain |
|
Designation : |
Director |
|
Address : |
Flat No.113, Dhanishta Tarangan Tower Co-operative Housing Society Limited,
Panchpakhadi, Thane-400602, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1953 |
|
Date of Appointment : |
09.08.2010 |
|
DIN No.: |
01444677 |
|
|
|
|
Name : |
Mr. Ram Krishna Bhatnagar |
|
Designation : |
Director |
|
Address : |
Flat No.2101/2102, B Girija Building, Neelkanth Heights, Pokharan Road
No.2, Thane (West), Thane-400606, Maharashtra, India |
|
Date of Birth/Age : |
21.12.1959 |
|
Date of Appointment : |
09.08.2008 |
|
DIN No.: |
02313614 |
|
|
|
|
Name : |
Mr. Nagraj Asagodu Shanbough |
|
Designation : |
Director |
|
Address : |
Flat No.13, MDC, Raymond Colony, Jalgaon-425001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
29.08.2011 |
|
DIN No.: |
03606761 |
KEY EXECUTIVES
|
Name : |
Mr. Nagraj Asagodu Shanbough |
|
Designation : |
Manager |
|
Address : |
Flat No.13, MDC, Raymond Colony, Jalgaon-425001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
12.10.2011 |
|
Pan No.: |
AAMPN4207C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.12.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Lanificiofedora Spa, Italy |
10000 |
|
Raymond Limited, India |
9645000 |
|
Raymond Limited, J/W Fernandes R Thomas |
5000 |
|
Raymond Limited, J/W Alkari Nitin Priti |
1000 |
|
Raymond Limited, J/W Pokharna Shantilal |
1000 |
|
Raymond Limited, J/W Sunder Hariharan |
1000 |
|
Raymond Limited, J/W Jain Dharmilal Gyanmal |
1000 |
|
Raymond Limited, J/W Uma Ramasubramaniam |
1000 |
|
Sunder Hariharan |
35000 |
|
TOTAL |
9700000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Raymond Limited, India |
20000000 |
|
TOTAL |
20000000 |
AS ON 13.02.2012
|
Names of Allottees (8% Redeemable
Preference Shares) |
No. of Shares |
|
Raymond Limited, India |
20000000 |
|
TOTAL |
20000000 |
AS ON 02.12.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.47 |
|
Bodies corporate |
99.53 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Blankets of Wool, Shawls of Wools and Woolen Fabric |
||||||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Registered |
Installed
Capacity |
Actual
Production |
|
Blankets and Showks |
Pcs |
286400 |
250000 |
263499 |
|
Wollens Fabrics |
Sq. Mtrs |
2775000 |
2550000 |
1341264 |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
|||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountant |
|
Address : |
252, Veer Sawarkar Marg, Shivaji Park, Dadar, Mumbai-400028,
Maharashtra, India |
|
Pan. No.: |
AAAFD6907D |
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|
|
|
Holding Company : |
·
Raymond Limited |
|
|
|
|
Other Related Parties where control of Holding
Company exists : |
·
Raymond Apparel Limited ( Formerly Solitaire
Fashions Limited) ·
Pashmina Holdings Limited ·
Everblue Apparel Limited ·
Jaykayorg AG ·
Raymond (Europe) Limited [formerly J.K.( England)
Limited] ·
JK Files (India) Limited (formerly Hindustan
Files Limited) ·
Colorplus Fashions Limited ·
Silver Spark Apparel Limited ·
Celebrations Apparel Limited ·
Ring Plus Aqua Limited ·
R and A Logistics Inc., ·
Scissors Engineering Products Limited ·
JK Talabot Limited ·
Raymond Zambaiti Limited (formerly Raymond
Zambaiti Private Limited) ·
Rose Engineered Products India Private Limited. ·
Raymond Uco Denim Private Limited and its
subsidiaries; ·
UCO Fabrics Inc. and its Subsidiaries. ·
UCO Testatura S.r.l. ·
UCO Raymond Denim Holding NV ·
Rayves Automotive Textiles Company Private
Limited |
CAPITAL STRUCTURE
AFTER 02.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000
Millions |
|
|
TOTAL |
|
Rs. 400.000
Millions |
Issued and Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19380000 |
Equity Shares |
Rs.10/- each |
Rs. 193.800
Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
TOTAL |
|
Rs. 393.800
Millions |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9700000 |
Equity Shares |
Rs.10/- each |
Rs. 97.000
Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
TOTAL |
|
Rs. 297.000
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9700000 |
Equity Shares |
Rs.10/- each |
Rs. 97.000
Millions |
|
|
|
|
|
AS ON 02.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9700000 |
Equity Shares |
Rs.10/- each |
Rs. 97.000
Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000
Millions |
|
20000000 |
8% Redeemable Preference Shares |
Rs.10/- each |
Rs. 200.000
Millions |
|
|
TOTAL |
|
Rs. 497.000 Millions |
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 |
97.000 |
97.000 |
169.600 |
|
|
2] Share Application Money |
72.600 |
72.600 |
0.000 |
|
|
3] Reserves & Surplus |
(350.794) |
(307.209) |
4.997 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(295.073) |
|
|
NETWORTH |
(181.194) |
(137.609) |
(120.476) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.104 |
137.756 |
197.704 |
|
|
2] Unsecured Loans |
338.506 |
284.064 |
151.564 |
|
|
TOTAL BORROWING |
426.610 |
421.820 |
349.268 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
245.416 |
284.211 |
228.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
262.957 |
285.083 |
290.321 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
14.939 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
63.784
|
85.122 |
79.259 |
|
|
Sundry Debtors |
0.000
|
34.400 |
0.223 |
|
|
Cash & Bank Balances |
1.571
|
4.232 |
3.985 |
|
|
Other Current Assets |
21.761
|
10.863 |
11.107 |
|
|
Loans & Advances |
21.711
|
23.217 |
27.103 |
|
Total
Current Assets |
108.827
|
157.834 |
121.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.223 |
81.062 |
120.815 |
|
|
Other Current Liabilities |
69.217
|
68.515 |
68.580 |
|
|
Provisions |
10.948
|
9.149 |
8.770 |
|
Total
Current Liabilities |
126.388
|
158.726 |
198.165 |
|
|
Net Current Assets |
(17.561)
|
(0.892) |
(76.488) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
245.416 |
284.211 |
228.792 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
460.304 |
438.644 |
457.216 |
|
|
|
Other Income |
49.951 |
31.026 |
8.665 |
|
|
|
TOTAL |
510.255 |
469.670 |
465.881 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
232.206 |
204.016 |
149.440 |
|
|
|
Manufacturing service cost |
120.759 |
115.061 |
166.649 |
|
|
|
Employee related expenses |
99.336 |
80.999 |
73.081 |
|
|
|
Administrative, selling other expenses |
37.456 |
26.045 |
45.699 |
|
|
|
Prior period items |
0.406 |
0.423 |
0.000 |
|
|
|
(Increase) / Decrease in finished, process stock and accumulated cost |
0.000 |
0.000 |
(10.564) |
|
|
|
TOTAL |
490.163 |
426.544 |
424.305 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
20.092 |
43.126 |
41.576 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34.812 |
30.168 |
31.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(14.720) |
12.958 |
9.958 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
28.865 |
27.759 |
24.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(43.585) |
(14.801) |
(14.398) |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
-- |
-- |
(1.408) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.017 |
0.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX |
(43.585) |
(14.818) |
(15.913) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA
|
(279.160) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(355.791) |
(312.206) |
(295.073) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
260.808 |
322.274 |
297.216 |
|
|
TOTAL EARNINGS |
260.808 |
322.274 |
297.216 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
24.470 |
23.169 |
29.352 |
|
|
|
Stores & Spares |
0.038 |
7.031 |
6.584 |
|
|
|
Capital Goods |
5.541 |
5.373 |
0.000 |
|
|
TOTAL IMPORTS |
30.049 |
35.573 |
35.936 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.45) |
(0.18) |
(1.30) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(8.54)
|
(3.15) |
(3.42) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.47)
|
(3.37) |
(3.15) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.72)
|
(3.34) |
(3.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.05)
|
(4.22) |
(4.54) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.99 |
0.61 |
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. Constructions 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 |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
Sundry Creditors Details
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due others |
46.223 |
81.062 |
120.815 |
|
|
|
|
|
|
TOTAL |
46.223 |
81.062 |
120.815 |
OPERATIONS
The gross turnover
of the Company, net of returns and discounts was Rs 505.800 Millions (Previous Year:
Rs. 461.700 Millions). The Company incurred a loss before prior period
adjustment of Rs. 43.200 Millions (Previous Year: loss Rs. 14.400 Millions).
The Company is in
the process of seeking necessary legal approvals from members /others for the
amalgamation of this company. This legal process is expected to help improve
the capacity of the Company and enhance operational efficiencies.
In view of the
losses, the Directors do not recommend any dividend for the year.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 56.91 |
|
|
1 |
Rs. 88.90 |
|
Euro |
1 |
Rs. 71.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
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.