MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GINZA INDUSTRIES
LIMITED |
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Formerly Known As : |
GINZA LACES
LIMITED |
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Registered Office : |
11 Clive Row, 4th
Floor, Room No.1A/A, Kolkata- 700001, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
24.07.1986 |
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Com. Reg. No.: |
21-40991 |
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Capital
Investment / Paid-up Capital : |
Rs.88.831
Millions |
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CIN No.: [Company
Identification No.] |
U17297WB1986PTC040991 |
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IEC No.: |
0392070138 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG10867D |
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PAN No.: [Permanent
Account No.] |
AAACM4342C AABCG0675P |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer of
all kinds of Readymade Garments. |
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No. of Employees : |
200
[Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
11, Clive Row, 4th
Floor, Room No. 1A/A, Kolkata – 700001, West |
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Tel. No.: |
91-33-22429984 / 32588589 |
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Fax No.: |
91-33-22429984 |
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E-Mail : |
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Website : |
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Corporate
Office : |
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Tel. No.: |
91-22-2205271/02/03 |
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Fax No.: |
91-22-22052704 |
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E-Mail : |
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Area : |
1300 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Udhna [Godown] Plot No. A-2,
15-17, |
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Tel. No.: |
91-261-2867 6227
/ 2867 4015 |
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E-Mail : |
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Factory 2 : |
Yarn and Tape Unit Plot No. 6, 8
& 9, Unity Industrial Complex, Chala Daman Road, Kachhigam, Daman 396
210, Uttar Pradesh, India |
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Tel. No.: |
91-2638-252986 |
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Factory 3 : |
Knitted Fabric Unit Plot No. A –
2/11, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin,
Surat |
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Factory 4 : |
Embroidery Unit Plot No. B 2, 29
and 30, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin,
Surat |
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Factory 5 : |
Knitted Fabric Unit Plot No 87, 88,
89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat |
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Factory 6 : |
Process House Plot No. 362,
GIDC, Road No. 3, Near Manilal Dyeing Mill, Sachin, GIDC Sachin, |
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Factory 7 : |
Torchon Lace Unit |
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Factory 8 : |
SEZ-Eye and Hook Unit Plot No 87, 88, 89,
SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat |
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Factory 9 : |
Plot No. 61, Road
No. 4, |
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Factory 10 : |
Workshop of garments : “In-Tense” 20/168 Unnat
nagar No. 4, |
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DIRECTORS
As on 26.09.2011
|
Name : |
Mr. Ashok Kumar
Sethia |
|
Designation : |
Managing Director |
|
Address : |
602, Building No.
B 23, Wembley, Shastri Nagar, Lokhandwala, Andheri [West], Mumbai – 400053, |
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Date of Birth/Age : |
17.11.1960 |
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Qualification : |
CA |
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Date of Appointment : |
29.03.1991 |
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DIN No. : |
01283310 |
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Name : |
Mr. Laxmipat Banthia
|
|
Designation : |
Whole Time
Director |
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Address : |
Flat No. 902, 9th
Floor Wing A, Reema Residency 607, 608, TPSIII CTS 17FP, Shimpoly Borivali
(West), Mumbai – 400092, |
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Date of Birth/Age : |
31.10.1974 |
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Date of Appointment : |
06.05.2002 |
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DIN No. : |
02464903 |
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Name : |
Mr. Arvind Kumar
Sethia |
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Designation : |
Director |
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Address : |
A 80, Sant
Tukaram Scoiety, BH Jivkor Nagar Society, Bhatar Road, Surat – 395006,
Gujarat, Indai |
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Date of Birth/Age : |
29.08.1958 |
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Qualification: |
B. Com. |
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Date of Appointment : |
22.01.2002 |
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DIN No.: |
02502282 |
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Name : |
Mr. Manoj Kumar
Sethia |
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Designation : |
Managing Director |
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Address : |
SY 60,61,62, Plot
No. 80, Sant Tukaram Society Near Nehar Ghod Dod Road, Surat - 395006,
Gujarat , India |
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Date of Birth/Age : |
04.09.1966 |
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Qualification : |
B. Com. |
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Date of Appointment : |
29.08.1997 |
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DIN No. : |
02528442 |
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Name : |
Mr. Mihir Mehta |
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Designation : |
Additional
director |
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Address : |
Walkeshwar,
Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
27.07.2011 |
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DIN No. : |
00219614 |
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Name : |
Mr. Ajay Kumar
Agarwal |
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Designation : |
Whole-time
director |
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Address : |
Andheri, Mumbai,
Maharashtra, India |
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Date of Appointment : |
30.11.2010 |
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DIN No. : |
00278298 |
|
Name : |
Mr. Pratik
Agarwal |
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Designation : |
Additional
director |
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Address : |
Goregaon, Mumbai,
Maharashtra, India |
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Date of Appointment : |
24.06.2011 |
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DIN No. : |
03445304 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar
Sethia |
|
1268200 |
|
Manoj Kumar
Sethia |
|
142000 |
|
Amolak Chand
Sethia |
|
87000 |
|
Kiran Devi Sethia |
|
140000 |
|
Ritu Sethia |
|
1130800 |
|
Vijay Shree
Sethia |
|
110000 |
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Karuna Sethia |
|
160000 |
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Komal Sethia |
|
47000 |
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Piyush Sethia |
|
5000 |
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Sarita Baid |
|
19000 |
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Bimla Surana |
|
55000 |
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Raichand Surana
(HUF) |
|
55000 |
|
Mahesh Kumar |
|
10000 |
|
Floral Exim
Private Limited, India |
|
2450000 |
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Flourence
Business Private Limited – |
|
400000 |
|
Pacific Marketing
Private Limited – |
|
34000 |
|
Twistex India Private
Limited – |
|
1872128 |
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Sethia Housing
And Leasing Private Limited – |
|
358828 |
|
Raj Diamonds
Private Limited – |
|
91000 |
As on 26.09.2011
-
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
58.79 |
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Directors or relatives of directors |
|
38.18 |
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Other |
|
3.03 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
all kinds of Readymade Garments. |
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Products : |
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Brand Names : |
‘Ginza’ , ‘In-Tense’ and ‘SOIE’ |
GENERAL INFORMATION
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No. of Employees : |
200
[Approximately] |
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Bankers : |
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Facilities: |
Notes: (A) Term Loan
Facilities are secured by First Charge over the companies entire Fixed Assets
(except specified assets) both present and future , on pari - passu basis and
second charge on all current assets of company, both present and future. All
the Secured loan are further secured by personal guarantees of Mr Ashok
Sethia, Mr. Arvind Sethia, Mr Manoj Sethia and Mr. Laxmipat Banthia ,
Directors of Company. (B) Working Capital
Loan facilities are Secured by way of First Charge over the Companies entire
stock of Raw Material , WIP, FG, Book Debts and other specified Current
assets both present and future, on pari passu basis and Second charge on all
Fixed and Movable Assets ( except Specified assets) of company , both present
and future. All the Secured loan are further secured by personal guarantees
of Mr. Ashok Sethia, Mr. Arvind Sethia, Mr. Manoj Sethia and Mr. Laxmipat
Banthia , Directors of Company. (C) Vehicles/
other Loan includes outstanding of ICICI Bank Limited Rs 40.000 Millions (
Previous year Rs 0.381 Million), Kotak Mahindra Bank Limited Rs 0.102 Million
( P.Y Rs. 0.646 Million), Sundaran Finance Limited Rs.7.349 Millions( P.Y Rs.
3.047 Millions), HDFC Bank Limited Rs. 0.051 Million ( P.Y Rs. 0.162 Million)
and Axis Bank Limited Rs. 8.379 Million ( P.Y Rs. Nil) All the Secured loan
are further secured by personal guarantees of Mr. Ashok Sethia, Mr. Arvind
Sethia, Mr. Manoj Sethia and Mr. Laxmipat Banthia , Directors of Company.
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Agarwal Sanganeria and Company Chartered Accountants |
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Address : |
219, Bake House, |
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Tel No.: |
91-22-22854664/ 22817305 |
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Pan No.: |
AADFA8676M |
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Related Parties : |
Twistex India
Limited |
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Subsidiaries : |
Ginza Lifestyles Limited |
CAPITAL STRUCTURE
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 |
|
8883106 |
Equity Shares |
Rs.10/- each |
Rs.88.831
Millions |
|
|
|
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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 |
88.831 |
88.831 |
88.831 |
|
|
2] Share Application Money |
0.000 |
0.00 |
0.000 |
|
|
3] Reserves & Surplus |
544.462 |
418.571 |
375.152 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
633.293 |
507.402 |
463.983 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
962.992 |
1064.750 |
1136.948 |
|
|
2] Unsecured Loans |
62.455 |
7.500 |
0.000 |
|
|
TOTAL BORROWING |
1025.447 |
1072.250 |
1136.948 |
|
|
DEFERRED TAX LIABILITIES |
84.836 |
57.453 |
81.816 |
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|
|
|
|
|
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TOTAL |
1743.576 |
1637.105 |
1682.747 |
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APPLICATION OF FUNDS |
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|
|
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|
|
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|
|
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FIXED ASSETS [Net Block] |
1098.262 |
1004.488 |
1086.200 |
|
|
Capital work-in-progress |
0.450 |
2.576 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.827 |
0.827 |
8.698 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
454.909
|
444.239
|
439.490
|
|
|
Sundry Debtors |
316.171
|
257.999
|
214.344
|
|
|
Cash & Bank Balances |
23.257
|
14.428
|
7.696
|
|
|
Other Current Assets |
0.000
|
0.000
|
27.038
|
|
|
Loans & Advances |
123.570
|
48.523
|
5.947
|
|
Total
Current Assets |
917.907
|
765.189
|
694.515
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
170.955
|
87.430
|
73.971
|
|
|
Other Current Liabilities |
81.519
|
34.041
|
23.075
|
|
|
Provisions |
25.555
|
22.823
|
22.098
|
|
Total
Current Liabilities |
278.029
|
144.294
|
119.144
|
|
|
Net Current Assets |
639.878
|
620.895
|
575.371
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.159 |
8.319 |
12.478 |
|
|
|
|
|
|
|
|
TOTAL |
1743.576 |
1637.105 |
1682.747 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1907.928 |
1332.235 |
1278.592 |
|
|
|
Other Income |
1.699 |
5.351 |
4.347 |
|
|
|
TOTAL |
1909.627 |
1337.586 |
1282.939 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1109.905 |
748.399 |
857.758 |
|
|
|
Manufacturing service costs |
143.027 |
111.785 |
16.575 |
|
|
|
Employee related expenses |
178.031 |
142.467 |
(50.369) |
|
|
|
Administrative selling other expenses |
73.344 |
73.781 |
109.482 |
|
|
|
TOTAL |
1504.307 |
1076.432 |
1175.871 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
405.320 |
261.154 |
107.068 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
92.298 |
109.756 |
112.053 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
313.022 |
151.398 |
(4.985) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
121.604 |
121.188 |
92.329 |
|
|
|
|
|
|
|
|
|
|
|
191.418 |
30.210 |
(97.314) |
|
|
|
|
|
|
|
|
|
Add/ Less |
EXCEPTIONAL
INCOME / EXPENSE |
(45.161) |
(10.755) |
24.519 |
|
|
|
|
|
|
|
|
|
Add/ Less |
PRIOR PERIOD
ITEMS |
0.265 |
0.326 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
146.522 |
19.781 |
(72.795) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.631 |
(23.639) |
72.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
125.891 |
43.420 |
18.565 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
356.266 |
312.847 |
367.076 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
482.157 |
356.266 |
312.847 |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNING |
NA |
134.665 |
102.667 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
209.666 |
101.206 |
|
|
|
Stores & Spares |
|
1.790 |
3.609 |
|
|
|
Capital Goods |
|
9.270 |
8.629 |
|
|
TOTAL IMPORTS |
NA |
220.726 |
113.444 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
14.17 |
4.68 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.59
|
3.25
|
1.45
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.68
|
1.48
|
(5.69)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.27
|
1.12
|
(4.09)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.04
|
(0.16)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
2.40
|
2.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.30
|
5.30
|
5.83
|
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered Office of the company has been shifted from 133, Canning 3rd
Floor, No. 17, Kolkata – 700001, West Bengal, India to the present address w.
e. f. 16.03.2007
Business
Operations
The
financial year 2010-11 was an important year for Companies around the world as the
global economic downturn witnessed in 2008-09 and 2009-10 was one of the worst
in recent generations. The overall performance of the Company for the financial
year 2010-11 was satisfactory. The Company was able to grow itself at all
fronts.
The
Company’s gross income for the financial year ended March 31, 2011 increased to
Rs.1909.600 Millions, from Rs. 1337.600 Millions in the previous year,
registering a growth of over 43%. The operating profit (PBDITA) of the Company
increased 50% to Rs. 390.800 Millions during the year, up from Rs 259.700
Millions in the previous year. Total Interest and Depreciation was at Rs
213.900 Millions as against Rs. 2.310 Millions in the previous year. The net
profit for the year increased by 190% to Rs.125.900 Millions from Rs.43.400
Millions in the previous year. The long term Debt Equity ratio of the Company
improved to 0.76 as on 31.3.2011 from 0.99 as on 31.3.2010 whereas Inventory to
sales ratio improved to 87 days in FY2011 from 122 in FY.2010. The Operating
Cash Flow position of the company also improved substantially during the year
under review. The Company had generated net cash flow of Rs 391.900 Millions
from operating activities during the year as against Rs 231.700 Millions
generated during the previous financial year. The Company's Net worth as on
March 31, 2011, stood at Rs.633.300 Millions as against Rs. 507.400 Millions
last year.
The
performance of Warp knitting division of the Company was extremely well during
the year whereas the other segments have also made good growth. The exports of
the Company also grew from Rs 134.700 Millions to Rs 148.900 Millions during
the period under review.
Future Plans
The Company had
undertaken expansion of its Warp Knitting Division, Embroidery Division,
Elastic Tape Division, Apparel Division and Value Added Division during the
year under review. The total capital cost of project was Rs340.200 Millions.
The Company had availed Term loan of Rs 255.000 Millions from Union Bank of
India, Bank of India and Allahabad Bank. The expansion of Warp Knitting
Division, Embroidery Division, Elastic Tape Division and Value Added Division
has already been completed and commercial production has started. The expansion
of the Apparel Division is expected to be completed over in next six months.
The Company has
also entered the organized retailing under the brand name SOIE to market
Indo-Western Women’s apparel and Lingerie. The Company has already opened two
Exclusive Outlets at Mega Mall, Oshiwara, Mumbai and Koram Mall, Thane. The Company
plans to open 8 more outlets during the current year mainly in western region
of the Country. The Company also market these products to MBO’s and have at
present reach of 300 MBO’s across Country
Form 8:
|
Corporate
identity number of the company |
U17297WB1986PTC040991 |
|
Name of the
company |
GINZA INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
11 Clive Row, 4th
Floor, Room No.1A/A, Kolkata- 700001, West |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property Current Assets of
the company |
|
Particular of
charge holder |
Union Bank of
India – Abdul Rehman Street Branch,
Bhagat Mansion, 176/180, Andul Rehman Street, Mumbai- 400003, Maharashtra,
India E-Mail : cbsarstreet@unionbankofindia.com
|
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation
agreement of goods and debts |
|
Date of
instrument Creating the charge |
24.06.2010 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.25% per annum
with monthly rests or at such other revised rate/s as may be prescribed by
the Bank from time to time depending upon the changes in the PLR of the Bank
or the directives of RBI. Terms of Repayment On demand Margin As per sanction
terms. Extent and Operation of the charge To secure Adhoc
Cash Credit (Hypothecation) facility of Rs. 15.000 millions granted by the
Bank to the Company. |
|
Particulars of
the property charged |
The Borrower
hereby Hypothecated by way of First Pari - Passu Charge in favour of the
Bank: 1.All Stock of Raw Materials, Semi Finished and Finished Goods of
Embroidery, Laces, Ready Made Undergarments which expression shall include
all Raw Materials, Semi Finished and Finished Goods, Consumable Stores and
Spares and Movable Property of any kind now or at any time hereafter
belonging to or at the disposal of the Borrower and which are now stored or
being stored or which hereafter may from time to time be brought into or
stored or be in or about the Borrower's premises or godown/s located at Sachin, Swat, Udhana, Daman,
Palghar and at Surat and other places hired by the Borrower. 2.The Borrower's
Book-Debts arising out of Sale Proceeds which shall include, Outstanding,
Monies, Deposits, Receivables, Claims and Bills, Contracts, Securities,
Investments which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing. 3.First Pari
Passu Charge on the Current Assets of the Company |
Fixed Assets
- Land
- Non-
- Plant and Machinery
- Electrical Installation
- Air Conditioner
- Furniture and Fixture
- Computer
- Office Equipments
- Vehicles
- Residential Flats
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES
|
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.