|
Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
INFINITI RETAIL LIMITED [w.e.f. 28.09.2006] |
|
|
|
|
Formerly Known
As : |
VALVES ELECTRONICS LIMITED |
|
|
|
|
Registered Office
: |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158120 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2800.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900MH2005PLC158120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV13188A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6880000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Tata Sons Limited an investment company of country’s
premier industrial house. There appears to be some losses incurred by the
company. However trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. In view of strong Holding Company the subject 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1 [Short Term Bank Facility] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
02.04.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A+ [Long Term Bank Facility] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
02.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Atul Vaidya |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66658282 |
|
Date : |
03.10.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-67613600 |
|
Fax No.: |
91-22-67101903 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-67101900 |
|
Fax No.: |
91-22-67101903 |
|
|
|
|
CROMA (Juhu Office) : |
CROMA Ground Floor, Vasundhara CHS, |
|
Tel. No.: |
91-22-67103333 |
|
Fax No.: |
91-22-67107630 |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Rayaroth Kariandi Krishna Kumar |
|
Designation : |
Chairman |
|
Address : |
‘Apsara’ NCPA Complex, Flat No. 213, B Block, Nariman Point, Mumbai –
400 021, |
|
Date of Birth/Age : |
18.07.1938 |
|
Date of Appointment : |
18.05.2006 |
|
Din No.: |
00027941 |
|
|
|
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar
Sankul, Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061, |
|
Date of Birth/Age : |
12.05.1960 |
|
Date of Appointment : |
27.11.2006 |
|
Din No.: |
01265581 |
|
|
|
|
Name : |
Mr. Arunkumar Ramanlal Gandhi |
|
Designation : |
Director |
|
Address : |
Akruti Astha, 23 G, Dongarsey Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
15.03.1943 |
|
Date of Appointment : |
25.03.2010 |
|
Din No.: |
00007597 |
|
Voter ID No.: |
MT/04/024/0183220 |
|
|
|
|
Name : |
Mr. Jimmy Bilimoria |
|
Designation : |
Director |
|
Address : |
5 Battery House, 2nd Floor, 74, Bhulabhai Desai Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1947 |
|
Date of Appointment : |
06.10.2009 |
|
Din No.: |
00112654 |
|
|
|
|
Name : |
Mr. Rajendra R Bhinge |
|
Designation : |
Director |
|
Address : |
83, |
|
Date of Birth/Age : |
29.05.1952 |
|
Date of Appointment : |
16.12.2005 |
|
Din No.: |
00036557 |
|
Voter ID No.: |
JRW0961086 |
|
|
|
|
Name : |
Mr. Pankaj K Gupta |
|
Designation : |
Director |
|
Address : |
B 7, Sneh |
|
Date of Birth/Age : |
07.08.1972 |
|
Date of Appointment : |
16.12.2005 |
|
Din No.: |
00467066 |
KEY EXECUTIVES
|
Name : |
Mr. Taher Ali |
|
Designation : |
Assistant Manager – Legal and Company Secretary |
|
Address : |
Flat No. 804, Wing – C, Nilgiri, Bamandaya Pada, Opp. Custom Colony,
Military Road, Marol, Andheri East, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1975 |
|
Date of Appointment : |
18.09.2006 |
|
Pan No.: |
AFTPA1071M |
|
|
|
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar Sankul,
Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061, |
|
Date of Birth/Age : |
12.05.1960 |
|
Date of Appointment : |
27.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
239999994 |
|
Tata Sons Limited, India and
Phillie Dara Karkaria, |
|
1 |
|
Tata Sons Limited, India and
Bharat D Vasani, India |
|
1 |
|
Tata Sons Limited, India and
Rohinton P Wadia, India |
|
1 |
|
Tata Sons Limited, India and
Kersi Rustom Bhagat, India |
|
1 |
|
Tata Sons Limited, India and
Manoj Kumar Cheranalloor Vasudevan, India |
|
1 |
|
Tata Sons Limited, India and
Eruch N. Kapadia, India |
|
1 |
|
|
|
|
|
TOTAL
|
|
240000000 |
AS ON 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
|
Address : |
No. 98-A, IV Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600
004, |
|
Tel. No.: |
91-44-28478701/2 |
|
Fax No.: |
91-44-28478705 |
|
E-Mail : |
|
|
PAN No: |
AAOFS2783G |
|
|
|
|
Holding Company : |
Tata Sons Limited CIN No.: U99999MH1917PLC000478 |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000000 |
Equity Shares |
Rs.10/- each
|
Rs.2400.000
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
280000000 |
Equity Shares |
Rs.10/- each
|
Rs.2800.000
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 |
2800.000 |
2400.000 |
2200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1948.000 |
368.700 |
0.000 |
|
|
4] (Accumulated Losses) |
(3027.700) |
(2413.900) |
(1689.838) |
|
|
NETWORTH |
1720.300 |
354.800 |
510.162 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1250.000 |
1452.400 |
251.625 |
|
|
2] Unsecured Loans |
0.000 |
50.000 |
652.548 |
|
|
TOTAL BORROWING |
1250.000 |
1502.400 |
904.173 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2970.300 |
1857.200 |
1414.335 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
954.600 |
727.000 |
619.227 |
|
|
Capital work-in-progress |
43.000 |
66.500 |
16.385 |
|
|
|
|
|
|
|
|
INVESTMENT |
262.300 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1448.500
|
946.000 |
635.528
|
|
|
Sundry Debtors |
304.500
|
114.900 |
104.707
|
|
|
Cash & Bank Balances |
171.200
|
179.100 |
100.293
|
|
|
Other Current Assets |
0.000
|
0.00 |
0.000
|
|
|
Loans & Advances |
742.700
|
627.100 |
482.641
|
|
Total
Current Assets |
2666.900
|
1867.100 |
1323.169 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
110.900
|
178.400 |
263.500
|
|
|
Other Current Liabilities |
784.800
|
587.000 |
284.907
|
|
|
Provisions |
60.800
|
46.700 |
9.617
|
|
Total
Current Liabilities |
956.500
|
812.100 |
558.024
|
|
|
Net Current Assets |
1710.400
|
1055.000 |
765.145
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
8.700 |
13.578 |
|
|
|
|
|
|
|
|
TOTAL |
2970.300 |
1857.200 |
1414.335 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15434.800 |
10214.000 |
6574.800 |
|
|
|
Other Income |
55.600 |
17.100 |
4.100 |
|
|
|
TOTAL (A) |
15490.400 |
10231.100 |
6578.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Related Expenses |
515.100 |
325.861 |
289.600 |
|
|
|
Administrative Selling Other Expenses |
1784.400 |
1309.239 |
1082.400 |
|
|
|
Consumption Materials Changes Inventories |
13495.200 |
9083.000 |
5944.900 |
|
|
|
Restructuring Charges |
0.000 |
4.900 |
4.900 |
|
|
|
Exceptional Income Expenses [Net] |
21.100 |
10.500 |
7.500 |
|
|
|
Prior Period Items |
0.000 |
10.500 |
0.000 |
|
|
|
TOTAL (B) |
15815.800 |
10744.000 |
7329.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(325.400) |
(512.900) |
(750.400) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
180.200 |
149.000 |
63.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(505.600) |
(661.900) |
(814.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
108.200 |
62.300 |
47.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(613.800) |
(724.200) |
(861.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
2.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(613.800) |
(724.200) |
(863.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2413.900) |
(1689.700) |
(825.800) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3027.700) |
(2413.900) |
(1689.700) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [Sales] |
NA |
5.900 |
1.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fixed Assets [Stores & Spares] |
NA |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.53) |
(3.29) |
(4.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3.96)
|
(7.07) |
(13.13)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.97)
|
(7.09) |
(13.10)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.95)
|
(27.92) |
(44.36)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.35)
|
(2.04) |
(1.68)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
6.52 |
2.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.30 |
2.37
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
PARTICULARS |
31.03.2011 (Rs. In Millions) |
31.03.2010 (Rs. In Millions) |
31.03.2009 (Rs. In Millions) |
|
SUNDRY CREDITORS |
|
|
|
|
Due small micro
enterprises |
0.100 |
1.000 |
1.400 |
|
Due others |
110.800 |
177.400 |
262.100 |
|
TOTAL |
110.900 |
178.400 |
263.500 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
FORM NO. 8:
|
This form is for |
Modification of
charge |
||||||
|
Name of the
company |
Infiniti Retail Limited |
||||||
|
Corporate
identity number of the company |
U31900MH2005PLC158120 |
||||||
|
Address of the
registered office or of the principal place of business in |
|
||||||
|
Type of charge |
|
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Letter of Hypothecation No. 3 |
||||||
|
Date of instrument
Creating the charge |
06.05.2010 |
||||||
|
Amount secured by
the charge |
Rs.600.000
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI as may be mutually
agreed between the bank and the company. Terms of
Repayment On Demand Margin Margin as may be
stipulated by the bank from time to time Extent and
Operation of the charge First pari passu
charge on stocks, book debts and movable fixed assets of Infiniti Retail
Limited both Present and Future Others : Nil |
||||||
|
Short particulars
of the property charged (Including location of the property) |
First Pari passu
charge on all stocks and book debts both present and future |
||||||
|
Date of instrument
modifying the charge |
19.01.2010 |
||||||
|
Particulars of
the present modification |
The present
charge is extended due to sanction of Additional credit facilities of Rs.
200.000 millions by HDFC Bank Limited This facility is in addition to earlier
facility of Rs. 400.000 millions sanctioned by HDFC Bank Limited to Infiniti
Retail Limited Total facility after sanction of Additional facility and this
modification is amounting to rs. 600.000 millions |
FIXED ASSETS:
TANGIBLE ASSETS
·
Leasehold improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
INTANGIBLE ASSETS:
·
Brand
·
ERP Software
·
Website Development
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.97 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.67.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.