|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
EASTERN CHROME
TANNING CORPORATION (UNLIMITED) |
|
|
|
|
Registered
Office : |
29 (Old No.12), |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.11.2001 |
|
|
|
|
Com. Reg. No.: |
18-048052 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19111TN2001PLC048052 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE02414G |
|
|
|
|
TIN No.: |
33800461129 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of cow leather, goat leather,
leather shoes, finished shoes, shoe uppers. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track. There appears decline in
the sales turnover of the company over years. It has recorded very minimal
profits during 2011. Business is active. Payments are reported to be slow and delayed.
There also appears huge external borrowings by the company. The company can be considered for business dealings on a safe and
secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Crisil D (Letter of Credit and Bank
Facilities) |
|
Rating Explanation |
Default |
|
Date |
12.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Crisil D (Short Term) |
|
Rating Explanation |
Default |
|
Date |
12.07.2012 |
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.
LOCATIONS
|
Registered Office/ Corporate Office : |
29 (Old No.12), |
|
Tel. No.: |
91-44-28231104 (5 Lines) |
|
Fax No.: |
91-44-28210874/ 28231934 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Kandrikar Ehsan Ahmed |
|
Designation : |
Managing Director |
|
Address : |
5/3, |
|
Date of Birth/Age : |
13.04.1978 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00247285 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U18209JK1986PTC002898 |
UNICO LEATHER PRODUCT PRIVATE LIMITED |
Managing director |
15/02/2000 |
15/02/2000 |
- |
Active |
NO |
|
2 |
U19111TN2001PTC048052 |
EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED |
Managing director |
11/12/2001 |
11/12/2001 |
- |
Active |
NO |
|
3 |
U19115TN2006PTC059726 |
FLORA LEATHER FASHIONS PRIVATE LIMITED |
Director |
05/05/2006 |
05/05/2006 |
- |
Active |
NO |
|
Name : |
Mrs. Kandrikar Thaseen Fathima |
|
Designation : |
Whole Time Director |
|
Address : |
|
|
Date of Birth/Age : |
31.07.1969 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00390132 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U18209TN1987PTC014898 |
FLORAM SHOES (INDIA) PRIVATE LIMITED |
Director |
13/09/1990 |
13/09/1990 |
- |
Active |
NO |
|
2 |
U19111TN2001PTC048052 |
EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED |
Whole-time director |
11/12/2001 |
11/12/2001 |
- |
Active |
NO |
|
3 |
U19201TN1985PTC011880 |
FLORA FOOTWEAR PRIVATE LIMITED |
Director |
07/01/2002 |
07/01/2002 |
- |
Active |
NO |
|
Name : |
Mrs. Thadey Mohamadi Begum |
|
Designation : |
Director |
|
Address : |
5/3, |
|
Date of Birth/Age : |
29.04.1951 |
|
Date of Appointment : |
11.12.2001 |
|
DIN No.: |
00241950 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U18209TN1987PTC014898 |
FLORAM SHOES (INDIA) PRIVATE LIMITED |
Director |
22/09/1987 |
22/09/1987 |
- |
Active |
NO |
|
2 |
U19111TN2001PTC048052 |
EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED |
Director |
11/12/2001 |
11/12/2001 |
- |
Active |
NO |
|
3 |
U19201TN1978PTC007590 |
FLORIND SHOES PRIVATE LIMITED |
Director |
11/01/2002 |
11/01/2002 |
- |
Active |
NO |
|
4 |
U19116TN2006PTC059768 |
FLORIND UPPERS PRIVATE LIMITED |
Director |
10/05/2006 |
10/05/2006 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Thadey Mohamadi Begum |
190000 |
|
Ahmed Ehsan Kandrikar |
190000 |
|
Fathima Thaseen Kandrikar |
150000 |
|
Maryam Lubna Kandrikar |
150000 |
|
Mansoor Shahid Kandirkar |
190000 |
|
Akmal Mohamed Kandrikar |
190000 |
|
Rahman Ameenur Kandirkar |
190000 |
|
Mashkura Thadey |
190000 |
|
Fathima Naaz |
190000 |
|
Asfia S. |
190000 |
|
Ahmed Shafeeq N. |
90000 |
|
Rahman Hafeezur Kandrikar |
90000 |
|
|
|
|
TOTAL
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of cow leather, goat leather,
leather shoes, finished shoes, shoe uppers. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON: 31.03.2011)
|
Particulars |
Actual
Production |
|
Shoe Upper |
153312 |
|
Leather (In Pcs) (including purchase) |
349397 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Bankers : |
v
State Bank of India, Leather and International Branch,
“MVJ” Towers, No.177/1, P. H. Road, Kilpauk, Chennai – 600 010, Tamilnadu,
India v
ABN Amro Bank v
Indian Bank |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Venkataramani and Associates Chartered Accountants |
|
Address : |
No.13 (Old No.7) Thiru VI KA, |
|
Tel. No.: |
91-44-24993679 |
|
PAN No.: |
AADER1923Q |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
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 |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.816 |
31.505 |
26.866 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51.816 |
51.505 |
46.866 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
118.409 |
71.158 |
80.040 |
|
|
2] Unsecured Loans |
8.613 |
8.679 |
8.679 |
|
|
TOTAL BORROWING |
127.022 |
79.837 |
88.719 |
|
|
DEFERRED TAX LIABILITIES |
2.680 |
2.966 |
3.258 |
|
|
SIDBI Subsidy |
3.500 |
3.500 |
3.500 |
|
|
|
|
|
|
|
|
TOTAL |
185.018 |
137.808 |
142.343 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33.338 |
37.480 |
41.971 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.440 |
0.440 |
0.440 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
212.505
|
91.897
|
307.514 |
|
|
Sundry Debtors |
269.492
|
20.654
|
27.108 |
|
|
Cash & Bank Balances |
25.082
|
23.344
|
19.563 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
111.337
|
440.115
|
261.488 |
|
Total
Current Assets |
618.416
|
576.010 |
615.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
381.941
|
456.983
|
505.362 |
|
|
Other Current Liabilities |
71.456
|
7.060
|
0.000 |
|
|
Provisions |
13.779
|
12.079
|
10.379 |
|
Total
Current Liabilities |
467.176
|
476.122 |
515.741 |
|
|
Net Current Assets |
151.240
|
99.888
|
99.932 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
185.018 |
137.808 |
142.343 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
477.549 |
899.801 |
1605.734 |
|
|
|
Other Income |
58.998 |
56.206 |
10.870 |
|
|
|
TOTAL (A) |
536.547 |
956.007 |
1616.604 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials |
381.058 |
784.529 |
1342.443 |
|
|
|
Manufacturing Expenses |
84.876 |
114.385 |
225.797 |
|
|
|
Repairs and Maintenance |
8.151 |
9.988 |
13.257 |
|
|
|
Administrative Expenses |
20.828 |
14.809 |
11.941 |
|
|
|
Selling and Distribution Expenses |
5.063 |
7.472 |
1.897 |
|
|
|
TOTAL
(B) |
499.976 |
931.183 |
1595.335 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.571 |
24.824 |
21.269 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.870 |
13.726 |
13.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.701 |
11.098 |
7.391 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.975 |
5.557 |
6.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.726 |
5.541 |
1.030 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.414 |
0.902 |
3.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.312 |
4.639 |
(2.946) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.504 |
26.865 |
29.811 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
31.816 |
31.504 |
26.865 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
122.023 |
124.141 |
|
|
TOTAL EARNINGS |
0.000 |
122.023 |
124.141 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables |
0.000 |
85.104 |
74.969 |
|
|
|
Leather |
0.000 |
188.802 |
482.127 |
|
|
TOTAL IMPORTS |
0.000 |
273.906 |
557.096 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.16 |
2.32 |
(1.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.06
|
0.49
|
(0.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.36
|
0.62
|
0.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.26
|
0.90
|
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.11
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.52
|
10.79
|
12.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.21
|
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U19111TN2001PTC048052 |
|
Name of the
company |
EASTERN CHROME
TANNING CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
29 (Old No.12), College Road, Nugambakkam, Chennai – 600 006,
Tamilnadu, India E-mail: corporate@kargrp.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90293969 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Leather and International Branch, “MVJ” Towers,
No.177/1, P. H. Road, Kilpauk, Chennai – 600 010, Tamilnadu, India E-mail: dgm.07024@gmail.com |
|
Nature of
instrument creating charge |
1) Supplemental
Agreement of Loan for increase in the overall limit (Form C.1-A) 2) Supplemental
Agreement of Hypothecation of goods and assets for increase in the overall
limit (Form C.2-A) 3) Letter
regarding the grant of individual limits within the overall limit (Form C.5) 4) Hypothecation
Letter in respect of machines accepted as collateral security for advances. 5) EM Letter
dated 29th March 2012 |
|
Date of
instrument Creating the charge |
29.03.2012 |
|
Amount secured by
the charge |
Rs. 542.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of repayment As per agreement Margin Raw Materials :
25% Stock-in-process
: 25% Finished Goods :
25% LC : 10% BG : 10% Extent and operation of the charge As per Agreement |
|
Short particulars
of the property charged (Including location of the property) |
Primary
Security:- EPC / CC (Stocks)
: Hypothecation of entire current assets, viz, Raw Material, Stock in
Process, Finished Goods, Receivables, Stores, Spares, Consumables etc., FDB (Non LC) /
FDB (LC) : Documents of title to goods covered under the bills negotiated in
respect of DP bill and accepted B/E in case of DA bills and extension of
charge on current assets. LC (WC) :
Documents of title to goods / merchandise covered under LCs and charge on the
entire current assets as stipulated for CC (Hypothecation) facility. BG (WC) : Counter
guarantee from the company and extension of charge on the current assets. Clean Term Loan :
Extension of charge over the entire current assets / movable fixed assets of
the company. Term Loan :
Hypothecation of plant and machinery acquired / to be acquired out of term
loan. Collateral
Security:- EM Over leasehold
rights of Eastern Chrome Tanning Corporation Private Limited over all that
piece and parcel of land and factory buildings thereon situated at Solur
Village, Ambur Taluka, Vellore District, comprised in Survey Nos.73/1, 74/2,
74/3, 74/5 measuring a total extent of 6.39 acres bounded on the North by : Land
and building belonging to Shalimar Tanning Company, South by : Land
Tannery belonging to Kaka Mohamed Ismail Shaib, East by :
Boundaries of Pariyankuppam Village, West by : Chennai
Bangalore NH Road and situated within the registration Sub District of
Vellore and lying within the limits of Solur Panchyat. Hypothecation of
movable fixed assets belonging to the company (present and future). |
|
Date of
instrument modifying the charge |
24.12.2011 |
|
Particulars of
the present modification |
By the present
modification, The various
credit facilities enjoyed by the company now has been enhanced from
Rs.298.500 Millions to Rs, 542.500 Millions Equitable
Mortgage of properties listed in Sl No.15 (vi) to (xi) to cover the enhanced
credit facilities of Rs.542.500 Millions |
FIXED ASSETS
v Building
v Plant and machinery
v Computer
v Vehicles – heavy and light
v Furniture and fittings
v Electrical installation
v Air conditioners
v Firefighting equipment
v Office equipment
v Effluent treatment plant
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 Decaration :
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. 52.97 |
|
|
1 |
Rs. 85.45 |
|
Euro |
1 |
Rs. 69.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
16 |
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.