MIRA
INFORM REPORT
|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
GARWARE BESTRETCH LIMITED (w.e.f. 24.06.2008) |
|
|
|
|
Formerly Known
As : |
BESTRETCH ELASTOMERS INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
Chowpaty Chambers, Ground Floor, |
|
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.10.1994 |
|
|
|
|
Com. Reg. No.: |
11-142451 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.47.850 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24130MH1994PLC142451 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02886C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG8082C |
|
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer and Exporter of Latex (Natural Rubber) and
Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products. |
|
|
|
|
No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track. But there appears
slight dip in the profitability. However, general financial position of the
company appears to be good. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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
Management non co-operative
LOCATIONS
|
Registered Office : |
Chowpaty Chambers, Ground Floor, |
|
Tel. No.: |
91-22-23634696 |
|
Fax No.: |
91-22-23631120 |
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E-Mail : |
|
|
Website : |
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|
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|
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Corporate Office / Mailing Address
: |
Amar Avinash Corporate Plaza, 4th Floor, |
|
Tel. No.: |
91-20-30548333/ 30548444/ 30548555 / 30780000 |
|
Fax No.: |
91-20-66024140 |
|
E-Mail : |
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|
|
|
Factory : |
Plot No.C-2, MIDC Wai, District Satara, |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Ramesh Bhalchandra Garware |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Garware Farm, |
|
Date of Birth/Age : |
14.10.1940 |
|
Date of Appointment : |
01.02.2010 |
|
DIN No.: |
00104888 |
|
|
|
|
Name : |
Mr. Shripad Mukund Kuvelker |
|
Designation : |
Vice – Chairman |
|
Address : |
III – B, Paradise Apartment, |
|
Date of Birth/Age : |
15.02.1935 |
|
Date of Appointment : |
12.10.1994 |
|
DIN No.: |
00060810 |
|
|
|
|
Name : |
Mr. Shridhar Shrikrishna Rajpathak |
|
Designation : |
Director |
|
Address : |
A-101, S. No. 14, Nakshatra Apartment Erandawana, Pune – 411004, |
|
Date of Birth/Age : |
29.02.1951 |
|
Date of Appointment : |
05.10.2001 |
|
DIN No.: |
00040387 |
|
|
|
|
Name : |
Mr. Ramesh Manjnath Telang |
|
Designation : |
Director |
|
Address : |
122/2, Om Radha Kunj, |
|
Date of Birth/Age : |
04.04.1942 |
|
Date of Appointment : |
04.10.2004 |
|
DIN No.: |
00092103 |
|
|
|
|
Name : |
Mrs. Diya Garware Inbanez |
|
Designation : |
Director |
|
Address : |
Ramesh Garware Farm, |
|
Date of Birth/Age : |
25.09.1970 |
|
Date of Appointment : |
04.10.2004 |
|
DIN No.: |
00415841 |
|
|
|
|
Name : |
Mr. Vayu Ramesh Garware |
|
Designation : |
Director |
|
Address : |
Ramesh Garware Farm, |
|
Date of Birth/Age : |
18.02.1972 |
|
Date of Appointment : |
15.07.2008 |
|
DIN No.: |
00092201 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Ramesh Bhalchandra Garware |
533298 |
|
Ramesh Bhalchandra Garware (HUF) |
58888 |
|
Shripad Mukund Kuvelker |
2 |
|
Gurukrupa Investments and Trading Company Private Limited, |
2 |
|
Moonshine Investments and Trading Company Private Limited, |
2 |
|
Starshine Investments and Trading Company Private Limited, |
2 |
|
Manmit Investments and Trading Company Private Limited, |
2 |
|
Sanand Investments and Trading Company Private Limited, |
2 |
|
RSDV Investments Private Limited, |
2342801 |
|
Garware Capital Markets Limited, |
830000 |
|
Garware Securities Broking Limited, |
270000 |
|
Ceebeegee Investments Company Private Limited, |
400000 |
|
Diya Garware Inbanez |
175000 |
|
Vayu R. Garware |
175000 |
|
TOTAL
|
4784999 |
AS ON 28.03.2012
|
Names of Allottees |
No. of Shares |
|
Ramesh Bhalchandra Garware |
880000 |
|
TOTAL |
880000 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
80.30 |
|
Directors or relatives of Directors |
19.70 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Latex (Natural Rubber) and
Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products. |
||||
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|
||||
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Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Heat Resistant Rubber Tension Tape |
MT |
6300.00 |
5133.78 |
|
|
|
|
|
# Installed capacities are as certified by the Directors and relied upon
by the Auditors
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by Management |
||||||||||||||||||
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Bankers : |
·
Bank of India, 1162/6, Shivajinagar, University Road,
Pune-411005, Maharashtra, India ·
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Gokhale Tanksale and Ghatpande Chartered Accountants |
|
Address : |
102, R K Classic, New |
|
PAN No.: |
AACFG4275H |
|
|
|
|
Subsidiaries : |
Garware Motors Limited CIN No.: - U50100PN2008PLC131409 Single Point Distribution Limited CIN No.: - U60232PN2005PLC020856 ·
Elastomer Inc |
|
|
|
|
Other Related Parties : |
·
Garware Elastomerics Limited ·
Garware Capital Markets Limited ·
Garware-Wall Ropes Limited ·
Garware-Indus Consulting Limited ·
Garware Utzon (Cordage) Limited ·
Garware Securities Broking Limited ·
Gartex Industries Limited ·
Garware Environmental Services Private Limited ·
Ceebeegee Investments and Trading Company
(Private) Limited ·
Consolidated Agriculture and Dairy Farming
Company (Private) Limited ·
RSDV Investment Company (Private) Limited ·
RSDV Finance Company (Private) Limited ·
Gurukrupa investment and Trading Company
(Private) Limited ·
Moonshine Investment and Trading Company
(Private) Limited ·
Starshine Investment and Trading Company
(Private) Limited ·
Sanand Investment Company (Private) Limited ·
Sukukar holdings and Trading Company (Private)
Limited ·
Manmit Investment Company (Private) Limited ·
Suramex Exim (Private) Limited ·
Vimlabai Garware Research Institute ·
Garware Research Institute ·
Ramesh Trading Company ·
Sunita Trading Company ·
Diya Trading Company ·
Vayu Trading Company ·
Ram Corporation |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4784999 |
Equity Shares |
Rs.10/- each |
Rs. 47.850
Millions |
|
|
|
|
|
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5664999 |
Equity Shares |
Rs.10/- each |
Rs. 56.650
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 |
47.850 |
47.850 |
63.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
896.595 |
705.081 |
470.701 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
944.445 |
752.931 |
534.501 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.159 |
2.258 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
1.159 |
2.258 |
|
|
DEFERRED TAX LIABILITIES |
20.946 |
18.753 |
16.329 |
|
|
|
|
|
|
|
|
TOTAL |
965.391 |
772.843 |
553.088 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
200.254 |
185.612 |
141.937 |
|
|
Capital work-in-progress |
0.000 |
0.561 |
0.827 |
|
|
|
|
|
|
|
|
INVESTMENT |
157.226 |
37.042 |
17.043 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.154
|
47.609
|
55.570
|
|
|
Sundry Debtors |
361.377
|
260.305
|
226.931
|
|
|
Cash & Bank Balances |
75.520
|
275.359
|
123.278
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
302.348
|
124.910
|
86.471
|
|
Total
Current Assets |
810.399
|
708.183 |
492.250 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.044
|
34.014
|
16.272
|
|
|
Other Current Liabilities |
46.753
|
42.215
|
35.061
|
|
|
Provisions |
142.691
|
82.326
|
47.636
|
|
Total
Current Liabilities |
202.488
|
158.555 |
98.969 |
|
|
Net Current Assets |
607.911
|
549.628
|
393.281
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
965.391 |
772.843 |
553.088 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1367.599 |
1048.039 |
1088.167 |
|
|
|
Other Income |
14.802 |
19.199 |
5.479 |
|
|
|
TOTAL (A) |
1382.401 |
1067.238 |
1093.646 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
872.366 |
559.167 |
|
|
|
|
Manufacturing service costs |
78.496 |
59.106 |
|
|
|
|
Employee related expenses |
60.633 |
49.389 |
|
|
|
|
Administrative, selling and other expenses |
99.386 |
90.217 |
|
|
|
|
Prior period items |
0.281 |
(0.174) |
|
|
|
|
TOTAL (B) |
1111.162 |
757.705 |
860.490 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
271.239 |
309.533 |
233.156 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.085 |
0.132 |
8.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.154 |
309.401 |
224.177 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.483 |
9.708 |
8.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
259.671 |
299.693 |
215.522 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.254 |
40.122 |
28.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
205.417 |
259.571 |
186.750 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
662.622 |
454.200 |
267.450 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.542 |
25.957 |
0.000 |
|
|
|
Proposed/Interim Dividend |
0.000 |
16.747 |
0.000 |
|
|
|
Final Dividend |
11.962 |
4.785 |
0.000 |
|
|
|
Tax on Proposed/Interim Dividend |
1.941 |
2.847 |
0.000 |
|
|
|
Tax on Final Dividend |
0.000 |
0.813 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
833.594 |
662.622 |
454.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1129.049 |
875.707 |
933.311 |
|
|
|
Insurance Claim |
0.000 |
0.033 |
0.000 |
|
|
TOTAL EARNINGS |
1129.049 |
875.740 |
933.311 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3.375 |
1.016 |
1.973 |
|
|
|
Consumables, Stores & Spares |
2.129 |
1.912 |
2.143 |
|
|
|
Traded Goods |
0.276 |
0.214 |
0.000 |
|
|
TOTAL IMPORTS |
5.780 |
3.142 |
4.116 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.93 |
47.03 |
29.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.86
|
24.32 |
17.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.99
|
28.60 |
19.81
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.69
|
33.53 |
33.98
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.40 |
0.40
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.24 |
0.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.00
|
4.47 |
4.97
|
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) |
Yes |
|
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 |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
13.044 |
34.014 |
16.272 |
|
|
|
|
|
|
TOTAL |
13.044 |
34.014 |
16.272 |
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80010053 |
|
Corporate
identity number of the company |
U24130MH1994PLC142451 |
|
Name of the company
|
Garware Bestretch
Limited |
|
Address of the
registered office or of the principal place of business in |
Chowpaty
Chambers Ground Floor, Mumbai – 400007, |
|
Type of charge |
Book Debts Movable Property Others: Movable
Fixed Assets |
|
Particular of
charge holder |
Bank of |
|
Nature of description
of the instrument creating or modifying the charge |
Third
Supplemental Joint Deed of Hypothecation and Supplemental Working Capital
Consortium Agreement both dated 31/3/2009. There is no enhancement in the
aggregate limit of Rs.368.5000 Millions but there is a deletion of one bank
from the Consortium, and hence revision in the sharing pattern. |
|
Date of
instrument Creating the charge |
31.03.2009 |
|
Amount secured by
the charge |
Rs.368.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Various rates of interest/margin for working capital by Consortium. |
|
Short particulars
of the property charged |
All current
assets and movable fixed assets at C-2, MIDC Wai, District Satara 412803,
and/ or at the Company's Corporate Office at Amar Avinash Corporate Plaza,
4th Floor, Bund Garden Road, Pune 411001 and/ or whosesoever situated, and
/or in transit. |
|
Date of latest
modification prior to the present modification |
14.09.2006 |
|
Particulars of
the present modification |
Redistribution of
existing limits of Rs.368.500 Millions, due to deletion of one bank viz SBI
from the Consortium. |
FIXED ASSETS
· Leasehold Property
· Building
· Plant and Machinery
· Office Equipment
· Vehicles
· 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. 53.63 |
|
|
1 |
Rs. 86.17 |
|
Euro |
1 |
Rs. 69.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.