MIRA INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL MILLS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
GODREJ PILLSBURY LIMITED |
|
|
|
|
Registered
Office : |
902, Ventura,
Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.11.1995 |
|
|
|
|
Com. Reg. No.: |
11-094741 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 865.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15510MH1995PTC094741 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08352B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1773B / AAHPK0152E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Retail, Bakery and Food
Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3167600 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
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|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. There appear some accumulated losses in of the company which seems to be
reducing. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
caution. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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
MANAGEMENT NON-COOPERATIVE [91-22-40430430]
LOCATIONS
|
Registered Office : |
902, Ventura, Hiranandani
Business Park, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-40430430 |
|
Fax No.: |
91-22-25708949 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Ketan Navinchandra Desai |
|
Designation : |
Alternate director |
|
Date of Appointment : |
26.09.2012 |
|
DIN No.: |
00725147 |
|
|
|
|
Name : |
Mary Johanna Ekman |
|
Designation : |
Director |
|
Address : |
5003, Arden Ave, Edina Minneapolis, USA 55424 |
|
Date of Birth/Age : |
06.03.1964 |
|
Date of Appointment : |
20.08.2009 |
|
DIN No.: |
02810106 |
|
|
|
|
Name : |
Su Ann Tech |
|
Designation : |
Director |
|
Address : |
24, Radnor Street, Camberwell, VIC 3124, Australia |
|
Date of Birth/Age : |
28.05.1971 |
|
Date of Appointment : |
22.07.2010 |
|
DIN No.: |
03164091 |
|
|
|
|
Name : |
Mr. Nilesh Ramchandra Lele |
|
Designation : |
Alternate director |
|
Address : |
A-36, Kamalpushpa Bandra Reclamation, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
24.09.1969 |
|
Date of Appointment : |
24.11.2010 |
|
DIN No.: |
03372259 |
|
|
|
|
Name : |
Mr. Vijay Kumar Sood |
|
Designation : |
Director |
|
Address : |
Apartment No. 422, Marriott Executive Apartments, Lakeside Chalet No. 2
and 3 B, Near Chinmayanand Ashram, Powai, Mumbai – 400087, Maharashtra, India
|
|
Date of Birth/Age : |
13.05.1950 |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
05193959 |
|
|
|
|
Name : |
Mr. Manish Kumar Shukla |
|
Designation : |
Director |
|
Address : |
Flat No. 304, Daffodil Dream Flower, Block No. 847, Near Golden
Horizen School, Upnagar, Nashik – 422101, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1972 |
|
Date of Appointment : |
14.02.2010 |
|
DIN No.: |
05195197 |
KEY EXECUTIVES
|
Name : |
Vijaya Parameswaran |
|
Designation : |
Company Secretary |
|
Address : |
A-301, Maruti Apartment, J.N. Road, Mulund (West), Mumbai – 400080,
Maharashtra, India |
|
Date of Birth/Age : |
21.06.1963 |
|
Date of Appointment : |
15.02.2002 |
|
PAN No.: |
AAHFP7398Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
General Mills International Businesses Inc., USA |
|
1 |
|
General Mills Mauritius Inc., Port Louis |
|
86510834 |
|
|
|
|
|
Total |
|
86510835 |
AS ON 28.03.2013
|
Names of Allottee |
|
No. of Shares |
|
General Mills Mauritius Inc., Port Louis |
|
9000000 |
|
|
|
|
|
Total |
|
9000000 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Retail, Bakery and Food
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· Citibank · Bank of America · Standard Chartered Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Holding Company : |
General Mills
Mauritius Inc., Mauritius |
|
|
|
|
Ultimate Holding company : |
General Mills Inc,
USA |
|
|
|
|
Fellow Subsidiary Company : |
· General Mills Marketing Inc, USA · General Mills International SARL · General Mills Cananda Corp. · General Mills Sales, Singapore · General Mills Asia Pacific · General Mills UK Limited |
CAPITAL STRUCTURE
AFTER 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1805.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,510,835 |
Equity Shares |
Rs. 10/- each |
Rs. 955.108
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1805.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86,510,835 |
Equity Shares |
Rs. 10/- each |
Rs. 865.108
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
865.100 |
865.100 |
|
(b) Reserves & Surplus |
|
(73.200) |
(160.300) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
791.900 |
704.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
3.500 |
5.200 |
|
(d)
long-term provisions |
|
26.500 |
35.800 |
|
Total
Non-current Liabilities (3) |
|
30.000 |
41.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
768.600 |
406.300 |
|
(b)
Trade payables |
|
159.800 |
223.000 |
|
(c)
Other current liabilities |
|
342.000 |
298.100 |
|
(d)
Short-term provisions |
|
8.200 |
6.800 |
|
Total
Current Liabilities (4) |
|
1278.600 |
934.200 |
|
|
|
|
|
|
TOTAL |
|
2100.500 |
1680.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
567.400 |
602.300 |
|
(ii)
Intangible Assets |
|
4.100 |
5.100 |
|
(iii)
Capital work-in-progress |
|
74.700 |
28.800 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
324.300 |
285.800 |
|
(e)
Other Non-current assets |
|
0.700 |
0.700 |
|
Total
Non-Current Assets |
|
971.200 |
922.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
612.600 |
324.900 |
|
(c)
Trade receivables |
|
429.000 |
338.800 |
|
(d)
Cash and cash equivalents |
|
23.100 |
23.600 |
|
(e)
Short-term loans and advances |
|
64.600 |
70.000 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1129.300 |
757.300 |
|
|
|
|
|
|
TOTAL |
|
2100.500 |
1680.000 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
865.108 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
37.218 |
|
|
4] (Accumulated Losses) |
|
|
(228.112) |
|
|
NETWORTH |
|
|
674.214 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
225.000 |
|
|
TOTAL BORROWING |
|
|
225.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
899.214 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
474.027 |
|
|
Capital work-in-progress |
|
|
10.496 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
260.350 |
|
|
Sundry Debtors |
|
|
235.248 |
|
|
Cash & Bank Balances |
|
|
77.201 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
334.606 |
|
Total
Current Assets |
|
|
907.405 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
384.233 |
|
|
Other Current Liabilities |
|
|
85.253 |
|
|
Provisions |
|
|
23.228 |
|
Total
Current Liabilities |
|
|
492.714 |
|
|
Net Current Assets |
|
|
414.691 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
899.214 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
4677.400 |
3903.800 |
3329.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
87.100 |
30.600 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.11 |
0.35 |
NA
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.86
|
0.78 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.97
|
0.58 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.81 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
|
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 |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
550.000 |
140.000 |
|
Loans repayable on demand |
218.600 |
266.300 |
|
Total |
768.600 |
406.300 |
|
SHORT TERM
BORROWINGS a) Cash Credit from Citibank carried interest @ 11.65% . The loan is
payable on demand from the date of loan. The cash credit is guaranteed by the
ultimate holding company (General Mills Inc) b) Working Capital loan from Bank of America is repayable on demand
and carries interest @11.25%. The working capital loan is guaranteed by the
ultimate holding company (General Mills Inc) c) Overdraft from Standard Chartered Bank carries interest @11.25%.
The working capital loan. is guaranteed by the ultimate holding company
(General Mills Inc) |
||
BACKGROUND
Subject was incorporated as a private limited company on 23 November
1995 and is a 100% subsidiary of General Mills Inc. and its affiliates.
The Company operates exclusively in the consumer food industry with two
primary operating segments organised by product categories. The primary
operating segments are Retail and 'Bakery and Food Services ('B and FS').
Retail segment consists of Atta, Semiya, Oven Cake Mix, Canned corn etc. B and
FS segment consists of products marketed to bakeries and other commercial/
non-commercial food service sectors. The Company processes Atta, Semiya and
multi grain atta under manufacturing agreements with third parties
(Co-Packers), manufactures B and FS products at its Nashik plant.
The Company also renders through the Global business services (GBS) to
cater to the knowledge processing, business processing and other such
requirements of the General Mills Group.
COMPANY PERFORMANCE
The Company posted a year of even performance, in the face of extraordinary challenges. The Company had to deal with major challenges of abnormal inflation of input costs and the need to finance new businesses. Despite the competitive challenges they managed to grow reasonably well. However, the Company had to invest more money into new businesses than planned. This was done in order to secure the longer term profit and growth objectives.
The Total Net Income for the year increased to Rs. 4677.400 Millions (vs. last year Rs. 3903.800 Millions).
There were several significant events and achievements which are worth being proud of.
Their flagship product, Pillsbury Chakki Fresh Atta, posted a year of strong performance. This was achieved despite carrying a significant price premium to competition, demonstrating the power of the brand that your Company has built with the consumers over time.
Bakery and Food service business also posted a very promising performance. They are on a continuous basis implementing and upgrading our ERP system, to enable us leverage the benefits of the process design effectively and also facilitate the Company in achieving improved operational efficiencies.
NEW PROJECTS
The Company is committed to delivering superior and consistent quality products benchmarked to international standards. They have a stringent quality policy that is adhered to across all General Mills India plants/co-packers. Their Quality and Regulatory Operations regularly conducts audits across all plants to ensure adherence to the highest quality standards. Their Quality team ensured that they complied to changed food labelling as per the new integrated Food law (FSSAI).
The Company is working on a number of new product ideas/consolidated new launches in the ready-to-eat and convenience food segments for both the domestic and overseas market leveraging on the in-house capability of the Research and Development center at Mumbai.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
a) Demands in respect of which appeals have been filed |
|
|
|
-
Sales Tax |
155.200 |
147.600 |
|
-
Commercial Tax |
15.300 |
7.900 |
|
b) Bank Guarantee |
9.900 |
9.900 |
|
c) Claims against the Company not acknowledged as debts does not
include any claims raised by the business associate with whom Company
terminated the agreement as the Company believes that this is frivolous in
nature. |
||
FIXED ASSETS:
·
Land
·
Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
· Computer software
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. 63.73 |
|
|
1 |
Rs. 99.79 |
|
Euro |
1 |
Rs. 85.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.