MIRA
INFORM REPORT
|
Report Date : |
21.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LONGOWALIA YARNS LIMITED (w.e.f. 04.01.2006) |
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|
|
|
Formerly Known
As : |
AMARSON YARNS |
|
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Registered
Office : |
G.T. Road, Doraha, Ludhiana - 141421, Punjab |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.06.1994 |
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|
|
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Com. Reg. No.: |
16-014692 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 73.688 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17115PB1994PLC014692 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4409R |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Yarn |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1900000 |
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|
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 huge external borrowings recorded by the company. It is
also susceptible to volatility in raw material prices. However, trade relations are reported as fair. Business is active.
Payment terms are reported as 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.
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 |
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 |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
09.10.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
09.10.2012 |
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 / Factory : |
G.T. Road, Doraha, Ludhiana - 141421, Punjab, India |
|
Tel. No.: |
91-1628-258455 / 259466 |
|
Fax No.: |
91-1628-257688 |
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E-Mail : |
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|
Website : |
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Head Office : |
43, Mall Enclave, Ludhiana, Punjab, India |
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Branch Office : |
Khasra No.80/2/3, Street No.6, Vashist Enclave, Burari, Delhi, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sanjay Garg |
|
Designation : |
Director |
|
Address : |
Kothi No.178, Sector – 6, Panchkula – 134109, Haryana, India |
|
Date of Birth/Age : |
06.02.1972 |
|
PAN No. : |
AAZPG7140C |
|
Date of Appointment : |
05.01.2001 |
|
DIN No.: |
00205161 |
|
|
|
|
Name : |
Mr. Gian Chand Garg |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
Kothi No.178, Sector – 6, Panchkula – 134109, Haryana, India |
|
Date of Birth/Age : |
28.03.1946 |
|
PAN No. : |
ABAPG8381P |
|
Date of Appointment : |
05.01.2001 |
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DIN No.: |
00205233 |
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|
|
|
Name : |
Mrs. Aarti Garg |
|
Designation : |
Whole-Time Director |
|
Address : |
Kothi No.178, Sector – 6, Panchkula – 134109, Haryana, India |
|
Date of Birth/Age : |
10.05.1972 |
|
PAN No. : |
ADCPG6912G |
|
Date of Appointment : |
30.04.2008 |
|
DIN No.: |
02166856 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Gian Chand Garg S/O Sh. Kaur Sain Garg |
|
1194870 |
|
Sanjay Garg S/O Sh Gian Chand Garg |
|
5043860 |
|
Sanjay Garg and Sons (H.U.F) |
|
30000 |
|
Aarti Garg W/O Sanjay Garg |
|
70000 |
|
Classic International Private Limited, India |
|
157300 |
|
Sunil Jain S/O Sh. O. P. Jain |
|
3770 |
|
Reema Jain, W/O Sunil Jain |
|
100 |
|
Jagdish Chander S/O S. Chander |
|
100 |
|
Nakodaji Buildwell Limited, India |
|
32500 |
|
Nepostal System Private Limited, India |
|
62500 |
|
Brahmand System Private Limited |
|
67500 |
|
St Trance Sound Prwate Limited, India |
|
107500 |
|
Sharan Exports (India) Limited, India |
|
85000 |
|
Symbolic Finance and Investment Private Limited, India |
|
95000 |
|
Dico Transport Limited, India |
|
25000 |
|
Angoora Tradefin Private Limited, India |
|
25000 |
|
Jai Jeen Mata Marketing Private Limited, India |
|
25000 |
|
Ranakpur Security Limited, India |
|
25000 |
|
Swarna Bui Lwell Limited, India |
|
56250 |
|
Sunder Build Well Limited, India |
|
35000 |
|
P P Syntex Private Limited, India |
|
61250 |
|
Shoveller Infracon Limited, India |
|
68000 |
|
Hum Tum Builders Limited, India |
|
38250 |
|
Opal Build Well Private Limited, India |
|
10000 |
|
Future Corporation Limited, India |
|
50000 |
|
Total |
|
7368750 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
13.92 |
|
Directors or relatives of Directors |
86.08 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn |
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Products : |
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PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
|
Synthetic Yarn Plant (No. of Spindles) |
Kgs P.D. |
11520 |
|
Cotton Yarn |
Kgs P.D. |
12000 |
|
Particulars |
Actual
Production |
|
Acrylic Yarn |
3600.00 |
|
Cotton Yarn |
772967.00 |
|
Polyester Blended Yarn |
4969009.00 |
|
PC Yarn |
232363.98 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Allahabad Bank, Sco: 91-93, Sector- 8C, Chandigarh - 160009, Chandigarh, India · Punjab and Sind Bank ·
Kotak Mohindra Bank |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S Kumar Gupta and Associates Chartered Accountants |
|
Address : |
Sco: 35, 1st Floor, Madhya Marg, Sector 26, Chandigarh - 160026, Punjab, India |
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Tel. No.: |
91-172-5009400-01-02 |
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Fax No.: |
91-172-5009400 |
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E-Mail : |
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PAN.: |
AECPG2057F |
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|
Associates : |
Deepak Cosmo Limited CIN No.: U92140HP1981PLC027185 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7368750 |
Equity Shares |
Rs.10/- each |
Rs.73.688
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Gian Chand Garg |
11,94,870 |
16.22% |
|
Sanjay Garg |
50,43,860 |
68.45% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
73.688 |
65.000 |
65.000 |
|
|
2] Share Application Money |
84.741 |
140.141 |
0.141 |
|
|
3] Reserves & Surplus |
324.623 |
72.798 |
54.421 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
483.052 |
277.939 |
119.562 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
624.428 |
516.258 |
347.434 |
|
|
2] Unsecured Loans |
37.295 |
31.034 |
67.342 |
|
|
TOTAL BORROWING |
661.723 |
547.292 |
414.776 |
|
|
DEFERRED TAX LIABILITIES |
27.265 |
25.165 |
19.227 |
|
|
|
|
|
|
|
|
TOTAL |
1172.040 |
850.396 |
553.565 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
318.769 |
352.193 |
240.829 |
|
|
Capital work-in-progress |
211.465 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Other Non-Current Assets |
33.761 |
9.818 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
325.134
|
316.007 |
178.751 |
|
|
Sundry Debtors |
122.880
|
144.885 |
116.219 |
|
|
Cash & Bank Balances |
46.370
|
2.761 |
0.867 |
|
|
Other Current Assets |
63.213
|
66.957 |
3.783 |
|
|
Loans & Advances |
95.201
|
33.376 |
59.068 |
|
Total
Current Assets |
652.798
|
563.986 |
358.688 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.028
|
63.179 |
22.615 |
|
|
Other Current Liabilities |
7.632
|
6.422 |
23.562 |
|
|
Provisions |
6.093
|
6.000 |
0.413 |
|
Total
Current Liabilities |
44.753
|
75.601 |
46.590 |
|
|
Net Current Assets |
608.045
|
488.385 |
312.098 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.638 |
|
|
|
|
|
|
|
|
TOTAL |
1172.040 |
850.396 |
553.565 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1848.100 |
1259.884 |
807.396 |
|
|
|
Other Income |
33.676 |
27.030 |
0.874 |
|
|
|
TOTAL (A) |
1881.776 |
1286.914 |
808.270 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1754.809 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(27.556) |
(21.234) |
746.049 |
|
|
|
Employee benefit expense |
19.405 |
17.740 |
|
|
|
|
Other expenses |
26.800 |
11.878 |
|
|
|
|
TOTAL (B) |
1773.458 |
1195.413 |
746.049 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
108.318 |
91.501 |
62.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.466 |
33.191 |
25.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.852 |
58.310 |
36.788 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.609 |
28.259 |
20.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
31.243 |
30.051 |
16.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.193 |
11.938 |
5.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
23.050 |
18.113 |
10.746 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
338.116 |
114.839 |
NA |
|
|
TOTAL EARNINGS |
338.116 |
114.839 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
95.464 |
70.982 |
NA |
|
|
|
Stores & Spares |
1.573 |
1.246 |
NA |
|
|
|
Capital Goods |
18.299 |
34.830 |
NA |
|
|
TOTAL IMPORTS |
115.336 |
107.058 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
|
3.13 |
2.79 |
1.81 |
|
|
|
|
1.45 |
0.88 |
1.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.22
|
1.41 |
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.69
|
2.39 |
2.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
3.28 |
2.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
2.24 |
3.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
14.59
|
7.46 |
7.70 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
REVIEW OF OPERATIONS
AND FUTURE PROSPECTS:
During the financial year, the company’s total income amounted to Rs. 1881.776 Millions which is higher than the previous year’s income of Rs. 1286.914 Millions. On the other hand the expenditure (inclusive of Depreciation) of the company has been increased from Rs. 1256.863 Millions to Rs.1850.533 Millions during the period. Resultantly the net surplus (after tax) of the company amounted to Rs. 23.050 Millions, which is greater than the previous year’s surplus of Rs. 18.113 Millions. Which has been carried to the Balance Sheet. The management is initiating steps for further improving the profitability position of the company.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Bank Guarantee |
0.498 |
3.954 |
|
Bill Discounting (ILC) |
23.267 |
1.486 |
|
Bill Discounting (FLC) |
85.694 |
8.046 |
|
LC Outstanding |
64.998 |
38.310 |
|
Entry Tax on Purchase |
8.942 |
-- |
|
Interest on Entry Tax |
0.648 |
-- |
|
EPCG Licence Duty Saved |
65.407 |
-- |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U17115PB1994PLC014692 |
||||||||||||||||||||||||||||
|
Name of the
company |
LONGOWALIA YARNS
LIMITED |
||||||||||||||||||||||||||||
|
Address of the
registered office or of the principal place of business in |
G.T. Road, Doraha, Ludhiana - 141421, Punjab, India |
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This form is for |
Modification of charge |
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Charge
identification (ID) number of the charge to be modified |
10295976 |
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Type of charge |
· Immovable property · Movable property (not being pledge) |
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Particular of
charge holder |
Allahabad Bank, Sco: 91-93, Sector- 8C, Chandigarh - 160009, Chandigarh, India |
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Nature of instrument
creating charge |
-Joint Deed of Hypothecation -Interse Agreement for Sharing of Securities -Common Loan Agreement -Security Agent Appointment Agreement -Interse Agreement (Consortium Term Loan) -Memorandum of Entry |
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Date of instrument
Creating the charge |
14.10.2011 |
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Amount secured by
the charge |
Rs.571.000
millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI: Br Plus 3.00%
P.A. Presently Effective ROI 13% P.A. Terms of Repayment Repayable By Way
Of 32 Equal Quarterly Instalments of Rs. 18.000 Millions Each Commencing From
April 2013. Margin 28.77% of The
Project Cost Extent and Operation of the charge 100% |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
E/M By Deposit Of Sale Deed Regd. Vide W.No. 289.Jild No. 1927 Dated 02.05.2011 (2), Sale Deed Registered With Sub Registrar Payal (Ludhiana) Vide W No. 290 Jild No. 1927 Dated 02.05.2011 (3) Sale Deed Registered With Sub Registrar Payal (Ludhiana) Vide W No. 291 Jild No. 1927 Dated 02.05.2011 (4), Sale Deed Registered With Sub Registrar Payal (Ludhiana) Vide W No. No. 292 Jild No. 1927 Dated 02.05.2011 (1) Property Land Measuring 12 Bighas Biswas Comprised In Khasra No. 723 (4-5), 724(8-13), 725(6-5), 726(6-11) and Khata No. 1/51 As Per Jamabandi For 2008-09. Hadbast No. 238 Situated At Village Bishanpura Tehsil Payal and District Ludhiana. (2) Property Land Measuring 3 Bighas Biswas Comprised In Khasra No. 736 (6-5), and Khata No. 1/48 As Per Jamabandi For 2008-09. Hadbast No. 238, Situated At Village Bishanpura Tehsil Payal and District. Ludhiana. (3) Property Land Measuring 13 Bighas 6 Biswas 13 Biswasi Comprised In Khasra No. 708 (6-5), 709(6-5), 712(6-5), 713(6-5) 715 (2-5), 716(2-10), 714(5-13), 717(2-10), 710(1-1), 711(1-1) And Khata No. 1-81, 1/81, 1/82 As Per Jamabandi For 2008-09. Hadbast No. 238 Situated At Village Bishanpura Tehsil Payal And District Ludhiana. (4) Property Land Measuring 17 Bighas Biswas Comprised In Khasra No. 723 (4-15), 724(8-13), 725(6-5), 726(6-5) 727 (6-11), Kite 5 And Khata No. 1/51 As Per Jamabandi For 2008-09. Hadbast No. 238 Situated At Village Bishanpura Tehsil Payal And District Ludhiana. Hypothecation Charge Over The Entire Movable Assets of The Company |
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Particulars of
the present modification |
The Charge has
been modified due to the creation of pari-passu charge in favour of Punjab
and Sind Bank, Sector- 17, Chandigarh as per the terms and conditions
mentioned in the interse-agreement. Present arrangement shall be: Rs. In Millions
|
UNSECURED LOAN
Rs.
In Millions
|
|
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Deposits from shareholders |
25.730 |
4.850 |
|
Deposits from directors |
11.565 |
26.184 |
|
Total |
37.295 |
31.034 |
FIXED ASSETS
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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.53.87 |
|
|
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.71.78 |
|
|
|
|
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.