MIRA
INFORM REPORT
|
Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GARNETT SPECIALTY PAPER LIMITED (w.e.f. 30.09.2008) |
|
|
|
|
Formerly Known
As : |
GARNETT SPECIALTY PAPER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/2 20, G.I.D.C., Vapi – 396195, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.02.2005 |
|
|
|
|
Com. Reg. No.: |
04-045488 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.321.481 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21010GJ2005PLC045488 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG3565F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Specialty Papers
|
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 540000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Sow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Oceanic Investment Limited, Mauritius”. It
is an established company having moderate track record. The company has recorded huge accumulated losses due to which the
reserves has been eroded. Liquidity position appears to be stretched. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of experienced promoters and strong holding company, the
subject 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
ICRA |
|
Rating |
Fund based credit limits = B+ |
|
Rating Explanation |
High risk of default |
|
Date |
September, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based (Short Term) = A4 |
|
Rating Explanation |
Minimal degree of safety and high credit risk. |
|
Date |
September, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Prabhu Patel |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9879604246 |
|
Date : |
06.07.2013 |
LOCATIONS
|
Registered Office / Factory : |
A/2 20, G.I.D.C., Vapi – 396195, Gujarat, India |
|
Tel. No.: |
91-260-2400521 |
|
Mobile No.: |
91-9879604246 (Mr. Prabhu Patel) |
|
Fax No.: |
91-260-2431958 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. mtrs |
|
Location : |
Leased |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bireshchandra Manoranjan Benarjee |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 103, Samrajya – 2, Gokul Vihar, Vapi – 396195, Gujarat, India
|
|
Date of Birth/Age : |
01.01.1946 |
|
Date of Appointment : |
11.09.2009 |
|
Din No.: |
01326853 |
|
|
|
|
Name : |
Mr. Mahendra V. Mehta |
|
Designation : |
Director |
|
Address : |
Pitcullen, Pinner hill, Pinner Hill Road, Pinner, United Kingdom |
|
Date of Birth/Age : |
16.02.1946 |
|
Date of Appointment : |
29.08.2005 |
|
Din No.: |
00780524 |
|
|
|
|
Name : |
Mr. Dharmesh Jayantilal Chedda |
|
Designation : |
Director |
|
Address : |
34 Croham Park Avenue, South Croydon - Cr27hh, United Kingdom |
|
Date of Birth/Age : |
09.05.1966 |
|
Date of Appointment : |
16.11.2011 |
|
Din No.: |
05163895 |
KEY EXECUTIVES
|
Name : |
Mr. Prabhu Patel |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Tapas Dutta |
|
100 |
|
Dharmesh Chedda |
|
779864 |
|
Oceanic Investments Limited, Mauritius |
|
19850088 |
|
Meera Mehta |
|
9900 |
|
Bireshchandra Banerjee |
|
100 |
|
Anjankumar Dey |
|
100 |
|
Mahendra Mehta |
|
7000000 |
|
Jitendra Sonawale |
|
100 |
|
Savitaben Chheda |
|
507823 |
|
Total |
|
28148075 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Oceanic Investments Limited, Mauritius |
|
370000 |
|
Dharmesh Jayantilal Chedda |
|
30000 |
|
Total |
|
400000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.96 |
|
Directors or relatives of Directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Papers
|
||||
|
|
|
||||
|
Particular |
|
||||
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|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
·
UK ·
Spain ·
France |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
Dubai |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C / Cash / Credit |
||||
|
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|
||||
|
Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
M. G. Poster Paper |
MT |
7607.73 |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Bank of Baroda, Vapi-III Phase Branch, Shed No.C/1/2/2122/1, P.B, No.12, GIDC, Vapi – 396195, Gujarat, India Tel. No.:91-260-2420939 ·
Axis Bank Limited, Hotel Fortune Galaxy
Compound, Opposite N. H. No. 8, Koparali Road, G. I. D. C., Vapi - 396195,
Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
M.J. Rindani and Associates Chartered Accountants |
|
Address : |
204, Trade Centre, Sardar Nagar Main Road, Rajkot – 360001, Gujarat,
India |
|
PAN No.: |
AADFM6993K |
|
Auditors 2 : |
|
|
Name : |
B. A. Shah Associates Chartered Accountants |
|
Address : |
209, Sapphire, Second Floor, 21/25-B New Jagnath Plot,
Near Matalia House Rajkot – 360001, Gujarat, India |
|
PAN No.: |
AFHPS6477F |
|
|
|
|
Holding Company : |
Oceanic Investment Limited, Mauritius |
|
|
|
|
Other Related Party : |
Nano Inks and Coatings Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28700000 |
Equity Shares |
Rs.10/- each |
Rs.287.000 Millions |
|
400000 |
6% Preference Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
30000 |
Zero Coupon Preference Shares |
Rs.100/- each |
Rs.3.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.330.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28148075 |
Equity Shares |
Rs.10/- each |
Rs.281.481
Millions |
|
400000 |
Preference Shares |
Rs.100/-
each |
Rs.40.000
Millions |
|
|
Total |
|
Rs.321.481 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 |
|
321.481 |
324.481 |
|
(b) Reserves & Surplus |
|
(186.359) |
(4.285) |
|
(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) |
|
135.122 |
320.196 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
110.517 |
168.569 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
1.520 |
1.520 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
112.037 |
170.089 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
141.208 |
139.301 |
|
(b) Trade payables |
|
90.518 |
101.175 |
|
(c) Other current
liabilities |
|
92.992 |
19.096 |
|
(d) Short-term provisions |
|
4.355 |
4.355 |
|
Total Current Liabilities (4) |
|
329.073 |
263.927 |
|
|
|
|
|
|
TOTAL |
|
576.232 |
754.212 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
308.475 |
325.184 |
|
(ii) Intangible Assets |
|
17.180 |
20.616 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.368 |
0.369 |
|
(c) Deferred tax assets (net) |
|
35.722 |
35.011 |
|
(d) Long-term Loan and Advances |
|
4.789 |
5.407 |
|
(e) Other Non-current assets |
|
8.501 |
9.669 |
|
Total Non-Current Assets |
|
375.035 |
396.256 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
43.893 |
132.142 |
|
(c) Trade receivables |
|
133.507 |
188.640 |
|
(d) Cash and cash
equivalents |
|
6.278 |
5.761 |
|
(e) Short-term loans and
advances |
|
17.519 |
31.413 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
201.197 |
357.956 |
|
|
|
|
|
|
TOTAL |
|
576.232 |
754.212 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
313.173 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.600 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
313.773 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
267.809 |
|
|
2] Unsecured Loans |
|
|
12.000 |
|
|
TOTAL BORROWING |
|
|
279.809 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
593.582 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
340.994 |
|
|
Capital work-in-progress |
|
|
21.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.369 |
|
|
DEFERREX TAX ASSETS |
|
|
38.064 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
136.340
|
|
|
Sundry Debtors |
|
|
101.836
|
|
|
Cash & Bank Balances |
|
|
0.320
|
|
|
Other Current Assets |
|
|
10.231
|
|
|
Loans & Advances |
|
|
27.200
|
|
Total
Current Assets |
|
|
275.927
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
74.659 |
|
|
Other Current Liabilities |
|
|
22.224
|
|
|
Provisions |
|
|
2.645
|
|
Total
Current Liabilities |
|
|
99.528
|
|
|
Net Current Assets |
|
|
176.399
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
16.702 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
593.582 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
394.460 |
437.504 |
285.195 |
|
|
|
Other Income |
0.948 |
0.932 |
12.866 |
|
|
|
TOTAL (A) |
395.408 |
438.436 |
298.061 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
241.181 |
199.234 |
|
|
|
|
Purchases of stock-in-trade |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
71.168 |
5.242 |
214.526 |
|
|
|
Employee benefit expense |
16.652 |
17.013 |
|
|
|
|
Other expenses |
174.696 |
144.851 |
|
|
|
|
TOTAL (B) |
503.697 |
366.340 |
214.526 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(108.289) |
72.096 |
83.535 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.871 |
38.532 |
53.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(156.160) |
33.564 |
30.241 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.624 |
23.719 |
22.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(182.784) |
9.845 |
7.861 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.710) |
5.051 |
3.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(182.074) |
4.794 |
4.204 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.885) |
(9.679) |
(13.883) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(186.595) |
(4.885) |
(9.679) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
139.762 |
150.109 |
190.737 |
|
|
TOTAL EARNINGS |
139.762 |
150.109 |
190.737 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
69.238 |
107.911 |
61.224 |
|
|
TOTAL IMPORTS |
69.238 |
107.911 |
61.224 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(6.47) |
0.17 |
0.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(46.05)
|
1.93 |
1.41
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(46.34)
|
2.25 |
2.75
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(33.84)
|
1.37 |
1.27
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.35)
|
0.03 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.86
|
0.96 |
0.89
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61
|
1.36 |
2.77
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
OPERATIONS AND
PERFORMANCE:
The Company’s production decreased to 7607.73 MT of M.G. Poster Paper as compared to production of 7625.04 MT of M.G. Poster Paper, during the previous year. The Company has achieved sale of 7579.78 MT. valuing 3793.33 Lacs as compared to 7658.21 MT. valuing 4285.82 Lacs in the previous year. During the year, performance of the Company has been deteriorated due to adverse market condition and. The Company incurred huge loss of Rs. 182.784 Millions as compared to profit of Rs. 9.845 Millions in the previous year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Loans and advances from related parties |
7.841 |
9.076 |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
141.208 |
139.301 |
|
Total |
149.049 |
148.377 |
FIXED ASSETS:
·
Leasehold Land
·
Factory Buildings
·
Plant and Machinery
·
Effulent Treatement Plant
·
Office Equipments
·
Furniture and Fittings
·
Vehicles
·
Computer Systems
·
Goodwill
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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.