MIRA INFORM REPORT
|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL EMBROIDERY THREADS PRIVATE LIMITED |
|
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|
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Registered
Office : |
124, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.11.2006 |
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|
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|
Com. Reg. No.: |
11-165892 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U17299MH2006PTC165892 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR21178D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Embroidery Threads. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110500 |
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|
|
|
Status : |
Moderate |
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|
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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. The
external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with great
caution. NOTE: Profit and loss statements are not made available. |
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 |
CRISIL |
|
Rating |
Cash Credit B- |
|
Rating Explanation |
Crisil has suspended its rating due to lack
of information. |
|
Date |
November 2011 |
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. Khalid |
|
Designation : |
Admin Department |
|
Contact No.: |
91-22-24713747 |
|
Date : |
27.07.2013 |
LOCATIONS
|
Registered Office : |
124, |
|
Tel. No.: |
91-22-24713747/ 24711539/
24712149 |
|
Mobile No.: |
91-9821038404 (Mr. Asad) |
|
Fax No.: |
91-22-24715104 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Factory : |
Located at: v
Pune, |
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|
|
|
Branch Office : |
They have branches in all over |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Shabbirali Dost Mohammed Mukadam |
|
Designation : |
Managing Director |
|
Address : |
603, Sunflower, Four Bunglows, |
|
Date of Birth/Age : |
14.01.1957 |
|
Date of Appointment : |
30.11.2006 |
|
DIN No. : |
00368936 |
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|
|
|
Name : |
Mrs. Khursheed Bano Haiderali Gheewala |
|
Designation : |
Director |
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Address : |
201-C, Arshi Complex, Off |
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Date of Birth/Age : |
27.12.1947 |
|
Date of Appointment : |
30.11.2006 |
|
DIN No. : |
00369199 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Shabbirali Dost Mohammed Mukadam |
418092 |
|
Khursheed Bano Haiderali Gheewala |
666600 |
|
Asgarali Yusufali |
1 |
|
Zain Yusufali |
1 |
|
Iqbal Jafferali Chaviwala |
1 |
|
Kaniz Fatema Ali Kamani |
1 |
|
Tarannum Ali Kamani |
1 |
|
Ali Kamani Tarannum |
1 |
|
Anjum Ali Kamani |
1 |
|
Ali Janmohd Kamani |
1 |
|
Mohammed Hasan Vakil |
1 |
|
Sajjad Dost Mohammed Mukadam |
466000 |
|
Asad Ali Shabbirali Mukadam |
449282 |
|
Ashraf Bano Shabbirali Mukadam |
1 |
|
Najma Bano Sajjad Mukadam |
1 |
|
Sukkayna Sajjad Mukadam |
1 |
|
Khushboo Fatema Asadali |
1 |
|
Faiza Bano Abbasali Mukadam |
1 |
|
Sabira Amirali Mukadam |
1 |
|
Sarwar Husainali Mukadam |
1 |
|
Mukadam Amirali Abbasali |
1 |
|
Gheewala Haiderali Ahsan |
1 |
|
Gheewala Haiderali |
1 |
|
Mukadam Amirali Hussainali |
1 |
|
Chandali Mulchand Cheenraj |
1 |
|
Mukadam Dost Mohammed Mirali |
1 |
|
Gheewala Akil Nazia |
1 |
|
Gheewala zahirabbas Samira |
1 |
|
Gheewala Ahsan Yamin |
1 |
|
Gheewala Haiderali Zaheer |
1 |
|
|
|
|
Total |
2000000 |
As on: 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Embroidery Threads. |
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|
Products : |
v
Viscose Rayon Embroidery Threads v
Trilobal Polyester Embroidery Threads |
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Exports : |
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Products : |
Embroidery Threads |
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Countries : |
Gulf Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
v Century Rayon v Chenraj and Sons v Alfa Thread Work v Alif Industries v Charmi Twine Company v Anand Agencies v A to Z Printers v Delux Trading Company v Ganraj Foods v Fancy Textiles v Hetal Chem Impex v Jayesh Sales v M.A. Engineering v Kusum Yarn Trading Company Private Limited |
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Customers : |
Wholesalers, Retailers and End Users v
Amtek Industries Private Limited v
Nikita Bangles v
Welspun India Limited v
A.S.M. Art v
Floorals v
Orange Tree Impex and Clothing Company Private
Limited v
Vishal Trading v
Vishwashanti Fashion |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
v Union Bank of v IndusInd Bank,
Andheri, Mumbai, v Kallappanna Awade Ichalkaranji Janata
Sahakari Bank Limited, Mohan Heritage, B Opposite Thane Municipal
Corporation, Dr. Almeida Road, Chandanwadi, Panchpakhadi, Thane (West) – 400
602, Maharashtra, India v State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
A.G. Lakhani and Company Chartered Accountants |
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Address : |
201-B, |
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Tel. No.: |
91-22-26510238/ 26433874 |
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Fax No.: |
91-22-26433874 |
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PAN No. : |
AAAPL1771F |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
20.000 |
20.000 |
|
(b) Reserves & Surplus |
|
7.634 |
5.729 |
|
(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) |
|
27.634 |
25.729 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
262.634 |
220.038 |
|
(b) Deferred tax liabilities (Net) |
|
1.101 |
1.309 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
263.735 |
221.347 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
19.535 |
35.285 |
|
(c) Other current
liabilities |
|
0.000 |
0.000 |
|
(d) Short-term
provisions |
|
0.507 |
0.913 |
|
Total Current
Liabilities (4) |
|
20.042 |
36.198 |
|
|
|
|
|
|
TOTAL |
|
311.411 |
283.274 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
110.048 |
89.623 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
5.401 |
3.207 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
29.099 |
35.271 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
144.548 |
128.101 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
98.872 |
108.136 |
|
(c) Trade receivables |
|
57.027 |
42.529 |
|
(d) Cash and cash
equivalents |
|
3.919 |
1.689 |
|
(e) Short-term loans
and advances |
|
0.000 |
0.000 |
|
(f) Other current
assets |
|
7.045 |
2.819 |
|
Total Current Assets |
|
166.863 |
155.173 |
|
|
|
|
|
|
TOTAL |
|
311.411 |
283.274 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
20.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3.006 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
23.006 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
|
|
|
2] Unsecured Loans |
|
|
|
|
|
TOTAL BORROWING |
|
|
220.713 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.335 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
245.054 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
103.238 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.695 |
|
|
DEFERREX TAX ASSETS |
|
|
0.206 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
87.101 |
|
|
Sundry Debtors |
|
|
35.374 |
|
|
Cash & Bank Balances |
|
|
1.344 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
38.723 |
|
Total
Current Assets |
|
|
162.542 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
22.543 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
1.625 |
|
Total
Current Liabilities |
|
|
24.168 |
|
|
Net Current Assets |
|
|
138.374 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.541 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
245.054 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
300.000 |
250.000 |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
9.50
|
8.55 |
9.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.32
|
4.29 |
6.72 |
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 |
Yes |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last two years |
Yes |
|
12] |
Profitability
for last three years |
No |
|
13] |
Reasons
for variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
No |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
From Director |
|
|
|
Mrinal Deposit |
0.101 |
0.101 |
|
Valam Threads Deposit |
0.000 |
0.100 |
|
Resham Ghar Deposit |
0.200 |
0.200 |
|
|
|
|
|
From
Shareholders |
90.127 |
73.290 |
|
|
|
|
|
Total |
90.428 |
73.691 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10332373 |
20/01/2012 |
22,500,000.00 |
KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED |
Mohan Heritage, B Opp. Thane Municipal Corporation, Dr. Almeida Road,
Chandanwadi, Panchpakhadi,, Thane West, Maharashtra - 400602, India |
B30748768 |
|
2 |
10332371 |
30/12/2011 |
16,200,000.00 |
KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED |
Mohan Heritage, B Opp. Thane Municipal Corporation, Dr. Almeida Road,
Chandanwadi, Panchpakhadi,, Thane West, Maharashtra - 400602, India |
B30747745 |
|
3 |
10345010 |
15/10/2011 |
49,700,000.00 |
KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED |
Mohan Heritage, B Opp. Thane Municipal Corporation, Dr. Almeida Road,
Chandanwadi, Panchpakhadi,, Thane West, Maharashtra - 400602, India |
B30748107 |
|
4 |
10282796 |
31/05/2013 * |
144,500,000.00 |
INDUSIND BANK LIMITED |
Acme plaza, c.t.s. No.32, Opp. Sangam Talkies, Andheri-Kurla Road,
Andheri (E), Mumbai - 400059, Maharashtra, India |
B76507730 |
* Date of charge modification
FIXED ASSETS:
v Land and Building
v Plant and Machinery
v Motor vehicles
v Computer
v Furniture and Fixture
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.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
|
27 |
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.