MIRA
INFORM REPORT
|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN ZUCCHI TEXTILES LIMITED |
|
|
|
|
Formerly Known
As : |
WELSPUN ZUCCHI TEXTILES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B - Wing, 9th
Floor, Trade World Kamala Mills Compound, S.B. Marg, Lower Parel, Mumbai -
400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.05.1997 |
|
|
|
|
Com. Reg. No.: |
11-107982 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 55.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH1997PLC107982 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW2067L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bathrobes. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 503000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between ‘Welspun India Limited’ and
‘Vincenzo Zucchi S.p.A. of Italy’. It is a well established company having a satisfactory
track record. The company has seen a dip in its sales turnover and has incurred some
loss during 2012. Financially the company seems to be strong. Company gains a
strong managerial and financial support from its venture. Trade relations are fair. Business is active. Payment terms are slow
but correct. In view of experienced promoters, the company can be considered normal
for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Jeevan Mondkar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-66136000 |
|
Date : |
21.06.2013 |
LOCATIONS
|
Registered/ Corporate Office : |
B - Wing, 9th Floor,
Trade World Kamala Mills Compound, S.B. Marg, Lower Parel, Mumbai - 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-66136000/ 24908000 |
|
Fax No.: |
91-22-24908020/ 24908021 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
T-11, Vasant Sqare Mall, 3rd Floor, Sector - B, Pocket 5,
Vasant Kunj, |
|
Tel. No.: |
91-11-26122051/ 46000500/ 1 |
|
Fax No.: |
91-11-26122064 |
|
|
|
|
Factory 1 : |
Survey No. 76, Village Morai, Vapi, District Valsad -
396191, Gujarat, India |
|
Tel. No.: |
91-260-2437437 |
|
Fax No.: |
91-260-2437088 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No. 55, 56, ‘’A” Road, GIDC, Vapi, District Valsad - 396195, Gujarat, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mrs. Dipali Balkrishan Goenka |
|
Designation : |
Director |
|
Address : |
“Rocky Isle” 46-C, Brech Candy, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1969 |
|
Qualification : |
Graduate in Pshycology |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00007199 |
|
|
|
|
Name : |
Mr. Rajesh Rameshkumar Mandawewala |
|
Designation : |
Director |
|
Address : |
171, B, Wing, 17th Floor, Tanna Residency, Bay View, Veer
Savarkar Marg, 392, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1962 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
13.05.1997 |
|
DIN No.: |
00007179 |
|
|
|
|
Name : |
Manlio Zucchi |
|
Designation : |
Director |
|
Address : |
Via Tiziano 20145 Milan |
|
Date of Birth/Age : |
13.11.1956 |
|
Date of Appointment : |
01.12.1997 |
|
DIN No.: |
00051673 |
|
|
|
|
Name : |
Matteo Zucchi |
|
Designation : |
Director |
|
Address : |
Via Tiziano 20145 Milan |
|
Date of Birth/Age : |
19.04.1961 |
|
Date of Appointment : |
01.12.1997 |
|
DIN No.: |
00051803 |
|
|
|
|
Name : |
Antonio Rigamonti |
|
Designation : |
Director |
|
Address : |
2 Via Rosciano 24010 Ponternica BG Italy |
|
Date of Birth/Age : |
25.02.1945 |
|
Date of Appointment : |
14.09.2004 |
|
DIN No.: |
00052240 |
KEY EXECUTIVES
|
Name : |
Mr. Jeevan Mondkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vincenzo Zucchi SPA, Milan |
|
2750000 |
|
Welspun India Limited, India |
|
2749950 |
|
Balkrishna Goenka |
|
10 |
|
Rajesh R. Mandawewala |
|
10 |
|
Welspun Syntex Limited, India |
|
10 |
|
Welspun Gujarat Stahl Rohren Limited, India |
|
10 |
|
Welspun Power and Steel Limited, India |
|
10 |
|
|
|
|
|
Total |
|
5500000 |
AS ON 29.09.2012
|
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] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bathrobes. |
||||
|
|
|
||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Bathrobes |
Nos. |
NA |
NA |
374,991 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
Punjab National
Bank, Ilaco House, Sir. P.M. Road, Fort, Mumbai - 400001, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
Flat No 8, Navkamal Pushpa Cooperative Housing Society B, Cabin Road, Shivajinagar, Naurapa, Thane [West], Thane – 400062, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB0265E |
|
|
|
|
Associates : |
ö Vincenzo Zucchi
S.P.A. ö Welspun India
Limited [L17110GJ1985PLC033271] ö Welspun Retail
Limited [U71210GJ2004PLC045144] ö Welspun
Mercantile Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 56.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 55.000
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 |
|
55.000 |
55.000 |
|
(b) Reserves & Surplus |
|
70.718 |
82.978 |
|
(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) |
|
125.718 |
137.978 |
|
|
|
|
|
|
(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 |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.595 |
0.651 |
|
Total Non-current
Liabilities (3) |
|
0.595 |
0.651 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
17.666 |
45.155 |
|
(b)
Trade payables |
|
13.686 |
15.257 |
|
(c)
Other current liabilities |
|
5.202 |
4.272 |
|
(d) Short-term
provisions |
|
0.009 |
0.000 |
|
Total Current
Liabilities (4) |
|
36.563 |
64.684 |
|
|
|
|
|
|
TOTAL |
|
162.876 |
203.313 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
25.659 |
28.846 |
|
(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 |
|
0.022 |
0.022 |
|
(c) Deferred tax assets (net) |
|
5.030 |
0.563 |
|
(d) Long-term Loan and Advances |
|
26.622 |
24.321 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
57.333 |
53.752 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
57.498 |
66.766 |
|
(c)
Trade receivables |
|
28.454 |
62.198 |
|
(d) Cash
and cash equivalents |
|
4.084 |
1.686 |
|
(e)
Short-term loans and advances |
|
8.009 |
8.279 |
|
(f)
Other current assets |
|
7.498 |
10.632 |
|
Total Current
Assets |
|
105.543 |
149.561 |
|
|
|
|
|
|
TOTAL |
|
162.876 |
203.313 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
55.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
81.584 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
136.584 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
136.584 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
29.712 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.022 |
|
|
DEFERRED TAX ASSETS |
|
|
0.220 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
40.666 |
|
|
Sundry Debtors |
|
|
32.942 |
|
|
Cash & Bank Balances |
|
|
14.642 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
71.863 |
|
Total
Current Assets |
|
|
160.113 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7.798 |
|
|
Other Current Liabilities |
|
|
4.905 |
|
|
Provisions |
|
|
40.780 |
|
Total
Current Liabilities |
|
|
53.483 |
|
|
Net Current Assets |
|
|
106.630 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
136.584 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
229.463 |
275.426 |
229.987 |
|
|
|
Other Income |
5.542 |
13.152 |
33.071 |
|
|
|
TOTAL (A) |
235.005 |
288.578 |
263.058 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
172.952 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1.473) |
(10.599) |
|
|
|
|
Employee benefit expense |
30.088 |
26.029 |
|
|
|
|
Other expenses |
41.367 |
48.091 |
|
|
|
|
TOTAL (B) |
242.934 |
278.270 |
240.884 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(7.929) |
10.308 |
22.174 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.035 |
1.889 |
0.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(12.964) |
8.419 |
21.507 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.763 |
3.879 |
1.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(16.727) |
4.540 |
20.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(4.466) |
3.146 |
5.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(12.261) |
1.394 |
14.775 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
82.978 |
81.584 |
66.809 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
70.717 |
82.978 |
81.584 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
196.050 |
231.731 |
208.763 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
0.641 |
0.316 |
|
|
|
|
Capital Goods |
0.000 |
0.099 |
|
|
|
TOTAL IMPORTS |
0.641 |
0.415 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.23) |
0.25 |
2.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.22)
|
0.48 |
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.29)
|
1.65 |
8.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.60)
|
2.24 |
10.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
0.03 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.14
|
0.33 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89
|
2.31 |
2.99 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade payable |
13.686 |
15.257 |
7.798 |
|
|
|
|
|
|
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 |
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 |
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U18101MH1997PLC107982 |
|
Name of the
company |
WELSPUN ZUCCHI
TEXTILES LIMITED |
|
Address of the
registered office or of the principal place of business in |
B - Wing, 9th
Floor, Trade World Kamala Mills Compound, S.B. Marg, Lower Parel, Mumbai -
400013, Maharashtra, India Email: jeevan_mondkar@welspun.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Punjab National
Bank, Ilaco House, Sir. P.M. Road, Fort, Mumbai - 400001, Maharashtra, India Email: bo0061@pnb.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
in favour of Punjab National Bank for mortgaging land situated at Vapi
District Valsad Plot No: 54 bearing
revenue survey no. 858/P and 860/P |
|
Date of instrument
Creating the charge |
24.05.2012 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BR (9.50 % p.a +
0.75 % =10.25 % Extent and Operation of the charge First ranking
basis security for the payment/repayment of the working capital facility
including interest/costs and other charges in respect of leasehold properties
located at Plot No: 55 and 56 at Vapi. |
|
Short particulars
of the property charged |
Piece and parcel
of land at Industrial Plot No: 55 and 56 on "A" road bearing revenue survey No: 858/P and
860/P Tal : Pardi, District Valsad |
CONTINGENT
LIABILITIES:
a. Demand of Rs. 14.481 Millions (Previous Year 2005-06 Rs. 14.481 Millions) raised by Income Tax Authorities, for which the Company has filed an appeal before ITAT. The Company has paid Rs. 10.745 Millions towards the said demand.
b. Demand of Rs. 13.432 Millions for A.Y.2006-07 raised by Income Tax Authorities, for which the company has filed an appeal before First Appellate Authorities.
c. Demand of Rs. 12.830 Millions for A.Y. 2007-08 raised by Income Tax Authorities, for which the company has filed an appeal before First Appellate Authorities.
d. Demand of Rs. 18.494 Millions for A.Y. 2008-09 raised by Income Tax Authorities, for which the company has filed an appeal before the CIT (A).
FIXED ASSETS:
ö
Land
ö
Buildings
ö Factory building
ö
Plant and equipment
ö
Other plant and equipment
ö
Furniture and fixtures
ö
Office equipment
ö
Computer equipments
ö
Other 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. 59.35 |
|
|
1 |
Rs. 92.11 |
|
Euro |
1 |
Rs. 78.59 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.