MIRA INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIDDAY INFOMEDIA LIMITED |
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Registered
Office : |
Peninsula Centre, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.01.2008 |
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Com. Reg. No.: |
11-177808 |
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Capital
Investment / Paid-up Capital : |
Rs.192.123
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U22130MH2008PLC177808 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM33902B |
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PAN No.: [Permanent Account No.] |
AAFCM4778H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Printing and
Publishing of any Newspapers, Journals, Magazines, Books etc. |
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No. of Employees
: |
300 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1630000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of Jagran Prakashn Limited. It is a well established and reputed company having good track record.
It will maintain its stable credit risk profile, backed by the business and
financial support of its parent and the brand strength of its dailies. There appears some continuous dip in the profitability of the company
and during the current year. It has incurred a loss. However, trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 |
AA – [Long Term] |
|
Rating Explanation |
High degree of safety it carry low credit risk. |
|
Date |
08.08.2012 |
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 DECLINED BY
|
Name : |
Mr. Manish Galrani |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67017171 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office : |
Peninsula Centre, |
|
Tel. No.: |
91-22-67017171/24197171 |
|
Fax No.: |
91-22-24141919/24150009 |
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E-Mail : |
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Website : |
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|
Press : |
Plot No. R-847/3, T.T.C. Industrial Area, Rabale, Navi Mumbai, Maharashtra, India |
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Branch Office : |
Located At:
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DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Manajit Ranjit Ghoshal |
|
Designation : |
Director |
|
Address : |
3/37, Sector 6, RCF Colony, Vashi, Navi Mumbai – 400703, |
|
Date of Birth/Age : |
02.01.1970 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00045958 |
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|
|
|
Name : |
Mr. Tarique Khalid Ansari |
|
Designation : |
Director |
|
Address : |
103/A, Cumballa Crest, |
|
Date of Birth/Age : |
11.06.1961 |
|
Date of Appointment : |
16.01.2008 |
|
DIN No.: |
00101820 |
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|
|
Name : |
Mr. Shailesh Mahendra Mohan Gupta |
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Designation : |
Director |
|
Address : |
Puran Niwas, 7/51, Tilak Nagar, |
|
Date of Birth/Age : |
07.04.1969 |
|
Date of Appointment : |
31.03.2011 |
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DIN No.: |
00192466 |
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|
|
Name : |
Mr. Naresh Mohan Goverdhan Nath Mohan |
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Designation : |
Director |
|
Address : |
C-2/102, Janakpuri, New Delhi - 110 058, India |
|
Date of Birth/Age : |
01.01.1942 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00459854 |
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|
|
|
Name : |
Mr. Sanjay Narendra Mohan Gupta |
|
Designation : |
Director |
|
Address : |
C-26, Friends Colony, East New Delhi - 110 065, India |
|
Date of Birth/Age : |
20.12.1962 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00028734 |
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|
|
|
Name : |
Mr. Amit Mahendra Kumar Dixit |
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Designation : |
Director |
|
Address : |
Thakur Nivas, Flat No. 21, 173 Jamshedji Tata Road,Churchgate, Mumbai – 400 020, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1973 |
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Date of Appointment : |
31.03.2011 |
|
DIN No.: |
01798942 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Galrani |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Jagran Prakashan Limited, India |
10000000 |
8861494 |
|
Manajit Ranajit Ghoshal |
-- |
1 |
|
Vidya Raghunath Shambekar |
-- |
1 |
|
Sanjay Narendra Mohan Gupta |
-- |
1 |
|
Shailesh Mahendra Mohan Gupta |
-- |
1 |
|
R.K. Sawan Ram Agarwal |
-- |
1 |
|
Rajeshri Jaywant Bolaikar |
-- |
1 |
|
Ferari Investments and Trading Company Private Limited, |
-- |
350805 |
|
|
|
|
|
TOTAL
|
10000000 |
9212305 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Printing and Publishing
of any Newspapers, Journals, Magazines, Books etc. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Newspaper |
0.80 |
744.24 |
NOTES:
a) Actual
production of newspaper includes 7.370 millions (Previous year: Rs.7.794
millions) copies for the distribution, advertisement promotion, voucher files
and unsold copies.
b) The Company does not have opening and closing of finished goods,
hence disclosures relating thereto are not applicable.
c) Turnover with
respect to Advertisements comprises revenue from selling of advertising space.
The sale of such advertisement space cannot be expressed in any generic unit;
hence it is not possible to give the quantitative details of turnover.
d) Turnover with
respect to other Operating Activities comprises revenue from Job Work, and
Content Syndication which cannot be expressed in terms of quantity; hence it is
not possible to give quantitative details
e) Previous year figures are in brackets.
GENERAL INFORMATION
|
Customers : |
Wholesaler, Retailers and End Users |
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No. of Employees : |
300 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Building 8, 7th and 8th floor, Tower B, DLF Cyber City, Gurgaon-122002, Haryana, India |
|
PAN No: |
AAEFP3641G |
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Holding Company : |
Jagran Prakashan Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total
|
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9212305 |
Equity Shares |
Rs.10/- each |
Rs.92.123
Millions |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000
Millions |
|
|
Total |
|
Rs.192.123 Millions |
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 |
192.123 |
188.615 |
88.615 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
216.892 |
153.493 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(17.099) |
|
|
NETWORTH |
409.015 |
342.108 |
71.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
143.763 |
120.411 |
127.366 |
|
|
2] Unsecured Loans |
76.490 |
0.000 |
105.746 |
|
|
TOTAL BORROWING |
220.253 |
120.411 |
233.112 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
629.268 |
462.519 |
304.628 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
362.466 |
289.050 |
394.507 |
|
|
Capital work-in-progress |
53.796 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
107.000 |
20.000 |
22.753 |
|
|
DEFERREX TAX ASSETS |
18.877 |
10.778 |
6.066 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.298
|
72.582 |
28.526 |
|
|
Sundry Debtors |
243.552
|
191.757 |
182.326 |
|
|
Cash & Bank Balances |
15.137
|
3.557 |
11.314 |
|
|
Other Current Assets |
52.371
|
31.127 |
44.905 |
|
|
Loans & Advances |
60.271
|
58.112 |
27.767 |
|
Total
Current Assets |
418.629
|
357.135 |
294.838 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
146.991
|
131.635 |
315.430 |
|
|
Other Current Liabilities |
154.986
|
55.481 |
49.223 |
|
|
Provisions |
29.523
|
27.328 |
29.969 |
|
Total
Current Liabilities |
331.500
|
214.444 |
394.622 |
|
|
Net Current Assets |
87.129
|
142.691 |
(115.945) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
629.268 |
462.519 |
304.628 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1135.997 |
1065.200 |
989.912 |
|
|
|
Other Income |
10.408 |
26.518 |
13.492 |
|
|
|
TOTAL (A) |
1146.405 |
1091.718 |
1003.404 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
331.192 |
257.667 |
|
|
|
|
Employee benefit expense |
339.623 |
296.821 |
794.894 |
|
|
|
Other expenses |
430.687 |
367.576 |
|
|
|
|
Prior period items |
0.000 |
22.817 |
|
|
|
|
TOTAL (B) |
1101.502 |
944.881 |
794.894 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.903 |
146.837 |
208.510 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
13.401 |
19.307 |
36.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.502 |
127.530 |
170.111 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.694 |
90.330 |
26.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(21.192) |
37.200 |
143.564 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(8.100) |
16.608 |
50.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(13.092) |
20.592 |
93.390 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.500 |
(17.099) |
(110.489) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(9.592) |
3.493 |
(17.099) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertising Revenue |
9.460 |
9.911 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Newsprint Imports |
227.820 |
252.147 |
160.968 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.68) |
1.32 |
10.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.14)
|
1.89 |
9.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.87)
|
3.49 |
15.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.71)
|
5.75 |
21.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.11 |
2.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54
|
0.35 |
3.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.67 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
146.991
|
131.635 |
315.430 |
|
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 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) |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and Advances From Related Parties |
76.490 |
0.000 |
|
TOTAL
|
76.490 |
0.000 |
FINANCIAL REVIEW:
The Company has embarked
on an aggressive business plan and aims to regain the lost glory of Midday in
the city of Mumbai. To this effect, the company increased the circulation of
Midday by 45% over last year. The company also significantly increased Gujarati
Midday circulation in Mumbai. This has resulted in Midday and Gujarati Midday
Showing the highest growth in two consecutive IRS surveys. Inquilab, the number
1 Urdu daily now has 12 editions and is also the highest growing newspaper in
the Urdu space.
The company has
not been able to achieve its revenue projections and fell short by about 19%
but registered a growth of about 7% on YOY basis. Due to significant increase
in circulation, lower advertisement revenue growth and appreciation in dollar,
its YTD profit is below last year’s profit.
During the year
material consumption has increased by about 23.96% from Rs. 278.500 Millions to
Rs. 345.300 Millions. It comprises cost of newsprint, ink and stores. Newsprint
constituted 85.90% of the total value of material consumed in the year
2011-2012 as against 83.80% in the previous year. Increase in material
consumption is mainly due to increase in average newsprint rates by 6.2% and
increase in quantity consumed by 12.3% over previous year due to higher print
order.
Employee costs
have increased from Rs.296.800 Millions to Rs. 339.600 Millions an increase of
14.4% primarily because of increase in employee head count mainly because of
Inquilab North editions Rs. 12.300 Millions which started in current year.
GMD’s new local initiative and increase in head count in production and
Readership department for higher print order and annual increments also
contributed to the higher cost.
Depreciation was
Rs. 52.700 Millions as compared to Rs.90.300 Millions in 2010-2011. In last financial
year depreciation was high as the company had aligned its accounting policies
with those of the holding company and the impact of change of method was taken.
Interest and finance charges were Rs.13.400 Millions as compared to Rs. 19.300
Millions in 2010-2011 mainly due to repayment of debt by the company from
funding received from holding company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U22130MH2008PLC177808 |
|
Name of the
company |
MIDDAY INFOMEDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Peninsula Centre,
Dr. S.S. Rao Road, Opposite Mahatma Gandhi, Hospital, Parel (East),
Mumbai-400012, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Central Bank of India, Industrial Finance Branch, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
As per
hypothecation deed dated 10 April 2012. |
|
Date of
instrument Creating the charge |
10.04.2012 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per bank guidelines Terms of Repayment Sanctioned credit
facilities will be reviewed every year. Margin 25% on stocks and
40 % on book debts. Extent and Operation of the charge Hypothecation of stocks,
book debts of the company to cover the working capital limit of Rs. 200.000
Millions sanctioned to the company by Central Bank of India, Industrial
Finance Branch, Nariman Point, Mumbai-400021 as per hypothecation deed dated
April 10, 2012. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
stocks, book debts of the company as per hypothecation deed dated April 10,
2012. |
FIXED ASSETS:
- Leasehold Land
- Plant and Machinery
- Factory Premises
- Photographic Equipments
- Air Conditioners
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Fire Fighting Systems
- Computers
- Capital work in progress
- Electrical Installation
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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.