MIRA
INFORM REPORT
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Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
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Name : |
LAKSHMI CARD
CLOTHING MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.01.1960 |
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Com. Reg. No.: |
18 – 343 |
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CIN No.: [Company
Identification No.] |
U17219TZ1960PTC000343 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBL03203E |
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Legal Form : |
A Closely held
Public Limited Liability Company |
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Line of Business : |
Manufacturer of
Card Clothing and Card Room Service Machineries |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2365000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company of Lakshmi Machine Works Group, a well-
known industrial house of The company can
be considered good for normal business dealing 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.
ECGC Country Risk Classification List – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
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Source
: CIA |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-4255-277105 to
277 107 |
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Fax No.: |
91-4255-277107 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-422-210 205 [4
Lines] |
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Fax No.: |
91-422-216694 |
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E-Mail : |
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Website: |
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Corporate Office : |
Kuppuswamynaidupuram
Post 641 662, |
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Factory: |
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Selling Agent
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1413, |
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Tel. No.: |
91-422-2303083 |
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Fax No.: |
91-422-2301515 |
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E-Mail : |
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Liaison
Office: |
191, |
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Tel. No.: |
91-44-2855 4990 /
2855 4369 |
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Branch Office: |
203, Anshi Avenue, Behind Ketav Petrol Pump, Opp. to Vandana School,
Gulbai Tekra, Ahmedabad - 380 015, Gujarat, India |
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Tel No.: |
91-79 -2646 5754 |
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Fax No.: |
91-79 -2646 4933 |
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Email: |
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Branch Office: |
"Meeting Point", S.C.O.487-488, Sector 35-C, |
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Tel No.: |
91-172-508 7324/260 3771 |
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Fax No.: |
91-172-262 1404 |
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Email: |
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Branch Office: |
302, Pragathy Enclave, Bhagya Nagar Colony Opp: Kukat Pally Housing
Board, Kukat Pally Post |
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Tel No.: |
91-40-2306 5542 |
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Mobile No.: |
91-98481 35542 |
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Email: |
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Branch Office: |
305, Yesodha Apartments, 6/7, Mahaveer Nagar, |
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Tel No.: |
91-731-503 5175 |
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Fax No.: |
91-98263 95175 |
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Email: |
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Branch Office: |
E/1894, F-1, Karekar Sankul, |
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Tel No.: |
91-231-252 9709 |
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Mobile No: |
91-98222 77791 |
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Email: |
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Branch Office: |
32/3, |
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Tel No.: |
91-33-2622 3142 |
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Email: |
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Branch Office: |
I-3 SIDCO Industrial Estate, K.Pudur, |
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Tel No.: |
91-452-256 5855, 256 6756 |
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Fax No.: |
91-452-256 8263 |
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Email: |
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Branch Office: |
Flat No.203, Sukhakarta
Apartments, 15, Balraj Marg, Dhantoli, |
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Tel No.: |
91-712-2548340 |
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Fax No.: |
91-98229-32770 |
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Email: |
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Branch Office: |
403-C, |
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Tel No.: |
91-120-2511047/019 |
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Fax No: |
91-120-2591498 |
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Email: |
DIRECTORS
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Name : |
Mr. S. Kuppuswamy Sundaram |
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Designation : |
Chairman |
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Address: |
Rasakondalu, |
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Date of Birth : |
29.05.1914 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mr. Rangaswamy Santhanam |
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Designation : |
Vice Chairman and Managing Director |
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Address: |
Prathishta, New No.241, Old No.183, Race Course, |
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Date of Birth: |
21.03.1937 |
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Date of Appointment : |
11.09.1964 |
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Name : |
Mr. Sundaram Pathy |
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Designation : |
Director |
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Address: |
Rasakondalu, |
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Date of Birth : |
17.11.1949 |
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Date of Appointment : |
27.03.1975 |
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Name : |
Mr. Reddyygari Chinna Hanumantha Reddy |
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Designation : |
Director |
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Address: |
Flat No.A4/2, 45, Park Avenue, Race Course, |
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Date of Birth : |
01.06.1935 |
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Date of Appointment : |
26.06.1996 |
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Name : |
Mr. Santharam Harishankar |
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Designation : |
Whole Time Director |
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Address: |
Prathishta, 183, |
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Date of Birth : |
07.05.1973 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. M Thangavelu |
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Designation : |
Director |
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Name : |
Mr. V Mohan |
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Designation : |
Director |
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Name : |
Mr. M Palaniswamy |
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Designation : |
Director |
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Name : |
Mr. Ralph A. Graf |
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Designation : |
Director |
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Date of Birth |
25.09.1939 |
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Address |
Graf Sales
Limited, 28, Burgstrasse CH 8750, |
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Date of
Appointment : |
30.11.1977 |
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Name |
Mr. Adityakrishna
Pathy |
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Designation |
Director |
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Date of Birth |
31.07.1986 |
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Address |
Rasakondalu, 27, |
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Date of
Appointment : |
20.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of
Shareholders |
No.
of Shares |
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K. Sundaram |
13210 |
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S. Thulasiammal |
1980 |
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N. Krishnaveni |
9000 |
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|
17870 |
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J Vidya |
4800 |
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D. Andal |
6000 |
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Aditya Krishna Pathy |
43970 |
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Graf Sales Limited |
45000 |
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K. Thangavelu |
1200 |
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S. Vasantha and R. Sumat |
4800 |
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R.K.K. Veenakumari |
6360 |
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R.K.K. Indira |
2400 |
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R. Santharam and |
990 |
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V.J. Jayaraman |
600 |
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Asuthosh N. Mushaw |
1980 |
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M. Palaniswamy |
1500 |
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Prashanth Chandaran |
600 |
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Master Anirurudh Balasub |
2361 |
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Master B. Abinav Naraya |
2361 |
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S. Harishankar |
49712 |
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Ms. Aishwarya Lakshmi |
7812 |
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M. Thangaveu and Mrs. T. Dhanalakshmi |
1500 |
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V. Mohan |
2760 |
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Sans Craintes Live Stocks Private Limited |
2640 |
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Minor K Arun |
12458 |
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Minor K. Nithin |
12755 |
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K. Sundaram (BHUF) |
900 |
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K. Sundaram (SHUF) |
4750 |
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S. Pathy and Aditya Krishna Pathy |
37731 |
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Total |
300000 |
Equity Shares Break up as on 30.09.2008
|
Category |
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Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs. OCB or Others) |
|
15.00 |
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Bodies Corporate (not mentioned above) |
|
0.88 |
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Directors or relatives of director |
|
68.96 |
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Other top 50 shareholders |
|
15.16 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Card
Clothing and Card Room Service Machineries |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS AS ON 31.03.2008
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Metallic and Flexible Card Clothing |
Sets Rolls Pcs. |
-- -- -- |
16280 2400 -- |
12959 9499 23637 |
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Lickerin Wire |
Kgs. |
-- |
42000 |
192873 |
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Pre-opening Device C-Cleaner |
Nos. |
-- |
1000 |
5543 |
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Opening Roller for open end Spinning Machine |
Nos. |
-- |
54000 |
-- |
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Card Room Accessories and Card Service Equipments |
Nos. |
-- |
790 |
237 |
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Plaster Machine with bowl mixer and spraying of plaster |
Nos. |
-- |
120 |
-- |
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Others |
Nos. |
-- |
-- |
11 |
GENERAL INFORMATION
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No. of Employees : |
800 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Subbchar and
Srinivasan Chartered Accountants |
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Address : |
34, |
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Name: |
M Chartered
Accountants |
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Address: |
65-A, |
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Memberships : |
Confederation of
Indian Industry |
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Associates/Subsidiaries : |
1100, Tel. No. 91-422-2215461/68 Fax No. 91-422-2216508 E-mail : contact@lakshmimills.com
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Quality Assessment : |
ISO 9001 : 2000 certification by RW-TUV of |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity shares |
Rs. 100/-
each |
Rs. 30.000 Millions |
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Of the Above:
1)
3750 Equity Shares of Rs.
100/- each issued as fully paid up otherwise than for cash.
2)
275000 Shares of Rs.
100/- each allotted as fully paid-up bonus shares by capitalizing Rs. 27.500
Millions out of Genera Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
443.022 |
407.006 |
370.516 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
473.022 |
437.006 |
400.516 |
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LOAN FUNDS |
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1] Secured Loans |
301.715 |
189.060 |
98.673 |
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2] Unsecured Loans |
121.751 |
99.961 |
114.637 |
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TOTAL BORROWING |
423.466 |
289.021 |
213.310 |
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DEFERRED TAX LIABILITIES |
41.516 |
26.277 |
12.986 |
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TOTAL |
938.004 |
752.304 |
626.812 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
283.250 |
150.568 |
108.201 |
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Capital work-in-progress |
2.948 |
4.244 |
0.000 |
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INVESTMENT |
105.943 |
78.731 |
87.168 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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|
|
Inventories |
136.596
|
131.297
|
124.357 |
|
|
Sundry Debtors |
175.665
|
159.510
|
151.068 |
|
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Cash & Bank Balances |
334.815
|
275.868
|
207.836 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
216.855
|
284.699
|
212.867 |
|
Total
Current Assets |
863.931
|
851.374 |
696.128 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
132.927
|
116.605
|
110.512 |
|
|
Provisions |
186.271
|
217.649
|
155.518 |
|
Total
Current Liabilities |
319.198
|
334.254
|
266.030 |
|
|
Net Current Assets |
544.733
|
517.120
|
471.701 |
|
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|
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MISCELLANEOUS EXPENSES |
1.130 |
1.641 |
1.345 |
|
|
|
|
|
|
|
|
TOTAL |
938.004 |
752.304 |
626.812 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
971.635 |
817.637 |
798.217 |
|
|
Total Income |
971.635 |
817.637 |
798.217 |
|
|
|
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|
|
|
|
Profit/(Loss) Before Tax |
171.160 |
141.729 |
138.735 |
|
|
Provision for Taxation |
78.665 |
52.591 |
48.916 |
|
|
Profit/(Loss) After Tax |
92.495 |
89.138 |
89.819 |
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
122.508 |
115.052 |
106.155 |
|
Total Earnings |
122.508 |
115.052 |
106.155 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
65.908 |
53.993 |
|
|
|
Components and Spares |
13.112 |
20.596 |
|
|
|
Capital Goods |
48.463 |
0.000 |
75.131 |
|
|
Raw Material Consumed |
62.150 |
54.017 |
|
|
|
Components and Spares consumed |
16.713 |
21.741 |
|
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Total Imports |
206.346 |
150.347 |
75.131 |
|
|
|
|
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Expenditure |
|
|
|
|
|
|
Raw Material Consumed |
|
|
237.949 |
|
|
Consumption of Stores ands Spare Parts |
|
|
53.630 |
|
|
Increase / decrease in Finished Goods |
NA |
NA |
(7.857) |
|
|
Salaries, Wages and Bonus |
|
|
86.519 |
|
|
Managerial Remuneration |
|
|
10.313 |
|
|
Administrative Expenses |
|
|
228.142 |
|
|
Financial Charges |
|
|
28.769 |
|
|
Depreciation |
31.152 |
25.152 |
22.017 |
|
|
Other Expenditures |
NA |
650.756 |
0.000 |
|
Total Expenditure |
NA |
675.908 |
659.482 |
|
|
|
|
|
|
|
|
Earning Per Share |
308.32 |
-- |
-- |
|
%2018-Mar-2013_files/image001.gif){kind=small}
%2018-Mar-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
9.52 |
10.90
|
11.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.62 |
17.33
|
17.38 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.92 |
17.33
|
17.38 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.32
|
0.35 |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57 |
0.76
|
0.65 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.71 |
2.55
|
2.81 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The Company has earned an operating profit of Rs. 202.312 Millions on a
turnover of Rs. 944.215 Millions.
Review of
Operations:
The income on the sale of Card Clothing, Card Room Accessories, Card
Services Equipments, Radio Frequency Dryers, Fabrication charges and Services
charges has increased marginally by 15.48%.
Prospects for the
Current Year:
Textile Industry is faced with high input costs due to shortage of
cotton, power and labour. Hence there is slow down in off take of their
products. Efforts are being taken to achieve higher turnover for the current
year.
Fixed Deposits:
As on 31.03.2008, the aggregate of deposits was Rs. 121.251 Millions.
The Company has no overdue deposits as on 31.03.2008.
The Company is not accepting any fresh deposits from persons other than
Shareholders, Directors and their relatives.
UNSECURED LOANS
Rs. In Millions
|
Particular |
31.03.2008 |
|
Fixed Deposits |
|
|
Shareholders |
52.820 |
|
Directors |
68.431 |
|
Trade Deposits |
0.500 |
|
|
|
|
Total |
121.751 |
Fixed Assets:
- Land
- Building
- Machinery
- Electrical
Plant
- Office
Equipment
- Motor
Vehicles*
- Library
- Patterns
*Includes vehicle purchased under Hire Purchase
Form 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80006810 |
|
Corporate
identity number of the company |
U17219TZ1960PTC000343 |
|
Name of the
company |
LAKSMI CARD
CLOTHING MANUFACTURING COMPANY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Andhra Bank, Main
Branch, 17, |
|
Nature of
description of the instrument creating or modifying the charge |
1.Composite
Agreement Dt.24.04.2009 For Rs.78.500 Millions 2.Bills Drawn On Our
Customers Dt.24.04.09 -DBP/DUBD 3. Counter
Guarantee Form. |
|
Date of
instrument Creating the charge |
24.04.2009 |
|
Amount secured by
the charge |
Rs. 158.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BMPLR +
0.50%. The Rate Of Interest Is Subject
To Policy Of The Bank, RBI, Government and Performance Of The Unit For
Working Capital Sanctioned. For Term Loan
BMPLR+0.50+0.25%. Additional Rate For
ADHOC CC Limit Granted In Terms Of The Sanction. Terms of
Repayment Working Capital
Repayable On Demand. Term Loans
Repayable In Installments As Per Sanction. Margin On Raw Materials
Not Less Than 25%. On Work In
Progress, Stores & Spares And Sundry Debtors (Not More Than 90 Days)- 50%
. On PC - 10%. ILC/ FLC - 10% BG - 10% Extent and
Operation of the charge For WC: Hypothecation Of
Raw Materials Including Work In Process, Finished Goods, Sundry Debtors And
Other Current Assets Paripassu Charge With Bank Of Baroda Collateral:
Second Charge On Entire Fixed Assets Of The Company With Paripassu Charge
With Bank Of Others Nil. |
|
Short particulars
of the property charged |
Fixed Assets, Movable
Assets And Current Assets And Book Debts Of The Company. |
|
Particulars of
the present modification |
The Limit Is
Reduced From Rs.160.750 Millions To Rs.158.500 Millions. |
|
Corporate
identity number (CIN) Foreign company registration number |
U17219TZ1960PTC000343 |
|
Name of the
Company |
LAKSHMI CARD
CLOTHING MANUFACTURING COMPANY PRIVATE LIMITED |
|
Address |
Semmipalayam Kuppusway Naidupuram, |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
Andhra Bank Main Branch, |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Composite
Agreement |
|
Date of the
instrument creating or modifying the charge |
01.11.2007 |
|
Amount secured by
the charge |
Rs.160.750
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
|
|
Short particulars
of the property charged (including location of the property) |
The Plant and
Machinery Erected at the Factory or Stored at any other place. |
|
Particular of the
present modification |
Modification of
the limits from Rs.80.750 Millions to Rs.160.750 Millions and all other
conditions remain the same. |
|
Name of the company |
LAKSHMI CARD CLOTHING
MANUFACTURING COMPANY PRIVATE LIMITED |
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|
Presented
By |
Lakshmi Card
Clothing Mnufacturing Company Private Limited and Bank of |
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|
1) Date and description of instrument creating the change |
Date and Description
of the instrument Creating the charge. Joint equitable mortgage created by
Lakshmi Card Clothing Mnufacturing Company Private Limited., by deposit of
title deeds of the immovable properties and fixed assets of the company in
favour of Bank of Baroda and Andhra Bank on 12.08.1985 |
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|
2) Amount secured by the charge/amount owing on the securities of charge |
Amount Secured by
the charge/amount owing on security of the charge- Bank of Andhra Bank Rs. 9.238
Millions Total Rs.
22.667 Millions |
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|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Short Particular
of the property charged, If the acquired is subject to charge, date of the
acqulstion of property should be given. Deposit of title
deeds of the immovable property belonging to the company, briefly as under;
|
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|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Company has
Created joint equitable mortgage by deposit of title deeds in favour of Bank
of Baroda and Andhra Bank on jointly on a pari passu on the immovable
property of the company together with building and other stricture, Fixed
plants and machinery, equipment, installation, fitting and fixture now
erected or hereafter to be brough theron and to be creted to secured the due
repayment of the following.
The due repayment
of the interest repayment, Premia Cost charge and expenses liquidated damages
in the default in payment of installment and interest and all other monies
payable by the company to bank of |
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|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
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|
6) Date and brief description of instrument modifying the charge |
09.01.2006 Letter of
confirmation executed by the Company Memorandum of entry by Bank of Letter of the bank for shifting the wind mill. |
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|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
|
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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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
66 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.