MIRA INFORM REPORT
|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIRLEP APPLIANCES LIMITED |
|
|
|
|
Formerly Known
As : |
Duraware private limited |
|
|
|
|
Registered
Office : |
B-5, M.i.d.c.
Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.07.1979 |
|
|
|
|
Com. Reg. No.: |
11-021470 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.31.057 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27200MH1979PLC021470 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKD01728G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB3162G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Nonstick Cookware. |
|
|
|
|
No. of Employees
: |
Not available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 510000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The ratings takes into consideration of small size of operations, low
net worth, high gearing levels on account of the debt availed for the new manufacturing
unit, low profitability margins and competition from organized and
unorganized players. However, the company continue to drive strength from its experienced
promoter group and longstanding track record in the cookware segment,
established brand image, wide distribution network and fully operational new
manufacturing unit. Trade relation are fair. Business is active. Payments terms are slow
but correct. The company can be considered 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 19, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 19, 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.
LOCATIONS
|
Registered Office / Corporate Office : |
B-5, M.i.d.c.
Industrial Area, Railway Station Road, Aurangabad – 431 005, Maharashtra,
India |
|
Tel. No.: |
91-240-2376121 / 802 / 802 Ext: 117; / 2376788 |
|
Fax No.: |
91-240-2376214 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Factory 1 : |
B-6 and 7, M.I.D.C. Area, Station Road, Aurangabad – 431 005, Maharashtra,
India |
|
|
|
|
Factory 2 : |
21A-24A, Additional M.I.D.C. Area, Jalana – 431 203, Maharashtra,
India |
|
|
|
|
Factory 3 : |
Located at
|
|
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|
|
Branches : |
Located At
|
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Muknd Nilkanth Bhogale |
|
Designation : |
Managing Director |
|
Address : |
8, Mitramandal Co-Operative Housing Society, Osmanpura, Aurangabad –
431 005, Maharashtra, India |
|
Date of Birth/Age : |
13.05.1958 |
|
Date of Appointment : |
01.08.1980 |
|
DIN No.: |
00072564 |
|
|
|
|
Name : |
Mr. Nityanand Jayant Bhogale |
|
Designation : |
Director |
|
Address : |
21, Jayanagr, Aurangabad – 431 005, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1961 |
|
Date of Appointment : |
27.03.2001 |
|
DIN No.: |
00072530 |
|
|
|
|
Name : |
Mr. Ramchandra Neelkanth Bhogale |
|
Designation : |
Director |
|
Address : |
20, Mitramandal Co-Operative Housing Society, Osmanpura, Aurangabad –
431 005, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1955 |
|
Date of Appointment : |
17.12.2006 |
|
DIN No.: |
00292417 |
|
|
|
|
Name : |
Mr. Vinayak Manik Joglekar |
|
Designation : |
Director |
|
Address : |
63/3 Swapnarekha, Karve Road, Pune – 411 004, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1955 |
|
Date of Appointment : |
20.07.1993 |
|
DIN No.: |
00498121 |
|
|
|
|
Name : |
Mr. Chandrahas Chandrakant Charekar |
|
Designation : |
Additional Director |
|
Address : |
63/3 Swapnarekha, Karve Road, Pune – 411 004, Maharashtra, India |
|
Date of Birth/Age : |
21.09.1955 |
|
Date of Appointment : |
10.12.2011 |
|
DIN No.: |
00030161 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
NOTE: Shareholding Details File
Attached
As on: 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
19.67 |
|
Bodies corporate |
45.14 |
|
Directors or relatives of Directors |
33.65 |
|
Other top fifty shareholders |
1.54 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Nonstick Cookware. |
||||||||||
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||||||||||
|
Products : |
|
PRODUCTION STATUS AS ON (31.03.2011)
Capacity and
production (Non Stick Cookware)
|
Particulars |
31.03.2011 Annual No. of Pcs. |
|
Installed Capacity 1. New Project at B-6/7, Station Road, Aurangabad |
6000000 |
|
3. A-21/24, MIDC, Jalna |
100000 |
|
3. Actual Production |
7880987 |
|
1. A-21/24, MIDC, Jalna |
5000 |
|
2. Khandewadi Plant |
2160000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Maharashtra, Kranti Chowk Branch, J.M. Gandhi Building, Adalat Road, Aurangabad – 431 005, Maharashtra, India · ICICI Bank Limited
|
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Facilities : |
NOTE: Long Term
Borrowing: Term and
Condition of Borrowings Term loan from bank of Maharashtra is secured against hypothecation /
pledge of plant and machinery, land and building. Further the loan is
guaranteed by guarantee of the directors of the company. The interest on the
loan is payable @15.85% p.a. the loan is repayable in 60 installments.
Starting from 03/2010 and 06/2011. Short Term
Borrowing: Working capital limits from bank of Maharashtra are secured against
hypothecation / pledge of stock and book debts. Further the loan is
guaranteed of the directors of the company. |
|
Banking
Relations : |
-- |
|
Auditors : |
|
|
Name : |
S.V. Gogate and Company Chartered Accountants |
|
Address : |
5, Anuradha society,
Sant Janabhai Path, Vile Parle, Aurangabad – 400 057, Maharashtra, India |
|
Tel. No.: |
91-22-26131839 |
|
PAN.: |
AABPG4828K |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
485000 |
Equity Shares |
Rs.100/- each |
Rs.48.500 Millions |
|
15000 |
Preference Shares |
Rs.100/- each |
Rs.1.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
310574 |
Equity Shares |
Rs.100/- each |
Rs.31.057 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 |
|
31.057 |
28.657 |
|
(b) Reserves & Surplus |
|
88.699 |
82.502 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
7.838 |
7.808 |
|
Total
Shareholders’ Funds (1) + (2) |
|
127.594 |
118.967 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
173.982 |
198.578 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
173.982 |
198.578 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
140.442 |
130.071 |
|
(b) Trade payables |
|
50.811 |
39.824 |
|
(c) Other current
liabilities |
|
65.661 |
57.617 |
|
(d) Short-term
provisions |
|
28.600 |
23.501 |
|
Total Current
Liabilities (4) |
|
285.514 |
251.013 |
|
|
|
|
|
|
TOTAL |
|
587.090 |
568.558 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
239.655 |
251.041 |
|
(ii) Intangible Assets |
|
0.050 |
0.050 |
|
(iii) Capital
work-in-progress |
|
0.000 |
13.053 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.134 |
1.134 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
240.839 |
265.278 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1.238 |
0.852 |
|
(b) Inventories |
|
116.970 |
113.404 |
|
(c) Trade receivables |
|
147.691 |
115.121 |
|
(d) Cash and cash
equivalents |
|
27.844 |
26.621 |
|
(e) Short-term loans
and advances |
|
25.635 |
24.558 |
|
(f) Other current
assets |
|
26.873 |
22.724 |
|
Total Current Assets |
|
346.251 |
303.280 |
|
|
|
|
|
|
TOTAL |
|
587.090 |
568.558 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
26.468 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
55.629 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
82.097 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
168.363 |
|
|
2] Unsecured Loans |
|
|
27.670 |
|
|
TOTAL BORROWING |
|
|
196.033 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
278.130 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
93.713 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.920 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
85.476 |
|
|
Sundry Debtors |
|
|
120.698 |
|
|
Cash & Bank Balances |
|
|
3.386 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
84.678 |
|
Total
Current Assets |
|
|
294.238 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
40.117 |
|
|
Other Current Liabilities |
|
|
47.020 |
|
|
Provisions |
|
|
25.604 |
|
Total
Current Liabilities |
|
|
112.741 |
|
|
Net Current Assets |
|
|
181.497 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
278.130 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
799.282 |
654.426 |
572.722 |
|
|
|
Other Income |
3.396 |
2.886 |
2.351 |
|
|
|
TOTAL |
802.678 |
657.312 |
575.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of finished goods consumed |
121.949 |
112.144 |
|
|
|
|
Cost of material consumed |
347.840 |
286.918 |
|
|
|
|
Manufacturing Expenses |
66.159 |
54.787 |
|
|
|
|
Employee benefit Expenses |
66.406 |
55.970 |
|
|
|
|
Administration Expenses |
35.019 |
30.114 |
|
|
|
|
Advertising and sales promotion Expenses |
80.428 |
65.510 |
|
|
|
|
Exceptional Item |
(0.513) |
0.000 |
|
|
|
|
TOTAL |
717.288 |
605.443 |
477.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
85.390 |
51.869 |
97.239 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
45.603 |
29.328 |
67.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
39.787 |
22.541 |
29.754 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
33.775 |
20.288 |
14.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.012 |
2.253 |
15.508 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.415 |
0.475 |
8.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2.597 |
1.778 |
6.575 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.36 |
6.20 |
29.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.32
|
0.27 |
1.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.75
|
0.34 |
2.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.26
|
0.41 |
3.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.02 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.46
|
2.76 |
2.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.21 |
2.61 |
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 |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three/ Two years |
Yes |
|
12] |
Profitability
for last three/ Two 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 |
No |
|
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 |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
|
|
|
|
Deferred payment liabilities |
4.068 |
4.716 |
|
Deferred tax liabilities |
0.602 |
0.137 |
|
Deposits |
21.828 |
19.032 |
|
|
|
|
|
Total |
26.498 |
23.885 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10225641 |
22/05/2010 |
1,946,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
RASEC, KANCHAN CHAMBERS, KRANTI CHOWK,,
STATION ROAD, AURANGABAD, Maharashtra - 431005, INDIA |
A87919445 |
|
2 |
10063473 |
30/07/2007 |
10,000,000.00 |
BANK OF MAHARASHTRA |
KRANTI CHOWK BRANCH, J.M. GANDHI BUILDING,
ADALAT ROAD, AURANGABAD, Maharashtra - 431005, INDIA |
A20777355 |
|
3 |
90242805 |
16/11/2005 |
578,602.00 |
THE SARAWAT BANK |
STAION ROAD, AURAN GABAD, Maharashtra,
INDIA |
- |
|
4 |
90242754 |
24/07/2012 * |
428,200,000.00 |
BANK OF MAHARASHTRA |
KRANTI CHOWK BRANCH, J.M. GANDHI BUILDING,
JALANA ROAD, AURANGABAD, Maharashtra - 431005, INDIA |
B55939508 |
* Date of charge modification
FIXED ASSETS:
² Leasehold Land
² Free Hold Land
² Factory Building
² Office Building
² Plant and Machinery
² SBS Coating
² Plant and Machinery NAC
² Dies and Punches
² Furniture and Fixture
² Vehicles
² Electrical Installation
² Office Equipment
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 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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.