|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
VF BRANDS INDIA PRIVATE LIMITED (w.e.f. 05.01.2012) |
|
|
|
|
Formerly Known
As : |
VF ARVIND BRANDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bagmane Laurel,
Block "B", Level 9, 8th Floor, Bagmane Tech Park, CV Raman Nagar,
Bangalore – 560093, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.04.2006 |
|
|
|
|
Com. Reg. No.: |
08–067548 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 195.357
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17110KA2006PTC067548 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV05705A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV2727L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Designing, Marketing and Distributor of various VF Brand
Apparels to various Franchisees. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 4030000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between VF Mauritius Limited and Arvind Limited.
It is a well-established company having satisfactory track record. Management of the company has filed its latest financial with the
government department but it is not available with us. As per previous year
financials (i.e.2012), there seems some dip in the profits of the company.
However, the company takes into consideration the brand image and the strong
financial strength of the parent company VF Corp. Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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
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 |
CRISIL |
|
Rating |
Long term rating : AA+ |
|
Rating Explanation |
Strong degree of safety it carry very low
credit risk. |
|
Date |
June 7, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Highest degree of safety it carry lowest
credit risk |
|
Date |
June 7, 2013 |
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
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-79-22203030/ 2200267/ 91-80-30790100/ 200]
LOCATIONS
|
Registered Office : |
Bagmane Laurel,
Block "B", Level 9, 8th Floor, Bagmane Tech Park, CV Raman Nagar,
Bangalore – 560093, Karnataka, India |
|
Tel. No.: |
91-80-30790100/ 200/ 201 |
|
Fax No.: |
91-80-30790111 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 14.08.2013
|
Name : |
Kanchan Kumar Pant |
|
Designation : |
Managing director |
|
Address : |
Villa 143, Adarsh Vista Vighnananagar Main Road, Marathalli PO
Bangalore – 560037, Karnataka, India |
|
Date of Birth/Age : |
01.09.1964 |
|
Qualification : |
B. Tech, PGDM |
|
Experience : |
25 Years |
|
Date of Appointment : |
17.12.2007 |
|
PAN No.: |
ABZPP2153K |
|
DIN No.: |
00219582 |
|
|
|
|
Name : |
Aidan James O'meara |
|
Designation : |
Director |
|
Address : |
House No. 6, Stanley Court, 9, Stanley Mount Road, Stanley, Hong Kong |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
04.10.2007 |
|
DIN No.: |
00675215 |
|
|
|
|
Name : |
Laura Catherine Meagher |
|
Designation : |
Director |
|
Address : |
12, Captains Point, Greensboro, NC Newyork USA 274553430 |
|
Date of Birth/Age : |
24.03.1960 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
05283251 |
|
|
|
|
Name : |
Curtis Andrew Holtz |
|
Designation : |
Alternate director |
|
Address : |
Via Sassa 10, 6900 Lugano Switzerland |
|
Date of Birth/Age : |
17.08.1962 |
|
Date of Appointment : |
03.01.2013 |
|
DIN No.: |
06455824 |
|
|
|
|
Name : |
Mr. Nitin Suresh Khanna |
|
Designation : |
Alternate director |
|
Address : |
A/1003, Paloma, Hiranandani Estate, Patlipada, G B Road, Thane –
400607, Maharashtra, India |
|
Date of Birth/Age : |
28.11.1972 |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06642832 |
KEY EXECUTIVES
|
Name : |
Ms. Swati Baidya |
|
Designation : |
Secretary |
|
Address : |
Flat # 406, Keerrthi Residency, 10th Main. 8th
Cross, Maruthinagar, Malleshpalya, Bangalore – 560075, Karnataka, India |
|
Date of Birth/Age : |
21.03.1983 |
|
Date of Appointment : |
14.03.2012 |
|
PAN No.: |
AKYPB3036F |
|
|
|
|
Name : |
Chakor Jain |
|
Designation : |
Business Head - Lee |
|
|
|
|
Name : |
Colin Pereira |
|
Designation : |
Head – Supply Chain and Sourcing |
|
|
|
|
Name : |
Mr. Manish Jain |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
VF Mauritius Limited, Mauritius |
|
19535690 |
|
International Securities Limited, Mauritius |
|
1 |
|
|
|
|
|
Total |
|
19535691 |
AS ON 14.08.2013
|
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] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designing, Marketing and Distributor of various VF Brand
Apparels to various Franchisees. |
||||
|
|
|
||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ready Made Garments - Tops |
Numbers |
NA |
NA |
13,299 |
|
Ready Made Garments - Bottoms |
Numbers |
NA |
NA |
674,232 |
Notes:
i) The Company is exempt from the licensing provisions of the Industries (Development Regulation) Act, 1951.
ii) As the company’s production activity is carried out by the job workers, installed capacity is not applicable. Company has discontinued the manufacturing operation since November 2010.
iii) Production quantity 687,531 (2010: 1,808,421) numbers produced through job workers.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
·
Hong Kong and Shanghai Banking Corporation Bank · State Bank of India · ICICI Bank Limited ·
Citi Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
The Millenia, 5th Floor, Tower D, 192 Murphy
Road, Ulsoor - 560008, Bangalore, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP5579P |
|
|
|
|
Ultimate Holding company : |
VF Corporation USA |
|
|
|
|
Holding company : |
VF Mauritius Limited |
|
|
|
|
Joint venture : |
Arvind Limited [L17119GJ1931PLC000093] |
|
|
|
|
Fellow Subsidiary company : |
· The H.D Lee Company, Inc · Wrangler Apparel Corp · VF Asia Limited · VF Europe BVBA · VF International SAGL · VF Services · VF Hong Kong Limited · Vans Inc · Arvind Polycot Limited [L99999GJ1968PLC000075] · Jansport Inc. · VF Sportwear Inc. · Arvind Products Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,535,691 |
Equity Shares |
Rs. 10/- each |
Rs. 195.357
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 |
|
195.357 |
136.667 |
|
(b) Reserves & Surplus |
|
813.126 |
(187.511) |
|
(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) |
|
1008.483 |
(50.844) |
|
|
|
|
|
|
(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 |
|
54.838 |
44.317 |
|
(d)
long-term provisions |
|
8.020 |
6.096 |
|
Total
Non-current Liabilities (3) |
|
62.858 |
50.413 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
1001.938 |
|
(b)
Trade payables |
|
814.743 |
580.480 |
|
(c)
Other current liabilities |
|
326.917 |
340.066 |
|
(d)
Short-term provisions |
|
83.008 |
95.735 |
|
Total
Current Liabilities (4) |
|
1224.668 |
2018.219 |
|
|
|
|
|
|
TOTAL |
|
2296.009 |
2017.788 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
71.263 |
91.325 |
|
(ii)
Intangible Assets |
|
534.014 |
685.621 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
|
120.660 |
71.927 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
725.937 |
848.873 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
586.636 |
498.101 |
|
(c)
Trade receivables |
|
823.846 |
630.684 |
|
(d)
Cash and cash equivalents |
|
137.394 |
14.270 |
|
(e)
Short-term loans and advances |
|
22.196 |
25.860 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1570.072 |
1168.915 |
|
|
|
|
|
|
TOTAL |
|
2296.009 |
2017.788 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
136.667 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1449.860 |
|
|
4] (Accumulated Losses) |
|
|
(1745.018) |
|
|
NETWORTH |
|
|
(158.491) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4.986 |
|
|
2] Unsecured Loans |
|
|
923.216 |
|
|
TOTAL BORROWING |
|
|
928.202 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
769.711 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
984.751 |
|
|
Capital work-in-progress |
|
|
2.147 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.035 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
371.389 |
|
|
Sundry Debtors |
|
|
483.769 |
|
|
Cash & Bank Balances |
|
|
27.116 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
72.215 |
|
Total
Current Assets |
|
|
954.489 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1005.274 |
|
|
Other Current Liabilities |
|
|
73.729 |
|
|
Provisions |
|
|
92.708 |
|
Total
Current Liabilities |
|
|
1171.711 |
|
|
Net Current Assets |
|
|
(217.222) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
769.711 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3911.838 |
3012.782 |
1866.180 |
|
|
|
Other Income |
25.071 |
49.857 |
105.899 |
|
|
|
TOTAL (A) |
3936.909 |
3062.639 |
1972.079 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3610.322 |
2656.735 |
1670.728 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
326.587 |
405.904 |
301.351 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.025 |
79.550 |
149.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
242.562 |
326.354 |
151.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
192.705 |
218.712 |
236.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
49.857 |
107.642 |
(85.046) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
49.857 |
107.642 |
(85.046) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.000 |
4.348 |
3.071 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2.55 |
7.88 |
(6.22) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.27
|
3.51 |
(4.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.27
|
3.57 |
(4.56) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
|
5.33 |
(4.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
(2.12) |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
(19.71) |
(5.86) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
0.58 |
0.81 |
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 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 |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
0.000 |
1001.938 |
|
|
|
|
|
Total |
0.000 |
1001.938 |
GENERAL INFORMATION
During the year 2006, VF Corporation, USA and Arvind Limited (formerly Arvind Brands Limited) entered into a 60:40 Joint Venture (JV) to form VF Brands India Private Limited (formerly VF Arvind Brands Private Limited). The Company was formed based on the approval from Foreign Investment Promotion Board, Department of Economic Affairs, Ministry of Finance. The Company designs, markets and distributes various VF brand apparels to various franchisees and distributors across India.
During the year, Arvind Limited has sold its shares and have exited the JV with effect from November 2, 2011. Thus the Company has become a wholly owned subsidiary of VF Mauritius Limited. The Company has its registered office at Ahmedabad and Corporate office at Bangalore.
OPERATIONS
The Company has
completed an impressive year of performance showing continued growth in earning
in the financial year.
Net Sales during the
financial year was Rs. 3911.838 Millions (FY 2010-11: Rs. 3012.782 Millions),
an increase of 30% over the previous year.
The operating profit
before interest and depreciation stands at Rs. 326.587 Millions as against the
previous year figure of operating profit before interest and depreciation of
Rs. 405.905 Millions.
The entire portfolio
of Company’s brands namely Lee and Wrangler showed growths both in terms of
volume as well as value. The Company also showed growth on its new brand, ie,
Vans, both in terms of revenue and distribution.
FIXED ASSETS:
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
· Goodwill
·
Know-how
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. 62.63 |
|
|
1 |
Rs. 101.06 |
|
Euro |
1 |
Rs. 84.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.