|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
POMMYS GARMENTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.5/13-B, Pommys Nagar, Seithpur Road, Dhalavaipuram Rajapalayam Taluk,
Virudhunagar – 626188, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.12.2009 |
|
|
|
|
Com. Reg. No.: |
18-073775 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.033 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101TN2009PTC073775 |
|
|
|
|
IEC No.: |
3509008162 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCP2467G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Women’s Night Wear, Tops and Leggings. |
|
|
|
|
No. of Employees
: |
900 (Approximately) (In Office – 80, In Factory – 730 and In Branch –
90) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Profit margin of the company appears to be low. External borrowings seem
to be huge which may act as a threat to the liquidity position during 2013. However, trade relations are fair. Business is active. Payments are
reported as slow but correct. In view of promoter’s extensive experience in the industry, the
company can be considered for business dealings with some caution. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based facilities: BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
May, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term unallocated: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
May, 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 PARTED BY
|
Name : |
Mr. K. Raja |
|
Designation : |
Director |
|
Contact No.: |
91-9894611615 |
|
Date : |
05.10.2013 |
LOCATIONS
|
Registered Office/ Factory : |
No.5/13-B, Pommys Nagar, Seithpur Road, Dhalavaipuram Rajapalayam
Taluk, Virudhunagar – 626188, Tamilnadu, India |
|
Tel. No.: |
91-4563-244615 |
|
Mobile No.: |
91-9894611615 (Mr. K. Raja) |
|
Fax No.: |
91-4563-244615 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
163 cent/ 50000 |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
No.11/1, Vijayanagar Bus Stand, Velachery, Chennai – 600042,
Tamilnadu, India |
|
Tel. No.: |
91-44-22433299 |
|
Area : |
2200 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
No.9, South Mada Street, Mylapore, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-24956066 |
|
Area : |
1200 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
E-135, 6th Avenue, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
|
Tel. No.: |
91-44-24466066 |
|
Area : |
1000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
No.10/D-I, I, Trivandrum Road, 1st Floor, Vannarpettai,
Tirunelveli – 627002, Tamilnadu, India |
|
Tel. No.: |
91-462-2503533 |
|
Area : |
2400 sq. ft. |
|
Location : |
Rented |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. A. Inico Inbaraj |
|
Designation : |
Director |
|
Address : |
44-F, Renganathapuram Kovil Street, Dhalavaipuram, Virudhunagar
District – 626188, Tamilnadu, India |
|
Date of Birth/Age : |
30.05.1972 |
|
Qualification : |
B.E. |
|
Experience : |
15 years |
|
Date of Appointment : |
03.12.2009 |
|
DIN No.: |
02829165 |
|
|
|
|
Name : |
Mr. Kumarasamy Raja |
|
Designation : |
Director |
|
Address : |
5/68-A, Jeyasakthi Nagar, Chettiarpatti, Virudhunagar |
|
Date of Birth/Age : |
09.02.1974 |
|
Qualification : |
B.A., B.L. |
|
Experience : |
15 years |
|
Date of Appointment : |
03.12.2009 |
|
DIN No.: |
02798434 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
A. Inico Inbaraj |
|
40100 |
|
K. Raja |
|
240560 |
|
|
|
|
|
Total |
|
280660 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Women’s Night Wear, Tops and Leggings. |
|
|
|
|
Brand Name : |
“POMMYS” |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60 days) |
|
|
|
|
Purchasing : |
Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Ladies Wear Like Nighties, Inskirts, Leggings, Tops, Nigh Suits Kids
Wear etc (Note: During peak seasons
we also engage other job workers for production) |
-- |
-- |
7500 Pieces per
day |
7500 pieces Per
day |
GENERAL INFORMATION
|
Suppliers : |
· Furu Fabrics 194, 1st Floor, New Cloth Market, Ahmedabad – 380002, Gujarat, India Mr. Rajesh Agarwal Contact No.: 91-9376172258 · Sidhi Fabrics 39, Sunny Arcade, Telipara, Choura Rasta, Jaipur, Rajasthan, India Mr. Goyal Contact No.: 91-9829034773 |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End Users · N. Parvathi Readymades 140, East Car street, Dindugul – 624001, India Mr. Ashwin Contact No.:91-9043841103 · Raja Creations 129-B, Big Street, Pattukottai – 614601, India Mr. Suresh Kanna Contact No.: 91-9443364100 |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
900 (Approximately) (In Office
– 80, In Factory – 730 and In Branch – 90) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Tamilnad Mercantile Bank Limited 29 C/4, Kasiraja Main Road, Muhavoor, Virudhunagar – 626111, Tamilnadu,
India · Axis Bank Limited Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
Credit Limit – Rs.95.000 Millions from Tamilnad Mercantile Bank Limited
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. Selvaraj Associates Chartered Accountants |
|
Address : |
905/18, Thai Complex, Tenkasi Road, Rajapalayam, Virudhunagar – 626117,
Tamilnadu, India |
|
Tel No.: |
91-4563-223643 |
|
Fax No.: |
91-4563-223643 |
|
Mobile No.: |
91-9842123640 |
|
PAN No.: |
AMRPS5339K |
|
Email : |
|
|
|
|
|
Associates/Subsidiaries : |
·
Kanishk
Vishva Textiles 2/448, OId EB Street, Chettiarpatti, Virudhunagar – 626122, Tamilnadu,
India Activities: Manufacture and Sale of Readymade Garments ·
Golden
Garments 19-B, First Floor, Jeeva Nagar, Dhalavaipuram, Virudhunagar – 626188, Tamilnadu, India Activities: Manufacturer and Sale of Readymade Garments. |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
229330 |
Equity Shares |
Rs.10/- each |
Rs.2.293
Millions |
|
219330 |
Premium Shares |
Rs.90/- each |
Rs.19.740
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.22.033 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
229330 |
Equity Shares |
Rs.10/- each |
Rs.2.293
Millions |
|
219330 |
Premium Shares |
Rs.90/- each |
Rs.19.740
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.22.033 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
22.033 |
14.833 |
14.833 |
|
(b) Reserves & Surplus |
3.567 |
2.249 |
0.597 |
|
(c) Money received against share warrants |
6.670 |
5.315 |
5.066 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1)+(2) |
32.270 |
22.397 |
20.496 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
40.235 |
41.788 |
25.246 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
40.235 |
41.788 |
25.246 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
79.496 |
78.645 |
37.911 |
|
(b)
Trade payables |
26.901 |
18.275 |
19.038 |
|
(c)
Other current liabilities |
0.038 |
0.013 |
0.120 |
|
(d)
Short-term provisions |
1.008 |
0.000 |
0.294 |
|
Total
Current Liabilities (4) |
107.443 |
96.933 |
57.363 |
|
|
|
|
|
|
TOTAL |
179.948 |
161.118 |
103.105 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
35.305 |
34.401 |
27.627 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
35.305 |
34.401 |
27.627 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
109.659 |
90.303 |
52.551 |
|
(c)
Trade receivables |
32.495 |
29.792 |
21.356 |
|
(d)
Cash and cash equivalents |
1.622 |
6.356 |
1.567 |
|
(e)
Short-term loans and advances |
0.867 |
0.266 |
0.004 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
144.643 |
126.717 |
75.478 |
|
|
|
|
|
|
TOTAL |
179.948 |
161.118 |
103.105 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
484.752 |
281.860 |
180.059 |
|
|
|
Other Income |
0.806 |
0.176 |
0.025 |
|
|
|
TOTAL (A) |
485.558 |
282.036 |
180.084 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
427.460 |
247.080 |
149.378 |
|
|
|
Purchases of Stock in Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Employee Benefits expenses |
19.059 |
5.329 |
5.178 |
|
|
|
Other Expenses |
18.949 |
15.682 |
14.346 |
|
|
|
TOTAL (B) |
465.468 |
268.091 |
168.902 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.090 |
13.945 |
11.182 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.239 |
9.185 |
6.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.851 |
4.760 |
4.801 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.798 |
3.401 |
3.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.053 |
1.359 |
0.891 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.007 |
0.448 |
0.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.046 |
0.911 |
0.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.19 |
30.35 |
19.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.42
|
0.32 |
0.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
0.48 |
0.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.70
|
0.84 |
0.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.71
|
5.38 |
3.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.31 |
1.32 |
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 |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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] |
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 LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
- From Banks |
5.682 |
5.358 |
|
- from Other Parties |
29.507 |
29.691 |
|
|
|
|
|
Total |
35.189 |
35.049 |
TRADE REFERENCE:
· Furu Fabrics
194, 1st Floor, New Cloth Market, Ahmedabad – 380002, Gujarat, India
Mr. Rajesh Agarwal
Contact No.: 91-9376172258
· Sidhi Fabrics
39, Sunny Arcade, Telipara, Choura Rasta, Jaipur, Rajasthan, India
Mr. Goyal
Contact No.: 91-9829034773
· N. Parvathi Readymades
140, East Car street, Dindugul – 624001, India
Mr. Ashwin
Contact No.:91-9043841103
· Raja Creations
129-B, Big Street, Pattukottai – 614601, India
Mr. Suresh Kanna
Contact No.: 91-9443364100
INDEX OF CHARGES
|
S. No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10436644 |
28/05/2013 |
2,493,000.00 |
Axis
Bank Limited |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B79530259 |
|
2 |
10203520 |
29/01/2012
* |
91,347,000.00 |
TAMILNAD
MERCANTILE BANK |
57,
V.E. ROAD, THOOTHUKUDI, Tamil Nadu - 628002, I |
B35652841 |
* Date of charge modification
FIXED ASSETS:
· Building
· New Building
· Building Under Construction
· Plant and Machinery
· Generator
· Embroider Machine
· Electricals and Fittings
· Welding Machine
· Furniture and Fittings
· Rack Purchasers
· Computer
· Vehicles
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.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.