MIRA
INFORM REPORT
|
Report Date : |
19.08.2014 |
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 : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5940000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AAA(SO)” |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
12.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+(SO)” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.05.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-41550650)
LOCATIONS
|
Registered/ Corporate 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 |
|
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 Mound 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 No. 406, Keerthi 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 |
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 Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) 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. |
||||||||
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|
|
||||||||
|
Products : |
|
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 : |
Not Divulged |
|
|
|
|
Bankers : |
·
Hong Kong and Shanghai Banking Corporation Bank State Bank of India ICICI Bank Limited Citi Bank NA |
|
|
|
|
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 : |
AAEFP3641G |
|
|
|
|
Holding company : |
VF Mauritius Limited, Mauritius |
|
|
|
|
Ultimate
Holding Company : |
VF Corporation, United States |
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|
|
|
Fellow Subsidiary
Company : |
· The H.D.Lee Company, Inc. Wrangler Apparel Corp. Nautica Apparel, Inc. Jansport Inc. VF Sportwear Inc. VF Asia Ltd. VF Europe BVBA VF International SAGL VF Services VF Hongkong Vans Inc. Arvind Limited (JV Partner) * Arvind Polycot Limited * Arvind Products Limited * *Consequent to the exit of the Joint Venture partner, Arvind Limited effective from November 2, 2011 the disclosures in respect of transactions within Arvind Limited have been made upto the said date. |
|
|
|
|
Joint
venture : |
Arvind Limited CIN No.: L17119GJ1931PLC000093 |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
195.357 |
195.357 |
136.667 |
|
(b) Reserves & Surplus |
1288.786 |
813.126 |
(187.511) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1484.143 |
1008.483 |
(50.844) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
69.621 |
54.838 |
44.317 |
|
(d) long-term provisions |
11.221 |
8.020 |
6.096 |
|
Total Non-current Liabilities (3) |
80.842 |
62.858 |
50.413 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1001.938 |
|
(b) Trade payables |
802.470 |
814.743 |
580.480 |
|
(c) Other current
liabilities |
325.907 |
326.917 |
340.066 |
|
(d) Short-term provisions |
119.567 |
83.008 |
95.735 |
|
Total Current Liabilities (4) |
1247.944 |
1224.668 |
2018.219 |
|
|
|
|
|
|
TOTAL |
2812.929 |
2296.009 |
2017.788 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
55.857 |
71.263 |
91.325 |
|
(ii) Intangible Assets |
390.955 |
534.014 |
685.621 |
|
(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) |
117.006 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
137.313 |
120.660 |
71.927 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
701.131 |
725.937 |
848.873 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
490.521 |
586.636 |
498.101 |
|
(c) Trade receivables |
819.618 |
823.846 |
630.684 |
|
(d) Cash and cash
equivalents |
772.990 |
137.394 |
14.270 |
|
(e) Short-term loans and
advances |
28.669 |
22.196 |
25.860 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2111.798 |
1570.072 |
1168.915 |
|
|
|
|
|
|
TOTAL |
2812.929 |
2296.009 |
2017.788 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4006.481 |
3911.838 |
3012.782 |
|
|
|
Other Income |
12.346 |
25.072 |
49.857 |
|
|
|
TOTAL (A) |
4018.827 |
3936.910 |
3062.639 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3483.970 |
3610.323 |
2656.735 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
534.857 |
326.587 |
405.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
84.025 |
79.55 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.857 |
242.562 |
326.354 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
176.202 |
192.705 |
218.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
358.655 |
49.857 |
107.642 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(117.005) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
475.660 |
49.857 |
107.642 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
59.041 |
13.000 |
4.348 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
24.35 |
2.55 |
7.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.84 |
1.27 |
3.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.95 |
1.27 |
3.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.30 |
2.17 |
5.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.05 |
(2.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
(19.71) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69 |
1.28 |
0.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
136.667 |
195.357 |
195.357 |
|
Reserves & Surplus |
(187.511) |
813.126 |
1288.786 |
|
Net
worth |
(50.844) |
1008.483 |
1484.143 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1001.938 |
0.000 |
0.000 |
|
Total
borrowings |
1001.938 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
(19.706) |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3012.782 |
3911.838 |
4006.481 |
|
|
|
29.841 |
2.419 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3012.782 |
3911.838 |
4006.481 |
|
Profit |
107.642 |
49.857 |
475.660 |
|
|
3.57% |
1.27% |
11.87% |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
GENERAL INFORMATION
ABOUT COMPANY
During the year 2006, VF Mauritius Limited (a subsidiary of VF Corporation, USA) and Arvind Limited (formerly Arvind Brands Limited) entered into a 60:40 Joint Venture (JV) to form subject (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. Effective November 02, 2011, Arvind Limited sold its shares and exited from Joint Venture. Thus the Company became a wholly owned subsidiary of VF Mauritius Limited. Effective December 27, 2012 Company has shifted the registered office from State of Gujarat to the State of Karnataka.
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. 4006.481 Millions (FY 2011-12: Rs. 3911.838 Millions), an increase of 30% over the previous year.
The operating profit before interest and depreciation stands at Rs. 534.857 Millions as against the previous year figure of operating profit before interest and depreciation of Rs. 326.587 Millions. The entire portfolio of Company’s brands namely Lee, Wrangler and Vans showed growths both in terms of volume as well as value.
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Leasehold
Improvements
Intangible Assets
· Goodwill
Designs
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.