MIRA
INFORM REPORT
|
Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRASUNA VAMSIKRISHNA SPINNING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
NH - 5,
Ganapavaram (Post), Nadendla (Mandal), District |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.02.2004 |
|
|
|
|
Com. Reg. No.: |
01-042636 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 116.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101AP2004PTC042636 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP03408G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP4505B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cotton Yarn, Cotton Waste, Cotton Lint, Cotton Seed etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1080000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects above average financial risk profile marked by healthy
growth in revenues and margins during 2012-13 and healthy debt protection
metrics. Trade relations are fair. Business is active. Payment terms are
reported to be 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BB+ |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
November 20, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
November 20, 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.: 91-8647-259501)
LOCATIONS
|
Registered Office/ Factory : |
NH - 5,
Ganapavaram (Post), Nadendla (Mandal), District Guntur - 522619, Andhra Pradesh, India |
|
Tel. No.: |
91-8647-259501/ 259694/ 95 |
|
Fax No.: |
91-8647-259502 |
|
E-Mail : |
DIRECTORS
AS ON 23.09.2013
|
Name : |
Mr. Haribabu Kalahasti |
|
Designation : |
Managing director |
|
Address : |
4th Lane, 3/9 Pandaripuram, Near Jayamma Hospital, Chilakaluripet,
District Guntur - 522616, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.08.1954 |
|
Date of Appointment : |
11.02.2004 |
|
PAN No.: |
ASYPK8107E |
|
DIN No.: |
01880153 |
|
|
|
|
Name : |
Mr. Srinivas Pendyala |
|
Designation : |
Managing director |
|
Address : |
3/9, 5th Line Pandaripuram, Chilakaluripet, District Guntur
- 522616, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.04.1969 |
|
Date of Appointment : |
05.05.2005 |
|
PAN No.: |
ADIPS8683A |
|
DIN No.: |
01881020 |
|
|
|
|
Name : |
Ms. Lakshmi Rajyam Kalahasti |
|
Designation : |
Director |
|
Address : |
3-9, 5th Lane, Pandaripuram, Chilakaluripet, Guntur -
522616, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.12.1961 |
|
Date of Appointment : |
11.02.2004 |
|
DIN No.: |
01808367 |
|
|
|
|
Name : |
Mr. Muralikrishna Rao Penoyala |
|
Designation : |
Director |
|
Address : |
3/69, 1st Street, Shanthi Nagar, Sm, Nagar Post, Chennai -
600062, Tamilnadu, India |
|
Date of Birth/Age : |
15.07.1944 |
|
Date of Appointment : |
11.02.2004 |
|
PAN No.: |
AEWPM9492A |
|
DIN No.: |
01808390 |
|
|
|
|
Name : |
Ms. Rathna Kumari Pendyala |
|
Designation : |
Director |
|
Address : |
33/69, 1st Street, Shanthi Nagar, Sm, Nagar Post, Chennai -
600062, Tamilnadu, India |
|
Date of Birth/Age : |
20.02.1955 |
|
Date of Appointment : |
11.02.2004 |
|
PAN No.: |
AJWPR2019P |
|
DIN No.: |
02467207 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Haribabu Kalahasti |
460700 |
39.41 |
|
Lakshmi Rajyam Kalahasti |
23800 |
2.04 |
|
Muralikrishna Rao Pendyala |
115500 |
9.88 |
|
Rathna Kumari Pendyala |
115500 |
9.88 |
|
Srinivas Pendyala |
353500 |
30.24 |
|
Haribabu Kalahasti (HUF) |
100000 |
8.55 |
|
|
|
|
|
Total |
1169000 |
100.00 |
AS ON 23.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn, Cotton Waste, Cotton Lint,
Cotton Seed etc. |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Nos. |
|
A. Licensed Capacity |
24000 Spindles |
|
B. Installed Capacity |
24000 Spindles |
The Licensed and installed capacities are as per
certification given by the Managing Director on which the Auditors are relied.
|
Particulars |
Unit |
Actual
Production |
|
Cotton Yarn |
Qtls |
19,831.17 |
|
Cotton Waste |
Qtls |
6,878.44 |
|
Cotton Lint |
Qtls |
10,679.17 |
|
Cotton Seed |
Qtls |
19,869.88 |
Note:
During the year company has obtained the production of cotton lint and cotton seed through job work with outsiders.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India Specialised Commercial Branch, Kannavarithota, Guntur -
522004, Andhra Pradesh, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mastanaiah And Company Chartered Accountants |
|
Address : |
11/1, Arundelpet, Guntur, Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFM5561H |
|
|
|
|
Enterprise which
are controlled by Key Management Personnel : |
· Sri Buddhasagar Traders, Chilakaluripet Prasuna Vamsikrishna Cotton Ginning Mills, Chilakaluripet |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,169,000 |
Equity Shares |
Rs. 100/- each |
Rs. 116.900
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 |
116.900 |
116.900 |
116.900 |
|
(b) Reserves & Surplus |
154.084 |
124.103 |
110.762 |
|
(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) |
270.984 |
241.003 |
227.662 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
157.600 |
211.300 |
256.400 |
|
(b) Deferred tax liabilities (Net) |
60.208 |
56.512 |
59.069 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.997 |
1.723 |
0.697 |
|
Total Non-current
Liabilities (3) |
219.805 |
269.535 |
316.166 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
103.582 |
66.917 |
140.925 |
|
(b) Trade
payables |
9.968 |
7.597 |
11.226 |
|
(c)
Other current liabilities |
65.304 |
50.144 |
44.752 |
|
(d) Short-term
provisions |
26.312 |
6.807 |
8.720 |
|
Total Current
Liabilities (4) |
205.166 |
131.465 |
205.623 |
|
|
|
|
|
|
TOTAL |
695.955 |
642.003 |
749.451 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
404.334 |
412.577 |
424.605 |
|
(ii)
Intangible Assets |
0.134 |
0.163 |
0.000 |
|
(iii) Capital
work-in-progress |
0.913 |
5.721 |
0.854 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.003 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.329 |
9.063 |
6.342 |
|
(e) Other
Non-current assets |
20.868 |
25.809 |
30.475 |
|
Total Non-Current
Assets |
437.581 |
453.336 |
462.276 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
178.459 |
125.551 |
224.949 |
|
(c)
Trade receivables |
16.305 |
19.156 |
14.256 |
|
(d) Cash
and cash equivalents |
4.190 |
2.294 |
0.500 |
|
(e)
Short-term loans and advances |
13.538 |
9.963 |
10.370 |
|
(f)
Other current assets |
45.882 |
31.703 |
37.100 |
|
Total
Current Assets |
258.374 |
188.667 |
287.175 |
|
|
|
|
|
|
TOTAL |
695.955 |
642.003 |
749.451 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
584.490 |
526.376 |
471.227 |
|
|
|
Other Income |
2.033 |
1.758 |
2.306 |
|
|
|
TOTAL (A) |
586.523 |
528.134 |
473.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
480.649 |
450.533 |
355.216 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
105.874 |
77.601 |
118.317 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.448 |
37.516 |
30.676 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
76.426 |
48.085 |
87.641 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.534 |
27.018 |
26.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.892 |
13.067 |
61.261 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.911 |
(0.274) |
18.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
29.981 |
13.341 |
42.508 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
248.024 |
214.794 |
45.235 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
4.182 |
11.798 |
0.337 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.65 |
11.41 |
29.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.11
|
2.53 |
8.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.36
|
2.48 |
13.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.03
|
2.05 |
8.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.05 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.96
|
1.15 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.44 |
1.40 |
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 |
116.900 |
116.900 |
116.900 |
|
Reserves & Surplus |
110.762 |
124.103 |
154.084 |
|
Net
worth |
227.662 |
241.003 |
270.984 |
|
|
|
|
|
|
long-term borrowings |
256.400 |
211.300 |
157.600 |
|
Short term borrowings |
140.925 |
66.917 |
103.582 |
|
Total
borrowings |
397.325 |
278.217 |
261.182 |
|
Debt/Equity
ratio |
1.745 |
1.154 |
0.964 |
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 |
471.227 |
526.376 |
584.490 |
|
|
|
11.703 |
11.040 |
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 |
471.227 |
526.376 |
584.490 |
|
Profit |
42.508 |
13.341 |
29.981 |
|
|
9.02% |
2.53% |
5.13% |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90128807 |
13/01/2014 * |
425,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA |
B94122561 |
|
2 |
90262660 |
25/07/2005 * |
148,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
KANNAVARITOTHA, GUNTUR, ANDHRA |
-- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from directors |
29.700 |
26.200 |
|
|
|
|
|
Total |
29.700 |
26.200 |
REVIEW OF
OPERATIONS
The Company recorded a net turnover of Rs.584.490 Millions for the year
2012-13 as against Rs.526.376 Millions during the year 2011-12.The PBDIT for the
year 2012-13 is Rs.105.873 Millions as against Rs.77.600 Millions for the year
2011-12.
FUTURE OUTLOOK
The operations during the financial year 2012-13 have yielded satisfactory results, in line with the expectations of the Board of Directors. The Company has been able to achieve a turnover, well over the projected figures. Thus it has been able to strengthen its cash reserves this financial year. In order to increase the total revenues during the financial year 2013-14, it is proposed to convert seven LR-6 Ring Frames to Compact Ring Frames using Suessen Compact conversion kits to realize higher margins. This conversion would be funded using the Company’s own cash reserves.
FINANCE
During the year the company had paid installments of Term
Loan and interest payable to financial institutions regularly.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
1) Fixed deposits with banks includes Rs. 3.312 Millions (Previous year: Rs. 2.076 Millions) against which lien is marked for obtaining Bank guarantees and ILC from banks.
2) Company has obtained licenses under the Export Promotion Capital Goods (EPCG) Scheme for import of capital goods and Advance License for import of Auto Coners at a concessional rate of customs duty against submission of bank guarantee and bonds. In case of non-fulfillment of the terms and conditions as mentioned in the EPCG License and Advance License, the company is contingently liable for an amount of Rs. 0.369 Million (Previous year Rs. 0.165 Million) towards excise duty and Rs.5.048 Millions (Previous year Rs. 32.409 Millions) towards customs duty.
3) Fuel surcharge Adjustment (FSA) for the month of April 2009 and May 2010 amounting to Rs 0.290 Million levied by the Southern Power Distribution Company of Andhra Pradesh Limited has not been provided for by the Company as the ibid levy is subjudice before the Hon’ble High Court of Andhra Pradesh.
FIXED ASSETS:
· Land
Buildings
Factory
building
Other
building
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
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. 61.94 |
|
|
1 |
Rs. 103.31 |
|
Euro |
1 |
Rs. 85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.