.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDWARE HOME RETAIL PRIVATE LIMITED (w.e.f.28.11.2006) |
|
|
|
|
Formerly Known
As : |
SAMRIDHI SUPPLIERS PRIVATE LIMITED |
|
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|
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Registered
Office : |
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|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.11.2005 |
|
|
|
|
Com. Reg. No.: |
21 - 106307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.649.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51109WB2005PTC106307 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALH03084E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS0434P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Retailer of Home Furnishing. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 854000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 100% subsidiary of HSIL Limited and is engaged in the
business of retailing in home furniture under the brand name ‘ Evok’ It is an established company having satisfactory track record. There appears accumulated loss recorded by the company. However, capital base of the company appears to be sound. The rating takes into consideration the unconditional and irrevocable guarantee
provided by HSIL Limited. Trade relations are reported to be decent. Business is active.
Payments are reported to be usually correct. 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.
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 services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that accounts
for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is
the main reason for this overall IT cut. A Reserve Bank of India committee has
recommended setting up a special category of lenders who would cater to small
businesses and households, to expand the number of customers with access to
banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based working capital A+ (SO) |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits A1+ (SO) |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
March, 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.
LOCATIONS
|
Registered Office : |
2 Red Cross Place, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22487406/22487407 |
|
Fax No.: |
91-33-22487045 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Store: |
Plot No. M 54, 1st Floor, Greater Kailash – 2, New Delhi –
110048, India |
|
|
|
|
Corporate Office: |
Unit No. 301-302, III Floor, Park Centra, Sector 30,
N.H-8, Gurgaon - 122001, Haryana, India |
|
Tel. No.: |
91-124-4779200/9201 |
|
Fax No.: |
91-124-4292898/4292899 |
|
E-Mail : |
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Regional Offices: |
Located at: ·
Mumbai ·
Bangalore ·
Chennai ·
Ernakilam ·
Secunderabad ·
Pune ·
Ahmedabad ·
Bhubaneswar ·
Chandigarh ·
Ghaziabad ·
Guwahati ·
Indore ·
Jaipur ·
Lucknow ·
Ranchi |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Sandip Somany |
|
Designation : |
Director |
|
Address : |
B 5/12, Safdarjung Enc, New Delhi – 110029, India |
|
Date of Birth/Age : |
16.12.1963 |
|
Date of Appointment : |
28.09.2006 |
|
Voter Id No.: |
DL/02/009/027291 |
|
DIN No.: |
00053597 |
|
|
|
|
Name : |
Mr. Sumita Somay |
|
Designation : |
Whole-time Director |
|
Address : |
B 5/12, Safdarjung Enc, New Delhi – 110029, India |
|
Date of Birth/Age : |
25.09.1966 |
|
Date of Appointment : |
07.05.2008 |
|
Voter Id No.: |
DL/02/009/027150 |
|
DIN No.: |
00133612 |
|
|
|
|
Name : |
Mr. Girdhari Lal Sultania |
|
Designation : |
Director |
|
Address : |
2 Rowland Road, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
16.10.1945 |
|
Date of Appointment : |
28.09.2006 |
|
Voter Id No.: |
DWK 1170166 |
|
DIN No.: |
00060931 |
|
|
|
|
Name : |
Mr. Niranjan Kumar Goenka |
|
Designation : |
Director |
|
Address : |
38A Kashi Mitra Ghat, Street, Kolkata – 700003, West Bengal, India |
|
Date of Birth/Age : |
05.02.1965 |
|
Date of Appointment : |
28.09.2006 |
|
Voter Id No.: |
FLG 2067460 |
|
DIN No.: |
00060864 |
|
|
|
|
Name : |
Mr. Ram Babu Kabra |
|
Designation : |
Director |
|
Address : |
HSIL Limited, Bahadurgarh, Rohtak – 124507, Haryana, India |
|
Date of Birth/Age : |
09.07.1958 |
|
Date of Appointment : |
10.05.2010 |
|
Voter Id No.: |
HR/04/137/288538 |
|
DIN No.: |
00021886 |
KEY EXECUTIVES
|
Name : |
Ms. Deepika Chowdhary |
|
Designation : |
Secretary |
|
Address : |
3019, Mohalla Dassan Charkhewalan, Delhi – 110006, India |
|
Date of Birth/Age : |
19.11.1988 |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
ATAPC4043Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders (Equity Shareholders) |
No. of Shares |
|
Sultania Lal Girdhari |
1 |
|
HSIL Limited, India |
21999997 |
|
Niranjan Kumar Goenka |
1 |
|
Radhey Ahyam Sharma |
1 |
|
|
|
|
Total |
22000000 |
|
Names of Shareholders (Preference Shareholders) |
No. of Shares |
|
HSIL Limited, India |
4290000 |
|
|
|
|
Total |
4290000 |
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailer of Home Furnishing. |
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||||
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Products : |
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||||
|
Brand Names : |
EVOK |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, Kolkata – 700001, West Bengal,
India ·
Central Bank of India, Parliament Street Branch, Jeeva
Tara Building, Parliament Street, New Delhi – 110001, India ·
Standard Chartered Bank, Credit Documentation
Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India ·
Citi Bank N.A., Jeevan Vihar, 3 Sansad Marg, New
Delhi – 110001, India |
||||||||||||||||||||||||
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Facilities : |
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
L 41 Connuaght Circus New Delhi – 110001, India |
|
PAN.: |
AAAFW4298E |
|
|
|
|
Holding Company : |
HSIL Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
7500000 |
Preference Shares |
Rs.100/- each |
Rs.750.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
4290000 |
Preference Shares |
Rs.100/- each |
Rs.429.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.649.000
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 |
649.000 |
420.000 |
220.000 |
|
(b) Reserves & Surplus |
(435.435) |
(248.480) |
(78.184) |
|
(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) |
213.565 |
171.520 |
141.816 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
82.928 |
78.997 |
41.666 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.765 |
3.486 |
3.215 |
|
(d) long-term provisions |
4.084 |
3.774 |
2.023 |
|
Total Non-current Liabilities (3) |
87.777 |
86.257 |
46.904 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
165.160 |
134.777 |
59.585 |
|
(b) Trade payables |
90.702 |
68.432 |
43.919 |
|
(c) Other current
liabilities |
168.706 |
136.994 |
69.183 |
|
(d) Short-term provisions |
0.433 |
0.108 |
0.093 |
|
Total Current Liabilities (4) |
425.001 |
340.311 |
172.780 |
|
|
|
|
|
|
TOTAL |
726.343 |
598.088 |
361.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
275.919 |
270.759 |
144.787 |
|
(ii) Intangible Assets |
4.484 |
6.764 |
6.890 |
|
(iii) Capital
work-in-progress |
5.835 |
1.121 |
0.870 |
|
(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 |
42.274 |
36.348 |
20.585 |
|
(e) Other Non-current assets |
2.920 |
6.926 |
6.351 |
|
Total Non-Current Assets |
331.432 |
321.918 |
179.483 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
330.980 |
219.430 |
133.589 |
|
(c) Trade receivables |
17.251 |
9.317 |
25.740 |
|
(d) Cash and cash
equivalents |
23.158 |
13.107 |
6.795 |
|
(e) Short-term loans and
advances |
23.522 |
34.316 |
15.893 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
394.911 |
276.170 |
182.017 |
|
|
|
|
|
|
TOTAL |
726.343 |
598.088 |
361.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(186.955) |
(170.296) |
(87.035) |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(7.11) |
(6.48) |
(3.31) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.16
|
1.25 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.81 |
1.05 |
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
Yes |
|
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 |
10471875 |
10/12/2013 |
100,000,000.00 |
Standard Chartered Bank |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW
DELHI, Delhi - 110001, INDIA |
B94124542 |
|
2 |
10333872 |
10/01/2012 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW
DELHI, Delhi - 110001, INDIA |
B31401003 |
|
3 |
10187534 |
20/09/2013 * |
355,000,000.00 |
Central Bank Of India |
Parliament Street Branch,Jeevan Tara Building, Parliament Street
ARLIAMENT STREET, NEW DELHI, New Delhi, Delhi - 110001, INDIA |
B85562288 |
|
4 |
10186890 |
03/11/2009 |
88,000,000.00 |
CENTRAL BANK OF INDIA |
JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, Delhi - 110001,
INDIA |
A73705170 |
* Date of charge modification
OPERATIONS
The Company is a
wholly owned subsidiary of HSIL Limited established to diversify the group into
the total Home Solutions Enterprise with its foray into the high potential Home
Interiors sector in India under the brand name EVOK.
The core vision of
the Company is to be the first choice partner of customers aspiring for value
for style Home Interior solutions and operates in the Retail as well as
Institutional segments.
After setting up
17 stores in just over two years, the company entered into the consolidation
phase. During financial year 2012-13, the company redefined its merchandising and
marketing strategy in line with changing consumer preferences. Evok has
uniquely positioned itself to offer solidwood furniture which is acceptable to
modern young customers as it blends the strength and durability of solid wood
with trendy and modern designs.
Two new Mega
Stores were successfully setup by the Company at prime customer catchment
market locations in Delhi. The Company continued to be among the largest
organized sector retail chain of Home Interior Stores in North-India. All the
new Mega Stores conformed to optimized format workings of 8000 to 12000 sq. ft.
size and revised retail merchandise category mix, based on experience curve of
our operations. These large format flagship stores offer end to end single
window solutions for Home Interior needs ranging from Interior design services,
Living concepts, wide range products, turnkey installation services and post
care services. The comprehensive product category range includes Home
Furniture, Soft Furnishings, Home Decor, Modular Kitchens, Bath, Lighting,
Flooring, Home Organization and accessories with a population of more than
20,000 world class products sourced and aggregated globally.
Besides the Mega
Store retail format, the Company also successfully operated two super-specialty
Kitchen-Bath-Interiors retail formats this year. The Company also pursued and
commenced the SIS (Shop-in-Shop) retail format opportunities, and entered into
a strategic relationship with an established large retailer currently operates
6 shop in shop under this format. In addition to this, company is also planning
to launch franchisee business for modular kitchens, which would cover major
tier-1 and tier 2 cities where the infrastructure development has been on a
rise.
The Projects and
Institutional Division established to service the architects, builders,
corporate and institutional community, had sluggish results due to multiple
challenges on the markets front. The Company believes this Division to be a
strong business growth engine, devoid of retail real estate needs, and is in
the process of investing right resourcing for this vertical.
The Company
further enhanced its capability in developing an extensive global supplier base
for its operations and improved ERP systems, processes and infrastructure. The
new expanded National Distribution Centre was setup at Bhiwandi, Mumbai and a
lot of initiatives are being taken to improvise the pan-India supply chain
efficiencies. Investments were effectively utilized for building and promoting
the exciting brand of the company EVOK and propagating it to be the icon for
Home Fashion retail in India.
While in the year
Topline grew well and most stores become operationally profitable, the Company
bottom line was under adverse pressure due to the impact of Rupee exchange rate
affecting gross margins, rising inflationary Costs and Service tax liabilities
on rented properties. Considering sluggish market environment and adversities
faced by the Retail sector overall, the Company has embarked on the critical
project of Cost reduction and optimization in order to bring about better
operational efficiencies and balance the same with the Revenue structures.
The Company is
completely focused on significant revenue escalation through its existing and
upcoming/proposed retail stores and the projects division next year, as well as
control operating costs with effective budgeting and control systems. The
Company expects to deliver significant long term value to the Group operations.
FIXED ASSETS
·
Vehicle
·
Air Conditioner
·
Office Equipments
·
Computers
·
Furniture and Fittings
·
Furniture and Fitting,
Shop
·
Leasehold Improvements
·
Plant Machinery
·
Tools
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.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared by
: |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
41 |
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.