MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
DENTIFICATION DETAILS
|
Name : |
HIMATSINGKA WOVENS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 10/24, kumara krupa, High Ground, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.1995 |
|
|
|
|
Com. Reg. No.: |
08-017552 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.125.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17116KA1995PTC017552 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH02443A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA6710F |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Traders
of 100% Natural Silk Fabrics, Silk Blinded Febrics and Cotton Febrics Poly
Fillers. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 860000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has incurred loss during current year. However the company receives good support from its group company. Trade relations are reported as fair. Business is active. Payments terms
are reported to be usually correct and as per commitment. 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 on providing 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 |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
December 31, 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 : |
No. 10/24, Kumara Krupa, High Ground, Bangalore – 560001, Karnataka,
India |
|
Tel. No.: |
91-80-22378000 |
|
Mobile No.: |
91-9980599805 (Mr. Hari Prasad Parthasarathy) |
|
Fax No.: |
91-80-22378074 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 12.08.2013
|
Name : |
Mr. Shrikant Himatsingka |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
173, RMV Extension 8th B, Main Road, Bangalore – 560080,
Karnataka, India |
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|
Date of Birth/Age : |
13.11.1979 |
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|
Date of Appointment : |
05.06.2008 |
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|
DIN No.: |
00122103 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
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|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Dinesh Kumar Himatsingka |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
173, RMV Extension 8th B, Main Road, Bangalore – 560080,
Karnataka, India |
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|
Date of Birth/Age : |
29.11.1948 |
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|
Date of Appointment : |
25.09.2007 |
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|
DIN No.: |
00139516 |
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|
Other
Directorship:
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Amitabh Himatsingka |
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|
Designation : |
Director |
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|
Address : |
Flat 303, Embassy Place No.1, Cunningham Road, Bangalore – 560052,
Karnataka, India |
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|
Date of Birth/Age : |
09.07.1980 |
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|
Date of Appointment : |
07.09.2009 |
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|
DIN No.: |
02354089 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
M/s. Akanksha Himtasingka |
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|
Designation : |
Whole-Time-Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
173, RMV Extension 8th B, Main Road, Bangalore – 560080,
Karnataka, India |
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|
Date of Birth/Age : |
09.07.1980 |
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|
Date of Appointment : |
10.06.2011 |
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|
DIN No.: |
03570191 |
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|
Other
Directorship:
|
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kakkayur Palliyil Pradeep |
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|
Designation : |
Director |
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|
Address : |
316, Sobha Quartz, Sarjapur Outer Ring Road, Belandur, Bangalore –
560103, Karnataka, India |
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|
Date of Birth/Age : |
23.03.1971 |
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|
Date of Appointment : |
25.08.2012 |
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|
DIN No.: |
05190515 |
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Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17116KA1995PTC017552 |
HIMATSINGKA
WOVENS PRIVATE LIMITED |
Director |
25/08/2012 |
01/02/2012 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. V Ravi Kumar Reddy |
|
Designation : |
Secretary |
|
Address : |
Flat No.106, MV Residency, 3rd Cross, Muthappa Block,
Ganganagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
17.12.1980 |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AGGPR8343B |
MAJOR SHAREHOLDERS
AS ON 12.08.2013
|
Names of Shareholders |
No. of Shares |
|
Himatsingka Seide Limited, India |
1249993 |
|
Dinesh Kumar Himatsingka |
1 |
|
Aloy Kumar Himatsingka |
1 |
|
Aditya Himatsingka |
1 |
|
Shrikant Himatsingka |
1 |
|
Jayashree Poddar |
1 |
|
P Chinnaraj |
1 |
|
Amit Jain |
1 |
|
|
|
|
Total |
1250000 |
AS ON 12.08.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate (not mentioned above) |
100.00 |
|
|
|
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders
of 100% Natural Silk Fabrics, Silk Blinded Febrics and Cotton Febrics Poly
Fillers. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
“ATMOSPHERE” |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited landmark Race Cource Circle,
Alkapuri, Baroda - 390015,Gujarat, India ·
The Hongkong and Shanghai Banking Corporation
Limited No7, Mahatma Gandhi Road, Bangalore, Bangalore - 560001, Karnataka,
India ·
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005,
Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, Anchorage II 100/2, Richmond Road, Bangalore 560025,
Karnataka, India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Bihar Mercantile
Union Limited CIN No.: U51909WB1946PLC014119 |
|
|
|
|
Holding company
: |
·
Himatsingka
Seide Limited CIN No.:
L17112KA1985PLC006647 |
|
|
|
|
Fellow
subsidiary : |
·
Himatsingka America, Inc. ·
Twill and Oxford LLC. ·
Divatex Home Fashions, Inc. ·
DWI Holdings, Inc. |
|
|
|
|
Wholly owned
subsidiary : |
·
Himatsingka Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 12.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Share |
Rs.100/- each |
Rs.125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Share |
Rs.100/- each |
Rs.125.000 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 |
125.000 |
125.000 |
125.000 |
|
(b) Reserves & Surplus |
88.203 |
94.911 |
63.965 |
|
(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) |
213.203 |
219.911 |
188.965 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.999 |
74.721 |
305.442 |
|
(b) Deferred tax liabilities (Net) |
16.777 |
19.704 |
16.034 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.015 |
6.679 |
2.585 |
|
Total Non-current Liabilities (3) |
26.791 |
101.104 |
324.061 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
103.844 |
117.896 |
130.227 |
|
(b) Trade
payables |
87.099 |
41.222 |
18.767 |
|
(c) Other
current liabilities |
80.143 |
30.648 |
132.791 |
|
(d) Short-term provisions |
10.533 |
2.862 |
2.620 |
|
Total Current
Liabilities (4) |
281.619 |
192.628 |
284.405 |
|
|
|
|
|
|
TOTAL |
521.613 |
513.643 |
797.431 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
124.935 |
136.028 |
360.131 |
|
(ii)
Intangible Assets |
9.344 |
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 |
19.878 |
19.878 |
108.277 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
38.156 |
35.207 |
34.724 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
192.313 |
191.113 |
503.132 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
221.224 |
226.725 |
196.544 |
|
(c) Trade
receivables |
73.638 |
67.420 |
50.531 |
|
(d) Cash
and cash equivalents |
3.731 |
1.466 |
6.274 |
|
(e)
Short-term loans and advances |
20.941 |
18.511 |
25.929 |
|
(f) Other
current assets |
9.766 |
8.408 |
15.021 |
|
Total Current Assets |
329.300 |
322.530 |
294.299 |
|
|
|
|
|
|
TOTAL |
521.613 |
513.643 |
797.431 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
461.600 |
438.900 |
425.700 |
|
|
|
Other Income |
18.200 |
18.000 |
22.800 |
|
|
|
TOTAL |
479.800 |
456.900 |
448.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
424.900 |
389.500 |
360.800 |
|
|
|
Other Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
424.900 |
389.500 |
360.800 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
INTEREST, TAX EXCEPTIONAL ITEMS |
54.900 |
67.400 |
87.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
0.000 |
24.400 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
54.900 |
91.800 |
87.700 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
21.900 |
22.900 |
45.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
33.000 |
68.900 |
42.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.200 |
13.100 |
21.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
19.800 |
55.800 |
21.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
26.600 |
24.900 |
6.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(6.800) |
30.900 |
14.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Export |
141.900 |
96.300 |
|
|
|
|
Other Earnings |
0.300 |
2.200 |
|
|
|
TOTAL EARNINGS |
142.200 |
98.500 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.100/-) |
(5.37) |
24.76 |
11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.42)
|
6.76 |
3.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.28
|
12.71 |
4.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.94
|
11.30 |
3.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.25 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.53
|
0.87 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.67 |
1.03 |
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 |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Long Term
Borrowing |
|
|
|
Rupee Term Loans From Others |
0.000 |
52.600 |
|
|
|
|
|
Total |
0.000 |
52.600 |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Outstanding guarantees to various banks in respect of the guarantees
given by those banks in favour of Government authorities and others |
0.491 |
0.466 |
|
Outstanding guarantees to various banks in respect of the loans given
by those banks in favour of Holding Company |
738.208 |
0.000 |
|
|
|
|
|
Total |
738.699 |
0.466 |
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10412033 |
18/03/2013 |
439,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Guj |
B70832290 |
|
2 |
10403900 |
30/01/2013 |
119,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade
Centre |
B68472042 |
|
3 |
10188625 |
16/11/2009 |
150,000,000.00 |
Canara Bank |
Prime Corporate Branch, Shankaranarayana
Building, |
A73537946 |
|
4 |
10025324 |
30/03/2011 * |
141,500,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE, FLOOR 21,, CUFFEE PARADE,
MUMBAI, Mah |
B11162021 |
* Date of charge modification
Note :-
Registered office of the company has been shifted
from 2/1, Midford Gardens, M.G. Road, Bangalore – 560001, Karnataka, India to
the present address w.e.f. 22.05.2006
PROSPECTS
During the year
Business improved significantly from Dubai and Singapore markets. Sales in the
domestic market stayed plateaued. The franchised store in Amman, Jordan closed
due to poor market conditions in that market. Going forward, it is proposed to
launch a new brand of Bed Linen through multi-brand stores. Work for this
launch is in progress.
PERFORMANCE OF SUBSIDIARY COMPANY
Himatsingka
Singapore Private Limited (HSPL), Singapore, the wholly owned subsidiary of
company, which operates the ATMOSPHERE store in Singapore, has reported a
turnover of Rs.58.000 Millions for the year ended 31st March 2013 as against a
turnover of Rs.35.800 Millions in the previous year. The Company incurred a
loss of Rs.9.000 Millions as against a loss of Rs.13.000 Millions during the
previous financial year.
FIXED ASSETS
·
Office Equipments
·
Furniture and Fixtures
·
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.62.71 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.