MIRA
INFORM REPORT
|
Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
J. K. COTTON LIMITED (w.e.f. 26.06.2013) |
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Formerly Known
As : |
JUGGILAL
KAMLAPAT COTTON SPINNING AND WEAVING MILLS COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.10.1924 |
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Com. Reg. No.: |
20-000275 |
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Capital Investment
/ Paid-up Capital : |
Rs. 237.350 Millions |
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CIN No.: [Company Identification
No.] |
L17111UP1924PLC000275 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
of cotton material like Polyester Cotton, Terry Cotton, etc. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DENIED
Management Non-Cooperative
Contact No.: 91-512-2371481
LOCATIONS
|
Registered Office : |
Kamla Tower, Kanpur - 208001, Uttar
Pradesh, India |
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Tel. No.: |
91-512-3067392 |
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Fax No.: |
91-512-3067383 |
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E-Mail : |
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Website : |
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Marketing Office / Factory: |
Kalpi Road, Jarib Chowki, Kanpur -
208001, Uttar Pradesh, India |
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Delhi Office : |
19, DDA, Community Center, Okhla phase-1,
New Delhi – 110020, India |
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E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Gaur Hari Singhania |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Yadupati Singhania |
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Designation : |
Vice-Chairman |
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Name : |
Mr. Govind Hari Singhania |
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Designation : |
Director |
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Name : |
Mr. Nidhipati Singhania |
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Designation : |
Director |
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Name : |
Dr. K. B. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Jagendra Swarup |
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Designation : |
Director |
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Name : |
Dr. Anil Gupta |
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Designation : |
Nominee of BIFR |
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Name : |
Mr. K. C. Aggarwal |
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Designation : |
Nominee of AFL |
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Name : |
Dr. J. N. Gupta |
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Designation : |
Director |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Singhania |
|
Designation : |
Chief Executive Officer |
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Name : |
S. K. Kedia |
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Designation : |
CFO and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Number of Shares |
Total Shareholding
as a % of total no. of shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10307119 |
43.715 |
|
Bodies Corporate |
11416228 |
48.419 |
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Any other |
63 |
0.001 |
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|
21723410 |
92.135 |
|
|
0.000 |
0.000 |
|
Total shareholding of Promoter and Promoter Group (A) |
21723410 |
92.135 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
0.000 |
0.000 |
|
Financial Institutions/Banks |
6239 |
0.026 |
|
Insurance Companies |
99142 |
0.420 |
|
|
105381 |
0.446 |
|
|
|
|
|
|
440145 |
1.866 |
|
|
|
|
|
|
1034140 |
4.386 |
|
|
73674 |
0.312 |
|
|
|
|
|
|
0.000 |
0.000 |
|
C-01 Trusts |
50440 |
0.213 |
|
C-02 Societies |
150560 |
0.638 |
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|
1748959 |
7.417 |
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Total Public shareholding (B) |
1854340 |
7.864 |
|
Total (A)+(B) |
23577750 |
100.000 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
|
|
0.000 |
0.000 |
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|
0.000 |
0.000 |
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|
0.000 |
0.000 |
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Total (A)+(B)+(C) |
23577750 |
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of cotton material like Polyester Cotton, Terry Cotton, etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Punjab National Bank ·
Bank of India ·
Yes Bank Limited ·
Oriental Bank of Commerce ·
Allahabad Bank ·
ICICI Bank Limited ·
IDBI Bank Limited ·
State Bank of India |
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Facilities : |
Note : Bank Overdraft secured by Fixed Deposits. Loans
from others Rs. 948.536 Millions secured by
hypothecation of stock of raw materials, stock in process, finished goods, stock
of stores and spares and book debts (present and future). |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Messrs. P. L. Tandon and Company Chartered Accountants |
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Enterprises significantly influenced by Key Management Personnel or
their Relatives : |
·
Jaykay Enterprises Limited ·
J.K. Cement Limited ·
Yadu International Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 237.350 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24500000 |
Equity Shares |
Rs.10/- each |
Rs.245.000 Millions |
|
5000 |
6% Cumulative Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
|
6000 |
8.5% Cumulative Preference Shares |
Rs.100/- each |
Rs.0.600 Million |
|
4720 |
8.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.472 Million |
|
34280 |
14% Cumulative Redeemable Preference Share |
Rs.100/- each |
Rs.3.428 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23577750 |
Equity Shares |
Rs.10/- each |
Rs. 235.778 Millions |
|
5000 |
6% Cumulative Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
|
6000 |
8.5% Cumulative Preference Shares |
Rs.100/- each |
Rs.0.600 Million |
|
4720 |
8.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.472 Million |
|
|
Total |
|
Rs. 237.350
Millions |
The reconciliation of the number of shares outstanding is
set out below -
|
Particulars |
No. of Shares Equity
Shares |
No. of Shares Preference Shares |
|
Shares at the beginning of the year |
2,35,77,750 |
15,720 |
|
|
(2,35,77,750) |
(15,720) |
|
Shares at the end of the year |
2,35,77,750 |
15,720 |
|
|
(2,35,77,750) |
(15,720) |
Figures in brackets are in respect of previous year.
Preference shares of Rs. 1.572 Million will be due for
redemption on 30.09.2014.
Details of Shareholders holding more than 5% Shares of the
Company -
|
Names of Shareholders |
Percentage of
Holding |
No. of Shares |
|
EQUITY SHARES |
|
|
|
M/s Yadu International Limited |
7.30 |
1720000 |
|
Mrs. Sushila Devi Singhania |
8.04 |
1895000 |
|
Dr. Gaur Hari Singhania |
8.33 |
1963246 |
|
Mrs. Kavita Singhania |
9.97 |
2350000 |
|
Mr. Yadupati Singhania |
17.28 |
4075000 |
|
M/s Jaykay Enterprises Limited |
40.34 |
9510360 |
|
PREFERENCE SHARES |
|
|
|
6%
Cumulative Preference Shares of Rs. 100/- each |
|
|
|
M/s Life Insurance Corporation of India |
100 |
5000 |
|
8.5%
Cumulative Preference Shares of Rs. 100/- each |
|
|
|
National Insurance Co. Limited |
66.67 |
4000 |
|
Surya Commercials Limited |
31.25 |
1875 |
|
8.5%
Cumulative Redeemable Preference Shares of Rs.100/- each |
|
|
|
Lala Kailashpat Singhania Sports Foundation |
5.28 |
249 |
|
Shri Lakshmipat Singhania Education Foundation |
8.41 |
397 |
|
Surya Commercials Limited |
75.00 |
3540 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
237.350 |
237.350 |
237.350 |
|
(b) Reserves & Surplus |
831.408 |
80.595 |
386.079 |
|
(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) |
1068.758 |
317.945 |
623.429 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
351.429 |
440.000 |
200.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.241 |
0.241 |
0.246 |
|
(d) long-term provisions |
28.932 |
27.495 |
24.296 |
|
Total
Non-current Liabilities (3) |
380.602 |
467.736 |
224.542 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
450.000 |
1,250.065 |
948.534 |
|
(b) Trade payables |
65.672 |
81.275 |
35.121 |
|
(c) Other current liabilities |
469.280 |
178.004 |
66.777 |
|
(d) Short-term provisions |
5.505 |
5.343 |
6.416 |
|
Total
Current Liabilities (4) |
990.457 |
1,514.687 |
1,056.848 |
|
|
|
|
|
|
TOTAL |
2439.817 |
2,300.368 |
1,904.819 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
614.629 |
453.401 |
171.311 |
|
(ii) Intangible Assets |
3.573 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
79.770 |
50.064 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.912 |
0.912 |
0.987 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.574 |
39.976 |
73.713 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
628.688 |
574.059 |
296.075 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1547.253 |
1,530.692 |
1,466.973 |
|
(c) Trade receivables |
92.604 |
96.731 |
26.801 |
|
(d) Cash and cash equivalents |
136.768 |
58.222 |
78.304 |
|
(e) Short-term loans and
advances |
31.066 |
35.114 |
34.260 |
|
(f) Other current assets |
3.438 |
5.550 |
2.406 |
|
Total
Current Assets |
1811.129 |
1,726.309 |
1,608.744 |
|
|
|
|
|
|
TOTAL |
2439.817 |
2,300.368 |
1,904.819 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
510.555 |
399.886 |
153.182 |
|
|
Other Income |
132.458 |
49.564 |
107.786 |
|
|
TOTAL
|
643.013 |
449.450 |
260.968 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
326.094 |
324.498 |
144.616 |
|
|
Purchases of Stock-in-Trade |
19.034 |
13.616 |
2.171 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(45.033) |
(20.533) |
13.208 |
|
|
Employees benefits expense |
128.845 |
121.750 |
82.835 |
|
|
Purchase of Power |
109.465 |
0.000 |
0.000 |
|
|
Consumables Store |
67.925 |
0.000 |
0.000 |
|
|
Other expenses |
88.251 |
249.988 |
149.461 |
|
|
Exceptional Items |
(948.536) |
0.000 |
0.000 |
|
|
TOTAL
|
(253.955) |
689.319 |
392.291 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
896.968 |
(239.869) |
(131.323) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
118.450 |
51.201 |
4.557 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
778.518 |
(291.070) |
(135.880) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
27.638 |
14.414 |
4.198 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
750.880 |
(305.484) |
(140.078) |
|
|
|
|
|
|
|
Less |
TAX |
0.067 |
0.000 |
23.243 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
750.813 |
(305.484) |
(163.321) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
0.000 |
0.000 |
|
|
Components and Stores parts |
NA |
5.637 |
3.024 |
|
|
Capital Goods |
NA |
155.571 |
50.347 |
|
|
TOTAL
IMPORTS |
NA |
161.208 |
53.371 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(8.39) |
(12.96) |
(6.93) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
116.76 |
(67.97) |
(62.58) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
147.07 |
(76.39) |
(91.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.79 |
(13.76) |
(7.56) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.70 |
(0.96) |
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.75 |
5.32 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
1.14 |
1.52 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
237.350 |
237.350 |
237.350 |
|
Reserves & Surplus |
386.079 |
80.595 |
831.408 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
623.429 |
317.945 |
1,068.758 |
|
|
|
|
|
|
long-term borrowings |
200.000 |
440.000 |
351.429 |
|
Short term borrowings |
948.534 |
1250.065 |
450.000 |
|
Total
borrowings |
1,148.534 |
1,690.065 |
801.429 |
|
Debt/Equity
ratio |
1.842 |
5.316 |
0.750 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from operations |
153.182 |
399.886 |
510.555 |
|
|
|
161.053 |
27.675 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from operations |
153.182 |
399.886 |
510.555 |
|
Profit/(Loss) After Tax |
(163.321) |
(305.484) |
750.813 |
|
|
(106.62%) |
(76.39%) |
147.06% |
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 |
No |
|
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 |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
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 |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
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 |
No |
INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
||||||||||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||||||||||
|
Loan from related party |
NA |
440.000 |
||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
SHORT TERM
BORROWINGS |
|
|
||||||||||||||||||
|
Loans from others |
NA |
291.000 |
||||||||||||||||||
|
|
|
|
||||||||||||||||||
|
Total |
NA |
731.000 |
||||||||||||||||||
|
Note : Maturity Profile
|
||||||||||||||||||||
CHANGE
OF NAME OF THE COMPANY
The
existing name of the Company i.e. ‘JUGGILAL KAMLAPAT COTTON SPINNING and WEAVING
MILLS COMPANY LIMITED’ is too long and causes inconvenience in day to day
business. For sake of convenience and present business trend the Board of Directors
of the Company has proposed to shorten the name of the Company. Since the
Company is well known as ‘J.K.Cotton’, the Board decided that name of the
Company be changed from ‘Juggilal Kamlapat Cotton Spinning and Weaving Mills
Company Limited’ to ‘J.K.Cotton Limited’ subject to the approval of the
Shareholders and Central Government.
FIXED ASSETS
·
Land (Including Lease-hold
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
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 records 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.60.19 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.