MIRA
INFORM REPORT
|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
G M FABRICS PRIVATE LIMITED (w.e.f.10.12.2009) |
|
|
|
|
Formerly Known
As : |
HARTEX SILK MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Dhana Singh Compound, J. B. Nagar, Andheri-Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra |
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|
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|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.01.1985 |
|
|
|
|
Com. Reg. No.: |
11-034978 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.658 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17116MH1985PTC034978 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH06864E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2821F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Home Furnishing Products. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. Financials of 2011, 2012 and 2013 could not be made available from
government department. Mr. Nitin Pawar, Accounts Executive Provided general information and
denied to disclose financial information to us. As per the available financial of 2010, there is a sharp dip in profit
of the company. Business is active. Payment terms are reported to be unknown. The company can be considered for business dealings on a safe and
secured 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.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
13.03.2014 |
Reason for suspension: Not furnished in information required by care
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Nitin Pawar |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-42140400 |
|
Date : |
19.03.2014 |
LOCATIONS
|
Registered Office : |
Dhana Singh Compound, J. B. Nagar, Andheri-Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-42140400/ 66750155/ 28365341/ 42140421 (4 Lines) |
|
Fax No.: |
91-22-28365341/ 22087475 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No.F-2/3, MIDC Tarapur Industrial Area, Boisar, Thane,
Maharashtra, India |
|
|
|
|
Factory 2 : |
Located at Sarigam, Gujarat, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Harbanskaur Gurcharansingh Chugha |
|
Designation : |
Additional director |
|
Address : |
Flat No. 91, 9th Floor, Kshitij Apartment, Plot No.99, Hill
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
07.12.1937 |
|
Date of Appointment : |
20.11.2009 |
|
DIN No.: |
00780083 |
|
|
|
|
Name : |
Mr. Gurcharan Singh Sardar |
|
Designation : |
Director |
|
Address : |
Flat No. 91, 9th Floor, Kshitij Apartment, Plot No.99, Hill
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
13.04.1936 |
|
Date of Appointment : |
23.06.2006 |
|
DIN No.: |
01808540 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Pawar |
|
Designation : |
Accounts Executive |
|
|
|
|
Name : |
Mr. Ravindra More |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Harbans Kaur |
|
1582 |
|
S. Gurcharan Singh |
|
1612 |
|
S. Gurcharan Singh HUF |
|
1602 |
|
S. Harjinder Singh HUF |
|
1602 |
|
S. Gurvinder Singh |
|
1647 |
|
Ramanjit Kaur |
|
1647 |
|
S. Gurvinder Singh HUF |
|
1602 |
|
Gurpreet Kaur |
|
880 |
|
S Harjinder Singh |
|
1180 |
|
G M Mills Private Limited |
|
1610 |
|
G M Knitting Industries Private Limited, India |
|
21490 |
|
Partners of PSK Industries |
|
2 |
|
Partners of GSK Industries |
|
2 |
|
Partners of Harnam Silk Factory |
|
2 |
|
Harbans Kaur |
|
36460 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
20.00 |
|
Directors or relatives of Directors |
80.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Home Furnishing Products. |
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|
|
|
Exports : |
|
|
Products : |
Home Furnishing Products |
|
Countries : |
·
Europe ·
Middle East Asian Country ·
Saudi Arabia ·
UK |
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|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Germany ·
China ·
Korea |
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|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Reliance Industries Limited |
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Customers : |
Farom Fabrics Private Limited |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· Common Wealth Bank of Australia, Level 2, Hoechst House, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Citibank N. A., Citigroup Centre Complex Bandra
Kurla Complex, G - Block Bandra East, Mumbai - 400051, Maharashtra, India ·
Citibank N. A., First International Financial
Centre, 9th Floor, Plot No.C-54, C-55, G-Block, Bandra (East), Mumbai -
400051, Maharashtra, India |
||||||||||||||||||
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Facilities : |
Note: Secured against
hypothecation of stocks, debtors, other assets and personal guarantee of
Directors |
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|
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|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Shah and Bhosale Chartered Accountants |
|
Address : |
7/8, 1st Floor, 102 A Madhavwadi, Naigaum Cross Road, Dadar Central, Mumbai – 400014,
Maharashtra, India |
|
Tel. No.: |
91-22-54156791/ 24156792 |
|
Fax No.: |
91-22-24124824 |
|
PAN No.: |
ABOFS4846H |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36460 |
Equity Shares |
Rs.100/- each |
Rs.3.646 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16580 |
Equity Shares |
Rs.100/- each |
Rs.1.658 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.658 |
1.658 |
1.647 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
150.843 |
126.572 |
25.633 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
152.501 |
128.230 |
27.280 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.166 |
101.501 |
87.466 |
|
|
2] Unsecured Loans |
103.369 |
111.828 |
209.678 |
|
|
TOTAL BORROWING |
201.535 |
213.329 |
297.144 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
354.036 |
341.559 |
324.424 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
567.248 |
474.408 |
314.457 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.450 |
3.450 |
3.450 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
93.185
|
39.428
|
26.636 |
|
|
Sundry Debtors |
58.643
|
59.527
|
44.355 |
|
|
Cash & Bank Balances |
1.880
|
80.702
|
1.171 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
90.349
|
53.444
|
35.818 |
|
Total
Current Assets |
244.057
|
233.101 |
107.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
363.796
|
304.266
|
74.328 |
|
|
Other Current Liabilities |
24.400
|
4.878
|
0.532 |
|
|
Provisions |
74.296
|
62.250
|
26.755 |
|
Total
Current Liabilities |
462.492
|
371.394
|
101.615 |
|
|
Net Current Assets |
(218.435)
|
(138.293)
|
6.365 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.773 |
1.994 |
0.152 |
|
|
|
|
|
|
|
|
TOTAL |
354.036 |
341.559 |
324.424 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
658.479 |
577.494 |
456.897 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
36.315 |
80.890 |
4.292 |
|
|
|
|
|
|
|
|
|
|
TAX |
12.044 |
28.093 |
1.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
24.271 |
52.305 |
2.457 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1463.87 |
3154.70 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
5.51
|
9.06 |
0.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.48
|
11.43
|
1.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.63
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.32
|
0.63
|
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53
|
0.63
|
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
1.647 |
1.658 |
1.658 |
|
Reserves & Surplus |
25.633 |
126.572 |
150.843 |
|
Net
worth |
27.280 |
128.230 |
152.501 |
|
|
|
|
|
|
long-term borrowings |
87.466 |
101.501 |
98.166 |
|
Short term borrowings |
209.678 |
111.828 |
103.369 |
|
Total
borrowings |
297.144 |
213.329 |
201.535 |
|
Debt/Equity
ratio |
10.892 |
1.664 |
1.322 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
456.897 |
577.494 |
658.479 |
|
|
|
26.395 |
14.024 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
456.897 |
577.494 |
658.479 |
|
Profit |
2.457 |
52.305 |
24.271 |
|
|
0.54% |
9.06% |
3.69% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
No |
Note:
The registered office of the company has been shifted from 382,
Kalbadevi Road, Dhabolkar Wadi, Mumbai – 400002, Maharashtra, India to the
present w.e.f. 25.06.2012
UNSECURED LOANS:
|
Particulars |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
|
From
Shareholders |
|
|
|
S Gurucharan Singh |
4.407 |
7.505 |
|
S Gurivinder Singh |
0.171 |
2.814 |
|
G M Fabrics (Prop. S Gurvinder Singh) |
71.919 |
71.929 |
|
From Companies |
|
|
|
Dalitex Silk Mills Private Limited |
0.000 |
11.569 |
|
Hartex Exports Private Limited |
26.872 |
15.000 |
|
One G M Fabrics Private Limited |
0.000 |
3.011 |
|
Total |
103.369 |
111.828 |
PERFORMANCE DURING
THE CURRENT YEAR:
The director expects to achieve better performance during the current
year.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10463941 |
06/12/2013 |
750,000,000.00 |
CITIBANK N. A. |
First International Financial Centre, 9th Floor, Plot No. C-54, C-55, G-Block, BKC, Bandra (East), Mumbai, Maharashtra - 400051, India |
B91016212 |
|
2 |
10338726 |
03/02/2012 |
195,000,000.00 |
Punjab and Sind Bank |
101, Shaheed Bhagat Singh Colony, Near Sangam, Theatre, Andheri Kurla Road, Andheri East, Mumbai, Maharashtra - 400059, India |
B33500554 |
|
3 |
10284686 |
03/05/2011 |
55,000,000.00 |
CITIBANK N. A. |
Trent House, 2nd Floor,
G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai,
Maharashtra |
B11816741 |
|
4 |
10284882 |
05/04/2011 |
50,000,000.00 |
CITIBANK N. A. |
Trent House, 2nd Floor,
G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai,
Maharashtra |
B11875010 |
|
5 |
10261286 |
18/11/2013 * |
175,000,000.00 |
Commonwealth Bank of Australia |
Level 2, Hoechst
House, Nariman Point, Mumbai, Ma |
B90322181 |
|
6 |
10079331 |
24/08/2007 |
40,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A28209922 |
|
7 |
10079332 |
24/08/2007 |
40,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A28210102 |
|
8 |
10077868 |
24/08/2007 |
40,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A26340505 |
|
9 |
10018930 |
31/08/2006 |
65,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A04401691 |
|
10 |
10019115 |
31/08/2006 |
65,000,000.00 |
CITI BANK NA |
Citi Group; Bandra Kurla
Complex. G Block, Mumbai, |
A04404075 |
|
11 |
10060833 |
31/08/2006 |
65,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A04401063 |
|
12 |
80043278 |
06/12/2013 * |
300,000,000.00 |
CITIBANK N. A. |
First International Financial Centre, 9th Floor, Plot No. C-54, C-55, G-Block, BKC, Bandra (East), Mumbai, Maharashtra - 400051, India |
B91034306 |
|
13 |
90241275 |
03/06/2008 * |
110,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
A39401401 |
|
14 |
90214983 |
02/09/2004 |
58,000,000.00 |
CITI BANK NA |
Citi Group; Bandra
Kurla Complex. G Block, Mumbai, |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.07 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.85.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
12 |
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.