MIRA
INFORM REPORT
|
Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONDOR FOOTWEAR (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
A-1, 3503 3504, GIDC, Sachin, Surat – 395008, Gujarat |
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.11.1995 |
|
|
|
|
Com. Reg. No.: |
04-028221 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.25.003 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19129GJ1995PLC028221 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC9540N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Polyurethane (PU) Footwear. |
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|
|
|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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|
|
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Company has performed well. Overall financial position of the company
is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
22.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
22.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-261-3088700
LOCATIONS
|
Registered Office/ Factory 1: |
A-1, 3503 3504, GIDC, Sachin, Surat – 395008, Gujarat, India |
|
Tel. No.: |
91-261-3088700 |
|
Fax No.: |
91-261-3088727 |
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E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Condor Footwear (U.P.) Sikandra, 7 Km, Agra-Mathura Road, Agra –
282007, Uttar Pradesh, India |
|
Tel. No.: |
91-562-3259822 |
|
Fax No.: |
91-562-2640396 |
|
|
|
|
Factory 3: |
(Unit 2), Hojiwala Industrial Estate Main Gate 2, Road No.10, Plot
No.B-19/7, Surat, Gujarat, India |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Rakesh Bhagwandas Adnani |
|
Designation : |
Whole Time Director |
|
Address : |
Israil Apartment, Parel Point, |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABLPA8023F |
|
DIN No.: |
00164785 |
|
|
|
|
Name : |
Mr. Jaikishan Adnani Sugnomal |
|
Designation : |
Whole Time Director |
|
Address : |
103/104, Shubham Apartment, Athwalimes, |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ACTPA8360N |
|
DIN No.: |
00164890 |
|
|
|
|
Name : |
Mr. Virginio Abbondio Fidanza |
|
Designation : |
Director |
|
Address : |
Via Lonbardia 16-25028, Verdlanuava – B, 9-Verolanuova, B S, |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
02544737 |
|
|
|
|
Name : |
Mr. Dipak Jaikishan Adnani |
|
Designation : |
Director |
|
Address : |
203 A, Subham Apartment, Sarjan Society, Athwalines, Surat - 395007
Gujarat, India |
|
Date of Birth/Age : |
05.07.1988 |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
AJTPA0660L |
|
DIN No.: |
02498627 |
|
|
|
|
Name : |
Ruggero Abbiati |
|
Designation : |
Director |
|
Address : |
VIA BETTENGO 78 (ROAD), 25026 PONTEVICO (VILLAGE), BRESCIA (PROVINCE),
25026 ITALY |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
21.01.2013 |
|
DIN No.: |
06488056 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Name of
Shareholders |
|
No of
Shares |
|
|
|
|
|
Adnani Jaikishan Sugnomal |
|
674877 |
|
Adnani Nandkishore Sugnomal |
|
274974 |
|
Condor Trade S.R.L., Italy |
|
1225137 |
|
Sval SRL, Italy |
|
50117 |
|
Adnani Divya Jaikishan |
|
100 |
|
Adnani Deepak Jaikishan |
|
100 |
|
Adnani Rahul Murlidhar |
|
274974 |
|
|
|
|
|
Total |
|
2500279 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies corporate |
|
2.00 |
|
Directors or relatives of directors |
|
49.00 |
|
|
|
|
|
Total
|
|
100.00 |
%20LIMITED%20-%20268213%20_MIRA%2020-May-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyurethane (PU) Footwear. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
80 (Approximately) |
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Bankers : |
·
Kotak
Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India ·
HDFC
Bank House Senapati
Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. Gandhi and Associates Chartered Accountants |
|
Address : |
3005, World Trade Centre, |
|
Tel. No.: |
91-261-2310236/ 2338290 |
|
PAN No.: |
ABPPG8411K |
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Subsidiary Company
: |
Condor Footwear (U.P.) Private Limited CIN No.: U19201GJ2005PTC051287 |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500279 |
Equity Shares |
Rs.10/- each |
Rs.25.003
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 |
25.003 |
25.003 |
25.003 |
|
(b) Reserves & Surplus |
622.008 |
473.776 |
350.637 |
|
(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) |
647.011 |
498.779 |
375.640 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.569 |
5.317 |
0.770 |
|
(b) Deferred tax liabilities (Net) |
8.074 |
7.438 |
6.396 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
9.643 |
12.755 |
7.166 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
46.983 |
27.875 |
50.541 |
|
(b) Trade payables |
210.917 |
125.077 |
160.975 |
|
(c) Other current
liabilities |
29.177 |
53.752 |
21.553 |
|
(d) Short-term provisions |
94.886 |
135.654 |
121.884 |
|
Total Current Liabilities (4) |
381.963 |
342.358 |
354.953 |
|
|
|
|
|
|
TOTAL |
1038.617 |
853.892 |
737.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
201.813 |
166.251 |
149.932 |
|
(ii) Intangible Assets |
1.116 |
1.207 |
1.114 |
|
(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 |
42.902 |
42.901 |
42.901 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
38.988 |
16.215 |
1.276 |
|
(e) Other Non-current assets |
0.883 |
0.301 |
0.473 |
|
Total Non-Current Assets |
285.702 |
226.875 |
195.696 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
378.606 |
268.644 |
263.208 |
|
(c) Trade receivables |
207.148 |
153.610 |
112.985 |
|
(d) Cash and cash
equivalents |
3.285 |
3.341 |
2.161 |
|
(e) Short-term loans and
advances |
163.876 |
201.422 |
163.809 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
752.915 |
627.017 |
542.163 |
|
|
|
|
|
|
TOTAL |
1038.617 |
853.892 |
737.759 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income/ Revenue from Operations |
1,407.126 |
1,065.046 |
762.629 |
|
|
|
Other Income |
13.115 |
20.382 |
27.770 |
|
|
|
TOTAL (A) |
1,420.241 |
1,085.428 |
790.399 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
698.748 |
496.318 |
413.798 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(48.974) |
0.605 |
(68.601) |
|
|
|
Employee benefit expense |
61.245 |
46.227 |
31.656 |
|
|
|
Other expenses |
426.542 |
290.933 |
210.095 |
|
|
|
TOTAL (B) |
1,137.561 |
834.083 |
586.948 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
282.680 |
251.345 |
203.451 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.105 |
4.735 |
5.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
278.575 |
246.610 |
197.589 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
30.568 |
26.148 |
19.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
248.007 |
220.462 |
177.934 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
79.772 |
72.321 |
53.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
168.235 |
148.141 |
124.217 |
|
|
|
|
|
|
|
|
|
|
Deferred Tax |
NA |
NA |
1.199 |
|
|
|
Dividend Deferred for Current Year
|
NA |
NA |
17.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
AND DIVIDEND |
NA |
NA |
106.715 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
243.921 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
350.636 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
472.473 |
337.200 |
184.317 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
67.29 |
59.25 |
59.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.85 |
13.65 |
15.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.63 |
20.70 |
23.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.91 |
27.18 |
25.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.44 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.07 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.83 |
1.53 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
25.003 |
25.003 |
25.003 |
|
Reserves & Surplus |
350.637 |
473.776 |
622.008 |
|
Net worth |
375.640 |
498.779 |
647.011 |
|
|
|
|
|
|
long-term borrowings |
0.770 |
5.317 |
1.569 |
|
Short term borrowings |
50.541 |
27.875 |
46.983 |
|
Total borrowings |
51.311 |
33.192 |
48.552 |
|
Debt/Equity ratio |
0.137 |
0.067 |
0.075 |
%20LIMITED%20-%20268213%20_MIRA%2020-May-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from
Operations |
762.629 |
1,065.046 |
1,407.126 |
|
|
|
39.655 |
32.119 |
%20LIMITED%20-%20268213%20_MIRA%2020-May-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
762.629 |
1,065.046 |
1,407.126 |
|
Profit |
124.217 |
148.141 |
168.235 |
|
|
16.29% |
13.91% |
11.96% |
%20LIMITED%20-%20268213%20_MIRA%2020-May-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBTS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Debt |
3.723 |
4.640 |
3.075 |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE OF THE COMPANY
The year was a
transformational year for the Company. During the year, the Company has scaled new
heights in terms of sales, profits, net worth and assets. Sales turnover for
the year has achieved new height of Rs.1446.300 Millions against Rs.1079.300
Millions in the previous year. Profit after tax for the current year is
Rs.167.200 Millions as against Rs.148.100 Millions in the previous year.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10375694 |
28/08/2012 |
70,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B57778128 |
|
2 |
10347140 |
06/03/2012 |
70,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B36815496 |
FIXED ASSETS:
Tangible Assets
· Buildings
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
Intangible Assets
· Trade Marks
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.58.43 |
|
|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.