MIRA INFORM REPORT
|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
VF BRANDS INDIA PRIVATE LIMITED (w.e.f. 05.01.2012) |
|
|
|
|
Formerly Known
As : |
VF ARVIND BRANDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bagmane Laurel,
Block "B", Level 9, 8th Floor, Bagmane Tech Park, CV Raman Nagar,
Bangalore – 560093, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.2006 |
|
|
|
|
Com. Reg. No.: |
08–067548 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 195.357
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17110KA2006PTC067548 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV05705A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV2727L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Designing, Marketing and Distributor of various VF Brand
Apparels to various Franchisees. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “VF Mauritius Limited”, Mauritius. It is a
well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. Note: 23 AC documents for the financial year 2014 could not be made
available from any source. |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AAA(SO)” |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
12.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+(SO)” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.05.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-41550650)
LOCATIONS
|
Registered/ Corporate Office : |
Bagmane Laurel,
Block "B", Level 9, 8th Floor, Bagmane Tech Park, CV Raman Nagar,
Bangalore – 560093, Karnataka, India |
|
Tel. No.: |
91-80-30790100/ 200/ 201 |
|
Fax No.: |
91-80-30790111 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 14.08.2013
|
Name : |
Kanchan Kumar Pant |
|
Designation : |
Managing Director |
|
Address : |
Villa 143, Adarsh Vista Vighnananagar Main Road, Marathalli PO,
Bangalore – 560037, Karnataka, India |
|
Date of Birth/Age : |
01.09.1964 |
|
Qualification : |
B. Tech, PGDM |
|
Date of Appointment : |
17.12.2007 |
|
PAN No.: |
ABZPP2153K |
|
DIN No.: |
00219582 |
|
|
|
|
Name : |
Aidan James O'meara |
|
Designation : |
Director |
|
Address : |
House No. 6, Stanley Court, 9, Stanley Mound Road, Stanley, Hong Kong |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
04.10.2007 |
|
DIN No.: |
00675215 |
|
|
|
|
Name : |
Laura Catherine Meagher |
|
Designation : |
Director |
|
Address : |
12, Captains Point, Greensboro, NC Newyork USA 274553430 |
|
Date of Birth/Age : |
24.03.1960 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
05283251 |
|
|
|
|
Name : |
Curtis Andrew Holtz |
|
Designation : |
Alternate Director |
|
Address : |
Via Sassa 10, 6900 Lugano Switzerland |
|
Date of Birth/Age : |
17.08.1962 |
|
Date of Appointment : |
03.01.2013 |
|
DIN No.: |
06455824 |
|
|
|
|
Name : |
Mr. Nitin Suresh Khanna |
|
Designation : |
Alternate Director |
|
Address : |
A/1003, Paloma, Hiranandani Estate, Patlipada, G B Road, Thane –
400607, Maharashtra, India |
|
Date of Birth/Age : |
28.11.1972 |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06642832 |
KEY EXECUTIVES
|
Name : |
Ms. Swati Baidya |
|
Designation : |
Secretary |
|
Address : |
Flat No. 406, Keerthi Residency, 10th Main, 8th
Cross, Maruthinagar, Malleshpalya, Bangalore – 560075, Karnataka, India |
|
Date of Birth/Age : |
21.03.1983 |
|
Date of Appointment : |
14.03.2012 |
|
PAN No.: |
AKYPB3036F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.08.2013
|
Names of Shareholders |
No. of Shares |
|
VF Mauritius Limited, Mauritius |
19535690 |
|
International Securities Limited, Mauritius |
1 |
|
Total |
19535691 |
As on 14.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designing, Marketing and Distributor of various VF Brand
Apparels to various Franchisees. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ready Made Garments - Tops |
Numbers |
NA |
NA |
13,299 |
|
Ready Made Garments - Bottoms |
Numbers |
NA |
NA |
674,232 |
Notes:
i) The Company is exempt from the licensing provisions of the Industries (Development Regulation) Act, 1951.
ii) As the company’s production activity is carried out by the job workers, installed capacity is not applicable. Company has discontinued the manufacturing operation since November 2010.
iii) Production quantity 687,531 (2010: 1,808,421) numbers produced through job workers.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
The Millenia, 5th Floor, Tower D, 192 Murphy
Road, Ulsoor - 560008, Bangalore, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding company : |
VF Mauritius Limited, Mauritius |
|
|
|
|
Ultimate
Holding Company : |
VF Corporation, United States |
|
|
|
|
Fellow Subsidiary
Company : |
· The H.D.Lee Company, Inc. · Wrangler Apparel Corp. · Nautica Apparel, Inc. · Jansport Inc. · VF Sportwear Inc. · VF Asia Ltd. · VF Europe BVBA · VF International SAGL · VF Services · VF Hongkong · Vans Inc. · Arvind Limited (JV Partner) * · Arvind Polycot Limited * · Arvind Products Limited * *Consequent to the exit of the Joint Venture partner, Arvind Limited effective from November 2, 2011 the disclosures in respect of transactions within Arvind Limited have been made upto the said date. |
|
|
|
|
Joint
venture : |
Arvind Limited CIN No.: L17119GJ1931PLC000093 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,535,691 |
Equity Shares |
Rs. 10/- each |
Rs. 195.357
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 |
195.357 |
195.357 |
136.667 |
|
(b) Reserves & Surplus |
1288.786 |
813.126 |
(187.511) |
|
(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) |
1484.143 |
1008.483 |
(50.844) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
69.621 |
54.838 |
44.317 |
|
(d) long-term
provisions |
11.221 |
8.020 |
6.096 |
|
Total Non-current
Liabilities (3) |
80.842 |
62.858 |
50.413 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
1001.938 |
|
(b) Trade
payables |
802.470 |
814.743 |
580.480 |
|
(c) Other
current liabilities |
325.907 |
326.917 |
340.066 |
|
(d) Short-term
provisions |
119.567 |
83.008 |
95.735 |
|
Total Current
Liabilities (4) |
1247.944 |
1224.668 |
2018.219 |
|
|
|
|
|
|
TOTAL |
2812.929 |
2296.009 |
2017.788 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
55.857 |
71.263 |
91.325 |
|
(ii) Intangible
Assets |
390.955 |
534.014 |
685.621 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
117.006 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
137.313 |
120.660 |
71.927 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
701.131 |
725.937 |
848.873 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
490.521 |
586.636 |
498.101 |
|
(c) Trade
receivables |
819.618 |
823.846 |
630.684 |
|
(d) Cash
and cash equivalents |
772.990 |
137.394 |
14.270 |
|
(e) Short-term
loans and advances |
28.669 |
22.196 |
25.860 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2111.798 |
1570.072 |
1168.915 |
|
|
|
|
|
|
TOTAL |
2812.929 |
2296.009 |
2017.788 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4006.481 |
3911.838 |
3012.782 |
|
|
|
Other Income |
12.346 |
25.072 |
49.857 |
|
|
|
TOTAL (A) |
4018.827 |
3936.910 |
3062.639 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3483.970 |
3610.323 |
2656.735 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
534.857 |
326.587 |
405.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
84.025 |
79.55 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.857 |
242.562 |
326.354 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
176.202 |
192.705 |
218.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
358.655 |
49.857 |
107.642 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(117.005) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
475.660 |
49.857 |
107.642 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
59.041 |
13.000 |
4.348 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
24.35 |
2.55 |
7.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.84 |
1.27 |
3.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.95 |
1.27 |
3.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.30 |
2.17 |
5.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.05 |
(2.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
(19.71) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69 |
1.28 |
0.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
136.667 |
195.357 |
195.357 |
|
Reserves & Surplus |
(187.511) |
813.126 |
1288.786 |
|
Net
worth |
(50.844) |
1008.483 |
1484.143 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1001.938 |
0.000 |
0.000 |
|
Total
borrowings |
1001.938 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
(19.706) |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3012.782 |
3911.838 |
4006.481 |
|
|
|
29.841 |
2.419 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3012.782 |
3911.838 |
4006.481 |
|
Profit |
107.642 |
49.857 |
475.660 |
|
|
3.57% |
1.27% |
11.87% |
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
GENERAL INFORMATION
ABOUT COMPANY
During the year 2006, VF Mauritius Limited (a subsidiary of VF Corporation, USA) and Arvind Limited (formerly Arvind Brands Limited) entered into a 60:40 Joint Venture (JV) to form subject (formerly VF Arvind Brands Private Limited). The Company was formed based on the approval from Foreign Investment Promotion Board, Department of Economic Affairs, Ministry of Finance. The Company designs, markets and distributes various VF brand apparels to various franchisees and distributors across India. Effective November 02, 2011, Arvind Limited sold its shares and exited from Joint Venture. Thus the Company became a wholly owned subsidiary of VF Mauritius Limited. Effective December 27, 2012 Company has shifted the registered office from State of Gujarat to the State of Karnataka.
OPERATIONS
The Company has completed an impressive year of performance showing continued growth in earning in the financial year.
Net Sales during the financial year was Rs. 4006.481 Millions (FY 2011-12: Rs. 3911.838 Millions), an increase of 30% over the previous year.
The operating profit before interest and depreciation stands at Rs. 534.857 Millions as against the previous year figure of operating profit before interest and depreciation of Rs. 326.587 Millions. The entire portfolio of Company’s brands namely Lee, Wrangler and Vans showed growths both in terms of volume as well as value.
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
Intangible Assets
· Goodwill
·
Designs
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.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
64 |
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.