|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOUCHSTONE FINE JEWELLERY |
|
|
|
|
Registered
Office : |
A-301, Wing A, 3rd Floor, Mangalya Building, Off Marol Mareshi
Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 [Provisional] |
|
|
|
|
Date of
Establishment : |
01.02.2013 |
|
|
|
|
Capital
Investment : |
Rs. 14.079 Millions |
|
|
|
|
IEC No.: |
0313018529 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAIFT2033J |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Rings, Pendants, Earrings, Fine Jewellery
etc. |
|
|
|
|
No. of Employees
: |
82 (Approximately) (21 in Office and 61 in Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 56000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new partnership concern having moderate track
record. The rating is constrained on account of concern’s limited track record
of business operations and low profitability levels of the concern. However, concern has achieved decent sales turnover in its first year
of business operations. Trade relations are improving. Business is active. Payments are
reported to be slow but correct. The concern can be considered for business dealings with some
caution. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 willfully 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.
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 PARTED BY
|
Name : |
Mr. Desmond Machado |
|
Designation : |
Accountant |
|
Contact No.: |
91-9892972239 |
|
Date : |
20.10.2014 |
LOCATIONS
|
Registered Office : |
A-301, Wing A, 3rd Floor, Mangalya Building, Off Marol
Mareshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9820140330 [Mr. Apoorva Mehta] 91-9892972239 [Mr. Desmond Machado] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
14/A, Mahal Industrial
Area, 1st Floor, Paper Box, Off Mahakali Caves Road, Andheri (East), Mumbai -
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66712711 |
|
Fax No.: |
91-22-66712710 |
|
E-Mail : |
|
|
Location : |
Leased |
PARTNERS
|
Name : |
Mr. Malay Lalit Mody |
|
Designation : |
Partner |
|
Address : |
D/205, Simla House CHS Limited, 51/B, Napeansea Road, Mumbai – 400036,
Maharashtra, India |
|
Date of Birth/Age : |
31.08.1974 |
|
Qualification : |
B. Com |
|
Experience : |
20 Years |
|
Brief Description : |
After completing
his academic education at Palm Beach School and then at Hinduja College, He
decided to join their family business of diamond trading. He begun by
learning to sort and grade diamonds at a leading DTC sight holder company. Having gained some
knowledge for 2 years at B. Saraiya and Company, a prominent diamond trading
company, He was given the opportunity to travel overseas to Belgium, Hongkong
and New York to develop clients for polish diamonds. In the next 5
years he acquired vast knowledge travelling several times a year selling
diamonds to customers around the world. As times changed
and customers wanted finished jewelry out of India, I decided to learn the
jewelry manufacturing process at a reputed company in SEEPZ Based on his
experience he assisted Nice Designs Private Limited, to set up and run their
factory for 4 Years. As an expansion plan Nice decided to move to a bigger
establishment in SEEPZ as Infinity Jewels, where I worked for 5 years,
heading production operations for the company After working at
Infinity Jewels for over 5 years he moved to the sales side of the industry
and have been catering to clients in the overseas market since then. |
|
|
|
|
Name : |
Mr. Apoorva S. Mehta |
|
Designation : |
Partner |
|
Address : |
42, Makani Manor, 16 Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1972 |
|
Qualification : |
B. Com [Jai Hind
College] |
|
Experience : |
19 Years |
|
Brief Description : |
Apoorva Mehta born
in the family originated from Palanpur, which is naturally engaged in the
Diamond and Jewellery Trade since last three generations. Before joining the
family business as a mandatory requirement I worked as an apprentice in
factories and family friends offices to learn rough manufacturing skills,
Polish Diamond Grading and Jewellery manufacturing. Having keen
interest in jewellery trade, I founded Touchstone Jewellery in 1995, which
conducted jewellery manufacturing activities for the domestic market for
almost L0yrs" In 2001 to 2007:
In association with lnfinity Jewels division of B. Saraiya and Company, they
developed and built long term business relationship with multiple clients,
both Wholesalers and Retail chain stores in USA. 2007 to till date:
Have continued to cater to the existing clientele base and created new
accounts, to achieve soles off US$ 4.5 to 5 million (INR 25 CRORES) per annum
and growing. |
|
|
|
|
Name : |
Mr. Siraj B. Saraiya |
|
Designation : |
Partner |
|
Address : |
61, Anupam Building, 6th Floor, 11, Manav Mandir Road,
Walkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1972 |
|
Qualification : |
B. Com |
|
Experience : |
19 Years |
|
Brief Description : |
Summary, after he
completed college he started learning to sort and grade diamonds at a well reputed
DTC Firm (Mahendra Bros) for 2 years and there after completing the diamond
training course joined my family firm B. Saraiya and Company which is in
business since last 40 years. He started travelling to his house to house
offices which are located in NY, HK, Antwerp, and BK for exposure and
practical experiences for almost 2 years, later he settled in his present
company and started buying for his clients and overseas offices. |
KEY EXECUTIVES
|
Name : |
Mr. Desmond Machado |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rings, Pendants, Earrings, Fine Jewellery
etc. |
|
|
|
|
Exports : |
|
|
Products : |
Rings, Pendants, Earrings, Fine Jewellery etc. |
|
Countries : |
· USA · Canada · Australia |
|
Trade References
: |
· B.I.G. Jewellery, New York USA · Jewelstone, New York USA · Royal Jewellery, New York USA |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [90 Days and 120 Days] |
|
|
|
|
Purchasing : |
Credit [90 Days and 120 Days] |
PRODUCTION STATUS
|
Products |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
Rings, Pendants, Earrings, Diamond and Gold Studded etc. |
2000 Pcs/ Month |
1200 Pcs/ Month |
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
· Amitesh Export Corporation Address: 23/27, Dreamland Building A, 4th Floor, Mama Parmanand Marg, Mumbai – 400004, Maharashtra, India Tel. No.: 91-22-23638899 Contact Person: Mr. Hitesh Parikh · M B Mehta and Company Address: CW 6161, 6th Floor, Bharat Dismond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India Tel. No.: 91-22-23630318 Contact Person: Mr. Manoj Mehta |
||||||||||
|
|
|
||||||||||
|
Customers : |
Wholesalers and Retailers · Big Jewelry Address: 115 West, 30th
Street, 8 F/I, New York, NY 10001, USA Tel. No.: 212-868-9365 Contact Person: Mr. Ari
Ebrahimoff · Royal Jewelry Mfg Inc. Address: 1001, 6th
Avenue, 7th Floor, New York, NY 10018, USA Tel. No.: 212-302-2500 Contact Person: Mr. Ben
Hakimian · Allison Kaufman Co Address: 7640 Haskell Avenue
Van Nuys CA 91406-2005 USA Tel. No.: 818-373-5100 Contact Person: Mr. Scott
Kaufman · Diamond World Inc. Address: 6222 Richmond
Ave # 875 Houston TX 77057 USA Tel. No.: 713-780-1676 Contact Person: Ms. Ana Cortes |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
82 (Approximately) (21 in Office and 61 in Factory) |
||||||||||
|
|
|
||||||||||
|
Bankers : |
· The Royal Bank of Scotland N.V. 14, Veer Nariman Road, Fort, Mumbai – 400023, Maharashtra, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
Credit Limit = Rs. 70.000 Millions (RS.
IN MILLIONS)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sampat Mehta and Associates Chartered Accountants |
|
Address : |
B-501/503, 11 Sarvoday, Western Express Highway, Bandra [East], Mumbai
– 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26583000 |
|
Fax No.: |
91-22-26583050 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2014 [PROVISIONAL]
|
Capital Investment : |
|
|
Owned : |
Rs. 14.079 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 14.079 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2014 [Provisional] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
|
14.079 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Profit and Loss Account |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14.079 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
27.666 |
|
|
2] Unsecured Loans |
|
|
18.200 |
|
|
TOTAL BORROWING |
|
|
45.866 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.945 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4.573 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
23.413
|
|
|
Sundry Debtors |
|
|
33.829
|
|
|
Cash & Bank Balances |
|
|
10.465
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
3.525
|
|
Total
Current Assets |
|
|
71.232
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
15.860
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
15.860
|
|
|
Net Current Assets |
|
|
55.372
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 [Provisional] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
87.008 |
|
|
|
Other Income |
|
|
0.572 |
|
|
|
TOTAL |
|
|
87.580 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
|
66.514 |
|
|
|
Labour charges |
|
|
5.614 |
|
|
|
Custom duty on Import |
|
|
0.100 |
|
|
|
Agency and Freight charges |
|
|
0.594 |
|
|
|
Design charges |
|
|
0.177 |
|
|
|
Electricity expenses |
|
|
0.223 |
|
|
|
Exchange difference [net] |
|
|
1.272 |
|
|
|
Exhibition expenses |
|
|
0.974 |
|
|
|
Loan Documentation charges |
|
|
0.281 |
|
|
|
Rent expenses |
|
|
1.149 |
|
|
|
Interest on unsecured loan |
|
|
1.315 |
|
|
|
Interest on secured loan |
|
|
0.650 |
|
|
|
Mould expenses |
|
|
0.454 |
|
|
|
Miscellaneous expense |
|
|
0.287 |
|
|
|
Consumable |
|
|
0.125 |
|
|
|
Salary |
|
|
3.074 |
|
|
|
Foreign travelling expenses |
|
|
2.215 |
|
|
|
Remuneration to partners |
|
|
0.150 |
|
|
|
Warehousing fee |
|
|
0.116 |
|
|
|
Other Expenses |
|
|
0.987 |
|
|
|
TOTAL |
|
|
86.271 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
1.309 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
0.081 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.056 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 [Provisional] |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
|
0.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
3.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
4.49 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
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 |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
(RS.
IN MILLIONS)
|
PARTICULARS |
31.03.2014 [Provisional] |
|
|
|
|
Anjana K. Shah |
1.800 |
|
Chaitali Saraiya |
1.300 |
|
Chaya B. Saraiya |
7.600 |
|
Malay Mody HUF |
2.500 |
|
Priyanky Modi |
4.200 |
|
Shail Saraiya |
0.800 |
|
|
|
|
Total |
18.200 |
------------------------------------------------------------------------------------------------------------------------------
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations which
operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS
· Plant and Machinery
· Computers
· 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 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. 61.46 |
|
|
1 |
Rs. 98.21 |
|
Euro |
1 |
Rs. 77.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.