MIRA INFORM REPORT
|
Report No. : |
352970 |
|
Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRADE LINE
ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8 L & M, Century Plaza, 560-562, Mount Road, Teynampet, Chennai –
600018, Tamilnadu |
|
Tel. No.: |
91-44-24341287 / 88 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
03.08.2005 |
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|
|
|
Com. Reg. No.: |
18-057097 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.173.060 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51494TN2005PTC057097 |
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|
|
IEC No.: |
0406032181 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AACCT5078Q |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Sale of Cotton yarn and related services viz, Textiles. (Registered Activity) |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2005 and has moderate track. Tradeline Far East Pte. Limited, Singapore holds 23.64% stack in the subject company. The company is in direct touch with some of the world leaders in garments i.e. ZARA, GAP, Brocks Brothers etc. As per registrar of companies the date of balance sheet (i.e. financial field) is shown as 31.03.2015 but documents related to same for the financial year ending 2015 is not available from any other sources. However, the company has been incurring continuous losses from its operations which has eroded the networth position of the company. Further, the company has reported decline in its sales turnover in FY14 over previous year. Trade relations are fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with fully 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION DENIED
Unable to Contact (91-44-24341287 / 88)
LOCATIONS
|
Registered / Corporate Office : |
8 L & M, Century Plaza, 560-562, Mount Road, Teynampet, Chennai –
600018, Tamilnadu, India |
|
Tel. No.: |
91-44-24341287 / 88 |
|
Fax No.: |
91-44-24349672 |
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E-Mail : |
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Website : |
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Mills : |
Uthiramerur Main Road, Kodithandalam Village, District Kancheepuram - 600016, Tamilnadu |
DIRECTORS
As on 28.09.2015
|
Name : |
Mr. Palayam Prabhakar Prashant |
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Designation : |
Managing Director |
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Address : |
No.47A, 2nd Street, Venus Colony, Alwarpet, Chennai - 600018, Tamilnadu, India |
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Date of Birth/Age : |
22.11.1973 |
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Date of Appointment : |
03.08.2005 |
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DIN No.: |
01627260 |
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PAN No.: |
AEWPP3464P |
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Other Directorship :
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|
Name : |
Mr. Srinivasan Chakravarthy |
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Designation : |
Director |
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Address : |
6-3-864/2/B, Sadat Manzil, Begumpet, Hyderabad - 500016, Telangana, India |
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Date of Appointment : |
28.03.2007 |
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DIN No.: |
01808160 |
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Name : |
Mr. Alagendran Premanandan |
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Designation : |
Director |
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Address : |
Premises of Tradeline Enterprises Private Limited, Uthiramerur Main Road, Nataraja Puram, Post Pukkathurai - 603308, Tamilnadu, India |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06693856 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Sathish Venkata Naga Surya Maddula |
|
Designation : |
Company Secretary |
|
Address : |
F2, KRG Foundations, Manimegalai Nagar, 2nd Street, Pallikaranai, Chennai - 600100, Tamilnadu, India |
|
Date of Appointment : |
12.10.2015 |
|
PAN No.: |
BFJPS9202R |
MAJOR SHAREHOLDERS
As on 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Prashant P Palayam |
|
11320242 |
|
Abudukumar Rajaratnam |
|
01 |
|
P. Gitanjali Prashant |
|
1290000 |
|
P. Varun Prashant |
|
605000 |
|
G. Sayeeram |
|
02 |
|
C. Ravichandran |
|
02 |
|
Manish Vyas |
|
02 |
|
Tradeline Far East Pte Limited, Singapore |
|
4090736 |
|
Total |
|
17305985 |
As on 29.06.2015
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Prashant P Palayam |
|
1750000 |
|
Total |
|
1750000 |
As on 24.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
23.64 |
|
Directors or relatives of Directors |
76.36 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Cotton yarn and related services viz, Textiles. (Registered Activity) |
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Products : |
Textiles / Cotton Yarn |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
CNGSN and Associates Chartered Accountants |
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Address : |
New No:20, Old No:13, Raja Street, T.Nagar, Chennai – 600017, Tamilnadu, India |
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PAN No.: |
AADFC5571B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 28.09.2015
Authorised Capital: Rs.220.000 Million
Issued, Subscribed & Paid-up Capital: Rs.220.000
Million
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17305985 |
Equity Shares |
Rs.10/- each |
Rs.173.060
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
173.060 |
163.060 |
123.219 |
|
(b) Reserves &
Surplus |
(265.124) |
(250.800) |
(136.795) |
|
(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) |
(92.064) |
(87.740) |
(13.576) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
363.764 |
445.704 |
403.465 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.477 |
0.394 |
1.368 |
|
Total Non-current
Liabilities (3) |
364.241 |
446.098 |
404.833 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.800 |
1.855 |
0.000 |
|
(b) Trade payables |
137.257 |
81.387 |
64.746 |
|
(c) Other current
liabilities |
26.025 |
59.813 |
50.896 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
164.082 |
143.055 |
115.642 |
|
|
|
|
|
|
TOTAL |
436.259 |
501.413 |
506.899 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
282.664 |
297.809 |
313.318 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.928 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
7.133 |
|
(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) |
93.468 |
94.895 |
49.831 |
|
(d) Long-term Loan and Advances |
4.028 |
5.388 |
6.136 |
|
(e) Other Non-current
assets |
17.245 |
22.258 |
5.074 |
|
Total Non-Current Assets |
397.405 |
420.350 |
382.420 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4.219 |
44.198 |
59.706 |
|
(c) Trade receivables |
0.883 |
0.655 |
17.186 |
|
(d) Cash and cash
equivalents |
7.068 |
2.349 |
10.212 |
|
(e) Short-term loans and
advances |
0.103 |
3.095 |
1.506 |
|
(f) Other current assets |
26.581 |
30.766 |
35.869 |
|
Total Current Assets |
38.854 |
81.063 |
124.479 |
|
|
|
|
|
|
TOTAL |
436.259 |
501.413 |
506.899 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
169.454 |
229.992 |
492.736 |
|
|
Other Income |
0.462 |
1.004 |
17.977 |
|
|
TOTAL |
169.916 |
230.996 |
510.713 |
|
|
|
|
|
|
|
Less |
EXPENSES |
241.403 |
300.512 |
630.116 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
|
|
|
|
(Depreciation +
Finance Expenses) |
(Depreciation + Finance
Expenses) |
(Depreciation + Finance
Expenses) |
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
(58.591) |
99.712 |
94.981 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(12.896) |
(169.228) |
(214.384) |
|
|
|
|
|
|
|
Less |
TAX |
1.427 |
(45.064) |
(60.890) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(14.323) |
(124.164) |
(153.494) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
46.086 |
92.877 |
NA |
|
|
TOTAL EARNINGS |
46.086 |
92.877 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.82) |
(7.17) |
(8.86) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
6.830 |
4.634 |
42.023 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
77.718 |
59.309 |
(22.650) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(8.45) |
(53.99) |
(31.15) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(42.19) |
(30.23) |
(24.23) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.76) |
(41.63) |
(47.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
1.93 |
15.79 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(4.03) |
(5.15) |
(32.81) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24 |
0.57 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
123.219 |
163.060 |
173.060 |
|
Reserves & Surplus |
(136.795) |
(250.800) |
(265.124) |
|
Net worth |
(13.576) |
(87.740) |
(92.064) |
|
|
|
|
|
|
long-term borrowings |
403.465 |
445.704 |
363.764 |
|
Short term borrowings |
0.000 |
1.855 |
0.800 |
|
Current Maturities of
Long Term Debt |
42.023 |
4.634 |
6.830 |
|
Total borrowings |
445.488 |
452.193 |
371.394 |
|
Debt/Equity ratio |
(32.814) |
(5.154) |
(4.034) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
492.736 |
229.992 |
169.454 |
|
|
|
(53.323) |
(26.322) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
492.736 |
229.992 |
169.454 |
|
Profit |
(153.494) |
(124.164) |
(14.323) |
|
|
(31.15%) |
(53.99%) |
(8.45%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS OUTLOOK
Overall Review
Yarn Spinning
Industry
The spinning industry is showing signs of recovery since stability in cotton prices and good demand for cotton yarn both domestically and internationally. The export market has improved since recovery of American and European markets from recession.
The company faced difficulties in operations during the year due to deficit in working capital and non-implementation of restructuring package. The company was unable to operate to its full capacity due to financial constraints and shortage of power in Tamilnadu.
The company operated in domestic markets since export markets were not conducive to the company to meet the immediate cash flow requirements. Owing to operating constrains, the factory was leased out on job conversion basis and was meeting its overheads on receipt of conversion charges, which could not be covered to the full extent.
Finance and
Operations
The company had difficulties during the year without sufficient working capital and non-implementation of restructuring package. However, to tide over the situation the factory was given on lease since October 2014 onwards. Though the conversion charges received were hand to mouth to meet the overheads, your company had to resort to, since left with no other options. The company was operating on a single shift basis and the capacity utilization was only to the extent of 1/3rd of the total capacity.
In view of the financial constrains the company could not repay the term loans and interests. The company’s account was classified as NPA and the lead bankers had issued notice under Sec 13 (2) of SERFAESI Act. The company has offered an OTS to both the banks at 70% of the principal outstanding. The OTS was not accepted by both the banks and was asked to improve upon. Since the company could not improve the OTS offer one of the banks has assigned the asset to an ARC. The other bank is also in the process of assigning to an ARC. The company was approached by the ARC and a restructuring program to pay the principal outstanding over a period of 7 years without any interest obligation is proposed. The company is confident of squaring off the liability as per the restructuring program over the next 7 years. The company is in the process of tying up the working capital requirements with an overseas entity to ensure smooth operations and capacity utilization to the optimum level.
Outlook
The outlook of the industry appears to be better now when compared to the F.Y.2013-14.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Other loans and advances |
0.000 |
0.257 |
|
SHORT TERM
BORROWING |
|
|
|
Loans taken for vehicles |
0.800 |
1.855 |
|
Total |
0.800 |
2.112 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10302580 |
29/06/2011 |
20,000,000.00 |
INDIAN BANK |
THOUSAND LIGHT BRANCH, NO.611, ANNA SALAI, CHENNAI - 600006, TAMILNADU, INDIA |
B18951582 |
|
2 |
10302855 |
04/03/2014 * |
20,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670891 |
|
3 |
10269514 |
04/03/2014 * |
50,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670826 |
|
4 |
10234241 |
04/03/2014 * |
20,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670750 |
|
5 |
10206153 |
04/03/2014 * |
110,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670628 |
|
6 |
10203007 |
03/04/2012 * |
1,012,100,000.00 |
INDIAN BANK |
THOUSAND LIGHT BRANCH, NO.611, ANNA SALAI, CHENNAI - 600006, TAMILNADU, INDIA |
B40228801 |
|
7 |
10188463 |
04/03/2014 * |
50,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670552 |
|
8 |
10135745 |
04/03/2014 * |
900,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36670495 |
|
9 |
10113157 |
04/03/2014 * |
199,300,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, MAHARASHTRA, INDIA |
C36669521 |
|
10 |
10058290 |
13/11/2008 * |
379,700,000.00 |
INDIAN BANK |
THOUSAND LIGHTS
BRANCH, KANNAMAI BUILDING, 611 AN |
A51019552 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Factory Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
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.66.74 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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 |
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 |
|
28 |
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.