MIRA INFORM REPORT
|
Report No. : |
303907 |
|
Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SILVER SPARK APPAREL LIMITED (w.e.f. 16.09.2003) |
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|
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Formerly Known
As : |
RAYMOND TECHNOLOGY SOLUTIONS LIMITED |
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Registered
Office : |
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai –
400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
20.07.2000 |
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Com. Reg. No.: |
11-127831 |
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Capital
Investment / Paid-up Capital : |
Rs.170.000 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U72900MH2000PLC127831 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCR1288G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Trousers and Jackets. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of “Raymond Limited”. It is a well-established and reputed company having a fine track
record. Financial position of the company seems to be sound. The rating also take into consideration the strength from strong parentage,
financial support from parent and healthy debt coverage indications. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A |
|
Rating Explanation |
Have adequate degree of safety and carry lowest credit risk |
|
Date |
17.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
17.10.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-80-67899000)
LOCATIONS
|
Registered Office : |
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22686000 |
|
Fax No.: |
91-22-22620052 |
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E-Mail : |
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|
Website : |
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Factory : |
SR.# 56, Majara Hosahalli, Behind DIADB Industrial Estate, Veerapur
P.O., Doddaballapur, Bangalore – 561203, Karnataka, India |
|
Tel. No.: |
91-80-27630449 / 27630440 / 27630448 / 27630449 |
|
Fax No.: |
91-80-27630438 |
DIRECTORS
As on 02.06.2014
|
Name : |
Mr. Gautam Hari V. Singhania |
|
Designation : |
Director |
|
Address : |
J. K. House, 59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
09.09.1965 |
|
Qualification : |
B Com (Hons.) |
|
Date of Appointment : |
20.07.2000 |
|
DIN No: |
00020088 |
|
|
|
|
Name : |
Mr. Sunder Hariharan |
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Designation : |
Managing Director |
|
Address : |
5C, Regency Park – B, Eden Woods Complex, Gladys Alvares Marg, Office
Pokhran Road No. 2, Thane – 400610, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1959 |
|
Qualification : |
ACA |
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Date of Appointment : |
19.09.2012 |
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DIN No: |
00020583 |
|
|
|
|
Name : |
Mr. Aniruddha Prabhakar Deshmukh |
|
Designation : |
Director |
|
Address : |
2/102, Shamishtha, Tarangan Towers, Near Korum Mall / Cadbury Factory,
Shaheed Mangal Pandey Road, Thane – 40 606, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1958 |
|
Date of Appointment : |
18.01.2013 |
|
DIN No.: |
01389267 |
|
PAN No.: |
AAGPD3374C |
KEY EXECUTIVES
|
Name : |
Mr. Murali Santhanam |
|
Designation : |
Secretary |
|
Address : |
502, 5TH Floor, Ratan Mahal CHS Limited, D. K. Sandhu Road,
Sandhuwadi, Chembur – 400071, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1957 |
|
Date of Appointment : |
01.11.2011 |
|
PAN No.: |
AAPPS7878F |
|
|
|
|
Name : |
Mr. Aniruddha Prabhakar Deshmukh |
|
Designation : |
Secretary |
|
Address : |
5C, Regency Park, B, Eden Woods Complex, Gladys Alvar Marg, Off Pokhran
Road, No. 2, Thane – 400610, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1958 |
|
Date of Appointment : |
18.01.2013 |
|
PAN No.: |
AAGPD3374C |
MAJOR SHAREHOLDERS
As on 02.06.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Raymond Limited jointly with Gautam Hari V. Singhani |
|
10 |
|
Raymond Limited jointly with Sunder Hariharan |
|
10 |
|
Raymond Limited jointly with Pradeep Kumar Bhandari |
|
10 |
|
Raymond Limited jointly with Aniruddha Deshmukh |
|
10 |
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Raymond Limited jointly with Gyanmal D. Jain |
|
10 |
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Raymond Limited jointly with Priti N. Alkari |
|
10 |
|
Raymond Limited jointly with Thomas Fernandes |
|
10 |
|
Raymond Limited, |
|
6999930 |
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Total |
|
7000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Raymond Limited, |
|
1000000 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 02.06.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trousers and Jackets. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India · ING Vysya Bank Limited, 22, Ground Floor, ING Vysya House, M. G. Road, Bangalore – 560001, Karnataka, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Facilities : |
* Unsecured Loan from Raymond Limited of Rs.170.000 Millions pursuant
to the acquisition of business (Refer Note 33) is due for repayment on 30th
September 2015 and loan of Rs.100.796 Millions is due for repayment of 30th
April, 2016. These loans carry interest of 10% to 10.5% per annum. ** Rate of
interest is without considering interest subsidy under TUF scheme. # Mortagage and
charge on loan taken over pursuant to acquisition of business are still not
transferred in the name of Company. Note: Instalment of loans falling due within next twelve months
aggregating Rs.121.491 Millions (Previous year Rs.30.066 Millions) have been
grouped under current maturities of long term debt. |
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Auditors : |
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|
Name : |
Dalal and Shah Chartered Accountants |
|
Address : |
2nd Floor, 252, Veer Sawarkar Road, Shivaji Park, Dadar
(West), Mumbai – 400 028, Maharashtra,
India |
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Tel. No.: |
91-22-66691000 |
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PAN No.: |
AAAFD0907D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: L17117MH1925PLC001208 |
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Subsidiary Company
: |
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Fellow Subsidiary
Company : |
· Apparel Limited, India CIN No.: U51109MH1948PLC006460 · Celebrations Apparel Limited, India · Everblue Apparel Limited, India CIN No.: U72900MH2000PLC124912
CIN No.: U51102TN1987PLC014467
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Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives : |
CIN No.: U01100MH2004PTC150094
CIN No.: U24241MH1990PTC055034 |
CAPITAL STRUCTURE
As on 02.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.170.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
170.000 |
170.000 |
170.000 |
|
(b) Reserves & Surplus |
551.735 |
319.384 |
153.933 |
|
(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) |
721.735 |
489.384 |
323.933 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
693.108 |
242.994 |
223.060 |
|
(b) Deferred tax liabilities (Net) |
88.409 |
75.215 |
72.805 |
|
(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) |
781.517 |
318.209 |
295.865 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
245.176 |
113.188 |
190.064 |
|
(b) Trade
payables |
554.364 |
315.459 |
279.780 |
|
(c) Other
current liabilities |
226.214 |
88.476 |
71.783 |
|
(d) Short-term
provisions |
14.922 |
8.640 |
8.576 |
|
Total Current
Liabilities (4) |
1,040.676 |
525.763 |
550.203 |
|
|
|
|
|
|
TOTAL |
2,543.928 |
1,333.356 |
1,170.001 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
988.686 |
467.970 |
490.623 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
12.254 |
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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.997 |
12.218 |
9.976 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
31.854 |
|
Total Non-Current
Assets |
1,029.937 |
480.188 |
532.453 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
816.454 |
375.941 |
269.500 |
|
(c) Trade
receivables |
540.369 |
383.512 |
307.276 |
|
(d) Cash
and cash equivalents |
20.988 |
0.817 |
5.361 |
|
(e)
Short-term loans and advances |
37.289 |
24.592 |
12.104 |
|
(f) Other
current assets |
98.891 |
68.306 |
43.307 |
|
Total
Current Assets |
1,513.991 |
853.168 |
637.548 |
|
|
|
|
|
|
TOTAL |
2,543.928 |
1,333.356 |
1,170.001 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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||
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|
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Income |
3,139.084 |
2,252.708 |
1,489.743 |
|
|
|
|
Other Income |
4.606 |
24.122 |
10.267 |
|
|
|
|
TOTAL (A) |
3,143.690 |
2,276.830 |
1,500.010 |
|
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||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1,953.760 |
1,226.933 |
670.704 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(311.243) |
(45.775) |
(14.853) |
|
|
|
|
Employee Benefits Expenses |
414.158 |
288.779 |
249.505 |
|
|
|
|
Other Expenses |
629.743 |
480.802 |
395.494 |
|
|
|
|
Exceptional Items |
0.000 |
0.000 |
7.350 |
|
|
|
|
TOTAL (B) |
2,686.418 |
1,950.739 |
1,308.200 |
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||
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
457.272 |
326.091 |
191.810 |
||
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|
Less |
FINANCIAL
EXPENSES (D) |
65.607 |
39.062 |
23.952 |
||
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|
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||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
391.665 |
287.029 |
167.858 |
||
|
|
|
|
|
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||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
52.928 |
36.099 |
35.201 |
||
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|
|
|
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||
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
338.737 |
250.930 |
132.657 |
||
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|
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|
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||
|
Less |
TAX (H) |
115.440 |
85.479 |
44.855 |
||
|
|
|
|
|
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||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
223.297 |
165.451 |
87.802 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
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||
|
|
|
Export Earnings |
2813.800 |
1986.670 |
160.068 |
|
|
|
TOTAL EARNINGS |
2813.800 |
1986.670 |
160.068 |
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||
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IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
684.131 |
402.163 |
263.388 |
|
|
|
|
Stores & Spares |
5.626 |
7.303 |
1.624 |
|
|
|
|
Capital Goods |
0.973 |
6.620 |
0.329 |
|
|
|
TOTAL IMPORTS |
690.730 |
416.086 |
265.341 |
||
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|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
31.90 |
23.64 |
13.80 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.11 |
7.34 |
5.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.57 |
14.48 |
12.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.38 |
18.82 |
11.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.51 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.30 |
0.73 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.62 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
170.000 |
170.000 |
170.000 |
|
Reserves & Surplus |
153.933 |
319.384 |
551.735 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
323.933 |
489.384 |
721.735 |
|
|
|
|
|
|
Long Term borrowings |
223.060 |
242.994 |
693.108 |
|
Short Term borrowings |
190.064 |
113.188 |
245.176 |
|
Total
borrowings |
413.124 |
356.182 |
938.284 |
|
Debt/Equity
ratio |
1.275 |
0.728 |
1.300 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1,489.743 |
2,252.708 |
3,139.084 |
|
|
|
51.215 |
39.347 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1,489.743 |
2,252.708 |
3,139.084 |
|
Profit |
87.802 |
165.451 |
223.297 |
|
|
5.89% |
7.34% |
7.11% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
121.491 |
30.066 |
33.191 |
|
Total |
121.491 |
30.066 |
33.191 |
|
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 |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
270.796 |
150.796 |
|
Total |
270.796 |
150.796 |
OPERATIONS
The company has a good overseas clientele base. Growth in Sales was led by a strong export order book and the appreciating Dollar. The Gross Revenue of the company for FY 2014 stood at Rs.3139.100 Millions as against Rs.2255.300 Millions in the previous year. The Company had a profit after tax of Rs.223.300 Millions (Previous Year: Rs.165.500 Millions). During the year, the Company has acquired the Suit Plant of Raymond Limited (the Holding Company) located at Gauribidnur in the State of Karnataka as a going concern, w.e.f October 1, 2013.In order to conserve resources of the Company, the Directors do not recommend any dividend for the year.
AWARD
The Company has won the AEPC Export award for 2012-2013 in the category of Highest Unit Value Exporter
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10527056 |
30/09/2014 |
84,000,000.00 |
HDFC Bank Limited |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India |
C30553119 |
|
2 |
10420102 |
28/03/2013 |
150,000,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B73302564 |
|
3 |
10376993 |
27/08/2012 |
200,000,000.00 |
ING Vysya Bank Limited |
22,Ground Floor,Ing Vysya House,, M.G.Road,, Bangalore, Karnataka - 560001, India |
B58306325 |
|
4 |
80006708 |
13/08/2013 * |
469,400,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B83364208 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
54 |
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.