MIRA INFORM REPORT
|
Report No. : |
305012 |
|
Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUDHAN SPINNING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu |
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
16.03.1988 |
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|
|
|
Com. Reg. No.: |
002135 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1988PTC002135 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS05085D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0670E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Hosiery Yarn, Cotton Ring Spun Yarn and
Knitting Machines. |
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|
|
|
No. of Employees
: |
500 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 5700000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having fine track record. Management of the company has failed to file its latest financial for
the year 2014 with the Government department. As per available financial of 2013, financial position of the company
seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be regular correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term: Term loans : A |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
December 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term: Non fund based limits : A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
December 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 PARTED BY
|
Name : |
Mr. Arogyaraj |
|
Designation : |
Export Department |
|
Contact No.: |
91-451-2557001 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered / Sales Office : |
207, Mangalam Road, Tirpur, Coimbatore-641604, Tamilnadu, India |
|
Tel. No.: |
91-421-2205031/32/35 |
|
Fax No.: |
91-421-2205036 |
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E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
|
|
|
Mill / Factory / Administrative Office
: |
Shri Shanmugavel Group of Miils, Taluka Thadicombu, District
Dindigul-624709, Tamilnadu, India |
|
Tel No.: |
91-451-2557001/02 |
|
Fax No.: |
91-451-2557225/259 |
|
Location: |
Owned |
DIRECTORS
As on 16.09.2013
|
Name : |
Mr. Kandaswamy Indira |
|
Designation : |
Managing Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1954 |
|
Date of Appointment : |
01.10.1996 |
|
PAN No.: |
GDR2736148 |
|
DIN No.: |
00436852 |
|
|
|
|
Name : |
Mr. Veluswamy Pallapalayam Sennimalai Gounder |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
05.06.1935 |
|
Date of Appointment : |
26.03.2004 |
|
PAN No.: |
GDR2736122 |
|
DIN No.: |
01468617 |
|
|
|
|
Name : |
Mr. Kandaswamy Shanmugavel |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
04.03.1973 |
|
Date of Appointment : |
11.10.1999 |
|
PAN No.: |
GDR27361463 |
|
DIN No.: |
00429940 |
|
|
|
|
Name : |
Mr. Muthu Karthikeya Harihara Sudhan Shanmuga Sundaram |
|
Designation : |
Director |
|
Address : |
48, Kangeyam Road, Tirupur – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
13.05.1972 |
|
Date of Appointment : |
26.02.1996 |
|
Election Commission Identity Card No.: |
TN/21/114/0183332 |
|
DIN No.: |
01299324 |
|
|
|
|
Name : |
Ms. Geetha Rathinasabapathy |
|
Designation : |
Director |
|
Address : |
5, MGR Nagar, 1st Street, P N Road, Tirupur – 641602,
Tamilnadu, India |
|
Date of Birth/Age : |
03.01.1970 |
|
Date of Appointment : |
07.09.2000 |
|
DIN No.: |
01575268 |
|
|
|
|
Name : |
Mr. Chennimalaigounder Kandasamy |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
11.07.1943 |
|
Date of Appointment : |
26.03.2004 |
|
DIN No.: |
01575050 |
KEY EXECUTIVES
|
Name : |
Mr. Arogyaraj |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
P S Veluswamy |
|
5400 |
|
C Kandaswamy |
|
5400 |
|
V Dhanalakshmi |
|
5400 |
|
K Indira |
|
5400 |
|
S Shanthi |
|
4800 |
|
R Geetha |
|
4800 |
|
R umamaheshwari |
|
4800 |
|
S Kavitha |
|
3000 |
|
K Shanmugavel |
|
5400 |
|
K Sivaraj |
|
5400 |
|
J Jayalakshmi |
|
4800 |
|
S M K Sudhan |
|
1800 |
|
S Veena Abirami |
|
1800 |
|
S Gowthami |
|
1800 |
|
TOTAL
|
|
60000 |
Equity Share Break up (Percentage of Total Equity)
As on 16.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hosiery Yarn, Cotton Ring Spun Yarn and
Knitting Machines. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Combed Cotton |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit, 90 Days |
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Purchasing : |
Cash and Credit, 90 Days |
PRODUCTION STATUS [AS ON 31.03.2013]
|
Particulars |
Unit |
Installed
Capacity |
|
Spinning
Division |
|
|
|
Spindles |
Nos. |
50400 |
|
Wind Mill
Division Captive Use: |
|
|
|
Wind Electric Generators |
Nos. |
25 |
|
Power Generation Capacity |
M.W. |
16.95 |
|
Sale to EB: |
|
|
|
Wind Electric Generators |
Nos. |
9 |
|
Power Generation Capacity |
M.W. |
7.65 |
ACTUAL PRODUCTION:
|
Particulars |
Unit |
Actual
Production |
|
Spinning
Division |
|
|
|
a) Own |
|
|
|
Yarn |
Kgs. |
10615354 |
|
b) Through Job
work |
|
|
|
OE Yarn |
Kgs. |
2050356 |
|
Knitted Fabric |
Kgs. |
650909 |
|
Woven Fabric |
Mtrs. |
-- |
|
Wind Mill
Division |
|
|
|
a) Power generation - for captive use |
Units. |
32941458 |
|
b) Power generation - for sale to EB |
Units. |
17826636 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMS
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
T. R. Ramanathan Chartered Accountant |
|
Address : |
Bharathi Theertha Krupa, 343, B.S. Sundaram Road, Tirupur-641601,
Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACSPR0567R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associate concerns: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
Equity Shares |
Rs.100/- each |
Rs.6.000
Millions |
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 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 |
6.000 |
6.000 |
6.000 |
|
(b) Reserves & Surplus |
1972.000 |
1737.567 |
1745.900 |
|
(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) |
1978.000 |
1743.567 |
1751.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
318.225 |
478.325 |
329.300 |
|
(b) Deferred tax liabilities
(Net) |
163.033 |
138.195 |
57.747 |
|
(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) |
481.258 |
616.520 |
387.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
499.715 |
119.069 |
1151.219 |
|
(b) Trade payables |
214.913 |
46.628 |
58.569 |
|
(c) Other current liabilities |
211.780 |
165.611 |
94.395 |
|
(d) Short-term provisions |
5.778 |
4.805 |
5.486 |
|
Total
Current Liabilities (4) |
932.186 |
336.113 |
1309.669 |
|
|
|
|
|
|
TOTAL |
3391.444 |
2696.200 |
3448.616 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
621.853 |
711.599 |
598.998 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
8.968 |
8.237 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
969.070 |
1051.394 |
1127.973 |
|
(e) Other Non-current assets |
0.033 |
0.033 |
0.033 |
|
Total
Non-Current Assets |
1599.924 |
1771.263 |
1727.024 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
615.177 |
288.578 |
1209.786 |
|
(c) Trade receivables |
318.151 |
234.533 |
404.198 |
|
(d) Cash and cash equivalents |
73.510 |
12.413 |
3.406 |
|
(e) Short-term loans and
advances |
784.197 |
389.011 |
103.664 |
|
(f) Other current assets |
0.485 |
0.402 |
0.538 |
|
Total
Current Assets |
1791.520 |
924.937 |
1721.592 |
|
|
|
|
|
|
TOTAL |
3391.444 |
2696.200 |
3448.616 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue From Operations |
5755.200 |
4847.600 |
5895.300 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
589.509 |
297.695 |
621.969 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
180.952 |
162.455 |
109.922 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
408.557 |
135.240 |
512.047 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
96.321 |
99.212 |
67.805 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
312.236 |
36.028 |
444.242 |
|
|
|
|
|
|
|
Less |
TAX |
77.803 |
44.361 |
131.042 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
234.433 |
(8.333) |
313.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
3759.755 |
4340.819 |
|
|
TOTAL
EARNINGS |
NA |
3759.755 |
4340.819 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
218.801 |
28.680 |
16.919 |
|
|
Components and Stores parts |
21.218 |
0.000 |
0.000 |
|
|
Capital Goods |
0.000 |
0.000 |
39.029 |
|
|
TOTAL
IMPORTS |
240.019 |
28.680 |
55.948 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3907.00 |
(139.00) |
5220.00 |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
5500.000 |
Expected Sales (2014-2015) : Rs.5500.000 Millions
The above information has been parted by Mr. Arogyaraj
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.07 |
(0.17) |
5.31 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.24 |
6.14 |
10.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.23 |
1.34 |
12.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.02 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.34 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92 |
2.75 |
1.31 |
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 |
6.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
1745.900 |
1737.567 |
1972.000 |
|
Net
worth |
1751.900 |
1743.567 |
1978.000 |
|
|
|
|
|
|
long-term borrowings |
329.300 |
478.325 |
318.225 |
|
Short term borrowings |
1151.219 |
119.069 |
499.715 |
|
Total
borrowings |
1480.519 |
597.394 |
817.940 |
|
Debt/Equity
ratio |
0.845 |
0.343 |
0.414 |
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 |
5895.300 |
4847.600 |
5755.200 |
|
|
|
(17.772) |
18.723 |
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 |
5895.300 |
4847.600 |
5755.200 |
|
Profit |
313.200 |
(8.333) |
234.433 |
|
|
5.31% |
(0.17%) |
4.07% |
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
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE
HIGHLIGHTS
Performance during the year registered positive growth in all respects compared to the previous year. With the gradual developments in demand for textiles coupled with better wind power generation, operations during the year yielded satisfactory results leaving a net surplus of Rs.234.400 Millions as above.
During the year 2012-13(FY 13) yarn production at 10.615 Millions Kgs witnessed an increase of about 11% over the previous year. Wind power generation also registered positive growth of about 27% over the previous year on account of improved performance of wind turbines throughout the year. As a result of increased production and a portion of value addition through low count O.E. yarn and knitted fabrics coupled with enhanced trading activities, net sales for the year under consideration reached Rs.5755.200 Millions, up from Rs.4847.600 Millions in the previous year.
While operating environment continued to be challenging in FY13 with grid problems deterring captive wind power consumption besides steep increase in cost of fuel and other overheads, the company faced these challenges appropriately and diligently. Given the fact financial turbulence in 2011-12 impacted the core fiscal strength; the company tackled the challenges well and emerged successful with satisfactory results. The directors are hopeful of presenting further improved results for the year under progress in view of the recent positive developments in power sector and increasing demand for yarn.
In order to improve the net worth of the company besides having adequate fiscal cushion to meet contingencies, the directors have not made any recommendation for declaration of dividend for the year.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10484437 |
30/01/2014 |
140,625,000.00 |
AXIS BANK LIMITED |
9/1, SPENCES
COMPOUND, SALAI ROAD, DINDIGUL, TAMI |
C00308783 |
|
2 |
10462899 |
19/11/2013 |
1,000,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, NEHRUJI
NAGAR, DINDIGUL, TAMIL NADU - |
B90631805 |
|
3 |
10460875 |
14/11/2013 |
50,000,000.00 |
SYNDICATE BANK |
NO.73, RAILWAY
STATION ROAD, NAGALNAGAR, DINDIGUL |
B89783450 |
|
4 |
10412797 |
11/11/2013 * |
50,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, NEHRUJI
NAGAR, DINDIGUL, TAMIL NADU - |
B90154410 |
|
5 |
10250962 |
23/09/2010 |
187,500,000.00 |
SYNDICATE BANK |
73, RAILWAY STATION
ROAD,, NAGAL NAGAR,, DINDIGUL |
A98783699 |
|
6 |
90003752 |
07/05/2013 * |
200,000,000.00 |
IDBI BANK LIMITED |
SPECIALISED
CORPORATE BRANCH, LIC BUILDING, NO.3, |
B78771060 |
|
7 |
90003353 |
07/05/2013 * |
2,000,000,000.00 |
SYNDICATE BANK |
73, RAILWAY STATION
ROAD, NAGAL NAGAR, DINDIGUL, |
B78801289 |
|
8 |
90002896 |
04/03/1996 * |
45,000,000.00 |
SYNDICATE BANK |
52; KAMARAJ ROAD,
TIRUPUR, TAMIL NADU - 641604, I |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
|
|
|
LC Bills discounted with banks |
549.900 |
|
Fringe Benefit Tax |
0.788 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
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.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PAT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.