MIRA INFORM REPORT
|
Report No. : |
328434 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
EASTMAN EXPORTS GLOBAL CLOTHING PRIVATE LIMITED |
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|
|
|
Formerly Known
As : |
COTTON CANDY PRIVATE LIMITED |
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|
|
|
Registered
Office : |
10, 12 Kumarnagar (South), 2nd Street, Tirupur, Coimbatore
- 641603, Tamilnadu |
|
Tel. No.: |
91-421-4301234 |
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|
|
|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
26.03.2003 |
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|
|
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Com. Reg. No.: |
18-010525 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs 144.465 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101TZ2003PTC010525 |
|
|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBC03790D |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCC0952E |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Knitted Garments and Apparels. |
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|
|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by
adequate financial base and fair profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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
|
Rating Agency Name |
FITCH |
|
Rating |
Long term issuer rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
28.10.2014 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Murugan Perumal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-421-4301234 |
|
Date : |
23.06.2015 |
LOCATIONS
|
Registered Office : |
10, 12 Kumarnagar (South), 2nd Street, Tirupur, Coimbatore
- 641603, Tamilnadu, India |
|
Tel. No.: |
91-421-4301234 |
|
Fax No.: |
91-421-4301205 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Nachimuthu Chandran |
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Designation : |
Managing Director |
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Address : |
No.3,White Field,, Tirupur Illam Backside,Avinashi Road, Tirupur, 641603, Tamil Nadu, India |
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Date of Birth/Age : |
20.06.1952 |
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Date of Appointment : |
26.03.2003 |
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PAN No.: |
ACPPC1346Q |
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DIN No.: |
00012965 |
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Other Directorship :
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Name : |
Nirmaladevi Chandran |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
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|
Address : |
3, White Field, Tirupur Illam Backside, Avinashi Road, Tirupur, 641603, Tamil Nadu, India |
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Date of Birth/Age : |
12.09.1962 |
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|
Date of Appointment : |
29.04.2010 |
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PAN No.: |
AAXPN7315E |
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DIN No.: |
01820532 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Murugan Perumal |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Nirmaladevi Chandran |
1176925 |
81.47 |
|
Nachimuthu Chandran |
197 |
0.01 |
|
Cibi Karthic |
267524 |
18.52 |
|
|
|
|
|
Total |
1444646 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Knitted Garments and Apparels. |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· City Union Bank Limited, Tirupur Branch, 94 Court Street, Tirupur - 641601, Tamil Nadu, India · State Bank of India, Specialised Commercial Branch, Old No.24( New No.44) Stanes Road, 4th Street, Tirupur - 641602, Tamil Nadu, India · Axis Bank Limited, Tirupur Branch, 3, Court Street, Tirupur - 641601, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R. Ananthan Chartered Accountants |
|
Address : |
NO.12, Amarjothi Gardens, Railway Feeder Road, Tirupur - 641601 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABUPA1666R |
|
|
|
|
Cost Auditor : |
C. S. Hanumantha Rao and Company Cost Accountants |
|
|
|
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Subsidiary : |
Eastman Holdings Private Limited, India (CIN No. : U70109TZ2009PTC015351) Eastway Home Textiles International Private Limited, India (CIN No. : U18101TZ2004PTC011310) ·
Eastman Graphics and Design Solutions Private
Limited, India (CIN No. : U72200TZ2003PTC010712) |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and their
relatives : |
· Eastman Spinning Mills Private Limited, India (CIN No. : U17111TZ1993PTC004551) ·
India Dyeing Mills Private Limited, India (CIN
No. : U17121TZ1983PTC001368) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,550,000 |
Equity Shares |
Rs. 100/- each |
Rs. 155.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,444.646 |
Equity Shares |
Rs. 100/- each |
Rs. 144.465
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 |
144.465 |
144.463 |
144.463 |
|
(b) Reserves & Surplus |
2980.841 |
2801.101 |
2635.129 |
|
(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) |
3125.306 |
2945.564 |
2779.592 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
114.743 |
284.389 |
542.693 |
|
(b) Deferred tax liabilities (Net) |
355.792 |
253.837 |
173.793 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
9.000 |
9.000 |
9.000 |
|
Total
Non-current Liabilities (3) |
479.535 |
547.226 |
725.486 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3286.362 |
3155.997 |
2789.727 |
|
(b)
Trade payables |
867.576 |
932.459 |
536.557 |
|
(c)
Other current liabilities |
192.247 |
274.646 |
288.536 |
|
(d)
Short-term provisions |
62.863 |
75.231 |
21.638 |
|
Total
Current Liabilities (4) |
4409.048 |
4438.333 |
3636.458 |
|
|
|
|
|
|
TOTAL |
8013.889 |
7931.123 |
7141.536 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2156.384 |
2255.939 |
2022.286 |
|
(ii)
Intangible Assets |
772.768 |
919.133 |
1165.170 |
|
(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 |
11.281 |
26.898 |
3.183 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7.611 |
55.691 |
15.197 |
|
(e)
Other Non-current assets |
|
|
|
|
Total
Non-Current Assets |
2948.044 |
3257.661 |
3205.836 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.000 |
1.000 |
1.000 |
|
(b)
Inventories |
3298.111 |
3062.241 |
2503.043 |
|
(c)
Trade receivables |
506.017 |
502.563 |
437.245 |
|
(d)
Cash and cash equivalents |
27.473 |
31.111 |
73.985 |
|
(e)
Short-term loans and advances |
977.531 |
1007.036 |
915.615 |
|
(f)
Other current assets |
255.713 |
69.511 |
4.812 |
|
Total
Current Assets |
5065.845 |
4673.462 |
3935.700 |
|
|
|
|
|
|
TOTAL |
8013.889 |
7931.123 |
7141.536 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10975.287 |
8731.629 |
8682.800 |
|
|
|
Other Income |
3.303 |
2.170 |
8.500 |
|
|
|
TOTAL |
10978.590 |
8733.799 |
8691.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
12536.300 |
9998.596 |
9952.100 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1557.710 |
1264.797 |
1260.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
373.164 |
396.046 |
479.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1184.546 |
868.751 |
781.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
401.074 |
390.510 |
392.100 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
290.584 |
84.408 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY
ITEM |
0.000 |
0.000 |
(17.600) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
492.888 |
393.833 |
406.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
194.875 |
155.341 |
118.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
298.013 |
238.492 |
288.600 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EARNINGS |
9274.741 |
7233.817 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
206.29 |
165.09 |
199.77 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
179.276 |
261.373 |
28.568 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.72 |
2.73 |
3.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.19 |
14.49 |
14.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.16 |
4.98 |
5.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15 |
1.26 |
1.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.05 |
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 |
144.463 |
144.463 |
144.465 |
|
Reserves & Surplus |
2635.129 |
2801.101 |
2980.841 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2779.592 |
2945.564 |
3125.306 |
|
|
|
|
|
|
Long-term borrowings |
542.693 |
284.389 |
114.743 |
|
Short term borrowings |
2789.727 |
3155.997 |
3286.362 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
28.568 |
261.373 |
179.276 |
|
Total
borrowings |
3360.988 |
3701.759 |
3580.381 |
|
Debt/Equity
ratio |
1.209 |
1.257 |
1.146 |
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 |
8682.800 |
8731.629 |
10975.287 |
|
|
|
0.562 |
25.696 |
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 |
8682.800 |
8731.629 |
10975.287 |
|
Profit |
288.600 |
238.492 |
298.013 |
|
|
3.32% |
2.73% |
2.72% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10209555 |
22/08/2012
* |
630,700,000.00 |
ANDHRA
BANK |
64,
KUMARAN ROAD, TIRUPUR - 641601, TAMILNADU, INDIA |
B59408948 |
|
2 |
10035261 |
23/12/2010
* |
150,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
B05975149 |
|
3 |
10024568 |
22/08/2012
* |
1,233,500,000.00 |
ING
VYSYA BANK LIMITED |
2/3,,
VALIPALAYAM, TIRUPPUR - 638601 , TAMILNADU, INDIA |
B59543322 |
|
4 |
10001269 |
22/08/2012
* |
2,289,800,000.00 |
SPECIALISED
COMMERCIAL BRANCH, OLD NO.24, NEW NO. 44, STANES ROAD, 4TH STREET,
TIRUPUR - 641602, TAMIL NADU , INDIA |
B59431163 |
|
|
5 |
10001545 |
19/02/2015
* |
817,800,000.00 |
AXIS
BANK LIMITED |
TIRUPUR
BRANCH, NO.3, COURT STREET, TIRUPUR - 641601, TAMILNADU, INDIA |
C47380985 |
|
6 |
80044015 |
30/03/2013
* |
400,000,000.00 |
IDBI
BANK LIMITED |
EXCELLENCE,
4TH FLOOR, NO.104, RACE COURSE ROAD, |
B75905026 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and Advances from Others |
0.126 |
100.562 |
|
|
|
|
|
Total |
0.126 |
100.562 |
REVIEW OF
OPERATIONS
In spite of continued global economic downturn, pressure on margins due to lower realizations on the one hand and adverse fluctuations in key input costs on the other hand, there was no significant drop in EBITDA margin due to the Company’s steadfastness not to yield to demand for reduced realization but, instead focus on fashion garments and expand the customer base and geographical presence. Profit before Exceptional Item and Tax increased significantly from 5.92% during 2012-13 to 7.76% during 2013-14; this was mainly due to reduction in interest costs due to the combined effect of reduction in term loans due to scheduled repayments, negotiation of lower interest rates with the lenders due to healthy credit rating and better working capital management.
India Ratings and Research, previously, Fitch Ratings India Private Ltd, one of the three Internationally Reputed Credit Rating Agencies, has upgraded the company’s credit rating from “IND A” to IND A for Long Term and from “IND A2+” to “IND A1” for Short Term. The upgradation, especially in a year when credit ratings of several companies were downgraded, is a reflection of the confidence of the financial sector in the company’s and management’s ability to withstand industry and environmental downward pressures and hold its fort. The ratings denote that the company’s credit limits are considered to have adequate/very strong degree of safety regarding timely servicing of its financial obligations and consequential low/lowest credit risk. According to India Ratings, the upgradation reflects the improvement in the company’s credit metrics on the back of improved profitability, reduced geographical concentration and established Long -standing relationships with customers and operational track record of nearly four decades. The ratings are further supported by the company’s market position as one of the largest exporters of knit garments from India, supported by vertically integrated operations.
FIXED ASSETS:
·
Land
·
Buildings
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
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.63.44 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
62 |
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.