MIRA INFORM REPORT
|
Report No. : |
348992 |
|
Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HAVMOR ICE CREAM LIMITED |
|
|
|
|
Registered Office
: |
21, 22/A, 2nd Floor, Commerce House 4, 100 Ft. Anandnagar
Road, Prahaladnagar, Satellite, Ahmedabad – 380015, Gujarat |
|
Tel. No.: |
91-79-30909000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
27.03.2006 |
|
|
|
|
Com. Reg. No.: |
04-048016 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15200GJ2006PLC048016 |
|
|
|
|
IEC No.: |
0808015699 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMH02065A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH6766L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Ice Creams and Ice Cream related products. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 |
|
Maximum Credit Limits : |
USD |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-known and well-established company incorporated in
the year 2006. The rating continuous to derive strength from the vast experience of the
promoters, established track record of Havmor Ice Cream Limited (HIL) with a
significant share in the ice-cream market in Gujarat along with an increasing
presence in Rajasthan and Maharashtra. The company has reported significant increase in its revenue base and
has reported fair profit margin in FY14. Further, the rating takes into
consideration sound financial risk profile of the company marked by adequate
networth base along with comfortable debt level of the company in the year
under consideration. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of established market position along with decent financial
condition, the company can be considered for normal business dealings with
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 |
CARE |
|
Rating |
Long term bank facilities= A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
06.11.2014 |
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sanjay Patni |
|
Designation : |
Vice President of Finance / Company Secretary |
|
Contact No.: |
91-79-30909000 |
LOCATIONS
|
Registered Office : |
21, 22/A, 2nd Floor, Commerce House 4, 100 Ft. Anandnagar
Road, Prahaladnagar, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-30909000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Modern Industrial Estate Naroda Road, Behind Foreign Blower, Memko,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-22203838 / 40 / 50 / 60 / 70 / 80 |
|
Fax No.: |
91-79-22203890 |
|
Area : |
Owned |
|
|
|
|
Factory 2 : |
GIDC, Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mrs. Rekha Pradeep Chana |
|
Designation : |
Whole Time Director |
|
Address : |
4-Garden Colony, Opposite Chinai Flats, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
|
Date of Birth/Age : |
20.05.1956 |
|
Date of Appointment : |
27.03.2006 |
|
DIN No.: |
01670425 |
|
|
|
|
Name : |
Mr. Pradeep Satishchanfra Chona |
|
Designation : |
Director |
|
Address : |
4-Garden Colony, Opposite Chinai Flats, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
|
Date of Birth/Age : |
16.05.1954 |
|
Date of Appointment : |
27.03.2006 |
|
DIN No.: |
01670452 |
|
|
|
|
Name : |
Mr. Ankit Pradeep Chona |
|
Designation : |
Director |
|
Address : |
4-Garden Colony, Opposite Chinai Flats, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
|
Date of Birth/Age : |
27.01.1983 |
|
Date of Appointment : |
27.03.2006 |
|
DIN No.: |
01670485 |
|
|
|
|
Name : |
Mr. Bhaskar Hashmukhbhai Bheda |
|
Designation : |
Director |
|
Address : |
A/42/627, Krishnanagar Colony, Saijpur, Bogha Naroda Road,
Ahmedabad-382346, Gujarat, India |
|
Date of Birth/Age : |
11.04.1966 |
|
Date of Appointment : |
27.11.2009 |
|
DIN No.: |
02844615 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Patni |
|
Designation : |
Vice President of Finance / Company Secretary |
|
Address : |
12, Raj Vilas Bunglows, Near Ashwaraj Bunglows, Opposite Auda Garden,
Prahladnagar Corporate Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
17.10.1962 |
|
Date of Appointment : |
01.08.2011 |
|
PAN No.: |
ABTPP3764E |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Rekha Pradeep Chana |
|
4511226 |
|
Riti K Mehta |
|
1000000 |
|
Ankit P Chona |
|
1921000 |
|
Pradeep S Chona |
|
2567770 |
|
S C Chona and Company |
|
1 |
|
Havmor Restaurants Private Limited, India |
|
1 |
|
Gayatri A Chona |
|
2 |
|
|
|
|
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Ice Creams and Ice Cream related products. |
|
|
|
|
Products : |
·
Kids Special Ice Cream ·
Roll Cuts Ice Cream ·
Novelties Ice Cream ·
Top Cones Ice Cream ·
Candies Ice Cream ·
Party Pack and Family Pack Ice Cream ·
Fresh Fruit Ice Cream |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Price Waterhouse, 2 5 2 Veer Savarkar Marg Shivaji Park Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AAAFP8828M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 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 |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
323.660 |
238.356 |
173.983 |
|
(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) |
423.660 |
338.356 |
273.983 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
219.556 |
262.092 |
298.469 |
|
(b) Deferred tax liabilities (Net) |
62.882 |
53.416 |
45.089 |
|
(c) Other long term
liabilities |
74.346 |
54.818 |
32.867 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
356.784 |
370.326 |
376.425 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
280.476 |
169.000 |
141.637 |
|
(b) Trade
payables |
227.545 |
201.468 |
160.568 |
|
(c) Other
current liabilities |
159.397 |
154.405 |
101.178 |
|
(d) Short-term
provisions |
20.344 |
10.887 |
14.680 |
|
Total Current
Liabilities (4) |
687.762 |
535.760 |
418.063 |
|
|
|
|
|
|
TOTAL |
1468.206 |
1244.442 |
1068.471 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
749.496 |
573.318 |
538.922 |
|
(ii)
Intangible Assets |
15.898 |
18.519 |
14.059 |
|
(iii)
Capital work-in-progress |
0.241 |
30.867 |
17.932 |
|
(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 |
14.134 |
32.655 |
0.728 |
|
(e) Other
Non-current assets |
100.040 |
99.950 |
9.092 |
|
Total Non-Current Assets |
879.809 |
755.309 |
580.733 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
479.462 |
394.144 |
296.306 |
|
(c) Trade
receivables |
55.060 |
52.166 |
18.125 |
|
(d) Cash and
cash equivalents |
39.156 |
25.247 |
163.641 |
|
(e)
Short-term loans and advances |
11.691 |
9.098 |
5.047 |
|
(f) Other
current assets |
3.028 |
8.478 |
4.619 |
|
Total
Current Assets |
588.397 |
489.133 |
487.738 |
|
|
|
|
|
|
TOTAL |
1468.206 |
1244.442 |
1068.471 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2519.252 |
2211.255 |
1673.031 |
|
|
|
|
Other Income |
14.152 |
12.429 |
7.679 |
|
|
|
|
TOTAL (A) |
2533.404 |
2223.684 |
1680.710 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1389.933 |
1261.535 |
996.123 |
|
|
|
|
Purchase of Stock-in-trade |
5.086 |
75.200 |
37.242 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
20.084 |
(58.019) |
(27.892) |
|
|
|
|
Employee Benefits Expenses |
283.136 |
231.695 |
175.154 |
|
|
|
|
Other Expenses |
579.485 |
492.726 |
371.010 |
|
|
|
|
TOTAL (B) |
2277.724 |
2003.137 |
1551.637 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
255.680 |
220.547 |
129.073 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
47.378 |
55.090 |
43.346 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
208.302 |
165.457 |
85.727 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
66.918 |
46.784 |
31.321 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
141.384 |
118.673 |
54.406 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
56.080 |
36.827 |
19.312 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
85.304 |
81.846 |
35.094 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Components and spare parts |
11.009 |
3.218 |
8.192 |
|
|
|
|
Capital Goods |
0.000 |
17.059 |
18.622 |
|
|
|
TOTAL IMPORTS |
11.009 |
20.277 |
26.814 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
8.53 |
8.18 |
3.51 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
52.830 |
43.168 |
64.368 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
208.531 |
150.485 |
100.712 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
3.39 |
3.70 |
2.10 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.15 |
9.97 |
7.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
9.63 |
9.78 |
5.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.35 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.30 |
1.40 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.91 |
1.17 |
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 |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
173.983 |
238.356 |
323.660 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
273.983 |
338.356 |
423.660 |
|
|
|
|
|
|
long-term borrowings |
298.469 |
262.092 |
219.556 |
|
Short term borrowings |
141.637 |
169.000 |
280.476 |
|
Current Maturities of Long term debt |
64.368 |
43.168 |
52.830 |
|
Total
borrowings |
504.474 |
474.260 |
552.862 |
|
Debt/Equity
ratio |
1.841 |
1.402 |
1.305 |
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 |
1673.031 |
2211.255 |
2519.252 |
|
|
|
32.171 |
13.929 |
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
|
1673.031 |
2211.255 |
2519.252 |
|
Profit |
35.094 |
81.846 |
85.304 |
|
|
2.10% |
3.70% |
3.39% |
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 |
No |
|
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 |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
YEAR IN RETROSPECT AND FUTURE OUTLOOK:
Sales and other income has increased to Rs. 2533.400 million in comparison of previous year of Rs. 2223.700 million this shows a growth of 14%. The EBIDTA has increased from Rs. 220.500 million to Rs. 255.700 million showing an increase of 16% despite the non-planned expenditure of Rs. 139.29 Lakhs for provisions, consultancy fees and write off. Despite of higher depreciation of Rs. 17.696 million provided on Deep Freeze there is a grown in PBT of 19% which is due to continuous efforts of cost cutting measures adopted during the year. To increase the market share innovative trade/ consumer schemes has been launched besides the aggressive branding and media advertisements. Company has also consolidated its leadership presence in the neighboring states of Madhya Pradesh and Goa apart from its leadership status in Gujarat, Maharashtra and Rajasthan. The Company has launch its products in Punjab and Chandigarh also. The Company is planning to extend its territory to the other stats in the near future.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Rupee term loans from banks |
0.000 |
1.766 |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand |
50.000 |
49.000 |
|
|
|
|
|
Total |
50.000 |
50.766 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10381940 |
12/03/2015 * |
720,950,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel Wesst, Mumbai, Maharashtra -400013, India |
C47560230 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicle
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.65.68 |
|
|
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
|
60 |
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.