MIRA INFORM REPORT

 

 

Report No. :

339597

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED

 

 

Registered Office :

Indian Rayon Compound, Veraval – 362266, Gujarat

Tel. No.:

91-2876-245711

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.05.2007

 

 

Com. Reg. No.:

04-058604

 

 

Capital Investment / Paid-up Capital :

Rs.1088.889 Million

 

 

CIN No.:

[Company Identification No.]

U18101GJ2007PLC058604

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCM0483M

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of developing a branded apparel and retail company, designs, manufactures, distributes, retails and accessories for men, women, youth, and children.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Madura Garments Lifestyle Retail Company Limited is a wholly owned subsidiary of Aditya Birla Nuvo Limited (ABNL), was set up in 2007 to retail branded apparel and accessories to high-end premium segment customers.

 

During FY-2014, the company reported healthy operational and financial base backed by strong liquidity and negligible debt. The rating further drive strength from stron financial and managerial support from ABNL.

 

However, this rating is partially offsets by the established organized and unorganized players and stiff competition face by the company in retail segment leading to loss in Fy-2014.

 

Trade relations are reported as fair. Payments are reported to be regular as per commitment.

 

The company can be considered good for normal business dealings at usual trade terms and condition.

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Nandkumar. K

Designation :

Manager

Contact No.:

91-9743999455

Date :

04.09.2015

 

 

LOCATIONS

 

Registered Office / Factory :

Indian Rayon Compound, Veraval – 362266, Gujarat, India

Tel. No.:

91-2876-245711

Mobile No.:

91-9743999455 (Mr. Nandkumar. K.)

Fax No.:

Not Available

E-Mail :

Ddamodar.agarwal@madhura.adityabirla.com

mohana.sundaram@madura.adityabirla.com

customerservice@madura.adityabirla.com

rajesh.k.shah@adityabirla.com

Website :

http://www.madurafnl.com

http://www.maduragarments.com

 

 

Admin Office :

Plot No.5B, Regent Gateway, Doddanekundi Village, KIADB Industrial Area, ITPL Road, Bangalore – 560048, Karnataka, India

Tel. No.:

91-80-6727 1600

Fax No.:

91-80-6727 1616 

 

 

DIRECTORS

 

AS ON 25.08.2014

 

Name :

Ashish Dikshit

Designation :

Director

Address :

E 405, Raheja Residency, 8th C Main Road, Koramangala, 3rd Block, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

15.07.1969

Date of Appointment :

01.10.2007

DIN No.:

01842066

 

 

Name :

Pranab Barua

Designation :

Director

Address :

D-1, Cedar Crest, 258, 10th Main, Defence Colony, Indira Nagar, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

21.09.1952

Date of Appointment :

27.01.2009

DIN No.:

00230152

 

 

Name :

Durga Prasad Rathi

Designation :

Additional director

Address :

401, Shri Shivdtta Apartments, Near Lalji, Station Road, Goregoan (West), Mumbai - 400062, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

01491926

 

 

Name :

Vijay Gopi Kishan Agarwal

Designation :

Additional director

Address :

301, S.S.Sadan, Gulmohar Cross Road No.6, Juhu Scheme, Mumbai - 400049, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

00058548

 

 

Name :

Pinky Atul Mehta

Designation :

Additional director

Address :

602, Shree Vishwas Chsl, 6th Floor, Sir P M Road, Near Kunku Wadi, Hanuman Temple Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

00020429

 

 

Name :

Visvanathan Srinivasan

Designation :

Director

Address :

No. 481, First Floor, 15th Main, 16th Cross, H.S.R. Layout, Sector - 4, Bangalore - 560102, Karnataka, India

Date of Birth/Age :

02.06.1960

Date of Appointment :

29.09.2009

DIN No.:

02312556

 

 

Name :

Rajesh Kailashchandra Shah

Designation :

Director

Address :

4/404, Raheja Tipco Heights, Rani Sati Marg, Malad East, Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

29.08.1968

Date of Appointment :

31.10.2013

DIN No.:

06390775

 

 

KEY EXECUTIVES

 

Name :

Mohana Sundaram G

Designation :

Secretary

Address :

# 382, MSR Nagar, Bangalore - 560054, Karnataka, India

PAN No.:

AMIPS5440E

Date of Appointment :

15.10.2008

 

 

Name :

Ashish Dikshit

Designation :

Manager

Address :

E 405, Raheja Residency, 8th C Main Road, Koramangala, 3rd Block, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

15.07.1969

PAN No.:

ADXPA0013B

Date of Appointment :

15.07.2009

 

 

Name :

Mr. Nandkumar. K.

Designation :

Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.08.2014

 

Names of Shareholders (Equity Shares)

 

 

No. of Shares

Aditya Birla Nuvo Limited, India

 

98838896

ABNL Investment Limited, India

 

49994

Total

 

98888890

 

Names of Shareholders (Preference Shares)

 

 

No. of Shares

Aditya Birla Nuvo Limited, India

 

10000000

 

 

 

Total

 

10000000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.08.2014

 

Category

Percentage

Bodies corporate

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of developing a branded apparel and retail company, designs, manufactures, distributes, retails and accessories for men, women, youth, and children.

 

 

Products :

Apparel and Garments

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Finished Goods

Countries :
  • US
  • Asian countries
  • European countries 

 

 

Terms :

 

Selling :

L/C, Cash, and Credit

 

 

Purchasing :

L/C, Cash, and Credit

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :
  • Fossil India Private Limited
  • Giorgio Armani, Switzerland

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

Bank Name

HDFC Bank Limited

Branch

Municipal No. 8/24, Richmond Road, Corpn Div 61, Bangalore-560025, Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Dhanalakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi Marg, Fort, Mumbai - 400001, Maharashtra, India

 

  • State Bank of India, Ind Finance Branch, Residency Plaza, Residency Road, Bangalore-560025, Karnataka, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Fully convertible debentures others

0.000

3000.000

Short-term borrowings

 

 

Working capital loans from banks

70.524

2.168

Total

70.524

3002.168

 

Financial Institution  :

AXIS Trustee Services Limited, Axis House,Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Deloite Centre, AnchorageIi 100/2 Richmond Road, Bangalore- 560 025, Karnataka, India

PAN No.:

AACFD3771D

 

 

Memberships :

--

 

 

Collaborators :

---

 

 

Controlling Company / Holding company:
  • Aditya Birla Nuvo Limited (ABNL)
  • CIN NO.:L17199GJ1956PLC001107

 

 

Fellow Subsidiaries :
  • Aditya Birla Finance Limited (ABFL) (100% Subsidiary of ABFSPL)
  • ABNL Investment Limited (ABNLInv)(100% Subsdiary of ABNL )
  • Aditya Birla Housing Finance Ltd. (ABHFL) (100.00% Subsdiary of ABFSPL) (earlier known as LIL Investment Limited)
  • Birla Sun Life Insurance Company Limited (BSLICL)(74% Subsdiary)
  • Aditya Birla Minacs Worldwide Limited (ABMWL) (99.85% Subsdiary of ABNLIT & ITES)
  • Aditya Birla Customer Services Private Limited (ABCSPL) (100% Subsidiary of ABFSPL)
  • Pantaloons Fashion & Retail Limited (Formerly Peter England Fashions and Retail Limited) (PFRL)

 

 

CAPITAL STRUCTURE

 

AFTER 25.08.2014

 

Authorised Capital : Rs. 2800.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 2000.654 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100,000,000

Equity Shares

Rs.10/- each

Rs.1000.000 Million

10,000,000

8% Redeemable Cumulative Preference Shares

Rs.10/- each

Rs.100.000 Million

 

Total

 

Rs.1100.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

98,888,890

Equity Shares

Rs.10/- each

Rs.988.889 Million

10,000,000

8% Redeemable Cumulative Preference Shares

Rs.10/- each

Rs.100.000 Million

 

Total

 

Rs.1088.889  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

1088.889

1088.889

200.000

(b) Reserves & Surplus

134.307

487.116

(1596.804)

(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)

1223.196

1576.005

(1396.804)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

200.000

3200.000

4704.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

16.246

168.281

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

216.246

3368.281

4704.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

171.524

2.168

4.419

(b) Trade payables

398.404

534.855

246.457

(c) Other current liabilities

3581.726

65.296

41.305

(d) Short-term provisions

7.961

9.045

4.607

Total Current Liabilities (4)

4159.615

611.364

296.788

 

 

 

 

TOTAL

5599.057

5555.650

3603.984

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

169.457

149.802

171.367

(ii) Intangible Assets

0.000

1.596

4.424

(iii) Capital work-in-progress

5.401

97.853

22.334

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4250.000

4250.000

3003.178

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

88.555

91.982

81.031

(e) Other Non-current assets

4.029

4.016

3.932

Total Non-Current Assets

4517.442

4595.249

3286.266

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

879.458

785.256

205.726

(c) Trade receivables

1.015

6.915

21.773

(d) Cash and cash equivalents

38.052

44.501

12.857

(e) Short-term loans and advances

147.688

120.036

76.402

(f) Other current assets

15.402

3.693

0.960

Total Current Assets

1081.615

960.401

317.718

 

 

 

 

TOTAL

5599.057

5555.650

3603.984

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2966.781

2537.269

600.004

 

Other Income

8.386

46.243

12.770

 

TOTAL (A)

2975.167

2583.512

612.774

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

1988.851

2181.455

463.802

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(94.202)

(579.530)

(68.785)

 

Employees benefits expense

128.712

108.363

74.704

 

Other expenses

899.686

657.107

272.184

 

TOTAL (B)

2923.047

2367.395

741.905

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)

52.120

216.117

(129.131)

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

11.070

5.438

39.983

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

41.050

210.679

(169.114)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

81.748

76.146

88.516

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(40.698)

134.533

(257.630)

 

 

 

 

 

Less

TAX (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

(40.698)

134.533

(257.630)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(1597.000)

(1597.000)

 (1339.000)

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

135.000

 0.000

 

 

 

 

 

 

Balance Carried to the B/S

(1637.698)

(1597.000)

(1597.000)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

548.800

283.200

159.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital goods Purchase

13.879

19.131

0.163

 

Inventory purchase

522.163

258.718

167.344

 

Cost of product testing

0.473

0.245

0.095

 

TOTAL IMPORTS

536.515

278.094

167.602

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.51)

2.24

(26.70)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

3250.000

 

 

Expected Sales (2015-2016 ) : Rs. 4000.000 Million

 

The above information has been parted by Mr. Nandkumar .K.

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

3000.000

0.000

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(160.410)

(67.309)

(91.766)

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(1.37)

5.30

(42.94)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

1.76

8.52

(21.52)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.03)

11.14

(44.54)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.03)

0.09

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.30

2.03

(3.37)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.26

1.57

1.07

 

 

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

200.000

1088.889

1088.889

Reserves & Surplus

(1596.804)

487.116

134.307

Share Application money pending allotment

0.000

0.000

0.000

Net worth

(1396.804)

1576.005

1223.196

 

 

 

 

long-term borrowings

4704.000

3200.000

200.000

Short term borrowings

4.419

2.168

171.524

Total borrowings

4708.419

3202.168

371.524

Debt/Equity ratio

(3.371)

2.032

0.304

 

 

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

600.004

2537.269

2966.781

 

 

322.875

16.928

 

 

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

600.004

2537.269

2966.781

Profit/loss

(257.630)

134.533

(40.698)

 

(42.94%)

5.30%

(1.37%)

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Non-convertible debentures others

200.000

200.000

Short-term borrowings

 

 

Deposits

101.000

0.000

Total

301.000

200.000

 

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

 

Note :

 

The registered office of the company has been shifted from Regent Gateway, Plot No. 5B, Doddanekundi Village, KIADB Industrial Area, ITPL Road, Bangalore - 560048, Karnataka, India to the present address w.e.f. 20.10.2009.

 

REVIEW OF PERFORMANCE

 

The Company expanded its network of stores and operated Eight stores of The Collective in the financial year ended 31 st March, 2014. The Company also operated three Hackett Mono Brands during the financial year.

 

The Collective stores continue to set benchmarks in retail experience, product offering and visual merchandising.

 

PROSPECTS

 

With the expansion of retail stores network and launch of international mono brand stores of the Company, this will strengthen its portfolio in premium and super premium market.

 

CORPORATE INFORMATION

Madura Garment Lifestyle Retail Company Limited is a subsidiary of Aditya Birla Nuvo Limited was incorporated in May 1, 2007 and is committed to developing a branded apparel and retail company, designs, manufactures, distributes, and retails apparel for men, women, youth, and children.The company sells its products through exclusive and franchise stores, shop-in-shops, multi-brand trade outlets, hypermarkets, and department stores.

 

BASIS OF PREPARATION

 

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 (Accounting Standards) Rules, 2006 (as amended) (‘the 1956 Act’) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/ 2013 Companies Act, as applicable 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

 

FIXED ASSETS

 

Tangible Assets

 

  • Building
  • Leasehold Improvements
  • Office Computers
  • Electronic Equipments
  • Vehicles
  • Assets at Showrooms
  • Furniture, Fixtures
  • Other office Equipments

 

Intangible Assets

 

  • Technical Know-how
  • Specialised Softwares

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.74.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

RKI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

50

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.