1. Summary Information
|
|
|
Country |
|
|
Company Name |
AADI INDUSTRIESLIMITED |
Principal Name 1 |
Mr. Rushabh Shah |
|
Status |
Recently Commenced Business |
Principal Name 2 |
Mrs. Mansi Shah |
|
|
|
Registration # |
206053 |
|
Street Address |
320/7, Siddhivinayak Co-Operative Housing Society, Hingwala Lane, Pant
Nagar, Ghatkopar (East), Mumbai – 400075, |
||
|
Established Date |
21.04.1994 |
SIC Code |
-- |
|
Telephone# |
91-22-25012706/68 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-25012768 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Plastic |
|
|
# of employees |
140 |
Product Name 2 |
Tarpaulin Bags |
|
Paid up capital |
Rs. 100,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding
of Promoter and Promoter Group 73.98%, Public Shareholding 26.02% |
Banking |
Dena Bank |
|
Public Limited Corp. |
Yes |
Business Period |
16 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B
(27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
155,500,000 |
Current Liabilities |
56,200,000 |
|
Inventories |
105,500,000 |
Long-term Liabilities |
173,000,000 |
|
Fixed Assets |
96,100,000 |
Other Liabilities |
15,200,000 |
|
Deferred Assets |
0000 |
Total Liabilities |
244,400,000 |
|
Invest& other Assets |
000 |
Retained Earnings |
12,700,000 |
|
|
|
Net Worth |
112,700,000 |
|
Total Assets |
357,100,000 |
Total Liab. & Equity |
357,100,000 |
|
Total Assets (Previous Year) |
219,800,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
717,800,000 |
Net Profit |
18,000,000 |
|
Sales(Previous yr) |
101,200,000 |
Net Profit(Prev.yr) |
1,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AADI INDUSTRIESLIMITED |
|
|
|
|
Registered
Office : |
320/7, Siddhivinayak Co-Operative Housing Society, Hingwala Lane, Pant
Nagar, Ghatkopar (East), Mumbai – 400075, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.04.1994 |
|
|
|
|
Com. Reg. No.: |
206053 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L91110MH1994PLC206053 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA33499E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI8256G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic and Tarpaulin Bags |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 450800 |
|
|
|
|
Status : |
Recently Commenced Business |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in 1994. It has recently commenced
its commercial business activities. Trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct The company can be considered for business dealings with some caution. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rushabh |
|
Designation : |
Director |
|
Contact No.: |
91-9869441118 |
LOCATIONS
|
Registered Office : |
320/7, Siddhivinayak Co-Operative Housing Society, Hingwala Lane, Pant
Nagar, Ghatkopar (East), Mumbai – 400075, |
|
Tel. No.: |
91-22-25012706/68 |
|
Fax No.: |
91-22-25012768 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
209/3, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Rushabh Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Mansi Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pravin Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shardul Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Surjit Banga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chandra Mehta |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,398,054 |
73.98 |
|
|
7,398,054 |
73.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7,398,054 |
73.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
22,000 |
0.22 |
|
|
22,000 |
0.22 |
|
|
|
|
|
|
316,112 |
3.16 |
|
|
|
|
|
|
1,323,884 |
13.24 |
|
|
922,628 |
9.23 |
|
|
17,322 |
0.17 |
|
|
15,022 |
0.15 |
|
|
2,300 |
0.02 |
|
|
2,579,946 |
25.80 |
|
Total Public shareholding (B) |
2,601,946 |
26.02 |
|
Total (A)+(B) |
10,000,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic and Tarpaulin Bags |
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
140 (in office 15, 125 in factory) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunderji Gosar and Company Chartered Accountant |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250. 000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
50.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.700 |
0.500 |
(1.200) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
112.700 |
100.500 |
48.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
141.600 |
107.300 |
0.000 |
|
|
2] Unsecured Loans |
31.400 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
173.000 |
107.300 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.600 |
0.900 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
288.300 |
208.700 |
48.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
96.100 |
65.500 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.400 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
105.500
|
38.200 |
0.000 |
|
|
Sundry Debtors |
84.000
|
68.800 |
0.000 |
|
|
Cash & Bank Balances |
17.400
|
6.000 |
0.300 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
54.100
|
41.300 |
48.200 |
|
Total
Current Assets |
261.000
|
154.300 |
48.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
56.200
|
10.600 |
0.000 |
|
|
Provisions |
12.600
|
0.500 |
0.000 |
|
Total
Current Liabilities |
68.800
|
11.100 |
0.000 |
|
|
Net Current Assets |
192.200
|
143.200 |
48.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
288.300 |
208.700 |
48.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
717.800 |
101.200 |
0.000 |
|
|
|
Other Income |
1.600 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
719.400 |
101.200 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials |
692.900 |
125.000 |
0.000 |
|
|
|
Power & Fuel Cost |
2.200 |
0.200 |
0.000 |
|
|
|
Employee Cost |
3.500 |
0.700 |
0.000 |
|
|
|
Other Manufacturing Expenses |
1.200 |
0.900 |
0.000 |
|
|
|
Selling and Administration Expenses |
4.900 |
5.900 |
0.500 |
|
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
0.200 |
|
|
|
Increase/(Decrease) in Stock |
(38.900) |
(37.400) |
0.000 |
|
|
|
TOTAL (B) |
665.800 |
95.300 |
0.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.600 |
5.900 |
(0.700) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.100 |
2.200 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.500 |
3.700 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.100 |
0.200 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
26.400 |
3.500 |
(0.700) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.400 |
1.800 |
(0.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
18.000 |
1.700 |
(0.600) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.72 |
0.17 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
300.040 |
308.710 |
268.270 |
|
Total Expenditure |
284.440 |
283.280 |
242.620 |
|
PBIDT (Excl OI) |
15.600 |
25.430 |
25.650 |
|
Other Income |
0.180 |
0.370 |
0.970 |
|
Operating Profit |
15.780 |
25.800 |
26.620 |
|
Interest |
6.350 |
10.960 |
11.310 |
|
PBDT |
9.430 |
14.840 |
15.310 |
|
Depreciation |
1.060 |
1.410 |
1.110 |
|
Profit Before Tax |
8.370 |
13.430 |
14.200 |
|
Tax |
0.000 |
4.000 |
4.000 |
|
Profit After Tax |
8.370 |
9.430 |
10.200 |
|
Net Profit |
8.370 |
9.430 |
10.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.50
|
1.67 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.67
|
3.45 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.39
|
1.59 |
(1.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.03 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
1.17 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
13.90 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
During the year, the Company commenced its manufacturing operations at Silvassa. The Company achieved sales of Rs. 764.803 millions and earned net profit after tax of Rs. 17.948 millions compared to Rs. 101.192 millions and Rs. 1.713 millions respectively for the previous financial year.
Project:
The Company's Project of manufacturing 4800 MT Shopping / Plastic Bags and 7200 MT of Tarpaulins / Wagon Cover at Silvassa was completed and after the successful trial run in March 2009, commissioned during the current financial year on stand by power connection. The power connection was made available to the Company by the Gujarat Electricity Board in the month of March 2010 and accordingly the entire manufacturing operations were commenced on full fledged basis thereafter. After detailed study on the current market prospects and considering the demand for Plastic / Shopping bags, the manufacturing of white plastic / shopping bags was undertaken. During the current financial year, the Company manufactured 3837.825 MT of plastic bags / shopping bags and 1644.782 of Tarpaulins. Barring some initial teething problems, the plant has been running at satisfactory level.
Current year outlook:
The Indian Plastic Industry is expected to maintain its growth rate in the current financial year considering investments by international companies in the automotive, electronics, food processing, healthcare, packaging and telecommunications industries.
The Company is well placed to compete in the market. The Company has plans not only to cater to the domestic demand but also international demand of white bags. Further it is proposed to also tap the market for the printed
Bags for the leading retail outlets of
Presently, the ratio of trading and manufacturing sales is 40:60, which is expected to reduce gradually in the current financial year. With the power connection disbursed by the Company, the manufacturing facilities which is now being operated at 60% of the installed capacity, due to receipt of uninterrupted power supply, expected to achieve optimum level in couple of years. The Company’s Printing Unit is also expected to commence its
Operations during the current financial year.
Barring unforeseen circumstances, the Directors are optimistic that the Company achieving better performance during the current year.
Management discussion
and analysis
Statements in this Report, particularly those which relate to the Company's objectives, projections, estimates and expectations may constitute forward looking statements within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied.
(A) Industry
structure and developments:
Considering the plastic industry, in
Investment in the plastics sector in
As regards growth
in the Plastic Industry, the global
consumption of plastic is
much more than the consumption of
plastics in India. It is
expected that consumption of plastics in
(B) Opportunities:
The change in
business policies, including the relaxation in
restrictions on foreign
ownership; some privatization of government assets and
tariff reductions, have made
the country as competitive as
the other Asian regions. Foreign investors view
As per the
study carried out for availability
of growth of
various industries in India, India's petrochemical industry is expected
to attract investments of
more than $18 billion in the next
4-5 years. About
$10 billion of that will be invested in the downstream processing
industry and the rest by several existing and new producers.
With more concentration on the specialty grades quality products which are more eco friendly plastic products and moving away from the type of commodity made cheaply will have more scope to survive in the long run
considering the environmental issues attached with the Plastic
Industry. With the quality consciousness,
The main threat is from the unorganized sector comprising low grade plastic goods manufacturers and from non eco-friendly manufacturing units. This may lead to quality problems in the international market and downgrading of Indian manufacturers' image. Secondly, due to its basic nature and use of low grade of plastic which is not eco-friendly, there has always been a threat of substitution of plastic as basic material with other metal or alternate material. These are the key risk factors which the Plastic Industry has to tackle in future.
UNAUDITED
FINANCIAL FOR THE QUARTER ENDED 31ST DECEMBER, 2010
Rs. in Millions
|
Particular |
Quarter Ended |
9 Months Ended |
|
|
31.12.2010 |
31.12.2010 |
|
|
|
|
|
(a)
Net Sales / Income from operations |
293.479 |
930.296 |
|
(b)
Other Operating Income |
0.000 |
0.000 |
|
Expenditure |
|
|
|
(Increase)
/ Decrease in stock in trade and work in progress |
0.398 |
4.091 |
|
Consumption
of raw materials |
193.148 |
619.347 |
|
Purchase
of traded goods |
45.606 |
154.799 |
|
Employees
cost |
0.944 |
2.505 |
|
Excise
duty and sales tax |
25.208 |
79.417 |
|
Depreciation |
1.113 |
3.578 |
|
Other
expenditure |
|
|
|
Manufacturing
expenses |
1.452 |
4.969 |
|
Administration
and selling expenses |
1.865 |
6.675 |
|
Profit
from operations before other income, interest and exceptional Items |
24.541 |
63.097 |
|
Other
income |
0.969 |
1.518 |
|
Profit
before interest and exceptional Items |
25.510 |
64.615 |
|
Interest |
11.312 |
28.619 |
|
Profit after Interest but
before Exceptional Items |
14.198 |
35.996 |
|
Exceptional
Items |
-- |
-- |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
14.198 |
35.996 |
|
Tax
expense |
4.000 |
8.000 |
|
Net Profit (+)/Loss(-) from Ordinary
Activities after tax |
10.198 |
27.996 |
|
Extraordinary items |
-- |
-- |
|
Net
Profit (+) / Loss (-) for the year period |
10.198 |
27.996 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
100.000 |
100.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
|
|
|
Earning
per share (EPS) |
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualised) |
1.02 |
2.80 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
1.02 |
2.80 |
|
Public
shareholding |
|
|
|
Number of shares |
2602691 |
2602691 |
|
Percentage of shareholding |
26.03 |
26.03 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
2000000 |
2000000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
27.03 |
27.03 |
|
Percentage
of shares (as a % of total share capital of the company) |
20 |
20 |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
5397309 |
5397309 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
|
Percentage
of shares (as a % of total share capital of the company) |
53.97 |
53.97 |
Note:
- The above results for the quarter ended 31st December,
2010 are reviewed by the audit committee and were taken on record by the
board of directors at its meeting held on 7th February 2011.
“Limited Review” as required under clause 41 of the listing agreement has
been carried out by the statutory auditors.
- No investors complaints were received during the quarter 31.12.2010
- The figures of corresponding period of previous year or quarter have
been regrouped/restated, whenever necessary, to confirm to current period
classification.
As per website details:
Profile:
They have an extensive experience in the manufacture and export of rain seal brand PE tarpaulins, PE/PP woven fabric, woven sacks, canvas tarpaulins, water proof/dyed canvas fabrics, canvas tents and other related products.
They don’t claim but manufacture the end result that ensures one of our strongest points to have a infrastructure that supports the industry needs. They are proud to provide variety of products such as PE tarpaulin, PE/PP woven fabric, PE/PP woven laminated fabric, woven sacks, canvas tarpaulins, water proof/dyed canvas fabrics, canvas tents and many more under one roof.
Well “Innovation” is a buzzword at our organization, and they keep abreast with the latest developments so that our clients get the latest and the best. Subject is having huge orders in hand as there is no single company with 310 metric tones per month capacity for producing shopping bags with printing. The concern is having full capacity production buy out offer from Reliance Fresh with the condition of sole supply to them. The offer is under consideration and negotiations. Major business of shopping bags will be with all the major retail chain stores and shopping malls.
Company also deals in wide range of pharmaceutical industries related chemicals. The total turnover of the group is above 200 cr. Further, realizing the commercial and industrial advantages of plastics and polymer lamination they started manufacturing of various Polymer based products. The company at present has emerged as a trusted name in the national as well as international market.
Milestones:
1994 Their
Company was incorporated in the name and style of JRC Finvest Limited.
1995
Initial Public Offering of 20,00,000 equity shares of Rs.10/- each at par by
Their Company. Listing of the equity shares of Their Company
on the BSE and ASE
1997 Name
of Their Company was changed from ‘JRC Finvest Limited’ to ‘JRC Industries
Limited’. The Object clause(s) of the Company was altered vide a Special
Resolution passed at the Annual General Meeting of the company held on
September 26, 1997
1998 The
company was delisted from Ahmedabad Stock Exchange and shifted for listing on
Vadodara Stock Exchange
2003
Change in Registered office of Their Company from GIDC Industrial Estate,
Pardi, - 396 125, Gujarat to
2007
Acquisition of controlling interest in the share capital of Their Company by
Their current promoter Mr. Rushabh Shah
2008 Name
of Their Company was further changed to ‘Aadi Industries Limited.’
The Object clause(s) of the Company was altered vide a Special Resolution passed
at the Extra Ordinary General Meeting of the Company held on February 22, 2008.
Change in Registered office of Their Company from
2009 The Company
commenced with commercial production of Tarpaulin and Shopping Bags.
Issuance of Equity Share on preferential basis to their current promoter Mr.
Rushabh Shah.
Open offer made by their current promoter Mr. Rushabh Shah
2010
Change in Registered office of Their Company from Kalupur, Ahmedabad - 380 001,
Gujarat to Ghatkopar-(East), Mumbai - 400 077,
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 records 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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.