MIRA INFORM REPORT
|
Report Date : |
30.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
AEROFLEX INDUSTRIES LIMITED (w.e.f. 23.08.2006) |
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|
|
|
Formerly Known
As : |
SUYOG INTERMEDIATES PRIVATE LIMITED |
|
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|
|
Registered
Office : |
Plot No.41, 42/13, 42/14, 42/18, Near Taloja MIDC, Village Chal,
Behind IGPL, Post Ghot Camp Near Galaxy Tal Panvel, Navi Mumbai – 410 208, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
19.10.1993 |
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|
|
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Com. Reg. No.: |
11-074576 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.279.990 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1993PLC074576 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA14671G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA6767D |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturer, Exporter and importer of Stainless Steel Corrugated hoses
and hose assemblies. |
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|
|
|
No. of
Employees: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C (8) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
Status : |
Poor |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
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Litigation : |
Clear |
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|
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Comments : |
Subject is an established company having moderate track. There appears
huge losses recorded by the company in current year, it leads to erosion of
the entire net worth of the company. The company has become a sick company
under the provision of sick industrial companies (Special Provision) Act
1985. Payments are reported to be slow. Initially, the Company can be considered for business dealings on a
safe and secured 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
D (Term Loan) |
|
Rating Explanation |
Rating are in default or are expected to be
in default soon |
|
Date |
July 2012 |
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
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Waman Shete |
|
Designation : |
Account and Finance |
|
Contact No.: |
91-22-66235200 |
|
Date : |
30.08.2012 |
LOCATIONS
|
Registered Office/Factory : |
Plot No.41, 42/13, 42/14, 42/18, Near Taloja MIDC, Village Chal,
Behind IGPL, Post Ghot Camp Near Galaxy Tal Panvel, Navi Mumbai – 410 208, Maharashtra, India |
|
Tel. No.: |
91-22-66235200/61467100 (100 Lines) |
|
Fax No.: |
91-22-61467136 |
|
E-Mail : |
waman.shete@aeroflexindindia.com
info@aeroflexindia.com
(For Common) indiabusiness@aeroflexindia.com
(For Indian Customer) exports@aeroflexindia.com
(For Export Customer) |
|
Website : |
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|
|
|
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Corporate Office : |
508A, Bycylla Serv Industrial Co-operative Society Limited, |
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Factory 2 : |
42/43, Village Chal, Near MIDC Taloja, Panvel, Mumbai – 410206, |
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Works 1 : |
Plot No. 43, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
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|
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Works 2 : |
Plot No. L- 34, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
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Regional Office
: |
Located at:
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|
DIRECTORS
As on 14.05.2011
|
Name : |
Mr. Mustafa Abidali Kachwala |
|
Designation : |
Director |
|
Address : |
48/52, |
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Date of Birth/Age : |
23.02.1968 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
14.07.2010 |
|
Din No.: |
03124453 |
|
|
|
|
Name : |
Mr. Yousuf Mohammad Kagzi |
|
Designation : |
Managing Director |
|
Address : |
304, Ezee apartments, |
|
Date of Birth/Age : |
01.04.1967 |
|
Qualification : |
Bsc |
|
Date of Appointment : |
17.08.1998 |
|
Din No.: |
01496822 |
|
|
|
|
Name : |
Mr. Mastram Mataprasad Verma |
|
Designation : |
Additional Director |
|
Address : |
Ranjee Gupta Chl., Rajiv Nagar, Gazder Bandh, Santacruz (West), Mumbai
– 400054 |
|
Date of Birth/Age : |
17.08.1987 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
14.07.2010 |
|
Din No.: |
03137611 |
|
|
|
|
Name : |
Ramsagar Ranewan Yadav |
|
Designation : |
Director |
|
Address : |
Mohan Seth Ki Chl, |
|
Date of Birth/Age : |
10.10.1983 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
10.05.2010 |
|
Din No.: |
03163805 |
KEY EXECUTIVES
|
Name : |
Mr. Waman Shete |
|
Designation : |
Account and Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.05.2011
|
Names of Shareholders (First Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
636363 |
|
Avigo Trustee Company Private Limited, |
|
62937 |
|
Bond Street Custodians Limited, |
|
299700 |
|
Total |
|
999000 |
|
Names of Shareholders (Second Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
637000 |
|
Avigo Trustee Company Private Limited, |
|
63000 |
|
Bond Street Custodians Limited, |
|
300000 |
|
Total |
|
1000000 |
|
Names of Equity
Shareholders |
|
No. of Equity
Shares |
|
Yousuf M Kagzi |
|
6501000 |
|
Vishnu Kumar Ajitsaria |
|
149400 |
|
Parvez Akhter |
|
148000 |
|
Vijay Miglani |
|
100000 |
|
Soeb Hussain Cyclewala |
|
100000 |
|
Avigo Venture Investment Limited, |
|
637 |
|
Bond Street Custodians Limited, |
|
300 |
|
Avigo Trustees Company Private Limited, |
|
63 |
|
Mustafa Kachwala |
|
100 |
|
Mataram Mataprasad Verma |
|
100 |
|
Ramsagar Ramnewan Yadav |
|
100 |
|
Ather Shakeel Ansari |
|
100 |
|
Shah Alam |
|
100 |
|
Vijendra Singh Gusain |
|
100 |
|
Total |
|
7000000 |
As on 14.05.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
0.01 |
|
Directors or relatives of directors |
|
92.88 |
|
Other top fifty shareholders |
|
7.11 |
|
|
|
|
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Total
|
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and importer of Stainless Steel Corrugated
hoses and hose assemblies. |
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|
|
|
Products : |
·
Stainless Steel Corrugated hoses ·
Hose assemblies. |
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Countries : |
·
·
·
·
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
Hose Braid |
10000000 |
10000000 |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
End users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
State Bank of · Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai – 400002,Maharashtra, India · HSBC Bank · Allahabad Bank · EXIM Bank ·
Axis Bank Limited, Nariman Point Branch ( ·
ICICI Bank Limited, · Axis Trustee Services Limited, Maker Towers ‘F’, 13th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India · Uco Bank · Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
||||||||||||
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||||||||||||
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Facilities : |
Rs.
In Millions
|
|
|
|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Y.S. Moochhala and Company Chartered Accountants |
|
Address : |
1-B, Kagdy Manzil, 1st Floor, 119, |
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Tel. No.: |
91-22-22633121 / 40020887 |
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Email : |
|
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PAN No. : |
AACPM1108P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity shares |
Rs.10/- each |
Rs.240.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity shares |
Rs.10/- each |
Rs.70.000 Millions |
|
999000 |
Preference Shares |
Rs.10/- each |
Rs.9.990 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.279.990
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
279.990 |
279.990 |
279.990 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(561.176) |
(365.519) |
229.118 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(281.186) |
(85.529) |
509.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1361.346 |
1237.099 |
800.456 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1361.346 |
1237.099 |
800.456 |
|
|
DEFERRED TAX LIABILITIES |
2.429 |
2.429 |
2.429 |
|
|
|
|
|
|
|
|
TOTAL |
1082.589 |
1153.999 |
1311.993 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
856.364 |
961.724 |
257.730 |
|
|
Capital work-in-progress |
0.000 |
1.566 |
468.303 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
165.037
|
177.849
|
242.196
|
|
|
Sundry Debtors |
115.596
|
355.242
|
274.366
|
|
|
Cash & Bank Balances |
5.835
|
47.730
|
108.534
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
102.183
|
77.702
|
180.319
|
|
Total
Current Assets |
388.651
|
658.523 |
805.415 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
80.031
|
389.916
|
197.825
|
|
|
Other Current Liabilities |
22.807
|
12.564
|
9.239
|
|
|
Provisions |
61.214
|
66.510
|
13.868
|
|
Total
Current Liabilities |
164.052
|
468.990 |
220.932 |
|
|
Net Current Assets |
224.599
|
189.533 |
584.483 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.626 |
1.176 |
1.477 |
|
|
|
|
|
|
|
|
TOTAL |
1082.589 |
1153.999 |
1311.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
442.553 |
|
|
|
|
|
Other Income |
0.648 |
5.948 |
|
|
|
|
TOTAL (A) |
443.201 |
1296.837 |
1041.961 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
392.025 |
1446.948 |
|
|
|
|
Manufacturing service costs |
19.619 |
35.263 |
|
|
|
|
Employee related expenses |
19.773 |
30.876 |
|
|
|
|
Administrative selling other expenses |
17.757 |
174.979 |
|
|
|
|
TOTAL (B) |
449.174 |
1688.066 |
954.268 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(5.973) |
(391.229) |
87.693 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
85.049 |
111.717 |
34.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(91.022) |
(502.946) |
53.548 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
104.634 |
72.702 |
13.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)BEFORE
TAX (E-F) (G) |
(195.656) |
(575.648) |
40.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
18.990 |
12.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(195.656) |
(594.638) |
27.801 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(556.120) |
38.518 |
10.717 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(751.776) |
(556.120) |
38.518 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
260.391 |
277.647 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
203.264 |
216.908 |
NA |
|
|
TOTAL IMPORTS |
203.264 |
420.172 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(28.00) |
(82.00) |
5.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(44.15) |
(45.85) |
2.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(44.21) |
(44.59) |
3.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.72) |
(35.53) |
3.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.70) |
(6.73) |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(5.42) |
(19.95) |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37 |
1.40 |
3.65 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
SUNDRY CREDITORS DETAIL
(Rs. In Millions )
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
80.031 |
389.916 |
197.825 |
|
|
|
|
|
NOTE:
The Register office of the company has been
shifted from 508/A, Byculla Services Industries Society Limited,
OPERATIONS
During the year the Company recorded a
revenue of Rs.443.201Millions and incurred a loss of Rs. 195.656Millions as
compared with the corresponding figures in the previous year of Rs.
1296.837Millions and Rs. 594.637Millions respectively.
The bottom line of the Company
continues to be under stress due to non-availability of adequate working
capital to support the optimum operations of the Company on the one hand and
increase in the input cost, financial expenses and depreciation since the same
could not be passed on to customers.
FUTURE
OUTLOOK:
The Company despite gloomy performance
believes that the products of the Company are good and have wide applications
in industries and it can be revived. The customers of the Company are of high
repute. To reduce the cost of production ,control the expenses and increase the
productivity and quality of products, it is taking all imperative steps in this
directions. To further the efforts of the Company it requires co-operations,
assistance of all the concerned authorities /institutions such as banks,
governments, semi governments in extending financial and
non-financial assistance which is of
paramount importance.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1993PLC074576 |
|
Name of the
Company |
AEROFLEX
INDUSTRIES LIMITED |
|
Address |
Survey No.41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Panvel, Mumbai – 410206, Email: ajitsaria@aeroflexindia.com
|
|
This form is for |
Modification of
Charge |
|
Charge identification (ID) number of the charge to be
modified |
10139796 |
|
Type of Charge |
·
Immovable
property ·
Book
debts ·
Movable
property(not being pledge) ·
Floating
charge |
|
Particulars of
the charge holder |
Axis Trustee Services Limited, Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai –
400025, Email : manoj.panzade@axistrustee.com
|
|
Nature or description
of the instrument(s) creating or modifying the charge |
Assignment
Agreement dated 31.03.2011 between Axis Bank Limited. and International Asset
Reconstruction Compnay. Private. Limited. as Trustee of IARF-1 Trust (hereinafter
referred to as IARC) whereby the present charge holder Axis Bank Limited.,
assignor has assigned the loans together with underlying security interests
in favour of IARC as set out in Assignment Agreement. |
|
Date of the
instrument creating or modifying the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs.1382.500
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of interest – The rate of interest
is as per applicable terms and conditions as described in more detail in the
Assignment Agreement. Terms of repayment – The terms of
repayment are as per applicable terms and conditions as described in more
detail in the Assignment Agreement. Margin The margin is as
per applicable terms and conditions. Extent and operation of the charge The extent and operation of the charge is as
per applicable terms and conditions as described in more detail in Security
Trustee Agreement dated 21.01.2009 and
in the attached Assignment Agreement. |
|
Short particulars
of the property charged (including location of the property) |
First pari passu
charge on stock of raw materials, finished goods, stocks under process,
stores and spares, book debts and other movable assets of the Company. First pari passu
Charge charge on fixed assets of the
Co including land & bldg, Plant & Mach, Furniture, other movable
assets at Survey No.41 (Part) at village Chal Taloja,Taluka Panvel, Dist.
Raigad Survey No.42,
Hissa No.18 & 13 at village Chal,Taluka Panvel, Dist. Raigad Plot No.43, MIDC
Ind. area, Village Navade, Taluka Panvel, Dist. Raigad. Unit No.508-A,
5th floor, Byculla Services Industrial Premises Co-operative Housing
Society Limited. situated on land
bearing C.S no.711 at Sussex Road, Byculla (East) Mumbai 400 027 Unit No.511-A,
5th floor, Byculla Services Industrial Premises Co- operative Housing Society
Limited. situated on land bearing C.S no.711 at Sussex Road, Byculla (East)
Mumbai 400 027 |
|
Date of last modification prior to the present
modification |
23.02.2010 |
|
Particulars of the present modification |
International
Asset Reconstruction Co. Private. Limited. as Trustee of IARF-1 Trust (herein
after referred to as IARC) has acquired loan with underlying security
interest vide Assignment Agreement dated 31st March, 2011, from Axis Bank Limited |
CONTINGENT
LIABILITY:
The company recognizes a provision for a liability which can be measured
only by using a substantial degree of estimation, liability for this purpose is
a present obligation of the enterprises arising from past event, the settlement
of which result in an outflow from enterprises of resources embodying economic
benefits. Company has made the provision for obligation
i) When enterprises has a present obligation as result of past event;
ii) when reliable estimation of amount of the obligation is possible;
iii) When it is probable that an outflow of resources embodying economic
benefit will be required to settle the obligation.
iv) The company has not recognized the contingent asset in the financial
statement, since this may result in to recognition of income that may never be
realized.
FIXED ASSETS
·
Air Conditioner
·
Building
·
Computer
·
Electrical Installation
·
Furniture and Fixtures
·
Land
·
Office Equipment
·
Testing Equipments
·
Plant and Machinery
·
Working Tool and
Equipment
·
Motor Car
·
Cycle
·
Water Cooler
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.55.67 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.69.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
08 |
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.