|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIS PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.04.2009 |
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Com. Reg. No.: |
04-056749 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.080 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U17120GJ2009PTC056749 |
|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Raffia Woven Sacks. |
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|
|
|
No. of Employees
: |
62 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 193000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company has not filed with its latest financials i.e.
2011-12 with the government department. Form the available financials of 2011
it seems that the company has recorded huge external borrowing. However,
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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Facility = A4 (Suspended) |
|
Rating Explanation |
The risk prone credit quality. It carry high credit risk |
|
Date |
05.07.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Non Fund Based Limits = BB- (Suspended) |
|
Rating Explanation |
The inadequate credit quality. It carry high credit risk |
|
Date |
05.07.2012 |
Reason for suspended is 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
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pathik Chandrakant Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9898212003 |
|
Date : |
13.12.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, |
||||||
|
Tel. No.: |
Not Available |
||||||
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Mobile No.: |
91-9898212003 (Mr. Pathik Chandrakant Shah) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
|||||||
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Location : |
Owned |
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|
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Corporate Office : |
"Rajiv House", 4, Smrutikunj, Near Navrangpura Post Office, Navrangpura,
Ahemedabad - 380 009, Gujarat, India |
||||||
|
Tel. No.: |
91-79-26448383/ 26568571 |
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Fax No.: |
91-79-26423595 |
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Website : |
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Factory : |
1207-1209, GIDC Estate, Dholka, Ahmedabad – 387 810, Gujarat, India |
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|
Tel. No.: |
91-2714-248344 |
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Mobile No.: |
91-98982 12003 (Mr. Pathik Shah) 91-95588 00748 (Mr. Malavraj Bhatt) |
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E-Mail : |
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DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Pathik Chandrakant Shah |
|
Designation : |
Director |
|
Address : |
7, Vivek Flats, Dasa Porwad Society, Paldi, Ahmedabad – 380 007, |
|
Date of Birth/Age : |
30.05.1974 |
|
Date of Appointment : |
28.04.2009 |
|
DIN No.: |
00076715 |
|
|
|
|
Name : |
Mr. Sajag Kumarbhai Metha |
|
Designation : |
Director |
|
Address : |
Vina 32, Sanjiv Baug, Opposite Prakruti Flats, Near. |
|
Date of Birth/Age : |
31.07.1980 |
|
Date of Appointment : |
28.04.2009 |
|
DIN No.: |
00870589 |
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|
|
|
Name : |
Mr. Malavraj Dilip |
|
Designation : |
Director |
|
Address : |
B-56, Konarak
Tower, Pushpa Dhanwa Society, Sundarwan Kompaleksh, Vastrapur, Ahmedabad,
Gujarat, India 380015 |
|
Date of Birth/Age : |
07.06.1973 |
|
Date of Appointment : |
02.07.2012 |
|
DIN No.: |
05254322 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Parthik Chandrakant Shah |
|
4000 |
|
Haresh Vallabhdas Shah |
|
3000 |
|
Sajag Kumarbhai Mehta |
|
3000 |
|
Rajiv Vastupal Mehta |
|
529000 |
|
Aarti Rajiv Mehta |
|
169000 |
|
Total |
|
708000 |
As on 28.03.2012
|
Names of Allotees |
|
No. of Shares Allotted |
|
Rajiv Vastupal Mehta |
|
75000 |
|
Total |
|
75000 |
As on 27.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Raffia Woven Sacks. |
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Products : |
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Exports : |
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Products : |
Raffia Woven Sacks |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Middle East |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Installed
Capacity |
|
PP/HDPE Bags |
3000000 |
Note: Installed Capacities being technical matter,
are taken as certified by the management.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers
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No. of Employees : |
62 (Approximately) |
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Bankers : |
Syndicate Bank, Manikyam Apartments, Sardar Patel Nagar, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jatin Kedia and Sharma Chartered Accountant |
|
Address : |
13, Mill Officers Colony, Behind La- Gajjar Chambers, Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26585151/ 26587853/ 26589604 |
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Fax No.: |
91-79-26505150 |
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E-Mail : |
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PAN No: |
AABFJ2625B |
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|
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Associates: |
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CAPITAL STRUCTURE
After 27.09.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- Each |
Rs.9.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
783000 |
Equity Shares |
Rs.10/- Each |
Rs.7.830 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- Each |
Rs.9.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
708000 |
Equity Shares |
Rs.10/- Each |
Rs.7.080 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.080 |
5.080 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
41.204 |
20.331 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
48.284 |
25.411 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
161.334 |
95.682 |
|
|
2] Unsecured Loans |
|
21.870 |
21.655 |
|
|
TOTAL BORROWING |
|
183.204 |
117.337 |
|
|
DEFERRED TAX LIABILITIES |
|
2.755 |
0.226 |
|
|
|
|
|
|
|
|
TOTAL |
|
234.243 |
142.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
83.747 |
75.996 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
109.560 |
22.494 |
|
|
Sundry Debtors |
|
65.746 |
56.682 |
|
|
Cash & Bank Balances |
|
7.308 |
4.119 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
34.611 |
20.895 |
|
Total
Current Assets |
|
217.225 |
104.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
63.555 |
34.245 |
|
|
Other Current Liabilities |
|
0.243 |
0.000 |
|
|
Provisions |
|
3.070 |
3.089 |
|
Total
Current Liabilities |
|
66.868 |
37.334 |
|
|
Net Current Assets |
|
150.357 |
66.856 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.139 |
0.122 |
|
|
|
|
|
|
|
|
TOTAL |
|
234.243 |
142.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
501.951 |
188.708 |
|
|
|
Interest Received and Other Income |
|
8.824 |
8.252 |
|
|
|
TOTAL (A) |
|
510.775 |
196.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
116.763 |
74.723 |
|
|
|
Raw Material Consumption |
|
321.373 |
90.823 |
|
|
|
Stores and Spares Consumption |
|
7.588 |
3.259 |
|
|
|
Employees Cost |
|
5.731 |
1.027 |
|
|
|
Administrator and Selling Expenses |
|
72.948 |
31.799 |
|
|
|
Foreign Exchange Fluctuation Expenses (Net) |
|
0.171 |
0.002 |
|
|
|
(Decrease) / Increase in Stock |
|
(42.948) |
(9.330) |
|
|
|
TOTAL (B) |
|
481.628 |
192.303 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
29.149 |
4.657 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
16.132 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
13.017 |
4.657 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.389 |
4.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
6.628 |
0.639 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
3.755 |
0.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
2.873 |
0.411 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.411 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
3.284 |
0.411 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
144.173 |
14.946 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
5.65 |
1.04 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.56 |
0.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.32 |
0.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.20 |
0.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.18 |
6.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.25 |
2.79 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors for Goods |
53.729 |
28.731 |
|
Sundry Creditors for Expense |
9.826 |
5.514 |
|
Total |
63.555 |
34.245 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE DURING
THE YEAR:
The turnover
achieved during this year was Rs.501.951 Millions against Rs.188.708 Millions in
the previous year. The profit made during the year before depreciation and
taxation was of Rs. 13.016 Millions against Rs.4.657 Millions in the previous
year and profit after tax and depreciation was Rs.2.873 Millions against Rs.
0.411 Millions in the previous year. The position of orders on hand is very
good and the company is also in the process of getting new customers during the
year. The company has also undertaken major expansion during the year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
|
Bank Guarantee / LC issued by bank on behalf of the company and
counter Guarantees given by the Company |
5.408 |
|
Bills/LC Discounted |
64.720 |
|
Suit filed against the company |
Nil |
FIXED ASSETS
·
Electric Installation
·
Office Equipments
·
Plant and Machinery
·
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 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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.