MIRA INFORM REPORT

 

 

Report Date :

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

VISHAKHA IRRIGATION PRIVATE LIMITED

 

 

Registered Office :

“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House No.2, Corporate Road, Prahladnagar, Ahmedabad – 380 015, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

13.03.2008

 

 

Com. Reg. No.:

04-053240

 

 

Capital Investment / Paid-up Capital :

Rs.16.146 millions

 

 

CIN No.:

[Company Identification No.]

U29299GJ2008PTC053240

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMV03483E

 

 

PAN No.:

[Permanent Account No.]

AACCV6706D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing of Drip Irrigation System and Sprinkler. 

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 363000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of previous years. 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.

 

INFORMATION PARTED BY

 

Name :

Mr. Shailesh

Designation :

Accounts and Finance Manager

Contact No.:

91-79-61907373

Date :

18.02.2012

 

 

LOCATIONS

 

Registered/ Head Office :

“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House No.2, Corporate Road, Prahladnagar, Ahmedabad – 380 015, Gujarat, India

Tel. No.:

91-79-61907373/ 29701564/ 29701566/ 61907373

Fax No.:

91-79-61907340/ 61907330

E-Mail :

jigishdoshi@vishakhapolyfab.com

Website :

http://www.vishakhairrigation.com

Location :

Owned

 

 

Factory :

Block No.792, Sabaspur Road, Moti Bhoyan, Taluka Kalol, District Gandhinagar – 382 721, Gujarat, India

Location :

Owned

 

 

Branch Office :

Located at:

 

v      Pune

v      Jalgaon

v      Nasik

v      Barsi

v      Malakapur

v      Bhokhardhan

v      Tembumi

v      Amaravati

v      Sangli

v      Bangalore

v      Gulbarga

v      Indore

v      Bhopal

v      Anantpur

v      Bhinmal

v      Udaipur

v      Deesa

v      Botad

v      Dhoraji

v      Sabarkantha

v      Shreerampur

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Jigish Nagindas Doshi

Designation :

Director

Address :

6, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India 

Date of Birth/Age :

17.01.1961

Date of Appointment :

13.03.2008

DIN No.:

00380192

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U17110GJ1993PTC020968

Vishakha Polyfab Private Limited

Director

10-12-99

10-12-99

Active

NO

2

U51495GJ2001PTC039622

Doshi Polymers Private Limited

Director

01-06-01

01-06-01

Active

NO

3

U25200GJ2005PTC046946

Vishakha Industries Private Limited

Director

19-10-05

19-10-05

Active

NO

4

U29299GJ2008PTC053240

Vishakha Irrigation Private Limited

Director

13-03-08

13-03-08

Active

NO

5

U25209GJ2010PTC059960

Vishakha Poly Pipes Private Limited

Director

22-03-10

22-03-10

Active

NO

6

U25209GJ2010PTC059959

Vishakha Irrigation Project Private Limited

Director

22-03-10

22-03-10

Active

NO

 

 

Name :

Mr. Umesh Nagindas Doshi

Designation :

Director

Address :

7, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India 

Date of Birth/Age :

14.11.1951

Date of Appointment :

13.03.2008

DIN No.:

01192268

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U25200GJ2005PTC046946

Vishakha Industries Private Limited

Director

19-10-05

19-10-05

Active

NO

2

U51495GJ2001PTC039622

Doshi Polymers Private Limited

Director

17-11-07

17-11-07

Active

NO

3

U29299GJ2008PTC053240

Vishakha Irrigation Private Limited

Director

13-03-08

13-03-08

Active

NO

4

U24130GJ2011PTC064073

Labdhi International Private Limited

Director

18-02-11

18-02-11

Active

NO

 

 

Name :

Mr. Bhadresh Nagindas Doshi

Designation :

Director

Address :

26, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite, Ahmedabad – 380 015, Gujarat, India 

Date of Birth/Age :

08.02.1956

Date of Appointment :

29.09.2008

DIN No.:

00380239

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U17110GJ1993PTC020968

Vishakha Polyfab Private Limited

Director

08-06-00

08-06-00

Active

NO

2

U51495GJ2001PTC039622

Doshi Polymers Private Limited

Director

01-06-01

01-06-01

Active

NO

3

U25200GJ2005PTC046946

Vishakha Industries Private Limited

Director

15-11-07

15-11-07

Active

NO

4

U29299GJ2008PTC053240

Vishakha Irrigation Private Limited

Director

29-09-08

25-03-08

Active

NO

5

U25209GJ2010PTC059960

Vishakha Poly Pipes Private Limited

Director

22-03-10

22-03-10

Active

NO

6

U25209GJ2010PTC059959

Vishakha Irrigation Project Private Limited

Director

22-03-10

22-03-10

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Shailesh

Designation :

Accounts and Finance Manager

 

 

Name :

Tapan Shah

Designation :

Company Secretary

Address :

814, Anand Mangal-3, Opposite Core House, Near Doctor House, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Tel. No.:

91-79-26430810/ 30081114

Fax No.:

91-79-26430810

E-Mail :

tapanshah814@yahoo.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

 

No. of Shares

Adani Agro Private Limited, India (Nominee of Vishakha Industries, India)

 

807300

Jigish N. Doshi (Nominee of Vishakha Industries, India) 

 

566610

Umesh N. Doshi (Nominee of Vishakha Industries, India)

 

120320

Bhadresh N. Doshi (Nominee of Vishakha Industries, India)

 

120370

Total

 

1614600

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

50.00

Directors or relatives of directors

 

50.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Drip Irrigation System and Sprinkler. 

 

 

Products :

Micro Irrigation Systems Equipments

 

 

Imports :

 

Products :

Raw Materials

Countries :

Qatar

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60 days)

 

 

Purchasing :

L/C, Cash and Credit (30/ 60 days)

 

PRODUCTION STATUS (As on 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Qty. (M.T.)

Actual Production

Micro Irrigation System Equipments

Metric Tons

Not Applicable

6660

817.896

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers and End Users

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

State Bank of India, Commercial Branch, 3rd Floor, Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

 

 

Facilities :

Secured Loans 

As on 31.03.2011

(Rs. in millions)

As on 31.03.2010

(Rs. in millions)

I) From Bank

 

 

- In Term Loan Account

65.791

33.489

- In Cash Credit Account

126.240

59.310

Note

Above Facility from Bank are secured by an Equitable Mortgage on immovable property and Hypothecation of all Current Assets both present and future situated at Block No.4B/792, Village Moti Bhoyan Taluka Kalol, District Gandhinagar)   

 

 

II) Loan Against Assigned Vehicle 

0.784

0.575

Total

192.815

93.374

 

 

Unsecured Loans 

As on 31.03.2011

(Rs. in millions)

As on 31.03.2010

(Rs. in millions)

I) From Directors

8.875

9.412

II) From Members and Relatives

89.787

24.245

Total

98.662

33.657

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dharmesh Parikh and Company

Chartered Accountants

Address :

303-304, ‘Milestone’, Near Drive-in-Cinema, Opposite T.V. Tower, Ahmedabad – 380 054, Gujarat, India 

Tel. No.:

91-79-27474466

Fax No.:

91-79-27479955

PAN No.:

AASPP2756N

 

 

Associates :

v      Labdhi International Private Limited

v      Jigish Marketing

v      Doshi Marketing

v      Progressive Plastic Industries

v      Jigish Traders

v      Vishakha Industries

v      Vishakha Polyfab Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1614600

Equity Shares

Rs.10/- each

Rs.16.146 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

01.03.2009 to 31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

16.146

11.632

5.575

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

74.569

41.584

16.425

4] (Accumulated Losses)

0.000

0.000

(2.615)

NETWORTH

90.715

53.216

19.385

LOAN FUNDS

 

 

 

1] Secured Loans

192.815

93.374

35.164

2] Unsecured Loans

98.662

33.657

15.220

TOTAL BORROWING

291.477

127.031

50.384

DEFERRED TAX LIABILITIES

4.231

3.218

2.861

 

 

 

 

TOTAL

386.423

183.465

72.630

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

122.599

65.169

50.440

Capital work-in-progress

5.067

2.838

0.040

 

 

 

 

INVESTMENT

0.020

0.020

0.020

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
194.605
90.056

18.963

 

Sundry Debtors
134.477
57.172

0.639

 

Cash & Bank Balances
9.583
7.985

2.390

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
21.568
8.726

5.560

Total Current Assets
360.233
163.939

27.552

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

48.956

18.153

4.325

 

Other Current Liabilities
51.179
30.087

1.038

 

Provisions
1.361
0.261

0.059

Total Current Liabilities
101.496
48.501

5.422

Net Current Assets
258.737
115.438

22.130

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

386.423

183.465

72.630

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

01.03.2009 to 31.03.2009

 

SALES

 

 

 

 

 

Gross Sales (Net of Excise Duty)

341.833

119.920

 2.783

 

 

Other Income

0.123

0.221

0.002

 

 

TOTAL                                     (A)

341.956

120.141

2.785

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Cost

208.422

71.915

(0.629)

 

 

Manufacturing and Other Expenses

40.854

17.008

1.317

 

 

Selling and Distribution Expenses

46.109

13.770

0.488

 

 

Preliminary Expenses Written Off

0.000

0.000

0.311

 

 

TOTAL                                     (B)

295.385

102.693

1.487

 

 

 

 

 

Less

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

45.571

17.448

1.298

 

 

 

 

 

Less

FINANCE CHARGES                                         (D)

28.897

8.631

0.446

 

 

 

 

 

 

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

16.674

8.817

0.852

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

10.662

7.291

0.548

 

 

 

 

 

 

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

6.012

1.526

0.304

 

 

 

 

 

Less

TAX                                                                  (H)

1.014

0.403

2.919

 

 

 

 

 

 

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

4.998

1.123

(2.615)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1.492)

(2.615)

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

3.506

(1.492)

(2.615)

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

9.803

2.680

 

TOTAL IMPORTS

NA

9.803

2.680

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

- Basic

3.86

0.97

(41.84)

 

- Diluted

3.86

1.47

(41.84)

 

Expected Sales (2011-2012): More than Rs.600.000 millions

 

The above information has been parted by Mr. Shailesh (Accounts and Finance Manager).

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

01.03.2009 to 31.03.2009

PAT / Total Income

(%)

1.46
0.93

(93.90)

 

 

 
 

 

Net Profit Margin

(PBT/Sales)

(%)

1.76
1.27

10.92

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.25
0.67

0.39

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07
0.03

0.02

 

 

 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 

4.33
3.30

2.88

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

3.55
3.38

5.08

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

 

Particulars

As on 31.03.2011

(Rs. in millions)

As on 31.03.2010

(Rs. in millions)

As on 31.03.2009

(Rs. in millions)

- Micro, Small and Medium Enterprises

0.000

0.000

0.000

-Others

48.956

18.153

4.325

Total

48.956

18.153

4.325

 

 

Sr. No.

Check List by Info Agents

 

1.

Year of Establishment

YES

2.

Locality of the firm

YES

3.

Constitutions of the firm

YES

4.

Premises details

YES

5.

Type of Business

YES

6.

Line of Business

YES

7.

Promoter’s background

--

8.

No. of employees

YES

9.

Name of person contacted

YES

10.

Designation of contact person

YES

11.

Turnover of firm for last three years

YES

12.

Profitability for last three years

NO

13.

Reasons for variations <> 20%

--

14.

Estimation for coming financial year

YES

15.

Capital in the business

NO

16.

Details of sister concerns

--

17.

Major Suppliers

NO

18.

Major Customers

NO

19.

Payment terms

YES

20.

Export / Import details (is applicable)

YES

21.

Market information

--

22.

Litigation that the firm / promoter involved in

--

23.

Banking Details

YES

24.

Banking facility details

--

25.

Conduct of the banking account

--

26.

Buyer visit details

--

27.

Financials, if provided

NO

28.

Incorporation details, if applicable

--

29.

Last accounts filed at ROC

--

30.

Major Shareholders, is available

--

 

NOTE

 

The Registered Office of the company has been shifted from 801, Samedh, C.G. Road, Panchvati, Ahmedabad – 380 009, Gujarat, India to the present address w.e.f. 01.06.2011.

 

OPERATIONS

 

This is the 4th year of operation. The Company has carried out its commercial production during the whole year which results into total turnover of Rs.341.956 millions, as compared to last year of just Rs.120.141 millions, which is almost three times jump over last year. The profit before Depreciation and interest stood at Rs.45.571 millions as against last year of Rs.17.448 millions. The profit before taxation stood at Rs.6.012 millions, against last year of Rs.1.526 millions. Due to provision of taxation including deferred taxation, the Company has made net Profit after tax of Rs.4.998 millions, as against of Rs.1.123 millions in the previous year. Overall the Company has achieved very good growth at all level.

 

FUTURE PROSPECTS:

 

The Directors are expecting very good business in future as a management drive to cut the cost the company is reducing its number of branches which will help the company in cutting the cost in aggressive manner. Further very good monsoon at most of the State of India and development of new products will boost the sale and the company’s expansion projects.

 

FINANCE

 

The Company has availed additional Loan facilities by way Term Loan and cash credit facilities, results into total limits of Rs.373.300 millions from State Bank of India to meet Capital expenditure and working capital funds to expand the market and new project

 

FORM 8

 

Corporate identity number of the company

U29299GJ2008PTC053240

Name of the company

VISHAKHA IRRIGATION PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

801, Samedh, C.G. Road, Panchvati, Ahmedabad – 380 009, Gujarat, India

E-Mail: jigishdoshi@vishakhapolyfab.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10126244

Type of charge

Immovable property

Particular of charge holder

State Bank of India, Commercial Branch, 3rd Floor, Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

E-Mail: s.pareek@sbi.co.in

Nature of instrument creating charge

Memorandum of deposit for creation extension of charge for overall limit granted in form C.9A.

Date of instrument Creating the charge

04.02.2011

Amount secured by the charge

Rs.373.300 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

1. Cash Credit and Term Loan I: 5% above Base Rate, (2) Term Loan II: 0.50% above SBAR and (3) Term Loan -III: 5.75% above Base Rate (Presently Base Rate : 7.60% p.a.), all with monthly rest.

 

Terms of Repayment

1. Cash Credit: Payable on demand

2. Term Loan III (New) of Rs.67.500 millions shall be repaid in 18 quarterly installments of Rs.3.750 millions each and shall start form 3rd quarter of Financial year 2011-12 i.e. from December 2011 and Term Loan I of Rs.23.500 millions repayable in 17 quarterly installments with first 3 installment of Rs.1.000 million each, next 13 installment of Rs.1.500 millions and last remaining installment of Rs.1.000 million commenced from 30.09.2009 and other term loan

 

Margin

RM/SIP/FG: 25%, Book Debt (Upto 120 days): 40%, Letter of Credit/Bank Guarantee: 20% and New Term Loan of Rs.67.500 millions: 33.50%.

 

Extent and Operation of the charge

Exclusive First Charge of the Bank.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation charge over entire movable and current assets of the company situated at Plot No. 4/B, Plot No. 2/B and 2/C of Block No.792, Village- Bhoyan Moti, Taluka Kalol, District Gandhinagar, Gujarat.

 

Enter Book Debt of the company.

 

Immovable Properties viz. Plot No. 4/B, adm. 3612.11 sq. Mts of Block No. 792, situated at Vilage- Bhoyan Moti, Taluka Kalol, District Gandhinagar, Gujarat.

 

Immovable Properties viz. Plot No. 2/B, adm. 2803.46 sq. Mts and Plot No, 2/C, adm. 3344.54 sq. mtrs. of Block No. 792, situated at Vilage- Bhoyan Moti, Taluka Kalol, District Gandhinagar, Gujarat.

Date of last modification prior to the present modification

22.12.2010

Particulars of the present modification

Charge extended by way of creation of equitable mortgage by way of constructive delivery of the title deeds over the Immovable Property of Plot No.4/B, adm. 3612.11 sq. Mts of Block No.792, at Village- Bhoyan Moti, Tal. Kalol, District Gandhinagar, Gujarat And actual devlivery for title deeds of the Immovable Property  at Plot No. 2/B, adm. 2803.46 sq. Mts and Plot No, 2/C, adm. 3344.54 sq. mtrs. of Block No. 792, at Village- Bhoyan  Moti, Taluka Kalol, District Gandhinagar, Gujarat, for overall financial limit of Rs.373.300 millions.

 

FIXED ASSETS

 

v      Freehold Land

v      Factory Building

v      Computer

v      Plant and Machinery

v      Electrical Installation

v      Furniture

v      Office Equipments

v      Vehicles 


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 records 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.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

32

 

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.