MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HICAL TECHNOLOGIES PRIVATE LIMITED (w.e.f. 25.07.2006) |
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Formerly Known
As : |
HICAL MAGNETICS PRIVATE LIMITED |
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Registered
Office : |
Survey No.46, 47 (Part), Phase – II, Electronic City, Hosur Road,
Bangalore-560100, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.04.1990 |
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Com. Reg. No.: |
08-010854 |
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Capital
Investment / Paid-up Capital : |
Rs.99.430
Millions |
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CIN No.: [Company Identification
No.] |
U31909KA1990PTC010854 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH01817E |
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PAN No.: [Permanent Account No.] |
AAACH3639K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in Manufacture of Electronic Assemblies and |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 680000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears some losses being incurred by the company in current year i.e.
2009-10. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered/ Corporate Office : |
Survey No.46, 47 (Part), Phase – II, Electronic City, Hosur Road,
Bangalore-560100, Karnataka, India |
|
Tel. No.: |
91-80-66122504/66189600 |
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Mobile No.: |
91-9845694624 (Mr. Mahesh B.P.) |
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Fax No.: |
91-80-28520558/448 |
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E-Mail : |
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Website : |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Shashikiran Siddalingamurthy Mullur |
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Designation : |
Managing Director |
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Address : |
No.131, I Block, 3rd |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
02.04.1990 |
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Din No.: |
00219672 |
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Other Directorship:
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Name : |
Sujaya Shashikiran |
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Designation : |
Director |
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Address : |
No.131, I Block, 3rd |
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Date of Birth/Age : |
01.06.1961 |
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Date of Appointment : |
02.04.1990 |
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Din No.: |
00219686 |
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Other Directorship:
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Name : |
Mr. Venkatesh Bakthavatchalan Vallam |
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Designation : |
Director |
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Address : |
Vallam, 17, 2nd |
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Date of Birth/Age : |
01.02.1959 |
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Date of Appointment : |
04.08.1990 |
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Din No.: |
00219696 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
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Shashikiran Siddalingamurthy Mullur |
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4516785 |
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Sujaya Shashikiran |
|
2471553 |
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Venkatesh Bakthavatchalan Vallam |
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1930887 |
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Bharatesh M.S. |
|
1023750 |
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Total |
|
9942975 |
As on 23.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Manufacture of Electronic Assemblies and Hence Falls into Single
Segment viz., Electronic Manufacturing Services (EMS). |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Transformers |
Nos. |
4,800,000 |
2,810,232 |
|
Chargers |
Nos. |
7,476,480 |
1,376,105 |
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Pulser Board Assembly |
Nos. |
36,000 |
4,960 |
|
Ferrite Assembly |
Nos. |
600,000 |
77,091 |
|
Surge Counters |
Nos. |
36,000 |
19,458 |
|
Uni Splitter |
Nos. |
-- |
-- |
|
Cameras |
Nos. |
450,000 |
289,281 |
NOTES:
·
Licensed capacity for individual products is not applicable
in view of the Company's products having been delicensed as per the licensing
policy of the Government of India.
·
Installed capacity is as certified by the
Management and accepted by auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Specialized Commercial Branch, Krishi Bhavan,
First Floor, Hudson Circle, Bangalore-560001, Karnataka, India |
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Facilities : |
NOTE: (A) Secured by
hypothecation of entire stocks and book debts, equitable mortgage on the
Company's properties viz, land and buildings, hypothecation of unsecured
machinery and further secured by personal guarantee by the Directors of the
Company. (B) Secured by
pari passu first charge by way of hypothecation of Company's book debts,
receivables, inventories both present and future and further secured by
personal guarantee of the Directors of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajagopal and Badrinarayanan Chartered Accountants |
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Address : |
No.25, Padmashree Mansions, II Floor, 2nd Cross, Sampige
Road, Malleshwaram, Bangalore – 560 003, Karnataka, India |
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Pan No.: |
AACFR5386A |
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Subsidiaries : |
Lemon Tree Media Private Limited [U74999KA2007PTC043381] |
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Related Parties : |
Yagachi
Vidyunmaan Private Limited (Formerly Hical Engineering Private Limited) |
CAPITAL STRUCTURE
As on 23.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9942975 |
Equity Shares |
Rs.10/- each |
Rs.99.430
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9943000 |
Equity Shares |
Rs.10/- each |
Rs.99.430
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
99.430 |
99.430 |
99.430 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.725 |
64.011 |
76.306 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
172.155 |
163.441 |
175.736 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
67.091 |
47.290 |
46.326 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
67.091 |
47.290 |
46.326 |
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DEFERRED TAX LIABILITIES |
0.001 |
0.001 |
0.001 |
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TOTAL |
239.247 |
210.732 |
222.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
132.792 |
126.899 |
140.604 |
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Capital work-in-progress |
3.511 |
4.108 |
0.837 |
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INVESTMENT |
10.043 |
8.400 |
0.900 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
48.075
|
54.234
|
52.267
|
|
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Sundry Debtors |
59.105
|
59.921
|
79.827
|
|
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Cash & Bank Balances |
15.097
|
8.310
|
7.156
|
|
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Other Current Assets |
0.102
|
0.000
|
0.000
|
|
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Loans & Advances |
29.069
|
28.193
|
24.602
|
|
Total
Current Assets |
151.448
|
150.658
|
163.852
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
13.733
|
47.793
|
51.138 |
|
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Other Current Liabilities |
33.001
|
22.198
|
14.803
|
|
|
Provisions |
11.813
|
9.342
|
18.189
|
|
Total
Current Liabilities |
58.547
|
79.333
|
84.130
|
|
|
Net Current Assets |
92.901
|
71.322
|
79.722
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
239.247 |
210.732 |
222.063 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
|
Income |
395.280 |
329.890 |
443.900 |
|
|
|
Other Income |
10.710 |
5.670 |
39.250 |
|
|
|
TOTAL (A) |
405.990 |
335.560 |
483.150 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
368.610 |
324.740 |
439.930 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
368.610 |
324.740 |
439.930 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.380 |
10.820 |
43.220 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
8.460 |
6.430 |
10.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.920 |
4.390 |
32.840 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.770 |
16.650 |
21.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
11.150 |
(12.260) |
11.190 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.440 |
0.030 |
3.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
8.710 |
(12.290) |
7.490 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim and Final Dividend |
0.000 |
0.000 |
5.970 |
|
|
|
Dividend Distribution Tax |
0.000 |
0.000 |
1.010 |
|
|
BALANCE CARRIED
TO THE B/S |
8.710 |
(12.290) |
0.510 |
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
311.710 |
258.346 |
344.240 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
17.450 |
1.160 |
1.780 |
|
|
|
Raw Materials |
54.500 |
93.570 |
133.831 |
|
|
|
Stores, Spares
and Production Consumables |
39.800 |
7.910 |
13.627 |
|
|
|
Agency
Commission |
2.710 |
0.040 |
0.000 |
|
|
|
Others |
2.180 |
1.400 |
0.000 |
|
|
TOTAL IMPORTS |
116.640 |
104.080 |
149.238 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.88 |
(1.24) |
0.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.15
|
(3.66)
|
1.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.82
|
(3.72)
|
2.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
(4.42)
|
3.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
(0.08)
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.77
|
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
1.90
|
1.95 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three 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 |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
MANAGEMENT DISCUSSION AND ANALYSIS:
SALES
Gross income for
the year ended March 31, 2011 increased from Rs. 329.890 millions for the year
ended March 31, 2010 to Rs.395.280 millions, i.e., by Rs.65.39 million in value
terms. The net exports (net of freight) is Rs.341.400 millions as against
Rs.275.680 millions in the previous year, an increase of Rs.65.720 millions
being an increase by 23.84%. While domestic sales, net of excise duty, is
Rs.53.410 millions as against Rs.53.230 millions in the previous year an
increase by Rs.0.180 million over previous year. In percentage terms there is
marginal increase by 0.34%. A steep increase in sales-export (net of freight)
by 23.84% has pushed up the top line of the Company by 19.82%.
COST OF GOODS SOLD
Cost of Raw
materials, packing cases, job works, and other indirect materials was
Rs.220.380 millions at 66.80% of net sales of Rs.329.890 millions in the
previous year as against a cost of Rs.248.340 millions, i.e., 62.83% of net
sales of Rs.395.280 millions in the current year. However, manufacturing and
other expenses was at 12.39% of net sales in previous year as against 10.50% of
net sales in current year, being a decrease by 1.89% as a percentage of net
sales. Whereas, there is a significant gain in exchange fluctuation, due to
better management of exchange risk which is Rs.6.170 millions for the year as
against exchange loss of Rs.3.390 millions during previous year. Employee costs
were at 19.25% of net sales in previous year as against 19.94% of net sales during
current year.
SELLING EXPENSES
Selling expenses
for the year was at Rs.4.800 millions as compared to Rs.5.890 millions during
the previous year, accounting for decrease in selling expenses by Rs.1.090
millions. This is mainly due to absence of debts written off in the current
year. Also, there is a significant increase in advertisement expenses,
participation in trade fairs and exhibitions to promote Company’s products,
commission on export sales and a marginal decrease in carriage outwards.
However, selling expenses was at 1.21% of net sales as against 1.79% of net
sales in the previous year.
INTEREST AND FINANCE CHARGES
Interest and
finance charges have been increased by Rs.2.020 millions over previous year.
This is mainly due to increase in interest cost by 2.280 millions on all loans
i.e., term loan, packing credit and cash credit. The reason being due to
availment of fresh Rupee Term Loan of Rs.17.250 millions during the year
2010-11. Also, there has been a marginal decrease in bank charges by 0.26
million. Due to above, interest and finance expenses is at 2.14% of net sales
as against 1.95% of net sales in the previous year.
FINANCIAL PERFORMANCE:
During the year,
the Company has achieved an operating profit (PBDIT) of Rs. 26.630 millions as
against Rs. 5.150 millions in the previous year. The major reason for this
being fall in cost of goods sold from 61.72% to 57.84% and also due to gain in
foreign exchange of Rs. 9.550 millions year-on-year. The profit before tax is
Rs. 11.100 millions as against a Loss of Rs. 12.260 millions in the previous
year. The Profit after tax was Rs. 8.670 millions as against Loss of Rs. 12.290
millions in the previous year.
The Company
initiated several cost reduction measures which have helped in containing the
costs despite rise in prices of raw materials. The Company is continuing the
process of cost reduction to achieve further reduction in costs.
BUSINESS OUTLOOK:
In the current
year, the number of approvals for aerospace components increased, and more
aerospace customers began to show interest in the company. Further, the company
won the UTC Supplier Gold status from United Technologies Corporation, a
Fortune 500 corporation with headquarters in the United States of America. The
company is the first manufacturing enterprise in India to win this prestigious
recognition, and the 92nd in the world. With the UTC Supplier Gold
status, the company is now recognized as a premier aerospace components
supplier in the global landscape. The company still faces the challenge to
weather the run-up to mass production of the aerospace components for which it
is steadily winning approvals. The year from which the company will resume
growth and increased profits would be the fiscal year 2012-13. From 2012-13,
considering the enthusiastic efforts of global majors in the aerospace industry
in developing the company as their supplier, and also the huge demand expected
on Indian manufacturers on account of the Offset Policy of the Government of
India, the new challenge on the company would be to scale up for increased
demand.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90192091 |
|
Corporate
identity number of the company |
U31909KA1990PTC010854 |
|
Name of the
company |
HICAL
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.46, 47 (Part), Phase – II, Electronic City, Hosur Road, Bangalore-560100,
Karnataka, India |
|
Type of charge |
Book Debts Movable Property Immovable
Property Others |
|
Particular of
charge holder |
State Bank of India, Specialized Commercial Branch, Krishi Bhavan, First
Floor, Hudson Circle, Bangalore-560001, Karnataka, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the Overall limit
(C.2-A) Letter recording
the grant of individual limits within the overall limit (C.5) Memorandum of
deposit for creation of further charge for term loan (C.10) Form - B (all the documents
relate to the same modification) |
|
Date of
instrument Creating the charge |
03.11.2010 |
|
Amount secured by
the charge |
Rs.176.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment CC : Repayable on
demand TL (Rs. 10.000
Millions) : Repayable in 9 quarters of Rs. 6.000 Millions Repayable in 2
quarters of Rs.1.500 Millions Repayable in 1
quarters of Rs.1.600 Millions Margin Raw
materials : 15% Finished
goods : 15% Stock in process
: 15% Receivables : 25% TL : 25.54% BG : 10% Extent and
Operation of the charge Charge extends by
way of extension of EM on the assets offered as collateral security
throughout the period of sanctioned limits. Others Total limits
sanctioned are as under : 1) Yagachi
Vidyumaan Private Limited: Rs.66.200
Millions 2) Hical
Technologies Private Limited : Rs.110.700 Millions Total
: Rs.176.900 Millions |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials, stock in
process, finished goods, book debts,
receivables, machineries and other current assets belonging to the company towards various
credit facilities sanctioned to the company and to Yagachi Vidyumaan Private
Limited EM on co's
immovable properties situated at Sy. No. 46 and 47 (part), Phase II,
Electronic City, Hosur Road, Bangalore towards various credit facilities
sanctioned to the company and to Yagachi
Vidyumaan Private Limited |
|
Date of latest
modification prior to the present modification |
12.05.2010 |
|
Particulars of the
present modification |
Total limits
enhanced to Rs. 176.900 Millions. EM on co's immovable properties situated at
Sy. No. 46 and 47 (part), Phase II, Electronic City, Hosur Road, Bangalore
towards various credit facilities sanctioned to the company and to Yagachi
Vidyumaan Private Limited. All other
terms, conditions and existing securities to continue. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Letters of credit opened and not yet closed |
0.000 |
30.330 |
|
Income tax disputes pending before the authorities [The Company has
contested the demand and the Management having consulted its tax advisers, believes
that its position is likely to be upheld by the appellate authorities. Hence,
no provision is made for in the company’s financial statements] |
52.830 |
52.830 |
|
Claims against the Company not acknowledged as debts |
0.000 |
0.000 |
|
i) Central Excise
disputes pending before the authorities [The company had
availed Cenvat credit on film rolls as ‘inputs’ under Cenvat Credit Rules,
2004. The Cenvat credit availed as inputs amounts to Rs.25.489 Millions for
the period December ’05 to August ’08. The Department has disputed the
availment of credit on the allegation that the films rolls are not used in or
in relation to manufacture of camera. A show because notice had been issued
to the company, which has been confirmed vide Order in Original No.34/2010
and 35/2010 both dt.8.9.10. In addition to demanding Cenvat credit Rs.25.489
Millions, the order has demanded interest and imposed penalty of Rs.25.312
Millions. The company has taken a stand that Film Rolls are accessories of
Cameras and hence the availment of credit by the company is legal and proper.
The company has therefore preferred an appeal against the said order and the
matter is now pending before the Customs Excise and Service Tax Tribunal,
Bangalore.] |
508.030 |
0.000 |
|
ii) Service tax
disputes pending before the authorities [The company had
also availed credit on input services under Cenvat Credit Rules, 2004 and
distributed/ transferred the same to the manufacturing unit before taking
registration as an input service distributor. Further the company has availed
Cenvat credit on services viz. catering, Export Freight, Domestic and
International Traveling Expenses, C and F Exports, Vehicle Maintenance. The
Department has disputed the availment of credit on the above services as
wrong and irregular. The total amount demanded by the Department vide show
because notice was Rs.10.526 Millions. The show because notice has been
confirmed by the Department vide Order in Original No.29/2010 and 30/2010
both dt.12.8.10. In addition to demanding Cenvat credit Rs.10.526 Millions,
the order has also demanded interest and imposed penalty of Rs.7.933
Millions. The company has taken a stand that the Cenvat credit availed is
ultimately available to the manufacturing unit and hence credit availed and
distributed is legal and proper. The company has therefore preferred an
appeal against the said order and the matter is now pending before the
Customs Excise and Service Tax Tribunal, Bangalore.] |
184.590 |
0.000 |
|
iii) Sales tax
disputes pending before the authorities [The Company has
filed an appeal petition against the demand of Rs. 1.771 Millions on
15.04.2011. The Department has disputed the VAT input credit taken on certain
consumables and for the non submission of statutory forms. The appeal
petition is pending before the Joint Commissioner of Commercial Taxes
(Appeals) 2 and the Management having consulted its tax advisers, believes
that its position is likely to be upheld by the appellate authorities. Hence,
no provision is made for in the company’s financial statements.] |
17.710 |
0.000 |
|
Total |
763.160 |
83.160 |
FIXED ASSETS:
·
Land (Freehold)
·
Buildings
·
Plant and Machinery
·
Plant and Machinery (R and D)
·
Computers and DPE
·
Computer (R and D)
·
Office Equipments
·
Lab Equipments
·
Furniture and Fixtures
·
Vehicles
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 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] 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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.