MIRA
INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
PARIXIT INDUSTRIES LIMITED (w.e.f. 12.09.2000) |
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Formerly Known
as : |
PARIXIT PLASTICS LIMITED PARIXIT PLASTICS PRIVATE LIMITED |
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Registered
Office : |
301 to 308, 3rd Floor, Silver Oaks Building, Mahalaxmi
Cross Road, Paldi, Ahmedabad – 380007, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.08.1989 |
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Com. Reg. No.: |
04-012672 |
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Capital
Investment / Paid-up Capital : |
Rs.49.417 Millions |
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CIN No.: [Company Identification
No.] |
U25200GJ1989PLC012672 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMP00853G |
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PAN No.: [Permanent Account No.] |
AABCP8985D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Micro Irrigation System, Engineering Items. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1580000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company has incurred a loss in the current year. However, networth appears to
be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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.
INFORMATION PARTED BY
|
Name : |
Mr. Niranjan |
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Designation : |
General Manager |
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Contact No.: |
91-79-66318122 |
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Date : |
01.03.2012 |
LOCATIONS
|
Registered Office : |
301 to 308, 3rd Floor, Silver Oaks Building, Mahalaxmi
Cross Road, Paldi, Ahmedabad – 380007, Gujarat, India |
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Tel. No.: |
91-79-66318121-24 |
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Fax No.: |
91-79-66318125 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Survey No. 214/1, 214/2, Virpura Bus Stop, P.O. Iyava, Taluka –
Sanand, Ahmedabad – 382170, Gujarat, India |
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Branch Office : |
Located at : ·
Gujarat ·
Jaipur ·
Rajasthan ·
Madhya Pradesh |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Amrutbhai Ichchhabhai Patel |
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Designation : |
Managing director |
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Address : |
16, Abhishree Residency, IV Ambli, Taluka-Daskroi, Ahmedabad – 380059,
Gujarat, India |
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Date of Birth/Age : |
20.07.1949 |
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Date of Appointment : |
23.08.1998 |
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DIN No.: |
01286423 |
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Name : |
Mr. Parixitbhai Amrutbhai Patel |
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Designation : |
Whole-time director |
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Address : |
16, Abhishree Residency, IV Ambli, Taluka-Daskroi, Ahmedabad – 380059,
Gujarat, India |
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Date of Birth/Age : |
01.08.1976 |
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Date of Appointment : |
15.04.1995 |
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DIN No.: |
02253878 |
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Name : |
Mr. Srinivasan Sethuraman |
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Designation : |
Managing director |
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Address : |
Old No. 133, New No. 243, Peters Road, Gopalapuram, Chennai – 600086,
Tamilnadu, India |
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Date of Birth/Age : |
21.02.1971 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
03175616 |
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Name : |
Mr. Sanjeev Kumar |
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Designation : |
Additional director |
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Address : |
Apartment No. 402, Block – 22, Heitage City, Gurgaon – 122002,
Haryana, India |
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Date of Birth/Age : |
20.08.1955 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
00094725 |
KEY EXECUTIVES
|
Name : |
Mr. Niranjan |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Amrutbhai I. Patel |
|
589410 |
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Narmadaben K. Patel |
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10 |
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Parixit A. Patel |
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893050 |
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Piyushbhai Manubhai Patel |
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10 |
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Sureshbhai Kashibhai Patel |
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10 |
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Meenaben Sureshbhai Patel |
|
10 |
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Vishnubhai Shankarbhai Patel |
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10 |
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Emtelle Asia Pacific Pte Limited, Singapore |
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3115358 |
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Emtelle Holding B.V., Netherlands |
|
343832 |
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Total |
|
4941700 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
70.00 |
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Directors or relatives of Directors |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Micro Irrigation System, Engineering Items. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Africa ·
Gulf Countries ·
Sri Lanka ·
Bangladesh |
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Imports : |
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Products : |
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Raw Material ·
Spare Parts |
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Countries : |
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UK ·
Korea ·
Israel |
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Terms : |
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Selling : |
L/C/ Cash/ Credit |
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Purchasing : |
L/C/ Cash/ Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Ball Valves |
NOs |
25000 |
-- |
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Pipes |
MTs |
30114 |
2253225 |
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Fittings |
NOs |
280000 |
27804 |
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Drip Set |
Sets |
27500 |
11117 |
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Sprinkler Set |
Sets |
24000 |
13576 |
*As certified by the management and being technical matter relied upon
by the auditors.
GENERAL INFORMATION
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Customers : |
·
Government Project Company ·
Farmers |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
·
State Bank of India, Industrial Finance Branch,
Gujarat Bhawan, Ellisbridge, Ahmedabad – 380006, Gujarat, India ·
Export-Import
Bank of India, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai
– 400005, Maharashtra, India |
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Facilities : |
(A) Notes for
Rupee Term Loan (a) Term Loans outstanding
of Rs. 90.159 Millions from State Bank of India are Secured by Equitable
Mortgage of land and building and hypothecation of plant and machinery. The
Loans are also secured by second charges on specific machineries financed by
Export Import Bank of India and personal guarantee/ collateral securities of
Chairman and Executive Director. Amount payable in respect of such loans
within next one year is Rs.36.932 Millions (Previous Year Rs. 21.304
Millions) (b) Term Loan
outstanding of Rs.108.230 Millions from Export Import Bank of India is
Secured by hypothecation of specific plant and machinery financed by the
same. The Loan is further secured by second charge on other fixed assets and
personal guarantee of some directors. Amount payable in respect of such loan
within next one year is Rs.31.740 Millions (Previous Year Rs. 7.969 Millions) (B) Notes for
working capital Loans Bank Secured: Working Capital Loans from Banks are
Secured by hypothecation of inventories, receivables, other fixed assets of
the company and personal guarantee/collateral securities of some of
Directors. (C) Working
Capital Loans others secured includes Bills Payable against LC (D) (c) Loans
for purchase of vehicles from bank and financial company are secured by
hypothecation of vehicles financed by them. Amount payable in respect of such
loans within next one year is Rs.3.473 Millions (Previous Year Rs. 2.594
Millions)
(A) Other Debts unsecured includes Trade Deposits |
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Financial Institute : |
GE Capital Transportation Financial Services Limited, AIFACS Building,
1, Rafi Marg, New Delhi – 110001, India |
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Banking
Relations : |
-- |
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Auditor 1 : |
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Name : |
Manubhai and Company Chartered Accountants |
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Address : |
2nd Floor, B Wing, Premium House, Near Gandhigram Railway
Station, Ahmedabad – 380006, Gujarat, India |
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PAN.: |
AAFFM2086H |
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Auditor 2 : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
Gujarat, India |
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Holding
Company : |
·
Emtelle Asia Pacific Pte Limited ·
Emtelle Holdings B.V. |
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·
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Fellow Subsidiaries : |
·
Emtelle UK Limited ·
Emtelle Asia Pacific (M) Sdn. Bhd. ·
Bali Industries India Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4941700 |
Equity Shares |
Rs.10/- each |
Rs.49.417
Millions |
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Note:
Out of the Issued
and Subscribed shares for the year 2010-2011: (a) 3,115,358 (Previous Year Nil)
shares are held by the Holding Company Emtelle Asia Pacific PTE Limited. (b) 343,832
(Previous Year Nil) are held by ultimate holding company Emtelle Holdings B.V.
holding company Emtelle Holdings B.V.
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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|
|
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1] Share Capital |
49.417 |
46.417 |
46.417 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
345.593 |
357.064 |
225.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
395.010 |
403.481 |
272.327 |
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LOAN FUNDS |
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1] Secured Loans |
885.429 |
655.267 |
375.777 |
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2] Unsecured Loans |
68.439 |
11.415 |
45.510 |
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TOTAL BORROWING |
953.868 |
666.682 |
421.287 |
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DEFERRED TAX LIABILITIES |
0.000 |
28.974 |
25.442 |
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TOTAL |
1348.878 |
1099.137 |
719.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
400.675 |
347.801 |
207.320 |
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Capital work-in-progress |
4.790 |
1.502 |
0.000 |
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INVESTMENT |
0.081 |
0.081 |
0.081 |
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DEFERREX TAX ASSETS |
13.077 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
385.894
|
375.668 |
165.279 |
|
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Sundry Debtors |
527.516
|
411.891 |
385.612 |
|
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Cash & Bank Balances |
49.777
|
51.690 |
29.692 |
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Other Current Assets |
29.479
|
21.110 |
0.182 |
|
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Loans & Advances |
190.285
|
50.816 |
43.982 |
|
Total
Current Assets |
1182.951
|
911.175 |
624.747 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
177.462
|
88.994 |
81.244 |
|
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Other Current Liabilities |
68.697
|
28.627 |
6.388 |
|
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Provisions |
6.537
|
43.801 |
25.460 |
|
Total
Current Liabilities |
252.696
|
161.422 |
113.092 |
|
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Net Current Assets |
930.255
|
749.753 |
511.655 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1348.878 |
1099.137 |
719.056 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1314.084 |
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Other Income |
19.818 |
30.531 |
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TOTAL (A) |
1333.902 |
1097.687 |
745.200 |
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Less |
EXPENSES |
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|
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Consumption materials changes inventories |
891.383 |
551.365 |
|
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Manufacturing service costs |
80.956 |
62.409 |
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Employee related expenses |
110.583 |
69.292 |
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Administrative selling other expenses |
242.758 |
141.069 |
|
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|
Prior Period Items |
1.970 |
(3.586) |
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TOTAL (B) |
1327.650 |
820.549 |
560.200 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.252 |
277.138 |
185.000 |
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FINANCIAL
EXPENSES (D) |
103.456 |
74.413 |
52.300 |
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PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(97.204) |
202.725 |
132.700 |
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DEPRECIATION/
AMORTISATION (F) |
40.479 |
27.048 |
23.400 |
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PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(137.683) |
175.677 |
109.400 |
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TAX (H) |
(41.147) |
31.532 |
23.800 |
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PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(96.536) |
144.145 |
85.600 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
312.913 |
196.258 |
NA |
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APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
27.490 |
2.200 |
|
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Dividend |
0.000 |
0.000 |
5.400 |
|
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BALANCE CARRIED
TO THE B/S |
216.377 |
312.913 |
196.300 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value exports |
28.101 |
5.982 |
3.561 |
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TOTAL EARNINGS |
28.101 |
5.982 |
3.561 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.524 |
73.657 |
22.232 |
|
|
|
Capital Goods |
28.135 |
123.431 |
0.108 |
|
|
TOTAL IMPORTS |
45.659 |
197.088 |
22.340 |
|
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|
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|
Earnings/ (Loss)
Per Share (Rs.) |
(20.50) |
31.05 |
18.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.24
|
13.13 |
11.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.48
|
16.46 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69
|
13.95 |
13.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.44 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.05
|
2.05 |
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.68
|
5.64 |
5.52 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
6.223 |
4.160 |
1.521 |
|
Creditors due others |
171.239 |
84.834 |
79.723 |
|
Total |
177.462
|
88.994 |
81.244 |
|
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 |
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4) Premises details |
Yes |
|
5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
FINANCIAL PERFORMANCE
The company has
witnessed overall growth of 21.60% in turnover during nine month period ended on
31-03-2011 compared to corresponding period of previous year. Further,
agriculture segment shows 3.70% increase and industrial segment shows the
growth of 146.72%.
REVIEW OF
OPERATIONS
STRATEGIC
PARTNERSHIP WITH “EMTELLE GROUP”
During the period
the company has entered into a strategic alliance with Emtelle Holding B.V. a
Dutch base group to manufacture and market a comprehensive range of Micro
Irrigation System, HDPE Pressure Pipe and Ducted Network Solution for telecom,
power and infrastructure in Indian as well as overseas market. The Emtelle
group has acquired 70% stake from the existing shareholders of the company.
With 20 years'
experience, Emtelle's competitive strength lies in strong technological capabilities,
in relentless research and development, and in people whose dedication and
professionalism are exemplary. In addition, to ensure maximum value for their
customers, the company has pioneered new technologies to create an integrated
management system that streamlines all their operations—from supplies and
production through to distribution and sales.
Emtelle group has
its operation in United Kingdom, Australia, Denmak, Malaysia, Singapore and by
entering into alliance with their company. Emtelle is making entry in Indian
Market also.
Emtelle focuses on
two business sectors: blown fiber solutions and ducted network solutions. The
company can point to many years of experience and success in both of these
sectors. To maximise its impact in the global market, Emtelle has identified
those areas of the world in which activities in the above-mentioned sectors
offer the greatest potential for development: North America, Continental
Europe, the UK and the Asia Pacific Region. Its objective is to intensify its
activities in these regions, establishing them as the company of choice when
organizations need a fiber or ducted network that optimises financial savings
and performance levels.
With its passive
infrastructure system, Emtelle is the world leader in blown fiber technology.
Emtelle produces a very small, lightweight, extremely robust passive
infrastructure system based on micro ducts (starting at 3 mm), into which
Emtelle produced fiber units from 2-12 fibers are later blown. Emtelle also
produces blowing equipment and accessories, and offers extensive training in
both installation and maintenance and design and engineering.
EXPANSION – AN EXERCISE CONTINUED:
The directors are
pleased to report that during the year 2010-11, the Company has installed new
machineries for Telecom Duct Pipe, PVC Pipe, Emitting (inline) Round Dripper
Pipe, Dripper and various mould products. With these installations of
machineries, the Company has added 30Mn Mtr for Emitting (inline) Round Dripper
Pipe, 25 Kms per day for telecom duct pipe, 6500 MT per annum for PVC into its
production capacity.
Further, the
Company has enhanced the power capacity (contractual demand) to 2,500 KVA and
erected 11 KVA transformer.
CURRENT YEAR
OUTLOOK
The outlook and
prospects for the next financial year looks bright, the sales for the 1st
quarter (April-11 to June 11) Rs. 490.000 Millions showing increase of 58%as
compare to sales in corresponding period of previous year.
The Company has
good orders on hand and will continue with strong momentum of growth in current
financial year by virtue of excellent projects in Micro Irrigation, HDPE pipes
and Rigid PVC pipes.
THE MIS SCENARIO AND FUTURE PROSPECTS
The micro
irrigation sector and Polymer Pipes are ever growing areas, are basic to the nation’s
growth and are also market for the Company.
With only about 5%
of potential land covered under MIS installations in India. To cover the
available land into MIS takes decades to come. Even with more players entering
the field, there is room enough for sustained growth.
In addition to
that there are some additional steps, taken by Government to boost up the
growth of this sector, such as reduction in custom duty on Micro Irrigation
equipment by 2.5%, additional Rs.1000000.000 Millions loan by banks to farmers,
interest subvention scheme.
The Company is
already doing bulk business as a prime supplier of MIS to Gujarat Green
Revolution Company Ltd. (Gujarat Government’s nodal agency for MIS installations).
In Gujarat 3.5 Million Hectare area has potential for MIS, out of that only 0.3
Million Hectare area are covered under MIS which is only 10% of total area. The
Company is registered with 13 states in India as an approved supplier of MIS products.
A sizeable share of this market as one of 5 leading Companies in this line will
come to the Company.
Rigid PVC pipes,
HDPE pipes, Compression Fittings market potential is also increasing due to
infrastructure boom in the country and Company is taking steps to capture
significant share of this increased market.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25200GJ1989PLC012672 |
|
Name of the
company |
PARIXIT
INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
301 TO 308 ,
3rd Floor, Silver Oaks Building , Mahalaxmi Cross Road, Paldi,
Ahmedabad – 380007, Gujarat, India Email : ho@parixit.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10184850 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Export-Import Bank
of India, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai –
400005, Maharashtra, India Email : eximahro@eximbankindia.in |
|
Nature of
instrument creating charge |
An Indenture of
mortgage dated 11.03.2010(MOE) was executed by Parixit Industries Limited (the Borrower) in favour of State
Bank of India (SBI) and Export-Import Bank of India (Exim Bank), creating
security over its immoveable properties situate at Paldi and Sanand,
Ahmedabad in the state of Gujarat for securing the loan of Rs.127.500
Millions (the Loan) granted by Exim Bank |
|
Date of
instrument Creating the charge |
11.03.2010 |
|
Amount secured by
the charge |
Rs.127.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest LIBOR (6Months) +
500 bps p.a. payable with quarterly rests. The interest rate is subject to
reset as per Schedule II A of the Dollar Loan Agreement dated 02.11.2009 Terms of
repayment 16 quarterly
installments commencing after 12 months from the date of first disbursement Margin 12.25 % Extent and
operation of the charge Charge created by
aforesaid MOE shall operate as continuing security for the Loan by way of Second
charge over the entire immovable properties of the Borrower, both present and
future, for due repayment by the Borrower to the Exim Bank of the Loan
together with interest and other monies payable there under by the Borrower
to Exim Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Borrower's immovable properties situate at
Taluka Sanand The whole of the
Borrower's immovable properties situate at
Sub district Ahmedabad - 4 (Paldi) |
|
Particulars of
the present modification |
The charge
created by the Borrower over its entire moveable fixed assets vide Deed of
Hypothecation dt.02/11/2009 is further secured by the mortgage over its immovable
properties situate at Paldi and
Sanand, Ahmedabad in the state of Gujarat, more particularly described in
First Schedule of MOE for the repayment of the Loan, together with interests
and other moneys, payable. |
Contingent Liabilities (As on 31.03.2011):
i. Income Tax Matters:
a.
The Income Tax department has raised demand for Assessment Year 2005-06,
considering certain TDS Certificates as defective. Against which the company
has filed a rectification application u/s 154 of the Income Tax Act, 1961. –
Rs.1.725 Millions
b.
The Income Tax department has raised demand for Assessment Years 2008-09 and
2009-10 in respect of which amount of Rs.7.208 Millions is paid under protest.
– Rs.35.717 Millions
ii.
Sales Tax:
The
sales tax department has raised demand for Financial year 2004-05 – Rs.0.651
Million
FIXED ASSETS
·
Land
·
Office Building
·
Factory Building
·
Plant and Machinery
·
Office Equipment
·
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] 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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
45 |
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.