|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PERFECT CIRCLE INDIA LIMITED |
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Registered
Office : |
20 MIDC Estate, Satpur, Nasik 422007, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.04.1962 |
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Com. Reg. No.: |
012316 |
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Capital
Investment / Paid-up Capital : |
Rs. 33.337 millions |
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CIN No.: [Company Identification
No.] |
U99999MH1962PLC012316 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP01760D / NSKP00100C |
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PAN No.: [Permanent Account No.] |
AAACP0482E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Piston Rings |
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No. of Employees
: |
500 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 1499736 |
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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. 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 (General Details)
|
Name : |
Ms. Kanchan Datlani |
|
Designation : |
Accounts Department |
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Contact No.: |
91-253-2365900 |
|
Date : |
02.03.2012 |
LOCATIONS
|
Registered Office / Factory: |
20 MIDC Estate, Satpur, Nasik 422007, Maharashtra, India |
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Tel. No.: |
91-253-2365900 |
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Fax No.: |
91-253-2350584 / 2351138 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office 1 : |
1, Sri Aurobindo Marg, New Delhi 110 016,
India |
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Corporate Office 2 : |
Magnet House, N M Marg, Ballard Estate,
Mumbai 400 038, Maharashtra, India |
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Manufacturing Plant : |
Foundry E-34, MIDC Estate, Satpur, Nashik 422
007, Maharashtra, India Centrifugal
Casting Plant 19, MIDC Estate, Satpur, Nashik 422 007,
Maharashtra, India Plate Machining
Plant E-34, MIDC Estate, Satpur, Nashik 422
007, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Deep C Anand |
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Designation : |
Director |
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Name : |
Mr. C S Patel |
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Designation : |
Director |
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Name : |
Mr. P K Srivastava |
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Designation : |
Director |
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Name : |
Mr. M K Goyal |
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Designation : |
Director |
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Name : |
Mr. Raman Kaicker |
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Designation : |
Director |
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Name : |
Mr. Ranjit Barthakur |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Kanchan Datlani |
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Designation : |
Accounts Department |
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|
Name : |
Mr. Subodh Korde |
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Designation : |
Vice President and COO |
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Name : |
Mr. Mayur Bumb |
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Designation : |
General Manager Finance |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Piston Rings |
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity * * |
Actual
Production |
|
Rings |
Nos. |
|
17,500,000 |
17,521,733 |
|
Semi Finished Products |
Nos. |
|
40,000,000 |
28,367,683 |
|
Ductile Davison |
Kgs. |
|
1,200,000 |
113,794 |
* Licensing requirement for automotive
parts have been dispensed w.e.f. July 25, 1991.
** Installed Capacity has been accepted by the
auditors without verification, this being a technical matter.
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
·
End User ·
OEM’s ·
Manufacturer ·
Ashok Leyland ·
Cummins ·
Greaves Limited ·
Kirloskar Oil Engine Limited ·
TAFE ·
Mahindra |
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No. of Employees : |
500 Approximately |
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Bankers : |
·
Yes Bank, Pune, Maharashtra, India ·
Union Bank of India, Pune, Maharashtra,
India ·
SICOM Limited |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
Pune, Maharashtra, India |
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Fellow Subsidiary Company: |
Victor Gaskets India Limited |
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Holding Company: |
Asia Investments Private Limited |
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Ultimate Holding Company: |
Anand Automobiles |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Re. 1 each |
Rs. 45.000 millions |
|
50000 |
Preference Shares |
Rs. 100 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33336568 |
Equity Shares |
Re. 1 each |
Rs. 33.337 millions |
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|
Share Capital includes:
(i) 30,648,384 (Previous Year:30,609,560) Equity Shares held by Asia
Investments Private Limited, Holding Company.
(ii) 4,700 Equity Shares of Rs. 10 each, allotted as fully paid up pursuant
to a contract for supply of Machinery without payment received in cash.
(iii) 118,550 Equity Shares of Rs. 10 each allotted as fully paid up by
way of Bonus Shares by capitalisation of reserves.
(iv) 2,082,048 Equity Shares of Rs. 10 each allotted as fully paid up by
conversion of Partly Convertible Debentures.
Pursuant to the Scheme of Arrangement demerging the Gaskets business
into Victor Gaskets India Limited in the financial year 2001-02 and the
consequential reorganization of the capital, the face value of shares was
reduced to Rs. 8 each. Shareholders
approved the sub-division of the face value of equity shares from Rs. 8 per
share to Re. 1 per share in the Annual General Meeting of the Company held on
July 27, 2004. The sub-divided shares were allotted on October 01, 2004.
Consequently, the total number of equity shares has increased to 33,336,568.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33.337 |
33.337 |
33.337 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
341.597 |
321.704 |
261.797 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
374.934 |
355.041 |
295.134 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
215.385 |
233.685 |
282.384 |
|
|
2] Unsecured Loans |
154.862 |
177.283 |
156.066 |
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|
TOTAL BORROWING |
370.247 |
410.968 |
438.450 |
|
|
DEFERRED TAX LIABILITIES |
42.276 |
27.947 |
26.196 |
|
|
|
|
|
|
|
|
TOTAL |
787.457 |
793.956 |
759.780 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
393.946 |
419.987 |
454.312 |
|
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Capital work-in-progress |
6.206 |
8.480 |
1.185 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
157.523
|
131.897 |
99.234 |
|
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Sundry Debtors |
156.939
|
103.134 |
98.567 |
|
|
Cash & Bank Balances |
10.383
|
30.653 |
14.124 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
228.012
|
237.083 |
231.335 |
|
Total
Current Assets |
552.857
|
502.767 |
443.260 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.846
|
87.572 |
108.314 |
|
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Other Current Liabilities |
22.429
|
20.311 |
21.794 |
|
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Provisions |
39.277
|
29.395 |
8.869 |
|
Total
Current Liabilities |
165.552
|
137.278 |
138.977 |
|
|
Net Current Assets |
387.305
|
365.489 |
304.283 |
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|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
787.457 |
793.956 |
759.780 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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Sales |
1041.744 |
782.225 |
736.879 |
|
|
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Other Income |
19.093 |
11.533 |
21.479 |
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|
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TOTAL (A) |
1060.837 |
793.758 |
758.358 |
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|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
305.552 |
174.334 |
206.099 |
|
|
|
Personnel Expenses |
163.882 |
137.033 |
124.565 |
|
|
|
Administrative Expenses |
418.923 |
320.255 |
315.474 |
|
|
|
TOTAL (B) |
888.357 |
631.622 |
646.138 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.480 |
162.136 |
112.220 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.027 |
42.273 |
46.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
129.453 |
119.863 |
65.709 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.778 |
46.210 |
49.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
85.675 |
73.653 |
16.255 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.715 |
1.850 |
17.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
58.960 |
71.803 |
(0.894) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.665 |
(17.257) |
(16.363) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.896 |
7.180 |
|
|
|
|
Interim
Dividend - Equity |
16.668 |
0.000 |
|
|
|
|
Tax on
Interim Dividend |
2.768 |
0.000 |
|
|
|
|
Proposed
Dividend - Equity |
16.668 |
10.001 |
|
|
|
|
Tax on
Proposed Dividend |
2.768 |
1.700 |
|
|
|
BALANCE CARRIED
TO THE B/S |
49.857 |
35.665 |
-- |
|
|
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
294.780 |
217.310 |
253.426 |
|
|
|
Recovery of Freight Charges |
33.168 |
18.415 |
21.826 |
|
|
TOTAL EARNINGS |
787.457 |
793.956 |
759.780 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13.761 |
10.151 |
16.486 |
|
|
|
Stores & Spares |
1.136 |
2.023 |
2.119 |
|
|
|
Capital Goods |
25.184 |
20.638 |
23.246 |
|
|
TOTAL IMPORTS |
40.081 |
32.812 |
41.851 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.77 |
2.15 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.55
|
9.04 |
(0.11) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.22
|
9.41 |
2.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.04
|
7.98 |
1.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.20 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.62 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
3.66 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
103.846
|
87.572 |
108.314 |
PERFORMANCE AND
OPERATIONS
The Indian economy registered a growth of 8.6% as against 7.4% in previous
year which was contributed by Service Sector at 8.3%, industrial growth of 2.5%
and agriculture growth of 4%. Growth of automotive industry was at 26% during
the financial year under review.
The Sales turnover during the financial year under review was Rs.1112.7
Million as compared to Rs.829.9 million in the previous year. The competitive
environment continues to put pressure on domestic and export sales. Profit
after interest but before depreciation and taxation was Rs.129.5 million, as
compared to Rs.119.9 million in previous year.
The sales and profit of the Company during the financial year under
review has improved due to better production. The Company has registered an increase
of profit by 16.3%. Your Company was able to accelerate sales even though there
had been shrinkage of replacement market due to longer engine life of new
generation vehicles. The Company continues to focus on new development in
original equipment and export markets to enhance capacity utilization to have
over all cost competitive position in market.
FIXED ASSETS:
·
Land
·
Roads
·
Buildings
·
Plant and Machinery
·
Furniture, Fittings and
Equipment
·
Motor Vehicles
·
Computer Software
·
Technical Know-how
|
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 |
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 |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
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 |
No |
|
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, if available |
-- |
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 |
5 |
|
--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 |
|
46 |
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.