|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PATRON INDUSTRIES PRIVATE LIMITED (w.e.f.20.02.2007) |
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|
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Formerly Known
As : |
PATRON CHEMICALS PRIVATE LIMITED |
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Registered Office
: |
424/425, Avior, Nirmal Galaxy, Opposite Johnsons and Johnsons., L. B.
S. Marg, Mulund (West), Mumbai-400080, Maharashtra |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
10.04.1991 |
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|
|
|
Com. Reg. No.: |
11-61147 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.915 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24244MH1991PLC061147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15694A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP8390B |
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|
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Exporter, Trader of Cables and Wires. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 84000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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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. There appears
some losses being incurred by the company 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Head Office : |
424/425, Avior, Nirmal Galaxy, Opposite Johnsons and Johnsons., L. B.
S. Marg, Mulund (West), Mumbai-400080, Maharashtra, India |
|
Tel. No.: |
91-22-30616000 |
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Fax No.: |
91-22-30616029 |
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E-Mail : |
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|
Website : |
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Area : |
3600 Sq. fts. |
|
Location : |
Rented |
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|
Factory : |
Plot No. 225 / 1 / 1, Dadra, Dadra and Nagar Haveli, Silvassa – 396
191, |
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|
|
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Warehouse 1 : |
Bhiwandi
Warehouse: 186 / 12, Gajanan Vaphekar Compound, Opposite ARCO Roadways, |
|
Location : |
Rented |
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|
|
|
Warehouse 2 : |
Solapur
Warehouse: Plot No. 497, Godown No. 02, Lokhandwala Warehouse, Solapur Pune
Highway, Kondi Village, Solapur – 413 006 |
|
Location : |
Rented |
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Warehouse 3 : |
Plot no. 04, Kachore Complex, 440 023 |
|
Location : |
Rented |
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Warehouse 4 : |
Shop No. 05, Plot no. 15 / 1, |
|
Location : |
Rented |
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Warehouse 5 : |
Silvassa
Warehouse: 466/5, Ground floor, |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Pradeep Gopichand Rohra |
|
Designation : |
Managing Director |
|
Address : |
10A, |
|
Date of Birth/Age : |
25.06.1965 |
|
Qualification : |
Diploma in Pharma |
|
Date of Appointment: |
10.04.1991 |
|
DIN No.: |
00028286 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U24244MH1991PTC061147 |
PATRON
INDUSTRIES PRIVATE LIMITED |
Managing
director |
10/4/1991 |
10/4/1991 |
- |
Active |
NO |
|
2 |
U65990MH1996PTC100349 |
PATRON
INVESTMENTS AND FINANCE PRIVATE LIMITED |
Director |
19/06/1996 |
19/06/1996 |
- |
Active |
NO |
|
Name : |
Mrs. Jyoti Pradeep Rohra |
|
Designation : |
Director |
|
Address : |
10A, |
|
Date of Birth/Age : |
18.08.1992 |
|
Qualification : |
Graduate |
|
Date of Appointment: |
18.08.1992 |
|
DIN No.: |
00028338 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U24244MH1991PTC061147 |
PATRON
INDUSTRIES PRIVATE LIMITED |
Director |
18/08/1992 |
18/08/1992 |
- |
Active |
NO |
|
2 |
U65990MH1996PTC100349 |
PATRON
INVESTMENTS AND FINANCE PRIVATE LIMITED |
Director |
19/06/1996 |
19/06/1996 |
23/11/2007 |
Active |
NO |
|
Name : |
Mr. Prakash Guraldas Punjabi |
|
Designation : |
Appointed Director |
|
Address : |
106, Sukh Sagar CHS, |
|
Date of Birth/Age : |
52 years |
|
Qualification : |
LLM, FCS |
|
Experience : |
25 years |
|
Date of Appointment: |
03.10.2005 |
|
DIN No.: |
00225680 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65922MH1996PLC096684 |
SICOM
INVESTMENTS AND FINANCE LIMITED |
Director |
29/01/2004 |
29/01/2004 |
20/06/2007 |
Active |
NO |
|
2 |
U24244MH1991PTC061147 |
PATRON
INDUSTRIES PRIVATE LIMITED |
Additional
director |
3/10/2005 |
3/10/2005 |
- |
Active |
NO |
|
3 |
U65990MH1996PTC100349 |
PATRON
INVESTMENTS AND FINANCE PRIVATE LIMITED |
Director |
23/11/2007 |
23/11/2007 |
- |
Active |
NO |
|
4 |
L65910MH1990PLC059499 |
INDIA
HOME LOANS LIMITED |
Director |
22/08/2009 |
9/1/2008 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pradeep G. Rohra |
|
54529 |
|
Deepa Gulani |
|
615 |
|
Jyoti Rohra |
|
22430 |
|
Chelaram Dharamdas and Company, |
|
350 |
|
Pradeep Rohra (HUF) |
|
30 |
|
Tarun Rohra |
|
30 |
|
Geetika P. Rohra |
|
30 |
|
Yogesh V. Rohra |
|
220 |
|
Latika Rohra |
|
220 |
|
Hitesh Rohra |
|
240 |
|
Neha Rohra |
|
230 |
|
Nisha Rohra |
|
230 |
|
Total |
|
79154 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
95.00 |
|
Other top fifty shareholders |
5.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Trader of Cables and Wires. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, Tamarind Lane Branch, 8/10, Calcot House, Fort, Mumbai –
400023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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|
|
|
Auditors : |
|
|
Name : |
RCS and Associates Chartered Accountants |
|
Address : |
1307, |
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PAN No.: |
ANZPS4640L |
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|
|
|
Associates : |
·
Mepcab FZC - ·
Patron Investments & Finance Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
79154 |
Equity Shares |
Rs.100/- Each |
Rs.7.915
Millions |
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 |
7.915 |
1.915 |
1.915 |
|
|
2] Share Application Money |
0.000 |
10.755 |
8.315 |
|
|
3] Reserves & Surplus |
13.094 |
13.167 |
9.590 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.009 |
25.837 |
19.820 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
81.397 |
62.950 |
47.158 |
|
|
2] Unsecured Loans |
7.871 |
4.871 |
0.620 |
|
|
TOTAL BORROWING |
89.268 |
67.821 |
47.778 |
|
|
DEFERRED TAX LIABILITIES |
0.017 |
0.000 |
1.141 |
|
|
|
|
|
|
|
|
TOTAL |
110.294 |
93.658 |
68.739 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.768 |
27.536 |
30.763 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.636 |
2.844 |
3.155 |
|
|
DEFERREX TAX ASSETS |
0.000 |
1.055 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.531
|
9.559
|
11.672 |
|
|
Sundry Debtors |
87.184
|
70.393
|
54.662 |
|
|
Cash & Bank Balances |
9.610
|
6.780
|
5.392 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
15.205
|
13.715
|
6.276 |
|
Total
Current Assets |
134.530
|
100.447
|
78.002 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.536
|
24.116
|
27.539 |
|
|
Other Current Liabilities |
13.686
|
13.976
|
15.227 |
|
|
Provisions |
0.418
|
0.202
|
0.556 |
|
Total
Current Liabilities |
52.640
|
38.294
|
43.322 |
|
|
Net Current Assets |
81.890
|
62.153
|
34.680 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.070 |
0.141 |
|
|
|
|
|
|
|
|
TOTAL |
110.294 |
93.658 |
67.739 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.3.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and other Receipts |
311.877 |
289.343 |
345.166 |
|
|
|
TOTAL (A) |
311.877 |
289.343 |
345.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
302.714 |
278.427 |
335.529 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.163 |
10.916 |
9.637 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.891 |
5.827 |
5.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.272 |
5.089 |
4.275 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.057 |
3.507 |
1.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.215 |
1.582 |
2.354 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(1.952) |
0.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(0.073) |
3.576 |
1.515 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.166 |
9.590 |
8.075 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.093 |
13.166 |
9.590 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Sales |
60.096 |
66.933 |
43.343 |
|
|
|
Advances |
0.000 |
0.000 |
11.998 |
|
|
|
Service Charges |
6.697 |
4.504 |
5.095 |
|
|
|
Bill Discounted
Charges Recovered |
1.452 |
1.216 |
0.000 |
|
|
|
TOTAL EARNINGS |
68.245 |
72.653 |
60.436 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.48) |
184.49 |
122.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.02)
|
1.24
|
0.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.76
|
1.24
|
2.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.75
|
4.11
|
4.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.62
|
1.80 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
Behramji Mansion, 4th Floor, 4 Homji Street, Sir P M Road, Fort, Mumbai-400
001, Maharasahtra, India to the A- 4011 (North), Oberoi Garden, Estate, Chandivali
Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
w.e.f.26.06.2006. The registered office of the company has been again shifted
from A- 4011
(North), Oberoi Garden, Estate, Chandivali Farm Road, Andheri (East), Mumbai –
400 072, Maharashtra, India to the present address w.e.f.21.10.2011
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
PATRON INDUSTRIES
PRIVATE LIMITED |
|
Name of the
company |
U24244MH1991PTC061147 |
|
Address of the
registered office or of the principal place of business in |
424/425, Avior, Nirmal Galaxy, Opposite Johnsons and Johnsons., L. B. S.
Marg, Mulund (West), Mumbai-400080, Maharashtra, India E-mail : jpr@patron.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10024926 |
|
Type of charge |
Book Debts Movable
Property |
|
Particular of
charge holder |
Canara Bank, Tamarind Lane Branch, Calcot House, Fort, Mumbai-400 023,
India E-mail : cb0239@canarabank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs.123.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Ad hoc PC:
@11.25% p.a. and facilities other than Ad hoc PC: as per existing terms of
bank sanction Terms of
Repayment As per existing
terms of bank sanction Margin Facilities other
than Ad hoc PC: as per terms of existing sanction Ad hoc PC: @10% Extent and
Operation of the charge Security created
by way of first charge and to cover principal plus interest, costs, charges
etc. Others Security created
in respect of the following limits: - ODBD: Rs.17.500 Millions - PC Rs.22.500 Millions - Ad hoc PC:
Rs.5.000 Millions - FBD/FBE: Rs.37.500 Millions - Term Loan Rs.10.900 Millions - BG/LC: Rs.30.000 Millions Total..... Rs.123.400 Millions |
|
Short particulars
of the property charged |
All present and
future goods and commodities viz; PVC Resin, Industrial chemicals and copper
wires stored at the godowns wheresoever or in respect of which company can make
or effect or purpose to make any deposit, hypothecation or charge whether the
goods are in course of transit or in the possession, control power of the
company or of the Bank Existing plant and machineries. |
|
Date of
instrument modifying the charge |
24.11.2011 |
|
Particulars of
the present modification |
The total amount
secured against movable properties now stands enhanced from Rs.118.400
Millions to Rs.123.400 Millions, consequent to sanction of ad hoc Packing
credit limit of Rs.5.000 Millions. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Air Conditioner
·
Computers
·
Electric Fittings
·
Furniture and Fixture
·
Office Equipments
·
Vehicle
Website Details:
Subject was founded by Pradeep G Rohra in the year
1991 in Mumbai, India, with the objective of promoting and selling of PVC resin
manufactured by DCW Limited, situated at Tamilnadu state of the country of
India. From a humble beginning the company currently operates in two business
sectors, viz.,
1. Trading
2. Manufacturing and exporting of cables and
wires.
While the company operates the trading of PVC
resin exclusively within the boundaries of India, the company exports its own
product i.e. cables and wires to various parts of the world. The company mainly
caters its products to Middle East countries at present but slowly and steadily
is spreading its wings to other parts of the world.
The company has a dedicated in house team of
qualified and experienced professionals to take care of all its activities
The company has rich history in its chosen
field of business activities contributed by the factors such as quality
consciousness, steadfast and distinctive approach in adhering to business
ethics and commitment to corporate social responsibility.
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.50.31 |
|
|
1 |
Rs.79.05 |
|
Euro |
1 |
Rs.65.83 |
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 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.