MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
VISHAKHA IRRIGATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House
No.2, Corporate Road, Prahladnagar, Ahmedabad-380015, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.03.2008 |
|
|
|
|
Com. Reg. No.: |
04-053240 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.16.146
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299GJ2008PTC053240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV03483E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV6706D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Drip Irrigation System and Sprinkler. |
|
|
|
|
No. of
Employees: |
297 (Approximately) (in Office + Factory -160, In Marketing -125, In
Admin - 12) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 405000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 Joint Venture between the Doshi Family and Adani Agro
Private Limited. It is an established company having moderate track. It has maintained high debtor and inventory level due to which its
liquidity is stretched. There appears huge external borrowings recorded by
the company. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
B + (Term Loan and Cash Credit ) |
|
Rating Explanation |
High risk of default |
|
Date |
17.01.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 ( Letter of credit and bank guarantee) |
|
Rating Explanation |
Minimal Degree of safety and very high credit risk |
|
Date |
17.01.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-61907373 |
LOCATIONS
|
Registered/ Head Office : |
“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House
No.2, Corporate Road, Prahladnagar, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-61907373/ 29701564/ 29701566/ 61907373 |
|
Fax No.: |
91-79-61907340/ 61907330 |
|
E-Mail : |
accounts@vishakhairrigaion.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Block No.792, Sabaspur Road, Moti Bhoyan, Taluka Kalol, District
Gandhinagar-382721, Gujarat, India |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
LOCATED AT: v
Pune v
Jalgaon v
v
Barsi v
Malakapur v
Bhokhardhan v
Tembumi v
Amaravati v
Sangli v
v
v
v
v
Anantpur v
Bhinmal v
v
Deesa v
Botad v
Dhoraji v
Sabarkantha v
Shreerampur |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Jigish Nagindas Doshi |
|
Designation : |
Director |
|
Address : |
6, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension,
Satellite, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
17.01.1961 |
|
Date of Appointment : |
13.03.2008 |
|
Din No.: |
00380192 |
|
|
|
|
Name : |
Mr. Umesh Nagindas Doshi |
|
Designation : |
Director |
|
Address : |
7, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension,
Satellite, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
14.11.1951 |
|
Date of Appointment : |
13.03.2008 |
|
Din No.: |
01192268 |
|
|
|
|
Name : |
Mr. Bhadresh Nagindas Doshi |
|
Designation : |
Director |
|
Address : |
26, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension,
Satellite, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
08.02.1956 |
|
Date of Appointment : |
29.09.2008 |
|
Din No.: |
00380239 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Tapan Shah |
|
Designation : |
Company Secretary |
|
Address : |
814, Anand Mangal-3, Opposite Core House,
Near Doctor House, Ellisbridge, Ahmedabad – 380 006, |
|
Tel. No.: |
91-79-26430810/ 30081114 |
|
Fax No.: |
91-79-26430810 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Adani Agro Private Limited, |
|
807300 |
|
Jigish Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
566610 |
|
Umesh Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
120320 |
|
Bhadresh Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
120370 |
|
|
|
|
|
TOTAL
|
|
1614600 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
50.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Drip Irrigation System and Sprinkler. |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity Qty.
(M.T.) |
Actual
Production |
|
Micro Irrigation System Equipments |
Metric Tons |
Not Applicable |
6660 |
817.896 |
GENERAL INFORMATION
|
No. of Employees : |
297 (Approximately) (in Office + Factory -160, In Marketing -125, In
Admin - 12) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of India, Commercial Branch, 3rd Floor,
Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303-304, ‘Milestone’, Near Drive-in-Cinema, |
|
Tel. No.: |
91-79-27474466 |
|
Fax No.: |
91-79-27479955 |
|
PAN No: |
AASPP2756N |
|
|
|
|
Joint Venture : |
Adani Agro Private Limited |
|
|
|
|
Associates : |
·
Labdhi International Private Limited ·
Jigish Marketing ·
Doshi Marketing ·
Progressive Plastic Industries ·
Jigish Traders ·
Vishakha Industries ·
Vishakha Polylab Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1614600 |
Equity Shares |
Rs.10/- each
|
Rs.16.146
Millions |
NOTE:
RECONCILIATION OF EQUITY SHARE OUTSTANDING AT THE BEGINNING AND END OF
THE REPORTING YEAR
|
PARTICULAR |
As on 31.03.2012 |
As on 31.03.2011 |
||
|
|
No. of Shares |
Rs. in Millions |
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
1614600 |
16.146 |
1163200 |
11.632 |
|
Issued during the year |
-- |
-- |
451400 |
4.514 |
|
Outstanding at the end of the year |
1614600 |
16.146 |
1614600 |
16.146 |
DETAILS OF SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES
|
NAME OF SHAREHOLDERS |
As on 31.03.2012 |
As on 31.03.2011 |
||
|
|
No. of Shares |
% of Holding |
No. of Shares |
% of Holding |
|
Adani Agro Private Limited |
807300 |
50.00 % |
807300 |
50.00 % |
|
Jigish N. Doshi |
566610 |
35.09 % |
566610 |
35.09 % |
|
Bhadresh N Doshi |
120370 |
7.46 % |
120370 |
7.46 % |
|
Umesh N. Doshi |
120320 |
7.45 % |
120320 |
7.45 % |
|
TOTAL |
1614600 |
100.00 % |
1614600 |
100.00 % |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.146 |
16.146 |
11.632 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
85.336 |
74.568 |
41.584 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
101.482 |
90.714 |
53.216 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
330.757 |
283.288 |
93.374 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
33.657 |
|
|
TOTAL BORROWING |
330.757 |
283.288 |
127.031 |
|
|
DEFERRED TAX LIABILITIES |
5.431 |
4.231 |
3.218 |
|
|
|
|
|
|
|
|
TOTAL |
437.670 |
378.233 |
183.465 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
147.680 |
122.598 |
65.169 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
2.838 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
220.296
|
194.605 |
90.056
|
|
|
Sundry Debtors |
233.883
|
134.477 |
57.172
|
|
|
Cash & Bank Balances |
16.203
|
9.583 |
7.985
|
|
|
Other Current Assets |
6.753
|
4.202 |
0.000
|
|
|
Loans & Advances |
22.279
|
22.433 |
8.726
|
|
Total
Current Assets |
499.414
|
365.300 |
163.939 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
149.967
|
85.003 |
18.153 |
|
|
Other Current Liabilities |
53.839
|
22.222 |
30.087
|
|
|
Provisions |
5.638
|
2.460 |
0.261
|
|
Total
Current Liabilities |
209.444
|
109.685 |
48.501
|
|
|
Net Current Assets |
289.970
|
255.615 |
115.438
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
437.670 |
378.233 |
183.465 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
575.322 |
341.833 |
119.920 |
|
|
|
Other Income |
2.090 |
0.396 |
0.221 |
|
|
|
TOTAL (A) |
577.412 |
342.229 |
120.141 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
336.545 |
252.362 |
|
|
|
|
Employees Benefits Expenses |
34.795 |
21.053 |
|
|
|
|
Other Expenses |
119.213 |
68.381 |
102.693 |
|
|
|
Exceptional Items |
1.873 |
0.000 |
|
|
|
|
Changes in Inventories of Finished Goods |
(0.598) |
(45.629) |
|
|
|
|
TOTAL (B) |
491.828 |
296.167 |
102.693 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.584 |
46.062 |
17.448 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.111 |
29.390 |
8.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.473 |
16.672 |
8.817 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.255 |
10.661 |
7.291 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
12.218 |
6.011 |
1.526 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.451 |
1.013 |
0.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
10.767 |
4.998 |
1.123 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.506 |
(1.492) |
(2.615) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.273 |
3.506 |
(1.492) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
54.759 |
38.507 |
9.803 |
|
|
|
Capital Goods |
4.379 |
6.242 |
0.000 |
|
|
TOTAL IMPORTS |
59.138 |
44.749 |
9.803 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.67 |
3.86 |
0.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.86
|
1.46 |
0.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.12
|
1.76 |
1.27
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.81
|
1.23 |
0.67
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.32
|
4.33 |
3.30
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
3.33 |
3.38
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
This is the 5th year of operation,
the company has achieved substantial jump in total turnover, which stood at
Rs.577.412 Millions, as compared to last year of Rs.342.230 Millions. The profit
before depreciation and interest stood at Rs.87.457 Millions as against last
year of Rs.46.064 Millions. The profit before taxation stood at Rs.12.218
Millions, against last year of Rs.6.012 Millions. Due to provision of taxation
including deferred taxation, the company has made net profit after tax of
Rs.10.768 Millions, as against of Rs.4.998 Millions in the previous year.
Overall, the company has achieved very good growth at all level.
FUTURE PROSPECTS:
The directors are expecting good business in
future, as presently company is expanding is market and at the same time
reducing its cost. Further the product and brand of the company has been
accepted in the market. However, all depend on the good monsoon in the country.
The company is continuing its focus on development of new products and the
company’s expansion projects.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10126244 |
|
Corporate identity
number of the company |
U29299GJ2008PTC053240 |
|
Name of the
company |
VISHAKHA
IRRIGATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
801, Samedh, C.G. Road, Panchvati, Ahmedabad-380009,
Gujarat, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 3rd Floor,
Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of deposit
for creation extension of charge for overall limit granted. |
|
Date of
instrument Creating the charge |
04.02.2011 |
|
Amount secured by
the charge |
Rs.373.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. Cash Credit
and Term Loan I : 5% above Base Rate,(2) Term Loan II : 0.50% above SBAR and
(3) Term Loan -III : 5.75% above Base Rate (Presently Base Rate : 7.60%
p.a.), all with monthly rest. Terms of Repayment 1. Cash Credit:
Payable on demand 2. Term Loan III
(New) of Rs. 67.500 Millions shall be repaid in 18 quarterly installments of
Rs. 3.750 Millions each and shall start form 3rd quarter of Financial year
2011-12 i.e. from December 2011 and Term Loan I of Rs.23.500 Millions
repayable in 17 quarterly installments with first 3 installment of Rs. 1.000
Million each, next 13 installment of Rs. 1.500 Millions and last remaining
installment of Rs. 1.000 Million commenced from 30.09.2009 and other term
loan Margin RM/SIP/FG: 25%,
Book Debt (Upto 120 days): 40%, Letter of Credit/Bank Guarantee: 20% and New
Term Loan of Rs. 67.500 Millions: 33.50%. Extent and Operation of the charge Exclusive First
Charge of the Bank. |
|
Short particulars
of the property charged |
Hypothecation
charge over entire movable and current assets of the company situated at Plot
No. 4/B,Plot No. 2/B and 2/C of Block No. 792, Vilage- Bhoyan Moti, Taluka
Kalol, District Gandhinagar, Gujarat. Enter Book Debt
of the company. Immovable
Properties viz. Plot No. 4/B, adm. 3612.11 sq. Mts of Block No. 792, situated
at Vilage- Bhoyan Moti, Taluka Kalol, District Gandhinagar, Gujarat. Immovable Properties
viz. Plot No. 2/B, adm. 2803.46 sq. Mts and Plot No, 2/C, adm. 3344.54 sq.
mtrs. of Block No. 792, situated at Vilage- Bhoyan Moti, Taluka Kalol,
District Gandhinagar, Gujarat. |
|
Date of latest
modification prior to the present modification |
22.12.2010 |
|
Particulars of
the present modification |
Charge extended
by way of creation of equitable mortgage by way of constructive delivery of
the title deeds over the Imm. Prop. of Plot No. 4/B, adm. 3612.11 sq.
Mts of Block No.792, at Vill- Bhoyan
Moti, Tal. Kalol, District Gandhinagar, Gujarat And actual devlivery for
title deeds of the Imm. Prop. at Plot
No. 2/B, adm. 2803.46 sq. Mts and Plot No, 2/C, adm. 3344.54 sq. mtrs. of
Block No. 792, at Vil- Bhoyan Moti,
Tal. Kalol, District Gandhinagar, Gujarat, for overall financial limit of
Rs.373.300 Millions. |
FIXED ASSETS:
v
v
v Computer
v Plant and Machinery
v Electrical Installation
v Furniture
v Office Equipments
v Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.53.77 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.