MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GARG INOX LIMITED (w.e.f. 12.01.2007) |
|
|
|
|
Formerly Known
As : |
GARG INOX PRIVATE LIMITED GARG SALES COMPANY PRIVATE LIMITED |
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|
|
Registered
Office : |
35, |
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
29.06.1991 |
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|
|
|
Com. Reg. No.: |
55-044782 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 62.187 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1991PLC044782 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG05223B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACG1010F |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Stainless Steel Wires and Bars.
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|
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|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1980000 |
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|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
Profitability of the company appears to be low. The external borrowing seems to
be increasing over years. However, trade relations are reported to be 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Date: February – 2011
ICRA has suspended its rating ‘B’ due to lack of information.
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.
LOCATIONS
|
Registered Office : |
35, |
|
Tel. No.: |
91-11-23529626/ 23679747 |
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Fax No.: |
91-11-23626388 |
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E-Mail : |
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Website : |
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|
Area : |
5000 sq ft |
|
Location : |
Owned |
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|
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|
Head Office/ Factory 1 : |
CH-9, Old Industrial Area, Bahadurgarh-124507, |
|
Tel. No.: |
91-1276-222222 |
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Fax No.: |
91-1276-222000 |
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E-Mail : |
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|
Factory 2 : |
G-4, Ranjan Gaon Industrial Area, Village Karegaon, MIDC, Pune, |
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Branch Office : |
118, 1st Floor,
Vyapar Bhawan, 49,P.D. Mello Road, Masjid Bunder (e), Mumbai – 400 009,
Maharashtra, India |
|
Tel. No.: |
022-23484744 |
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Fax No.: |
022-23481748 |
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E-Mail : |
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Website : |
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Overseas Office : |
Located At: |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Suresh Chand Garg |
|
Designation : |
Managing Director |
|
Address : |
3/29, East Panjabi Bagh, |
|
Date of Birth : |
19.12.1969 |
|
Date of Appointment : |
30.03.2011 |
|
Din No.: |
00024274 |
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|
|
|
Name : |
Mrs. Priyanka Garg |
|
Designation : |
Director |
|
Address : |
3/29, East Panjabi Bagh, |
|
Date of Birth : |
17.11.1973 |
|
Date of Appointment : |
11.07.1993 |
|
Din No.: |
00024173 |
|
|
|
|
Name : |
Mr. Aayush Garg |
|
Designation : |
Director |
|
Address : |
B-31, New |
|
Date of Birth : |
26.08.1984 |
|
Date of Appointment : |
31.12.2010 |
|
Din No.: |
00191962 |
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|
|
|
Name : |
Mr. Mohit Oberoi |
|
Designation : |
Director |
|
Address : |
Circle Jhajjar, Bahadurgarh-124507, |
|
Date of Birth : |
07.09.1983 |
|
Date of Appointment : |
31.03.2011 |
|
Din No.: |
05178205 |
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|
|
|
Name : |
Mr. Atul Chanana |
|
Designation : |
Director |
|
Address : |
Flat No. 51, Pocket GH-12, Paschim Vihar, |
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Date of Birth : |
15.07.1968 |
|
Date of Appointment : |
05.03.2012 |
|
Din No.: |
01584179 |
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|
|
|
Name : |
Mr. Yogesh Oberoi |
|
Designation : |
Director |
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Address : |
GH-12, Flat No.61, Paschim Vihar, |
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Date of Birth : |
26.06.1969 |
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Date of Appointment : |
05.03.2012 |
|
Din No.: |
0518967 |
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|
|
|
Name : |
Mr. Sachin Gupta |
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Designation : |
Director |
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Address : |
D-13A-20, D-13, Block Model Town III, |
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Date of Birth : |
29.12.1974 |
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Date of Appointment : |
13.08.2012 |
|
Din No.: |
06371803 |
KEY EXECUTIVES
|
Name : |
Ms. Manisha Chhillar |
|
Designation : |
Secretary |
|
Address : |
H.No. 201, BAmnoli, Bahadurgarh, |
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Date of Birth : |
07.10.1988 |
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Date of Appointment : |
29.09.2012 |
|
Din No.: |
BRAPM6977Q |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Suresh Chand Garg |
850173 |
|
Madhu Garg |
318152 |
|
Jaipal Garg |
65366 |
|
Priyanka Garg |
703737 |
|
Aayush Garg |
461916 |
|
Aakarsh Garg |
171165 |
|
Sanchit Garg |
414166 |
|
Vanshaj Garg |
127166 |
|
Jai Pal Garg
and Sons (HUF) |
338245 |
|
Suresh Garg and
Sons (HUF) |
15100 |
|
Yogesh Oberoi |
283333 |
|
Dee Cee Alloys and Wire Private Limited, |
320000 |
|
Solar
Mercantiles (Private) Limited, |
2149989 |
|
Total |
6218758 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
39.72 |
|
Directors or relatives of Directors |
60.28 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Stainless Steel Wires and Bars.
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Products : |
|
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Brand Names : |
“GARGWIRE” |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity [*] |
Actual
Production |
|
S.S. Wire |
MT |
74000.00 |
56000.00 |
34655.909 |
NOTE: (*) Certified by the management and relied upon by the auditors being a
technical matter.
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
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Bankers : |
Industrial Complex Branch, Bahadurgarh –
124 507,
NH – 5, R/2, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
GSK and Associates Chartered Accountants |
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Address : |
8, First Floor, |
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PAN No.: |
AADFG5824B |
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Related Parties : |
Address : 366 North Broadway Suite,#410-H,
Tel No. : +1-516-932-6000 Fax No.: +1-516-932-6006 Email : vdugar@gargwire.com
30 Tel No. : +44 1932 240 086 Fax No.: +44 1932 254 424 Email : j.juneja@gargwire.com
CIN No.: U2899DL1997PTC087678
PAN No.: CMQPS4343N
|
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6218758 |
Equity Shares |
Rs.10/- each |
Rs.62.187 Millions |
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 |
62.187 |
55.002 |
49.507 |
|
|
2] Share Application Money |
47.000 |
50.000 |
58.955 |
|
|
3] Reserves & Surplus |
385.986 |
304.006 |
224.989 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
495.173 |
409.008 |
333.451 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
994.845 |
836.890 |
856.473 |
|
|
2] Unsecured Loans |
12.917 |
1.810 |
0.714 |
|
|
TOTAL BORROWING |
1007.766 |
838.700 |
857.187 |
|
|
DEFERRED TAX LIABILITIES |
40.037 |
33.748 |
26.800 |
|
|
|
|
|
|
|
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TOTAL |
1542.976 |
1281.456 |
1217.438 |
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|
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APPLICATION OF FUNDS |
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|
|
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|
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|
|
|
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FIXED ASSETS [Net Block] |
605.575 |
524.492 |
485.640 |
|
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Capital work-in-progress |
18.113 |
12.779 |
8.435 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
661.025
|
588.534
|
415.065
|
|
|
Sundry Debtors |
756.382
|
647.710
|
608.546
|
|
|
Cash & Bank Balances |
78.902
|
82.503
|
67.117
|
|
|
Other Current Assets |
4.150
|
0.180
|
0.000
|
|
|
Loans & Advances |
321.542
|
206.774
|
146.319
|
|
Total
Current Assets |
1822.001
|
1525.701 |
1237.047 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
781.756
|
668.582 |
469.003 |
|
|
Other Current Liabilities |
86.178
|
86.533 |
26.220
|
|
|
Provisions |
34.779
|
26.401 |
18.667
|
|
Total
Current Liabilities |
902.713
|
781.516 |
513.890
|
|
|
Net Current Assets |
919.288
|
744.185 |
723.157
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.206 |
|
|
|
|
|
|
|
|
TOTAL |
1572.976 |
1281.456 |
1217.438 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3721.409 |
3408.118 |
2759.148 |
|
|
|
Other Income |
112.802 |
49.399 |
38.870 |
|
|
|
TOTAL (A) |
3834.211 |
3457.517 |
2798.018 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
2964.464 |
2764.333 |
|
|
|
|
Changes in inventories of finished goods, work-in-trade and
stock-in-trade |
(62.679) |
(103.258) |
|
|
|
|
Employee benefit expenses |
104.757 |
77.356 |
|
|
|
|
Other expenses |
551.506 |
494.832 |
|
|
|
|
TOTAL (B) |
3558.048 |
3233.263 |
2597.787 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
276.163 |
224.254 |
200.231 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.275 |
136.938 |
130.819 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.888 |
87.316 |
69.412 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.944 |
36.853 |
33.804 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
74.944 |
50.463 |
35.608 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
15.31 |
9.458 |
12.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
32.634 |
41.005 |
22.624 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
169.097 |
136.463 |
72.861 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
167.718 |
136.033 |
95.485 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
1950.878 |
1492.208 |
967.415 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
165.990 |
358.913 |
227.795 |
|
|
|
Consumable Stores |
3.207 |
6.047 |
1.097 |
|
|
|
Machinery |
0.000 |
16.764 |
13.823 |
|
|
|
Capital goods |
22.649 |
0.000 |
0.000 |
|
|
|
TOTAL IMPORTS |
191.846 |
381.724 |
242.715 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
5.93 |
8.28 |
5.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.85
|
1.18 |
0.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.95
|
1.46 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.09
|
2.46 |
2.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.115
|
0.12
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.03
|
2.05
|
4.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.95
|
2.40 |
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 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
--------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
----------------------- |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the modified |
10032583 |
|
Corporate identity number of the company |
U74899DL1991PLC044782 |
|
Name of the company |
GARG INOX LIMITED |
|
Address of the registered office or of the principal place of business in |
35, Email ID : cs@gargwire.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10032583 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of charge holder |
State Bank of Industrial Complex Branch, Bahadurgarh – 124 507, |
|
Email |
cs@gargwire.com |
|
Nature of description of the instrument creating or modifying the
charge |
1. Agreement of Loan for Increase in the overall limit 2. Agreement of Hypo of Goods and Assets for increase in the Overall
Limit 3. Sanction Letter regarding the grant of Individual limits within the
overall limit |
|
Date of instrument Creating the charge |
20.09.2012 |
|
Amount secured by t0he charge |
Rs.1993.400 Millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest 1) Intt. on EPC=11.75% 2) Intt. on CC =14.25% 3) Intt. on TL-II, V to VIII=14.40% 4) Intt. on TL-IX=14.40, 5) Intt. on TL X-10% Terms of
repayment Cash
Credit=Repayable on demand. TL(Existing)=As
per repayment schedule approved in the previous proposals. TL X=Repayable in
72 monthly installment(First 12 Instt. of Rs. 0.050 Millions each and last
instt. of Rs. 3.000 Millions) commencing from 31st August 2013 and last
installment to be paid on 31st July 2019. Interest at monthly rest will be
payable as when due. Margin Stock=25% EPC Limit=10% Receivables-(Domestic)=30% LC=12% BG=12% TL/FLC(capex)=27.95% Extent and
operation of the charge Personal
Guarantee of Promoter Directors, as detailed below: 1. Sh. Suresh
Garg 2. Smt. Priyanka
Garg 3. Sh. Aayush
Garg Corporate Guarantees:- 1. Garg Sales,
Inc., 2. Garg Sales UK
Ltd., 3. Solar
Mercantiles Pvt. Ltd. |
|
Short particulars of the property charged |
PS:WC. Hyp. on the Company's entire inventory, receivables and all other
current assets. TL: First Hypo. Charges on entire Fixed assets of the
company. SME Car Loan: Hypothecation of the Vehicle financed. Equitable Mortgage of Plot No. G-4 in Ranjangaon Industrial Area, Pune
Measuring 30300sq. mtrs in the name of the Company. CS:1) First & Exclusive charged by Equitable Mortgage of Factory
L&B at Unit No. 1, Plot No. Ch-09, Old Industrial Area, Bahadurgarh in
the name of the company with plot of 5116 sq. yards & covered area of 36300 sq. ft. 2) Equitable Mortgage of land at village Asaudha Siwan, BG in the name
of Company Khet No. 133, Killa No. 19 Musil/6/1/1(1-9) & 15(8-0) Kile, 2
rakba 9 kanal 9 marle(1.18125acrs) with plot area of 4648sq meters (5670 sq. yards) vide sale deed No.
1276 dated 05.06.2006.3) Equitable Mortgage of land measuring 8-kanal at
village Asaudha Siwan, BG in the name of the Company comprised in killas
No.19 Musil/16 vide sale deed no.1277dated 06.06.2006.4) Equitable Mortgage
of L&B thereon village Asaudha Siwan BG bearing Khewat No. 94min/87, Khata
No.104min, Mustil No.19, Killa No.23/2(4-0), 24(8-0) Kitte 2 land measuring
12 kanal and in khewat no.121 min/113,khata No.132 min, Mustil No. 19,killa
No.22/2(2-0),23/1(4-0) kitte measuring 6 kanal total 18 kanal with plot area
of 9100 sq.mts.(10896sq. yds) in the name of the company.5) Equitable Mortage
of land at vill. asudha,BG in the name of company vide khewat no.93/86min
khata no.101 min kila no.19/25 (6-0),rakba 8 kanal &khewat no. 120/112,
min khata no.131 min kila no.19/6/1/2(3/17),17(8-0) & 20//11/2(6-2)&20(7-12)
rakba 25 kanal 11 marla total 33 kanal 11 marla i.e. 29/32 part of33 kanal 11
marla which is 30 kanal 8 marla (3.80058 acre) with plot area of 15200 sq.
mtr. (18544 sq.mtr) |
|
Date of latest modification prior to the present modification |
09.01.2012 |
|
Particulars of the present modification |
Details of present modification are as follow:- 1.Enhancement of BG Limit from Rs. 50.000 Millions to Rs. 200.000
Millions 2.Conversion of CC(Hyp.)Into EPC limit by a further extent of
Rs.250.000 Millions, i.e. from existing Rs.500.000 Millions to Rs.750.00 Millions and FBP (Non LC)
limit from existing Rs.375.000 Millions
to Rs.525.000 Millions without any change in over all indebtedness. |
RESULT OF
OPERATIONS AND FINANCIAL PERFORMANCE:
During the year under review, the company has earned a profit of Rs .
47.944 Millions as compared with the result of previous year during which the
company made a profit of Rs. 5046.300 Millions. The profitability has been
marginally reduced in comparison to last year due to increase in cost of
finance. This has been account of bad market conditions leading to lesser
business opportunities
The sales of the Company were Rs. 381378.900 Millions as compared to Rs.
345366.400 Millions achieved in the last year registering a modest growth
They have re-strengthened our strategic relationship with some of the
top global retailers to leverage our scalable and cost efficient production and
operational capabilities with focus on providing innovative design, more
product catagories, high value additions and cost efficiencies to our
customers.
The Directors gives significant importance to its human capital and is
dedicated for their continuous enhancement of the existing wire & electrode
business and adopt some new business lines and new areas in which they could
venture and produce good results and maximize shareholders ? wealth.
The economic outlook is uncertain and the Company will continue to
divert efforts towards increasing its penetration through products and systems
in the existing wire market.
FIXED ASSETS:
- Land and building
- Plant and machinery
- Electrical
Accessories
- Furniture and
fixture
- Tools
and equipment
- Scooter
- Office
Equipment
- Fire Extinguishers
- Generator
- Tempo
- Dies
and moulds
- Car
- Computer
- Water
Tank
- Weighing
Machine
- Pollution
Control Equipment
- Rikshaw
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 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.54.293 |
|
|
1
|
Rs.83.883 |
|
Euro |
1
|
Rs.70.675 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.