MIRA INFORM REPORT

 

 

Report Date :

09.08.2013

 

IDENTIFICATION DETAILS

 

Name :

DUGAR POLYMERS LIMITED (w.e.f. 03.12.2009)

 

 

Formerly Known As :

DUGAR POLYMERS PRIVATE LIMITED

 

 

Registered Office :

Plot No.26, Icchapore, Bhatpore, G.I.D.C, Hazira, Surat–394510, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

20.02.2003

 

 

Com. Reg. No.:

04-042041

 

 

Capital Investment / Paid-up Capital :

Rs.17.207 Millions

 

 

CIN No.:

[Company Identification No.]

U17119GJ2003PLC042041

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTD01893D

 

 

PAN No.:

[Permanent Account No.]

AABCD7959B

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Plastic Sheets, Rod and Pipes.

 

 

No. of Employees :

150 (Approximately)

 

 

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 290000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The company has high working capital intensity on account of high inventory and receivable. The external borrowing seems to be huge.

 

However, trade relations are reported to be fair. Business is active. Payment terms 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

B+ (Long  Term Rating)

Rating Explanation

Having high risk of default regarding timely servicing of financial obligation.

Date

29.03.2012

 

 

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. Jignesh

Designation :

Business Development Executive

Contact No.:

91-9377002043

Date :

08.08.2013

 

 

LOCATIONS

 

Registered Office / Factory :

Plot No.26, Icchapore, Bhatpore, G.I.D.C, Hazira, Surat – 394510, Gujarat, India

Tel. No.:

91-260-2669336/35

Mobile No.:

91-9377002043 (Mr. Jignesh)

Fax No.:

91-260-2669337

E-Mail :

dugarpolymers@hotmail.com

info@durgars.com

Website :

www.dugars.in

Location :

Owned

 

 

Head Office / Factory  2:

Survey No.: 351/1, Dadra Nahiyavancy Road, Behind Dadra Garden Village, Dadracity, Silvasa - 396230, Gujarat, India

Tel. No.:

91-260-2669336

Fax No.:

91-260-2669337

Area :

90000 sq. ft

Location :

Owned

 

 

Factory  3:

Survey No. 357/1/3, Behind Dadra Garden, Dadra Nagar Haveli, Silvassa - 396230, Gujarat, India

Area :

30000 sq. ft.

Location :

Owned

 

 

Branch Office 1 :

1-11-240/5/1, 5th Floor, Shamlal Building, Begampet, Hyderabad, Andhra Pradesh, India

 

 

Branch Office 2 :

12/260, Shastrinagar, Khatodra, Surat-395002, Gujarat, India

 

 

DIRECTORS

 

As on: 29.09.2012

 

Name :

Ms. Renu M Dugar

Designation :

Director

Address :

1-8-155-6-6A, 301- Mark Residency, Prender Ghast Road, Secunderabad-500003, India

Date of Birth/Age :

08.02.1971

Qualification :

Graduate

Date of Appointment :

20.02.2007

DIN No :

00235675

 

 

Name :

Mr. Manoj Kumar Dugar

Designation :

Director

Address :

802, Shubham Tower, Daman Challa Road, Vapi – 396230, Gujarat, India

Date of Birth/Age :

25.05.1968

Qualification :

Graduate

Date of Appointment :

20.02.2003

DIN No :

00352733

 

 

Name :

Mr. Rajesh Kumar Dugar

Designation :

Managing Director

Address :

1-8-155-6-6A, 301- Mark Residency, Prender Ghast Road, Secunderabad-500003, India

Date of Birth/Age :

23.11.1973

Qualification :

Graduate

Date of Appointment :

20.02.2003

DIN No :

00730059

 

 

KEY EXECUTIVES

 

Name :

Mr. Jignesh

Designation :

Business Development Executive

 

 

MAJOR SHAREHOLDERS

 

As on: 29.09.2012

 

Names of Shareholders

 

No. of Shares

Manoj K Dugar

 

140310

Rajesh Kumar Dugar

 

222500

Renu M Dugar

 

223000

Sushil Kumar Surana

 

27920

Pratibha Surana

 

11000

Tara Devi Dugar

 

148750

Amarchand Bohara

 

82500

Punamchand Bohara

 

15000

Sushila Devi Bohara

 

10000

Plasto Tubes Industries, India

 

22500

Pramod Kumar Dugar

 

15000

Dafidil Dealcom Private Limited, India

 

2500

Manoj Kumar Dugar HUF

 

439610

Pavan Goenka

 

1000

Vandana Goenka

 

12500

P K Goenka

 

2500

Jignesh Dave

 

10000

Swapnil Phadke

 

55000

Shivratan Parekh

 

50000

Dilip Agarwal

 

65000

Vikash Sharma

 

65000

Bajaranglal Sharma

 

49140

Dhanraj Mali

 

50000

Total

 

1720730

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 29.09.2012

 

Category

Percentage

Bodies corporate

25.55

Directors or relatives of Directors

49.88

Other top fifty shareholders

24.57

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Plastic Sheets, Rod and Pipes.

 

 

Products :

ITC CODE

PRODUCTS

39200000 / 39210000 / 39150000 / 39160000

Plastic Sheets and Shapes

 

 

Exports :

 

Products :
  • Plastic Sheets
  • Rods
  • Pipes

Countries :
  • Sri Lanka
  • Egypt
  • Middle East Countries
  • Saudi Arabia

 

 

Imports :

 

Products :
  • Raw Material

Countries :
  • USA
  • China

 

 

Terms :

 

Selling :

Depend

 

 

Purchasing :

Depend

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Unit

Actual Production

 

 

 

Plastic Sheets

Kgs.

3307939.000

 

 

GENERAL INFORMATION

 

Customers :

End Users and Others

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :
  • Bank of Baroda, Vapi Industrial Estate, SSI Branch, C/M-14, Near Char Rasta, GIDC, Vapi-396195, Gujarat, India
  • Central Bank of India, Bhatar Road Branch, Surat, India
  • Canara Bank, Silvassa Branch, Prathmesh Apartment, Tokar Khada, Silvassa – 396230, Dadar Nagar Haveli, India

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

LONG TERM BORROWINGS

 

 

Term Loan - from Banks

9.669

14.521

Long Term Maturities of finance lease obligations

0.491

1.138

SHORT TERM BORROWINGS

 

 

Working Capital Loan

256.628

283.741

Foreign Currency Loans - Buyers' Credit

10.978

0.000

Total

277.766

299.400

 

NOTE:

 

*Additional Information:-

 

(A) Borrowings:-

 

Security Provided in respect of Loans and Financial Lease:-

 

(i) Term loans from banks:-

 

Exclusive 1st charge by way of Hypothecation of entire raw materials, stock-in-process, stores and

 

(ii) Working Capital Loan:-

 

Working Capital facilities from bank are secured by way of 1st charge on hypothecation of sock of Raw Materials, Stock in Progress, Finished goods, Stores and Spares and Book debts.

 

(iii) All the abovementioned funded (T/L, D/L, CC, FBP/BD) and non-funded facilities (L/C and BG) are to secured

by: -

 

I. Equitable Mortgage of under mentioned properties viz: -

 

1. Dugar Polymers Limited Unit-I at S.No: 357/3, Behind Dadra Garden, Village Dadra, D and NH (U.T.), Silvassa-396230, admeasuring 1200 Sq. Mtrs. In the name of the Company.

 

2. Dugar Polymers Limited Unit-II at S.No: 351/1, Dadra Mahlavancy Road, Behind Dadra Garden, Village Dadra, D and NH (U.T.), Silvassa-396230, admeasuring 6600 Sq. Mtrs. In the name of the Welset Polypack Private Limited).

 

3. Dugar Polymers Limited (Unit- III) at Plot No.26, GIDC, Hazira, Icchapore, Bhatpore, Surat- 394510, admeasuring 705.75 sq.mtrs. in the name of the Company.

 

4. Residential Bungalow situated at 27/28, Haria Park, Vapi, admeasuring 4500sq. Ft. standing in the name of Mrs. Renu R. Dugar.

 

5. Agricultural Land adjoining to the Compant M/S Dugar Polimars Ltd. (unit-

 

II. Hypothecation of entire Machineries, Equipments, Electrical Installations, Furniture and Fixtures, Office Equipments and other Movable Fixed Assets of the company, situated at the abovementioned factory/office, present and future (except vehicles financed by NBFCs).

 

III. Hypothecation of entire Raw materials, stock in process, stores and spares, packing materials, finished goods and book debts of the company both present and future.

 

IV. General form of Guarantee signed by all the directors of the company and the following persons: -

(a) Mrs. Renu Rajesh Dugar,

(b) Susheel Surana,

(c) Pratibha Susheel Surana,

(d) M/S Welset Polypack Private Limited

(e) M/s Basudeo Enterprises Private Limited

 

 

(B) Terms of Repayment of Term Loan Borrowings:-

 

Term Loan I: 48 equal monthly installments each of Rs. 0.220 Millions and last installment of Rs. 0.160 Millions.

Term Loan III: 59 equal monthly installments each of Rs. 0.208 Millions and last installment of Rs. 0.210 Millions.

Term Loan IV: To be repaid in 60 monthly installments after completion of moratorium period of 3 months from the date of first disbursement. The Term Loan is to be repaid by 60 equal monthly instalments each of Rs. 0.112 Millions.

 

(C) Terms of Repayment of Working Capital Borrowings:-

 

Working Capital Loan is repayable on demand.

 

(D) Vehicle Loans provided by bank are secured by hypothecation of respective assets.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S Bhalotia and Associates

Chartered Accountants

Address :

20B, British India Street, 1st Floor, Kolkata-700069, West Bengal, India

Tel. No.:

91-33-40047188 / 40070953

Fax No.:

91-33-40047014

PAN No.:

ABDFS9117L

 

 

Enterprises over which (a) above is able to exercise

significant influence :
  • Welset Polypack Private Limited
  • Ayushman Merchants Private Limited
  • Defodil Delcom Private Limited

 

 

CAPITAL STRUCTURE

 

As on: 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs.30.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1720730

Equity Shares

Rs.10/- each

Rs.17.207 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

17.207

17.567

(b) Reserves & Surplus

 

56.368

46.397

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

73.575

63.964

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

10.160

15.659

(b) Deferred tax liabilities (Net)

 

1.332

0.946

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

11.492

16.605

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

267.606

283.741

(b) Trade payables

 

29.222

22.420

(c) Other current liabilities

 

14.161

21.595

(d) Short-term provisions

 

2.150

0.299

Total Current Liabilities (4)

 

313.139

328.055

 

 

 

 

TOTAL

 

398.206

408.624

 

 

 

 

ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

55.269

54.720

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

0.000

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

2.149

2.049

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

14.710

3.471

(e) Other Non-current assets

 

17.555

14.285

Total Non-Current Assets

 

89.683

74.525

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

91.604

43.491

(c) Trade receivables

 

173.743

125.500

(d) Cash and cash equivalents

 

28.456

158.132

(e) Short-term loans and advances

 

12.921

5.842

(f) Other current assets

 

1.799

1.134

Total Current Assets

 

308.523

334.099

 

 

 

 

TOTAL

 

398.206

408.624

 

SOURCES OF FUNDS

 

 

 

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

10.867

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

39.648

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

50.515

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

78.293

2] Unsecured Loans

 

 

1.700

TOTAL BORROWING

 

 

79.993

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

130.508

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

27.700

Capital work-in-progress

 

 

6.957

 

 

 

 

INVESTMENT

 

 

0.242

DEFERREX TAX ASSETS

 

 

0.148

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 
32.873

 

Sundry Debtors
 

 
67.857

 

Cash & Bank Balances
 

 
6.782

 

Other Current Assets
 

 
0.000

 

Loans & Advances
 

 
12.784

Total Current Assets
 

 

120.296

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 
20.709

 

Other Current Liabilities
 

 
2.525

 

Provisions
 

 
1.820

Total Current Liabilities
 

 

25.054

Net Current Assets
 

 
95.242

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.219

 

 

 

 

TOTAL

 

 

130.508

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from Operations

370.114

307.803

244.891

 

 

Other Operating Revenue

3.517

1.559

0.000

 

 

Other Income

11.761

3.975

1.211

 

 

TOTAL                                     (A)

385.392

313.337

246.102

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

311.511

249.999

220.383

 

 

Changes in Inventories of Finished goods, Work-in-

Progress and Stock-in-Trade

(17.510)

(0.004)

 

 

 

Employee Benefits Expense

8.082

5.130

 

 

 

Other Expenses

33.235

27.555

 

 

 

TOTAL                                     (B)

335.318

282.680

220.383

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

50.074

30.657

25.719

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

31.834

15.815

12.949

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

18.240

14.842

12.770

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

8.090

5.143

4.396

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

10.150

9.699

8.374

 

 

 

 

 

Less

TAX                                                                  (H)

0.539

2.674

1.662

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

9.611

7.025

6.712

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

35.421

28.396

21.959

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

45.032

35.421

28.671

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Export

0.731

0.000

0.000

 

TOTAL EARNINGS

0.731

0.000

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

CIF Value of Import

39.051

8.790

7.659

 

TOTAL IMPORTS

39.051

8.790

7.659

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.59

6.08

6.18

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
2.49

2.24

2.73

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.74

3.15

3.42

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.56

2.39

5.65

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.14

0.15

0.16

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
3.78

4.68

1.58

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.99

1.02

4.80

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. in Millions)

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

Current Maturities of Long Term Debt
 

 

 

Term Loan - from Banks "INR"
5.246

14.844

NA

 

 

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

Yes

20]

Export / Import details (if applicable)

Yes

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]

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

 

 

NOTE:

 

The register office has been shifted from “12/260 Shastrinagarkhatodra, Surat – 395002, Gujarat, India” to the present address w.e.f. 07.12.2011

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10331479

27/12/2011

205,908,000.00

BANK OF BARODA

VAPI IND. ESTATE SSI BRANCH, C/M-14,, NEAR CHAR R 
ASTA GIDC, VAPI, Gujarat - 396195, INDIA

B30459721

2

10280073

23/03/2011

205,908,000.00

BANK OF BARODA

VAPI IND. ESTATE SSI BRANCH, C/M-14,, NEAR CHAR R 
ASTA GIDC, VAPI, Gujarat - 396195, INDIA

B10537108

3

10355230

28/10/2010

120,000,000.00

STATE BANK OF INDIA

SECUNDERABAD BRANCH, PATNY CETRE, SECUNDERABAD, A 
ndhra Pradesh - 500003, INDIA

B09724642

 

 

FIXED ASSETS:

 

  • Leasehold Land
  • Freehold Land
  • Factory Building
  • Electrical Installation
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipments
  • Computers
  • Vehicles  

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.12

UK Pound

1

Rs.94.77

Euro

1

Rs.81.54

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

RAJ

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.