MIRA
INFORM REPORT
|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
EMPIRE SPICES
AND FOODS LIMITED |
|
|
|
|
|
Registered
Office : |
D-303, Everest Garden Link Road, Ghatkopar (East), Mumbai – 400077,
Maharashtra |
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|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-080772 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.22.189
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15100MH1994PLC080772 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02188E |
|
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Spices and Related Food Products. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 315000 |
|
|
|
|
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 moderate track record. The
company is found to have average financial risk. Profile marked by low
networth and it is exposed to risk relating to geographical concentration. However, the company is improving. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.
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 |
BB [Long Term - Upgraded From BB –] |
|
Rating Explanation |
Moderate risk of default |
|
Date |
04.01.2013 |
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 [GENERAL DETAILS]
|
Name : |
Mr. Vivek Deshpande |
|
Designation : |
General Manager |
|
Contact No.: |
91-9822659623 |
|
Date : |
19.02.2013 |
LOCATIONS
|
Registered Office : |
D-303, Everest Garden Link Road, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Tel. No.: |
91-22-25006007 |
|
Mobile No.: |
91-9822659623 (Mr. Vivek Deshpande) 91-9822659619 (Mr. Ashok) |
|
Fax No.: |
91-22-25006007 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory 1 : |
Empire House, Plot No. 30, 5th Crossing, Govind Nagar,
Nashik – 422008, Maharashtra, India |
|
Tel. No.: |
91-253-259500682472516/2471664 |
|
Fax No.: |
91-253-2500468 |
|
|
|
|
Factory 2 : |
Aurangabad Pune Road, Shivrai Phata, Aurangabad-411038, Maharashtra,
India |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Umesh Laxminarayan Rathi |
|
Designation : |
Managing director |
|
Address : |
Vidyankatesh Bumglow, Tidke Colony, Near Tup
Sakhare Lawn, Nashik – 422002, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1994 |
|
Date of Appointment : |
00175730 |
|
Din No.: |
00175730 |
|
|
|
|
Name : |
Mr. Anand Hemant Rathi |
|
Designation : |
Director |
|
Address : |
Anand Bunglow, Tidke Colony, Near Tup
Sakhare Lawn, Nashik – 422002, Maharashtra, India |
|
Date of Birth/Age : |
01.01.2011 |
|
Date of Appointment : |
03431923 |
|
Din No.: |
03431923 |
|
|
|
|
Name : |
Mr. Hemant Motilal Rathi |
|
Designation : |
Director |
|
Address : |
Anand Bunglow, Tidke Colony, Near Tup
Sakhare Lawn, Nashik – 422002, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1994 |
|
Date of Appointment : |
00175854 |
|
Din No.: |
00175854 |
|
|
|
|
Name : |
Mr. Sharad Deepchand Bedmutha |
|
Designation : |
Director |
|
Address : |
Sneh Bunglow, Kulkarni Colony, Near Saraswati
Apartment, Sharanpur Road, Nashik – 422002, Maharashtra, India |
|
Date of Birth/Age : |
01.01.2011 |
|
Date of Appointment : |
03431938 |
|
Din No.: |
03431938 |
|
|
|
|
Name : |
Mr. Dnyaneshwar Murlidhar Bachhav |
|
Designation : |
Director |
|
Address : |
FL. 9, Roongtha Township, Building No. 3, Rane Nagar, Nashik-422008,
Maharashtra, India |
|
Date of Appointment : |
20.10.2011 |
|
Din No.: |
05105320 |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Deshpande |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
15.00 |
|
Directors
or relatives of directors |
|
23.00 |
|
Other
|
|
62.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Spices and Related Food Products. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
US ·
Gulf Countries ·
UK |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Spices and Others |
M.T. |
3047.33 |
|
Papad |
M.T. |
75.35 |
|
Papad Atta |
M.T. |
1072.31 |
|
Pickels |
M.T. |
469.24 |
GENERAL INFORMATION
|
Customers : |
Others [Distributors] |
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No. of Employees : |
800 (Approximately) |
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Bankers : |
·
State Bank of India, Sharanpur Road Branch,
Sharanpur Road, Nashik-422005, Maharashtra, India ·
State Bank of India, SME Branch, Shingada Talaw,
Prosper Park, Nashik-Pune Road, Nashik-422001 Maharashtra, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
AKNS and Associates Chartered Accountants |
|
Address : |
3, Shivdarshan Society (B), N.D. Patel Road, Nashik-422001,
Maharashtra, India |
|
PAN No: |
AAFFJ3595G |
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|
|
|
Other Related Parties : |
·
Rambandhu Masalewale Private Limtied ·
Hemant Builders Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2218940 |
Equity Shares |
Rs.10/- each
|
Rs.22.189
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 |
22.189 |
16.589 |
16.589 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
56.757 |
34.131 |
27.736 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
78.946 |
50.720 |
44.325 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
77.857 |
71.243 |
47.522 |
|
|
2] Unsecured Loans |
8.110 |
5.592 |
34.365 |
|
|
TOTAL BORROWING |
85.967 |
76.835 |
81.887 |
|
|
DEFERRED TAX LIABILITIES |
8.840 |
7.522 |
6.222 |
|
|
|
|
|
|
|
|
TOTAL |
173.753 |
135.077 |
132.434 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
99.906 |
93.021 |
69.408 |
|
|
Capital work-in-progress |
0.944 |
0.026 |
1.234 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.356 |
0.355 |
0.333 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
129.099
|
140.672 |
90.457 |
|
|
Sundry Debtors |
27.052
|
20.568 |
34.171 |
|
|
Cash & Bank Balances |
13.504
|
6.022 |
6.681 |
|
|
Other Current Assets |
0.214
|
0.020 |
0.623 |
|
|
Loans & Advances |
16.577
|
10.849 |
6.252 |
|
Total
Current Assets |
186.446
|
178.131 |
138.184 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.188
|
101.677 |
59.039 |
|
|
Other Current Liabilities |
16.191
|
23.237 |
15.469 |
|
|
Provisions |
16.520
|
11.542 |
2.329 |
|
Total
Current Liabilities |
113.899
|
136.456 |
76.837 |
|
|
Net Current Assets |
72.547
|
41.675 |
61.347 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.112 |
|
|
|
|
|
|
|
|
TOTAL |
173.753 |
135.077 |
132.434 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
724.405 |
601.966 |
350.950 |
|
|
|
Other Income |
1.497 |
0.823 |
0.888 |
|
|
|
TOTAL (A) |
725.902 |
602.789 |
351.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
479.155 |
413.017 |
|
|
|
|
Employee Benefits Expenses |
51.954 |
38.466 |
|
|
|
|
Other Expenses |
167.321 |
138.183 |
327.858 |
|
|
|
Exceptional Items |
(0.989) |
0.000 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Traded |
(15.424) |
(19.539) |
|
|
|
|
TOTAL (B) |
682.017 |
570.127 |
327.858 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.885 |
32.662 |
23.980 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.518 |
15.812 |
11.744 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.367 |
16.850 |
12.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.810 |
4.350 |
3.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
19.557 |
12.500 |
8.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.298 |
3.776 |
2.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
13.259 |
8.724 |
5.630 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
3.301 |
|
|
|
Dividend |
NA |
NA |
1.991 |
|
|
|
Tax on Dividend |
NA |
NA |
0.338 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.221 |
2.090 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.98 |
5.26 |
3.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.83
|
1.45 |
1.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.70
|
2.07 |
2.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.83
|
4.60 |
4.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.09
|
1.52 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.30 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
81.188
|
101.677 |
59.039 |
|
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] |
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 |
|
UNSECURED LOAN |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Dealer Deposits |
1.876 |
2.051 |
|
Sales Tax Deferral Scheme Loan |
1.141 |
1.141 |
|
Loan Repayable
on Demand |
|
|
|
From Companies |
0.000 |
1.871 |
|
Loans and Advances From Related Parties |
5.093 |
0.529 |
|
TOTAL
|
8.110 |
5.592 |
OPERATIONS AND
PROSPECTS:
During the year the market for consumer goods and food products
was very encouraging. As compared to previous year the sales of the Company has
increased by 20.00%. Company has
exported one consignment of spices of Rs.1.220 Millions.
The Company has reported sales and other income of Rs. 725.903 Millions against Rs. 602.789 Millions and the net
profit for the year has increased from Rs.8.724 Millions to Rs.13.260 Millions. In the forth
coming year the Company expects to achieve the turnover above Rs.900.000
Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10080271 |
|
Corporate
identity number of the company |
U15100MH1994PLC080772 |
|
Name of the
company |
EMPIRE SPICES AND
FOODS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
D-303, Everest Garden Link Road, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Others Calls made but not paid |
|
Particular of
charge holder |
State Bank of India, SME Branch, Shingada Talaw, Prosper Park,
Nashik-Pune Road, Nashik-422001 Maharashtra, India Email: jivansangle@yahoo.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Loan-cum-Hypothecation, dated 28/05/2012 2) Memorandum for
Recording Extension of Mortgage by Deposit of Title Deeds Covering Enhanced
Limits and / or Creation of Equitable Mortgage on Additional Properties for
Existing Limits and Enhanced Limits and Additional Facilities, dated
28/05/2012. |
|
Date of
instrument Creating the charge |
28.05.2012 |
|
Amount secured by
the charge |
Rs.114.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) Working
Capital: 5.75% above Base Rate (Base Rate=10%) i.e. minimum of 15.75% p.a. 2)
Term Loan: 6.50% above Base Rate i.e. minimum of 16.50% p.a. on daily
products with monthly rests. Terms of Repayment 1) Working
Capital: Repayable on demand. The facility which has been sanctioned on
06.01.2012 is available for 12 months from that date, subject to review every
12 months 2) Term Loan (I,
II, and III): As per existing repayment schedule. 2) Term Loan IV:
Repayable in 60 installments. 6 months of moratorium period from Dec-2011 to
May-2012. 59 Installments of Rs.0.146 Million from June-2012 to April-2017.
Last i.e. 60th Installment of Rs.0.145 Million due in May-2017. Margin 1) Raw Materials:
Imported: 25%, 2) Raw Materials:
Indigenous: 25%, 3) Semi-Finished
Goods: 25%, 4) Finished
Goods: 25%, 5)
Components/Consumables/Spares: 25%, 6) Domestic
Receivables: 50% 7) Term Loan: 25% Extent and Operation of the charge 1) First and
exclusive charge by way of hypothecation in favour of Bank over the
Borrower's present and future stocks and book debts and entire current
assets. 2) First and
exclusive charges on all the immovable properties provided as mortgage and
will be operational till the full satisfaction of the loan amount of the
company. Others The properties
provided by company as security for its credit facilities. Any other
properties provided in earlier modification of charge dated 29/12/2010 are to
be treated as deleted under this modification. |
|
Short particulars
of the property charged |
Stock and Book
Debts located at place or places of business Assets to be
purchased out of Bank Finance "Empire
house" Plot No.30, Survey No.788/1, 5th Crossing, Govind Nagar, Nashik. Gala No. 47 and
48,Ground Floor ,APMC Peth Road Market Yard Complex Phase II, Makmalabad
Shiwar ,Peth Road ,Nashik. Factory land and
building on Plot No. B-103, STICE, Musalgaon Tal Sinnar, Dist Nashik. Venkatesh
"Bungalow on Plot No. 03 and 06, Behind Tupsakhare Lawns, Tupsakhare
Nagar, Tidke Colony, Nashik. "Anand”,
Bungalow on Plot No. 02,03 and 04, Behind Tupsakhare Lawns, Tupsakhare Nagar,
Tidke Colony ,Nashik. Factory land and
building at Gat No. 38 (Part), Ramrai Village Tal Gangapur, Dist Aurangabad. Factory land and
building at Plot No.W-95 (A), MIDC, Ambad, Nashik. Factory land and
building at Plot No. B-102, STICE, Musalgaon Tal Sinnar Dist Nashik. |
|
Date of latest
modification prior to the present modification |
29.12.2010 |
|
Particulars of
the present modification |
Earlier the
charge was created for Rs.111.200 Millions, now by this present modification
the total limit is increased to Rs.114.200 Millions.(DCC Rs.90.000 Millions,
Term Loan I Rs.9.200 Millions, Term Loan II Rs.3.300 Millions, Term loan III
Rs.2.900 Millions, Term Loan IV(Proposed) Rs.8.800 Millions). |
FIXED ASSETS
·
Leasehold Land
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Computer Systems
·
Electrical Installation
·
Furniture and Fittings
·
Vehicles
·
Software’s
·
Brands and Licenses
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.