MIRA
INFORM REPORT
|
Report Date : |
27.02.2013 |
IDENTIFICATION DETAILS
|
GPT STEEL
INDUSTRIES LIMITED |
|
|
|
|
|
Formerly Known
As : |
GPT STEEL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
203, Dev Shruti Apartments, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.10.2003 |
|
|
|
|
Com. Reg. No.: |
04-043070 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2522.755
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27104GJ2003PLC043070 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00715B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG0010H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Tin-Plates Coils and Sheets, CRFH, CRCA. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (21) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. External borrowing of the
company is huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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 : |
203, Dev Shruti Apartments, |
|
Tel. No.: |
91-79-26561815 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Parikh Group of Companies, 509-B, |
|
Tel. No.: |
91-22-66964292 |
|
Fax No.: |
91-22-66964293 |
|
E-Mail : |
|
|
|
|
|
Factory : |
301, Mithirohar, GIDC Estate, Phase II, Gandhidham, Kutch – 370 201, |
|
Tel. No.: |
91-2836-650468 |
|
Fax No.: |
91-2836-286444 |
|
E-Mail : |
|
|
|
|
|
International Office : |
Parikh Steel Industries ( |
|
Tel. No.: |
+44 (0)208 5409995 |
|
Fax No.: |
+44 (0)208 5441787 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Parikh Group of Companies, |
|
Tel. No.: |
91-124-4353600 |
|
Fax No.: |
91-124-4353602 |
|
E-Mail : |
|
|
|
|
|
Mumbai Office : |
305, Business Point, 349, Western Express Highway, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rajen Amritlal Parikh |
|
Designation : |
Whole-Time Director |
|
Address : |
16, Mandi Hills, |
|
Date of Birth/Age : |
19.01.1956 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
17.10.2003 |
|
DIN No.: |
00069594 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U28999WB1971PTC043848 |
PARIKH
STEEL PVT LTD |
Managing
director |
26/07/1976 |
26/07/1976 |
- |
Active |
NO |
|
2 |
U27104GJ2003PTC042938 |
INDOBEL
STEELS PRIVATE LIMITED |
Director |
19/09/2003 |
19/09/2003 |
- |
Active |
NO |
|
3 |
U27104GJ2003PLC043070 |
GPT
STEEL INDUSTRIES LIMITED |
Whole-time
director |
17/10/2003 |
17/10/2003 |
- |
Active |
NO |
|
4 |
U27102GJ2004PTC044712 |
SAMSHI
POWER PRIVATE LIMITED |
Director |
09/09/2004 |
09/09/2004 |
28/11/2008 |
Active |
NO |
|
5 |
U27100MH2005PTC155310 |
VAPS
STEEL SERVICE CENTRE PRIVATE LIMITED |
Director |
11/08/2005 |
11/08/2005 |
- |
Active |
NO |
|
6 |
U85110DL2005PTC142771 |
GHV
HEALTHCARE PRIVATE LIMITED |
Director |
21/11/2005 |
21/11/2005 |
- |
Active |
NO |
|
7 |
U40102DL2006PTC144929 |
WTE
ENERGY PRIVATE LIMITED |
Director |
17/01/2006 |
17/01/2006 |
- |
Active |
NO |
|
8 |
U55101DL2006PTC147379 |
PLANIT
HOSPITALITY PRIVATE LIMITED |
Director |
10/03/2006 |
10/03/2006 |
02/06/2011 |
Active |
NO |
|
9 |
U45201GJ2006PLC048082 |
SAMSHI
PROJECT LIMITED |
Director |
06/04/2006 |
06/04/2006 |
28/11/2008 |
Strike
off |
NO |
|
10 |
U27203GJ2006PLC048083 |
GPT
INDUSTRIES LIMITED |
Director |
06/04/2006 |
06/04/2006 |
09/12/2008 |
Strike
off |
NO |
|
11 |
U27106GJ2003PLC043298 |
SAMSHI
PIPE INDUSTRIES LIMITED |
Director |
28/03/2007 |
28/03/2007 |
09/12/2008 |
Active |
NO |
|
12 |
U41000HR2007PTC037353 |
AMRIT
CLEAN WATER TECHNOLOGIES PRIVATE LIMITED |
Director |
30/10/2007 |
30/10/2007 |
- |
Active |
NO |
|
13 |
U51103HR2007PTC037352 |
INDUSTEEL
PLATES INDIA DELHI PRIVATE LIMITED |
Director |
30/10/2007 |
30/10/2007 |
- |
Active |
NO |
|
14 |
U22222DL2008PTC185075 |
TRIO
OMNI MEDIA PRIVATE LIMITED |
Director |
20/11/2008 |
20/11/2008 |
- |
Active |
NO |
|
Name : |
Mr. Bharat Amtitlal Parikh |
|
Designation : |
Director |
|
Address : |
179, |
|
Date of Birth/Age : |
04.10.1946 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
17.10.2003 |
|
DIN No.: |
02367476 |
|
Name : |
Mrs. Karuna Rajen Parikh |
|
Designation : |
Director |
|
Address : |
16, Mandi Hills, |
|
Date of Birth/Age : |
12.11.1984 |
|
Qualification : |
BA |
|
Date of Appointment : |
09.12.2008 |
|
DIN No.: |
02329036 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U22222DL2008PTC185075 |
TRIO
OMNI MEDIA PRIVATE LIMITED |
Director |
20/11/2008 |
20/11/2008 |
- |
Active |
NO |
|
2 |
U27104GJ2003PLC043070 |
GPT
STEEL INDUSTRIES LIMITED |
Director |
09/12/2008 |
09/12/2008 |
- |
Active |
NO |
|
3 |
U28999WB1971PTC043848 |
PARIKH
STEEL PVT LTD |
Director |
15/12/2008 |
15/12/2008 |
- |
Active |
NO |
|
4 |
U27100MH2005PTC155310 |
VAPS
STEEL SERVICE CENTRE PRIVATE LIMITED |
Director |
26/02/2010 |
26/02/2010 |
- |
Active |
NO |
|
5 |
U40102DL2006PTC144929 |
WTE
ENERGY PRIVATE LIMITED |
Director |
26/02/2010 |
26/02/2010 |
- |
Active |
NO |
|
6 |
U27104GJ2003PTC042938 |
INDOBEL
STEELS PRIVATE LIMITED |
Additional
director |
06/07/2011 |
06/07/2011 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
SHAREHOLDING DETAILS
FILE ATTACHED.
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
20.45 |
|
Bodies
corporate |
|
1.63 |
|
Directors
or relatives of directors |
|
71.66 |
|
Other
top fifty shareholders |
|
6.26 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Tin-Plates Coils and Sheets, CRFH, CRCA. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tin Plate |
TN |
200000 |
13327.790 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Astutosh and Pankaj Chartered Accounts |
|
Address : |
239, Kuber, New |
|
Income-tax
PAN of auditor or auditor's firm : |
AAOFA9042Q |
|
|
|
|
Related Parties
: |
· Parikh Steel Private Limited CIN No.: U28999WB1971PTC043848 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
255000000 |
Equity Shares |
Rs.10/- each |
Rs.2550.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
252275507 |
Equity Shares |
Rs.10/- each |
Rs.2522.755
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 |
2522.755 |
2522.755 |
2522.755 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
(1660.462) |
1945.038 |
|
|
4] (Accumulated Losses) |
(2172.452) |
0.000 |
(3346.877) |
|
|
NETWORTH |
350.303 |
862.293 |
1120.916 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5660.243 |
5612.712 |
5697.430 |
|
|
2] Unsecured Loans |
4.883 |
1.283 |
3.526 |
|
|
TOTAL BORROWING |
5665.126 |
5613.995 |
5700.956 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
4.281 |
|
|
|
|
|
|
|
|
TOTAL |
6015.429 |
6476.288 |
6826.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4769.996 |
5062.429 |
5335.698 |
|
|
Capital work-in-progress |
1453.907 |
1466.695 |
1508.741 |
|
|
Expenditure pending allocation, net |
0.000 |
0.000 |
20.650 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.915
|
75.958
|
192.553 |
|
|
Sundry Debtors |
11.021
|
17.354
|
36.711 |
|
|
Cash & Bank Balances |
59.506
|
62.455
|
69.957 |
|
|
Other Current Assets |
211.569
|
200.693
|
0.000 |
|
|
Loans & Advances |
86.536
|
126.041
|
313.236 |
|
Total
Current Assets |
412.547
|
482.501
|
612.457 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
320.722
|
258.108
|
370.212 |
|
|
Other Current Liabilities |
291.327
|
265.858
|
277.955 |
|
|
Provisions |
8.972
|
11.371
|
3.226 |
|
Total
Current Liabilities |
621.021
|
535.337
|
651.393 |
|
|
Net Current Assets |
(208.474)
|
(52.836)
|
(38.936) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6015.429 |
6476.288 |
6826.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
388.426 |
865.634 |
870.576 |
|
|
|
Other income |
140.844 |
234.820 |
192.135 |
|
|
|
TOTAL (A) |
529.270 |
1100.454 |
1062.711 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
345.358 |
695.881 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
6.374 |
69.237 |
|
|
|
|
Employee benefit expense |
35.047 |
39.614 |
|
|
|
|
Other expenses |
142.613 |
106.081 |
|
|
|
|
Exceptional items |
0.564 |
18.304 |
|
|
|
|
Extraordinary items |
67.000 |
0.000 |
|
|
|
|
TOTAL (B) |
596.956 |
929.117 |
840.228 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.686 |
171.337 |
222.483 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL EXPENSES (D) |
23.758 |
14.524 |
(29.247) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(91.444) |
156.813 |
251.730 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
285.687 |
285.653 |
284.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(377.131) |
(128.840) |
(33.034) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(377.131) |
(128.840) |
(33.034) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(3475.717) |
(3346.877) |
(3313.843) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3852.848) |
(3475.717) |
(3346.877) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (At F.O.B) |
26.838 |
100.446 |
66.206 |
|
|
TOTAL EARNINGS |
26.838 |
100.446 |
66.206 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.49) |
(0.51) |
(0.13) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(71.25)
|
(11.71)
|
(3.11)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(97.09)
|
(14.88)
|
(3.79)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.28)
|
(2.32)
|
(0.56)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.08)
|
(0.15)
|
(0.03)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
16.17
|
6.51
|
5.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66
|
0.90
|
0.94 |
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 |
No |
|
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 |
-- |
|
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 |
No |
DETAILS OF UNSECURED LOANS
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
TERM LOAN |
|
|
|
- From Banks |
0.963 |
0.963 |
|
- From Others |
0.000 |
0.125 |
|
|
|
|
|
LOANS AND ADVANCES |
|
|
|
- From Related Parties |
3.838 |
0.000 |
|
- From Others |
0.082 |
0.195 |
|
Total |
4.883 |
1.283 |
OPERATIONS
The Bank accounts of the Company continue to be classified as non performing assets in the books of the member banks of the Consortium. Due to this reason the working capital facilities were non-existent. The directors were hardly aboe to utilise the production facilities at the Gandhidham plant due to lack of working capital but with third party letters of credits could barely achieve 5 % production levels which was don to keep the plant running so as to preserve the value and generate revenue for paying the wages and salaries of the Employees and enough to pay the Electricity bill. The negotiations were carried out through the year with the banks to find a solution to the stalemate situation in which you company find itself.
The directors are hopeful that during the year some solution will be arrived at to make the Working Capital facilities available to the company so as to achieve at least 30 to 40 % production levels and generate revenue to start paying the banks at least a part of the outstanding due to them.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
(i) Guarantees
issued by banks on behalf of the Company |
-- |
331.797 |
|
(ii) Interest
charged on Term Loan and Cash Credit by Syndicate Bank |
134.123 |
-- |
|
(iii) Appeal against
assessment order of Income Tax for AY 06-07 |
On-going appeal,
still not concluded. |
Loss claimed as
per return – Rs.372.451 millions Loss allowed as
per assessment – Rs.156.725 millions. |
|
(iv) Appeal against
assessment order of Income Tax for AY 08-09 |
Loss claimed as
per return – Rs.1732.078 millions Loss allowed as
per assessment – Rs.1553.609 millions |
-- |
|
(v) Interest
expense on NPA loans |
* |
* |
|
(vi) Non
fulfillment of export obligation |
** |
** |
|
Notes: * The Company is
in the process of settling its dues towards loans from Banks. Also as per RBI
guidelines, interest should not be charged on Non Performing Assets by banks,
hence company has not provided for such interest on loan in the books. Since
settlement process is on, hence quantification of Interest liabilities is not
possible. ** The Company
had obtained EPCG and Advance License in previous years for import of machinery
and raw material by paying Import Duty at the rate of 5% under EPCG and Nil
duty under Advance License. In respect of which the Company had a future
export obligation under EPCG of Rs.10441.931 millions i.e. $ 23,57,70,455
over a period of 8 years from September 10, 2004 onwards and Advance License
of Rs.854.299 millions i.e. $ 1,96,04,000 over 3 years starting from May
2006. The Company has fulfilled export obligation of Rs.459.992 millions
under EPCG and Rs.187.034 millions under Advance License. The period for
fulfilling the obligation under Advance License has expired and the company
has filed an application to seek relaxation for the same as it has not yet
been able to fulfill the obligation. However in case on non-renewal of the
Advance License, a liability of Import duty and Interest thereon shall arise,
which the Company shall have to bear. |
||
FIXED ASSETS:
· Leasehold Land
· Furniture and Fixture
· Electrical Equipments
· Computer
· Vehicles
· Office Equipments
· Vehicles
· Electric installation
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.54.06 |
|
|
1 |
Rs.82.15 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
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 |
|
21 |
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.