|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAGON SYNTHETICS AND POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
102/2, G.I.D.C. Makarpura Industrial Area, Vadodara – 390010, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.12.1994 |
|
|
|
|
Com. Reg. No.: |
04-023952 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.671 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1994PLC023952 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP01274A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABPC2708E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of HDPE Pipes, Rigid and Soft P.V.C. Pipes
and Fittings. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. The subject is susceptible to unfavorable changes in government
policies, revenue concentration in Gujarat and volatility in input prices. However, trade relations are reported as fair. Business is active.
Payment terms are reported as 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 |
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 |
Long Term Rating: BB- |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
06.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
06.12.2012 |
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 DECLINED BY
|
Name : |
Mr. N. P. Patel |
|
Designation : |
Director |
|
Contact No.: |
91-9925232870 |
|
Date : |
05.01.2013 |
LOCATIONS
|
Registered Office : |
102/2, G.I.D.C. Makarpura Industrial Area, Vadodara – 390010, Gujarat,
India |
|
Tel. No.: |
91-265-2637059/ 2637094/ 5597345 |
|
Mobile No.: |
91-9925232870 (Mr. N. P. Patel) |
|
Fax No.: |
91-265-2637059 |
|
E-Mail : |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Hitendra Purushottam Dudhatra |
|
Designation : |
Managing Director |
|
Address : |
10-B, Ghanshyam Nagar,
2 Behind Gokuldham, Society, Manjalpur, Vadodara, Gujarat, India |
|
Date of Birth/Age : |
15.07.1969 |
|
Date of Appointment : |
23.12.1994 |
|
DIN No.: |
01688274 |
|
|
|
|
Name : |
Mr. Narendra Purshottam Patel |
|
Designation : |
Whole-time Director |
|
Address : |
17 Mangalmurti SO, Manjalpur, Baroda-390011, Gujarat, India |
|
Date of Birth/Age : |
10.12.1966 |
|
Date of Appointment : |
23.12.1994 |
|
DIN No.: |
01710343 |
|
|
|
|
Name : |
Mr. Jayantbhai Ranchhodbhai Ginoya |
|
Designation : |
Whole-time Director |
|
Address : |
10/B
Ghanshyamnagar, Society/2, Near Gokuldham, Society, Manjalpur, Baroda,
Gujarat, India |
|
Date of Birth/Age : |
03.12.1959 |
|
Date of Appointment : |
23.12.1994 |
|
DIN No.: |
01688328 |
|
|
|
|
Name : |
Mrs. Jigisha Narendra Dudhatra |
|
Designation : |
Director |
|
Address : |
17 Mangalmurti SO, Manjalpur, Baroda-390011, Gujarat, India |
|
Date of Birth/Age : |
13.01.1971 |
|
Date of Appointment : |
03.08.2007 |
|
DIN No.: |
01710349 |
|
|
|
|
Name : |
Mrs. Neetaben Hitendra Dudhatra |
|
Designation : |
Director |
|
Address : |
10/B Ghanshyam
Nagar, 2 Behind Gokuldham, Society, Manjalpur Vadodara, Gujarat, India |
|
Date of Birth/Age : |
08.06.1972 |
|
Date of Appointment : |
03.08.2007 |
|
DIN No.: |
01710352 |
|
|
|
|
Name : |
Mr. Smitaben Jayant Ginoya |
|
Designation : |
Director |
|
Address : |
10/B
Ghanshyamnagar, Society/2, Near Gokuldham, Society, Manjalpur, Baroda,
Gujarat, India |
|
Date of Birth/Age : |
03.02.1965 |
|
Date of Appointment : |
23.12.1994 |
|
DIN No.: |
02778617 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Hitendra Purushottam Dudhatra |
|
82500 |
|
Narendra Purshottam Patel |
|
92500 |
|
Jayantbhai Ranchhodbhai Ginoya |
|
61000 |
|
Smitaben Jayant Ginoya |
|
14000 |
|
Purushottam Nathalal Dudhatra |
|
88000 |
|
Jigisha Narendra Dudhatra |
|
30399 |
|
Neetaben Hitendra Dudhatra |
|
33500 |
|
Bhavnaben Jayantilal Katba |
|
9534 |
|
Labhuben Karshanbhai Vora |
|
6000 |
|
Kishorbhai Jerambhai Rupareliya |
|
6000 |
|
Ashobhai Jerambhai Ruparelia |
|
6000 |
|
Jerambhai Chhaganbhai Ruparelia |
|
6000 |
|
Shantaben Jerambhai |
|
6000 |
|
Muktaben Narsinhbhai Dudhatara |
|
6000 |
|
Mohanbhai Bhikhabhai Dudhatra |
|
6000 |
|
Bhanuben Rameshbhai Dudhatara |
|
6000 |
|
Nathabhai Dahyabhai Dudhatara |
|
6000 |
|
Jyotsnaben Manojbhai Vora |
|
6000 |
|
Manojkumar Bhagvanji Vora |
|
6000 |
|
Labhuben Bhagvanjibhai Vora |
|
6000 |
|
Bhagvanjibhai Nathabhai Vora |
|
6000 |
|
Vimlaben Parashottambhai Sakaria |
|
6000 |
|
Diwaliben Gordhandas Raiyani |
|
6000 |
|
Tejas Jayantilal Katba |
|
6000 |
|
Karshanbhai Tapubhai Vora |
|
6000 |
|
Hetalben Bharatbhai Vora |
|
6000 |
|
Shambhubhai Kalabhai Dobaria |
|
6000 |
|
Manjulaben Prakashbhai Dobaria |
|
6000 |
|
Manjulaben Prakashbhai Dobaria |
|
6000 |
|
Arvindbhai Premjibhai Gohil |
|
6100 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
76.00 |
|
Other top fifty shareholders |
|
24.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of HDPE Pipes, Rigid and Soft P.V.C. Pipes
and Fittings. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
· Bank of Baroda SME Branch, 28 GIDC, Makarpura, Vadodara – 390010, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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||||||||||||||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
R P C and Company Chartered Accountant |
|
Address : |
203-204, Race Course Plaza, Near Aayakar Bhavan, Rece Course Ring
Road, Rajkot – 360001, Gujarat, India |
|
Tel No.: |
91-281-6543054/ 2457392 |
|
Fax No.: |
91-281-2497392 |
|
Mobile No.: |
91-9998820487 |
|
PAN No.: |
AESPR6010H |
|
|
|
|
Other Related
Parties : |
· Paragon Plastic Industries · Sprinkwell Irrigation |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
567100 |
Equity Shares |
Rs.10/- each |
Rs.5.671
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 |
5.671 |
4.350 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.214 |
21.706 |
11.549 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.885 |
26.056 |
15.549 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78.454 |
63.212 |
14.597 |
|
|
2] Unsecured Loans |
23.039 |
17.758 |
4.749 |
|
|
TOTAL BORROWING |
101.493 |
80.970 |
19.346 |
|
|
DEFERRED TAX LIABILITIES |
3.235 |
2.328 |
1.075 |
|
|
|
|
|
|
|
|
TOTAL |
149.613 |
109.354 |
35.970 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.609 |
71.092 |
23.361 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.374
|
32.560 |
16.390 |
|
|
Sundry Debtors |
55.527
|
38.565 |
57.192 |
|
|
Cash & Bank Balances |
35.706
|
19.561 |
7.234 |
|
|
Other Current Assets |
2.577
|
1.265 |
0.017 |
|
|
Loans & Advances |
26.689
|
17.855 |
14.392 |
|
Total
Current Assets |
176.873
|
109.806 |
95.225 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
77.809 |
55.439 |
59.269 |
|
|
Other Current Liabilities |
17.432
|
11.406 |
18.780 |
|
|
Provisions |
9.628
|
4.699 |
4.567 |
|
Total
Current Liabilities |
104.869
|
71.544 |
82.616 |
|
|
Net Current Assets |
72.004
|
38.262 |
12.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.613 |
109.354 |
35.970 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
599.848 |
403.200 |
308.840 |
|
|
|
Other Income |
2.948 |
1.333 |
0.811 |
|
|
|
TOTAL (A) |
602.796 |
404.533 |
309.651 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
431.290 |
279.092 |
226.937 |
|
|
|
Changes in Inventories |
(26.659) |
(5.651) |
(4.673) |
|
|
|
Employee Benefit Expenses |
19.553 |
13.717 |
0.000 |
|
|
|
Other Expenses |
139.344 |
92.756 |
76.437 |
|
|
|
TOTAL (B) |
563.528 |
379.914 |
298.701 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.268 |
24.619 |
10.950 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.688 |
5.776 |
1.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.580 |
18.843 |
9.733 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.236 |
5.003 |
2.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.344 |
13.840 |
7.439 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.478 |
4.301 |
2.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.866 |
9.539 |
5.101 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.95 |
23.10 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.47
|
2.36 |
1.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.72
|
3.43 |
2.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
7.65 |
6.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.53 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.60
|
5.85 |
6.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.53 |
1.15 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10202743 |
|
Corporate
identity number of the company |
U17119GJ1994PLC023952 |
|
Name of the
company |
PARAGON
SYNTHETICS AND POLYMERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
102/2, G.I.D.C.
Makarpura, Vadodara – 390010, Gujarat, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
· Bank of Baroda SME Branch, 28 GIDC, Makarpura, Vadodara – 390010, Gujarat, India |
|
Nature of description
of the instrument creating or modifying the charge |
supplemental
composite agreement of hypothecation of goods, book-debts, moveable machinery
and vehicles dated : 06.03.2012 |
|
Date of
instrument Creating the charge |
06/03/2012 |
|
Amount secured by
the charge |
Rs.208.496
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 4.00% Above base
rate i.e.14.75% p.a. present at monthly rests, subject to change from time to
time as per bank guidelines. Terms of
Repayment Term Loan I
(Rs.5.178 Millions) 59 equal monthly installments each of Rs. 133500/- and
last installment of Rs0.124 Million Term Loan II
(Rs.23.318 Millions) 60 equal monthly installments of Rs.0.475 Million Cash Credit (Hypo
stocks and Book Debts) (Rs.80.000 Millions) payable within 12months. Inland or Foreign
Letter of Credit (Rs.10.000 Millions) within 12months. Bank Guarantee
(Rs.90.000 Millions) within 12months. Margin The maintain
Margin of 25% on the stocks, 35% on the book debts And 25% On moveable
Machinery and shall also provide cash
margin of 25% in respect of L/C and 17.5% on Inland Bank Guarantee (Rs.90.000
Millions). Extent and
Operation of the charge The charge shall operate
to secure enhanced outstanding in respect of enhanced credit limits
sanctioned to company together with interest, charges, costs, commission etc
till revoked by the Bank of Baroda, GIDC Makarpura |
|
Short particulars
of the property charged |
Hypothecation of
goods, book-debts, moveable machinery, vehicles, stores & spares |
|
Date of latest
modification prior to the present modification |
24/12/2010 |
|
Particulars of
the present modification |
The Limits have
been enhanced from Rs.110.546 Millions to Rs.208.496 Millions, the new limits
shall continue to cover the company's Moveable’s. |
FIXED ASSETS:
· Computer, Printer and Software
· Electric Fittings
· Factory Shed
· Furniture and Fixtures
· Land
· Motor Car and Vehicle
· Office and Lab Equipments
· Plant and Machinery
· Office Building
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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.