|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPX FLOW TECHNOLOGY (INDIA) PRIVATE LIMITED (w.e.f. 23.03.2010) |
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Formerly Known
As : |
JOHNSON PUMP (INDIA) PRIVATE LIMITED (w.e.f. 30.07.2009) ASSOTEX TRADING AND INVESTMENT PRIVATE LIMITED |
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Registered
Office : |
Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
02.04.1980 |
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Com. Reg. No.: |
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Capital
Investment / Paid-up Capital : |
Rs.4.995 millions |
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CIN No.: [Company Identification
No.] |
U51900GJ1980PTC050281 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMJ00355F |
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PAN No.: [Permanent Account No.] |
AAACS7234B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Engineering Products. |
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No. of Employees
: |
130 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1147000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability
of the company. However, networth of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered for business dealings at usual trade
terms and condition. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
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. Bidhen Kachhi |
|
Designation : |
Account Manager |
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Contact No.: |
91-79-22870311 |
|
Date : |
09.01.2013 |
LOCATIONS
|
Registered Office /Factory : |
Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat,
India |
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Tel. No.: |
91-79-22870311 |
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Fax No.: |
91-79-22810593 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 29.06.2011
|
Name : |
Mrs. Jenny Ng Ee Ee |
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Designation : |
Director |
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Address : |
6, Petir Road, # 19-14, Singapore |
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Date of Birth/Age : |
04.02.1963 |
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Date of Appointment : |
28.06.2010 |
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DIN No.: |
01222461 |
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Other Directorship :
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Name : |
Mr. Jevin Lily |
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Designation : |
Director |
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Name : |
Mr. Rajendra Karandikar |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Mr. Bidhen Kachhi |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
SPX Flow
Technology Sweden AB (formerly known as SPX Process Equipment AB), Sweden |
|
499494 |
|
Johnson
Pump (Australia) Pty. Limited, as nominees of SPX Flow Technology Sweden AB,
Australia |
|
1 |
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SPX Flow Technology
Norderstedt GmBH (formerly known as BRAN+LUEBBE GmbH) as nominees of SPX Flow
Technology Sweden AB, Deutschland |
|
1 |
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Johnson
Pumps of America, Inc. as nominees of SPX Flow Technology Sweden AB, United
States |
|
1 |
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SPX Flow Technology
Orebro AB (formerly known as SPX Johnson Pump Marine AB) as nominees of SPX
Flow Technology Sweden AB, Sweden |
|
1 |
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SPX Flow
Technology Belgium (formerly known as SPX Process Equipment BE NV) as nominees
of SPX Flow Technology Sweden AB, Belgium |
|
1 |
|
SPX Flow
Technology Assert BV (formerly known as SPX Process Equipment NL BV) as
nominees of SPX Flow Technology Sweden AB, Netherlands |
|
1 |
|
Total
|
|
499500 |
Equity Share Break up (Percentage of Total Equity)
As on 29.06.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Engineering Products. |
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Products : |
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Exports : |
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Products : |
Engineering Products |
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Countries : |
·
Pakistan ·
Europe ·
US ·
Bangladesh ·
Srilanka |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Europe ·
US |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS 31.12.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Power Driven Industrial and Process Pumps |
Qty. (in Nos.) |
NA |
15000 |
21755 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
130 (Approximately) |
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Bankers : |
·
Citi Bank, Ahmedabad, Gujarat, India |
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Facilities : |
Note : The working capital loans are secured through first charge by way of
hypothecation of stocks, book debts, receivables, collateral security having
first charge on all moveable assets, including plant and machinery both
present and future and equitable mortgage |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Heritage, 3rd Floor, Nr. Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad 380014, Gujarat, India |
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PAN No.: |
AABFD7919A |
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Holding Company : |
SPX Flow Technology Sweden AB (formerly known as SPX Process Equipment
AB), Sweden |
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Parent Company : |
SPX Corporation, USA |
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Fellow Subsidiary : |
v
SPX Process Equipment Pte Limited,
Singapore v
SPX Process Equipment Pty Limited,
Australia v
SPX Shared Services, Delvan A/P v
SPX Process Equipment Pte Limited,
Korea v
SPX Flow Technology Hongkong
Company Limited v
SPX Corporation (China) Company
Limited v
SPX Flow Technology Assen B.V. v
SPX Flow Technology Belgium NV v
SPX Flow Technology Poland SP.
Z.O.O v
SPX Flow Technology Limited, UK v
SPX (Shanghai) Flow Technology
Company Limited v
SPX Flow Technology Rosista GMBH v
SPX Flow Technology Limited
(Goldsboro) v
SPX Flow Technology (Cops Vulcan)
USA v
SPX Flow Technology Norderstedt
GMBH v
SPX Flow Technology Poland SP.
Z.o.o v
SPX Flow Technology (Cops Vulcan)
UK v
SPX Flow Technology Denmark A/S v
SPX Flow Technology USA v SPX (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
499500 |
Equity Shares |
Rs. 10 each |
Rs.4.995 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.995 |
4.995 |
4.995 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
281.782 |
266.133 |
220.723 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
286.777 |
271.128 |
225.718 |
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LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
3.867 |
16.576 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
3.867 |
16.576 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
286.777 |
274.995 |
242.294 |
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
69.137 |
67.780 |
67.757 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.934 |
6.930 |
6.624 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
191.911
|
114.569
|
93.726 |
|
|
Sundry Debtors |
325.879
|
279.993
|
162.962 |
|
|
Cash & Bank Balances |
7.557
|
17.847
|
21.436 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
18.701
|
5.247
|
8.220 |
|
Total
Current Assets |
544.048
|
417.656
|
286.344 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
267.729
|
153.953
|
69.272 |
|
|
Other Current Liabilities |
59.346
|
44.988
|
27.807 |
|
|
Provisions |
16.267
|
18.430
|
21.352 |
|
Total
Current Liabilities |
343.342
|
217.371
|
118.431 |
|
|
Net Current Assets |
200.706
|
200.285
|
167.913 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
286.777 |
274.995 |
242.294 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
881.322 |
604.395 |
446.360 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
31.625 |
76.613 |
71.608 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.480 |
7.424 |
7.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.145 |
69.189 |
64.298 |
|
|
|
|
|
|
|
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Less |
TAX |
7.496 |
23.780 |
20.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
15.649 |
45.409 |
43.670 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
229.577 |
184.168 |
140.497 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
245.226 |
229.577 |
184.168 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
173.926 |
179.725 |
149.680 |
|
|
|
Other Earnings |
1.464 |
0.084 |
0.599 |
|
|
TOTAL EARNINGS |
175.390 |
179.809 |
150.279 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13.922 |
39.730 |
27.826 |
|
|
|
Stores & Spares |
21.157 |
11.327 |
44.417 |
|
|
|
Capital Goods |
119.311 |
9.964 |
0.000 |
|
|
TOTAL IMPORTS |
154.390 |
61.021 |
72.243 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.33 |
90.09 |
87.43 |
|
|
Particulars |
|
|
31.12.2012 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
1200.000 |
|
|
|
|
|
Expected Sales (2013) : Rs. 1400.000 millions
The above information has been parted by Mr. Bidhen Kachhi (Account
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.63
|
11.45
|
14.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.77
|
14.25
|
18.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.25
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.82
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.92
|
2.42 |
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 |
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 |
Yes |
|
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 |
No |
REVIEW OF
OPERATIONS
The sales turnover
for the year ended on 31st December 2011 has been 881 MINR as
against the previous year turnover of 604 MINR.
During the year
the Company has performed well. Company's sales and services are increased by
46%, however profit after tax is decreased on account of higher bad debts
provision and other overheads as compared to the previous year.
CONTINGENT
LIABILITIES AS ON 31.12.2011:
Contingent
liabilities not provided for in respect of:
Income tax demands which are contested by the
company before higher authorities Rs. 7.125 millions
Sales tax demands which are contested by the
company before higher authorities Rs. 0.777 million
Performance guarantees given by bank on behalf
of the company Rs. 42.145 millions
FIXED ASSETS:
v
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Air Coolers
·
Vehicles
v
Intangible Assets
·
Computer Software
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.54.64 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.