MIRA INFORM REPORT
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Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MINEX METALLURGICAL COMPANY LIMITED (w.e.f. 17.12.2011) |
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Formerly Known
As : |
MINEX METALLURGICAL COMPANY PRIVATE LIMITED |
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Registered Office : |
301, Rajguru Apartments, 3RD Floor, New |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
31.03.1981 |
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Com. Reg. No.: |
11-024161 |
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Capital Investment / Paid-up Capital : |
Rs. 80.000 millions |
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CIN No.: [Company
Identification No.] |
U28910MH1981PLC024161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22448G /
MUMM22482F |
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PAN No.: [Permanent
Account No.] |
AAACM7315B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Ferrous Aluminium, Aluminium Alloys,
Metal Cored Wires etc. |
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No. of Employees : |
250 (Approximately) |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4300000 |
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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 a well established company having a satisfactory track record.
There appers slight dip in profitability during 2012. However, general financial position is good. The performance
capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long term rating : “A-” |
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Rating Explanation |
Having a adequate degree of safety regarding timely servicing of financial
obligation. It carry low credit risk. |
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Date |
March, 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
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Name : |
Mr. Vijayan |
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Designation : |
Senior Manager |
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Contact No.: |
91-22-28362166 |
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Date : |
26.07.2013 |
LOCATIONS
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Registered/ Head Office : |
301, Rajguru Apartments, 3rd Floor, New |
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Tel. No.: |
91-22-28362166 / 28215703 / 28370349 / 28982020 |
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Mobile No.: |
91-9833745167 (Mr. Murli Mahadevan) |
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Fax No.: |
91-22-28377369 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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D-41/42, MIDC Industrial Area, |
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Tel. No.: |
91-7104-237907/ 234434 |
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Fax No.: |
91-7104-236745 |
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E-Mail : |
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Kalmeshwar – Plant : |
B-401/1, MIDC Industrial Area, Kalmeshwar – 441501, District |
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Tel. No.: |
91-7118-27168/9 |
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Fax No.: |
91-7118-271496 |
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E-Mail : |
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Nimji – Plant : |
68/3, Nimji, Tahsil Kalmeshwar, District |
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Tel. No.: |
91-7118-238304 |
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Fax No.: |
91-7118-238304 |
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E-Mail : |
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Burdwan, |
3/6, Shivaji Durgapur, Burdwan - 713204, West |
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Tel. No.: |
91-343-2572095 |
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Fax No.: |
91-343-2568413 |
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E-Mail : |
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Factory : |
K-6, Butibori Industrial Area, Nagpur - 441112, Maharashtra, India |
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Branch Office : |
Located at · Durgapur · Kolkata · Pune |
DIRECTORS
As on 24.07.2012
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Name : |
Mr. Sukhendu Bikas Misra |
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Designation : |
Chairman and Managing Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, |
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Date of Birth/Age : |
19.06.1946 |
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Date of Appointment : |
31.03.1981 |
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PAN No. : |
AASPM5071D |
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DIN : |
00105418 |
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Name : |
Mr. Anantharaman Mahadevan |
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Designation : |
Director |
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Address : |
A-1, 2nd Floor, New |
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Date of Birth/Age : |
06.03.1947 |
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Date of Appointment : |
30.12.1985 |
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DIN : |
00165226 |
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Name : |
Ms. Rakhi Sukhendu Bikas Misra |
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Designation : |
Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, |
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Date of Birth/Age : |
17.04.1953 |
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Date of Appointment : |
01.04.1996 |
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PAN No. : |
AGVPM7955P |
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DIN : |
00353033 |
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Name : |
Mr. Dilip Keshavlal Patel |
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Designation : |
Director |
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Address : |
15 Neel Shobha, 4th Floor, |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.08.2008 |
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DIN : |
00013150 |
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Name : |
Mr. Mukul Tagore |
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Designation : |
Director |
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Address : |
503, Benhut ‘A’ Lokhandwala complex, |
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Date of Birth/Age : |
03.01.1946 |
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Date of Appointment : |
31.03.1981 |
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DIN : |
00353182 |
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Name : |
Mr. Vaidyanathan Narayan |
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Designation : |
Director |
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Address : |
5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093, |
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Date of Birth/Age : |
24.12.1940 |
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Date of Appointment : |
23.06.1992 |
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DIN : |
00495534 |
KEY EXECUTIVES
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Name : |
Mr. Murali Mahadevan |
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Designation : |
Company Secretary |
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Address : |
H – 003, Shimpoli Niranjan Co-operative Housing Society Limited,
Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, |
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Date of Birth/Age : |
01.10.1963 |
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Date of Appointment : |
01.08.2005 |
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PAN No.: |
ACBPM8585F |
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Name : |
Ms. Shreya Mishra |
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Designation : |
Manager |
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Address : |
301/302, Belscot Tower, Lokhanwala Complex, Andheri (West), Mumbai –
400058, |
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Date of Birth/Age : |
24.07.1976 |
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Date of Appointment : |
01.03.2011 |
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PAN No.: |
AEFPM8004F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.07.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 24.07.2012
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Directors or relatives of Directors |
90.84 |
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Others |
9.16 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ferrous Aluminium, Aluminium Alloys,
Metal Cored Wires etc. |
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Products : |
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Exports : |
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Products : |
·
Ferrous Aluminium ·
Aluminium Alloys ·
Metal Cored Wires |
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Countries : |
·
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Middle East ·
Saudi Arabia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China · Dubai |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
· Canara Bank, Itwari, Nagpur - 440002, Maharashtra, India · Indusind Bank Limited, Nagpur Branch,1 Shriram Shyam Towers, Near Nit Building, Kingsway, Nagpur - 440001, Maharashtra, India · Standard Chartered Bank, 90, M G Road, Fort, Mumbai - 400001, Maharashtra, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · Standard Chartered Bank, Crescenzo, 3a/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · Sicom Limited, Nirmal, 1st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Auditors : |
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Name : |
M . Kalahasthi and Company Chartered Accountants |
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Address : |
601 Laxmi Villa, K A Subramanian Road, Matunga, Mumbai – 400019, Maharashtra, India |
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PAN No. : |
AFNPM8274J |
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Associate : |
Minex Foundation |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- each |
Rs.80.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2012 |
31.03.2011 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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80.000 |
80.000 |
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(b) Reserves & Surplus |
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995.520 |
869.060 |
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(c) Money
received against share warrants |
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0.000 |
0.000 |
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(2) Share Application money pending
allotment |
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0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
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1075.520 |
949.060 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
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139.190 |
44.370 |
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(b) Deferred tax liabilities (Net) |
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35.790 |
32.910 |
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(c) Other long term
liabilities |
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0.000 |
0.000 |
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(d) long-term
provisions |
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0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
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174.980 |
77.280 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
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1014.950 |
898.180 |
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(b) Trade
payables |
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226.090 |
115.420 |
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(c) Other
current liabilities |
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104.740 |
65.480 |
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(d) Short-term
provisions |
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21.240 |
21.640 |
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Total Current
Liabilities (4) |
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1367.020 |
1100.720 |
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TOTAL |
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2617.520 |
2127.060 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
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344.340 |
299.040 |
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(ii)
Intangible Assets |
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0.790 |
0.670 |
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(iii)
Capital work-in-progress |
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82.800 |
43.910 |
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(iv)
Intangible assets under development |
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0.000 |
0.000 |
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(b) Non-current Investments |
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0.010 |
0.010 |
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(c) Deferred tax assets (net) |
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0.000 |
0.000 |
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(d) Long-term Loan and Advances |
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21.720 |
20.420 |
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(e) Other
Non-current assets |
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0.000 |
0.000 |
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Total Non-Current
Assets |
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449.660 |
364.050 |
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(2)
Current assets |
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(a)
Current investments |
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0.000 |
0.000 |
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(b)
Inventories |
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897.700 |
767.360 |
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(c) Trade
receivables |
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845.180 |
625.470 |
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(d) Cash
and cash equivalents |
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188.680 |
195.180 |
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(e)
Short-term loans and advances |
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236.300 |
175.000 |
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(f) Other
current assets |
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0.000 |
0.000 |
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Total
Current Assets |
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2167.860 |
1763.010 |
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TOTAL |
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2617.520 |
2127.060 |
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SOURCES OF FUNDS |
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31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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80.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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723.048 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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803.048 |
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LOAN FUNDS |
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1] Secured Loans |
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388.684 |
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2] Unsecured Loans |
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49.454 |
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TOTAL BORROWING |
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438.138 |
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DEFERRED TAX LIABILITIES |
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31.380 |
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TOTAL |
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1272.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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228.917 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.006 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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427.200
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Sundry Debtors |
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486.841
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Cash & Bank Balances |
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106.607
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Other Current Assets |
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0.000
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Loans & Advances |
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179.432
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Total
Current Assets |
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1200.080
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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109.720
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Other Current Liabilities |
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33.713
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Provisions |
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13.004
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Total
Current Liabilities |
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156.437
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Net Current Assets |
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1043.643
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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1272.566 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
4468.820 |
3234.380 |
2352.664 |
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Other Income |
21.530 |
10.070 |
18.112 |
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TOTAL (A) |
4490.350 |
3244.450 |
2370.776 |
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Less |
EXPENSES |
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Cost of materials consumed |
3677.090 |
2699.690 |
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Employee benefit expense |
111.310 |
85.810 |
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Other expenses |
453.630 |
236.170 |
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Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(76.850) |
(95.290) |
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TOTAL (B) |
4165.180 |
2926.380 |
2150.255 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
325.170 |
318.070 |
220.521 |
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Less |
FINANCIAL
EXPENSES (D) |
74.670 |
39.030 |
27.679 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
250.500 |
279.040 |
192.842 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.610 |
22.800 |
19.369 |
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PROFIT BEFORE
TAX (E-F) (G) |
222.890 |
256.240 |
173.473 |
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Less |
TAX (H) |
72.790 |
86.520 |
57.693 |
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PROFIT AFTER TAX
(G-H) (I) |
150.100 |
169.720 |
115.780 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.420 |
2.010 |
4.953 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
120.000 |
145.000 |
100.000 |
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Dividend |
8.000 |
8.000 |
8.000 |
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Proposed final Dividend |
12.000 |
12.000 |
8.000 |
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Tax on Dividend |
3.250 |
3.310 |
2.719 |
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BALANCE CARRIED
TO THE B/S |
10.270 |
3.420 |
2.014 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
764.020 |
245.230 |
293.865 |
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TOTAL EARNINGS |
764.020 |
245.230 |
293.865 |
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IMPORTS |
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Raw Materials |
1943.650 |
1175.370 |
881.285 |
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TOTAL IMPORTS |
1943.650 |
1175.370 |
881.285 |
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Earnings Per
Share (Rs.) |
18.76 |
21.22 |
14.10 |
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Particulars |
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|
31.03.2013 |
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Sales Turnover (Approximately) |
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4490.000 |
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|
|
The above information has been parted by Mr. Vijayan (Senior Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.34
|
5.23
|
4.88
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.99
|
7.92
|
7.37
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.79
|
12.30
|
12.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.27
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.07
|
0.99
|
0.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.60
|
7.67
|
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 |
Yes |
|
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
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Maturities Of Long-Term Debt |
0.000 |
0.000 |
NA |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10385088 |
05/11/2012 |
315,000,000.00 |
AXIS BANK LTD. |
131, MAKER
TOWERS 'F' 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA,
INDIA |
B61595872 |
|
2 |
10359296 |
29/05/2012 |
300,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B41071838 |
|
3 |
10319187 |
10/10/2011 |
100,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI
- 400051, MAHARASHTRA, INDIA |
B25873274 |
|
4 |
10297090 |
19/07/2011 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B16827123 |
|
5 |
10101387 |
27/09/2011 * |
600,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39, G BLOCK, BAN |
B23184450 |
|
6 |
80048608 |
26/12/2008 * |
900,000,000.00 |
CANARA BANK |
ITWARI, NAGPUR -
440002, MAHARASHTRA, INDIA |
A56565567 |
*Date of Charge Modification
OPERATION AND CHALLENGES
The Company is well poised to seize opportunities available in steel, foundry and aluminum sector on account of its established brand, strong domain expertise, state-of-the-art production facilities, emphasis on product innovation and growth potential in various sectors.
There are challenges in the short term, with the growth of the overall economy moderating, inflation being an overall concern, depreciating rupeeand fluctuation in commodity prices. The global economy in the current scenario is also challenging, with slowdown in Europe and America andSovereign debt crisis looming over various countries in Europe, the overall world demand growth has also moderated.
NEW INITIATIVES
During the year under review, the company continued with expansion and modernization of the facilities in all the 3 plants under operation in the following areas:
a) Hingna: Enhancing and modernising the melting and sizing process
b) Kalmeshwar: Enhancing and modernising cored wire production capacity
c) Nimji: Modernising , re-engineering and relocating of Ferro titanium 30 grade production facility, installation of new furnace for FeTi 70 and installation and commissioning of chips crushing and cleaning facility for titanium alloys
PERFORMANCE HIGHLIGHTS
Despite of challenges in the business environment, the company’s sales during the year were Rs. 5065.58 Million ( Rs. 3662.50 Million) an increase of 38 %, which is the highest value achieved so far.
The Sales Volume Increased to 32,348 MT against previous year’s 28,104 MT registering a growth of 15 %
The Company has shown remarkable growth in exports of 209%.The Exports during the year were Rs. 778.710 Million against previous years Rs. 251.570 Million.
FINANCE AND ACCOUNTS
The Schedule VI of the Companies Act, 1956 has been revised by the Ministry of Corporate Affairs vide its notification dated February 28, 2011. The notification is in force and is applicable for all Balance Sheet and Statement of Profit and Loss to be prepared for the financial year commencing on or after April 1, 2011.Therefore, the previous period figures have been regrouped/re-cast wherever necessary.
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long term
borrowings |
|
|
|
Deferred payment liabilities |
40.220 |
41.790 |
|
Deposits |
3.580 |
2.580 |
|
|
|
|
|
Short term borrowings |
|
|
|
Deferred payment liabilities |
1.560 |
2.230 |
|
Total |
45.360
|
46.600
|
FIXED ASSETS
v Tangible Assets
· Land
· Buildings
· Office Building
· Factory Building
· Other Building
· Plant and Equipment
· Factory Equipments
· Other plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
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.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.