MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH URJA AND METALS LIMITED (w.e.f. 29.06.2010) |
|
|
|
|
Formerly Known
As : |
SHREE VIRANGANA STEELS LIMITED |
|
|
|
|
Registered
Office : |
4, Ground Floor, Raheja Centre, 214, Free Press Journal Marg, Nariman
Point, Mumbai - 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.11.1993 |
|
|
|
|
Com. Reg. No.: |
11-074950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 326.434 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH1993PLC074950 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS01005E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5396N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
|
|
|
|
No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10808000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly-owned subsidiary of Crest Steel and Power Private
Limited. Subject is an established company having a moderate track record. The
external borrowings of the company tends to be increasing momentously during
2012. However, trade relations are reported to be fair. Business is active.
Payments are reported to be 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB = Long term bank facilities |
|
Rating Explanation |
Moderate risk of default |
|
Date |
May 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A 4 = Short term bank facilities |
|
Rating Explanation |
Minimal degree of safety and very high
credit |
|
Date |
May 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 DENIED BY
|
Name : |
Mr. Suresh Rathi |
|
Designation : |
Finance Head |
|
Contact No.: |
91-712-2536118 |
LOCATIONS
|
Registered Office : |
4, Ground Floor, Raheja Centre, 214, Free Press Journal Marg, Nariman
Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22841414 |
|
Fax No.: |
91-22-22840211/22880141 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
308, Ceejay House, |
|
Tel. No.: |
91-22-248120000 |
|
Fax No.: |
91-22-24812122 |
|
E-Mail : |
|
|
|
|
|
Domestic Office: |
126 -128, 1st floor, Shriram Towers, Kingsway, Sadar, Near NIT Office,
Nagpur – 400001, Maharashtra, India |
|
Telefax No. : |
91-712-2527120/2527122 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Mouza Ukkerwadi, Village : Heti, |
|
Tel. No.: |
91-7116-249071/73 |
|
E-Mail : |
DIRECTORS
As on 25.09.2012
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Whole-time director |
|
Address : |
126 -128, 1st floor, |
|
Date of Birth/Age : |
05.05.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
14.03.2006 |
|
DIN No.: |
00044782 |
|
|
|
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Director |
|
Address : |
Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli Seaface,
Worli, Mumbai-400030, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
26.04.2008 |
|
DIN No.: |
00052194 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Director |
|
Address : |
502, Vaitarna Worli Sagar CHS Limited, Sir Pochkhanwala Road, Worli
Seaface, Worli, Mumbai-400030, Maharashtra, India |
|
Date of Appointment : |
07.06.2012 |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Narendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune -
411037, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00164574 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Rathi |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS
As on 25.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Crest Steel and Power Private Limited, |
|
3172663 |
|
Abhay Narendra Lodha |
|
1 |
|
Ashwin Lodha |
|
1 |
|
Sheela Lodha |
|
1 |
|
Mona Lodha |
|
1 |
|
Surendra Lodha |
|
1 |
|
Rajesh Kumar Jain |
|
1 |
|
Total |
|
3172669 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Crest Steel and Power Private Limited, |
|
916667 |
|
Total |
|
916667 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Sponge Iron |
MT |
NA |
60000 |
|
Steel Melting Shop |
MT |
NA |
72000 |
|
Power |
MW |
NA |
30 |
GENERAL INFORMATION
|
No. of Employees : |
1800 (Approximately) |
||||||||||||
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|
||||||||||||
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Bankers : |
|
||||||||||||
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||||||||||||
|
Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59, |
|
PAN No.: |
AADFJ9495M |
|
|
|
|
Holding Company : |
Crest Steel and
Power Private Limited, CIN No.: U27109CT2004PTC016643 |
|
|
|
|
Associates : |
Topworth Steels
and Power Private Limited, CIN No.: U51420MH2004PTC146381 Akshata
Mercantile Private Limited, CIN No.: U51909MH2001PTC133035 Topworth Pipes
and Tubes Private Limited, CIN No.: U29120MH2005PTC157395 Satyarth Steel
and Power Private Limited, CIN No.: U27106CT2002PTC015375 Poscho Steels
Private Limited, CIN No.: U51100MH1999PTC121425 |
CAPITAL STRUCTURE
After 25.09.2012
Authorised Capital: Rs. 485.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 431.567
Millions
As on 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4750000 |
Equity Shares |
Rs. 100/- each |
Rs. 475.000 Millions |
|
1000000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 485.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3172669 |
Equity Shares |
Rs. 100/- each |
Rs. 317.267 Millions |
|
916667 |
Preference Shares |
Rs. 10/- each |
Rs. 9.167 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 326.434
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
326.434 |
175.100 |
|
(b) Reserves & Surplus |
|
2220.590 |
821.212 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
155.000 |
939.300 |
|
Total
Shareholders' Funds (1) + (2) |
|
2702.024 |
1935.612 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
3933.693 |
2303.315 |
|
(b) Deferred tax liabilities (Net) |
|
172.114 |
83.561 |
|
© Other long term liabilities |
|
1194.365 |
671.625 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
liabilities (3) |
|
5300.172 |
3058.501 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
808.966 |
508.217 |
|
(b) Trade payables |
|
4044.050 |
3914.022 |
|
(c) Other current
liabilities |
|
23.619 |
40.406 |
|
(d) Short-term provisions |
|
59.148 |
26.718 |
|
Total Current
liabilities (4) |
|
4935.783 |
4489.363 |
|
|
|
|
|
|
TOTAL |
|
12937.979 |
9483.476 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2575.493 |
2637.232 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
3814.339 |
1455.859 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
€ Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.840 |
1.840 |
|
€ Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-current
assets |
|
6391.672 |
4094.931 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
450.628 |
220.124 |
|
(b) Inventories |
|
1075.341 |
741.030 |
|
(c) Trade receivables |
|
3565.581 |
2883.150 |
|
(d) Cash and cash
equivalents |
|
6.646 |
26.871 |
|
(e) Short-term loans and
advances |
|
1448.111 |
1517.370 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
6546.307 |
5388.545 |
|
|
|
|
|
|
TOTAL |
|
12937.979 |
9483.476 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
175.100 |
|
|
2] Share Application Money |
|
|
257.800 |
|
|
3] Reserves & Surplus |
|
|
765.768 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1198.668 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1923.422 |
|
|
2] Unsecured Loans |
|
|
436.863 |
|
|
TOTAL BORROWING |
|
|
2360.285 |
|
|
DEFERRED TAX LIABILITIES |
|
|
34.046 |
|
|
SALES TAX DEFERRAL |
|
|
103.986 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3696.985 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
395.518 |
|
|
Capital work-in-progress |
|
|
2509.969 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.205 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
367.962
|
|
|
Sundry Debtors |
|
|
2224.229
|
|
|
Cash & Bank Balances |
|
|
354.999
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1034.219
|
|
Total
Current Assets |
|
|
3981.409
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2872.743
|
|
|
Other Current Liabilities |
|
|
311.434
|
|
|
Provisions |
|
|
52.018
|
|
Total
Current Liabilities |
|
|
3236.195
|
|
|
Net Current Assets |
|
|
745.214
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
PRE OPERATIVE |
|
|
46.079 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3696.985 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10443.628 |
6038.386 |
4609.677 |
|
|
|
Other Income |
36.906 |
29.898 |
81.695 |
|
|
|
TOTAL |
10480.534 |
6068.284 |
4691.372 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
9505.177 |
5674.573 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(56.133) |
(149.481) |
|
|
|
|
Employee benefit expense |
40.923 |
25.293 |
|
|
|
|
Other expenses |
190.821 |
99.804 |
|
|
|
|
TOTAL |
9680.788 |
5650.189 |
4417.964 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
799.746 |
418.095 |
273.408 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
374.650 |
201.522 |
107.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
425.096 |
216.573 |
166.369 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
129.734 |
82.805 |
13.621 |
|
|
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE EXCEPTIONAL ITEMS, AND TAX |
295.362 |
133.768 |
152.748 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS BEFORE TAX |
0.000 |
0.113 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
295.362 |
133.655 |
152.748 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
147.653 |
78.210 |
48.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
147.709 |
55.445 |
104.437 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
237.079 |
181.634 |
77.197 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
237.079 |
181.634 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
131.897 |
267.098 |
|
|
|
Components and Spares Parts |
NA |
1.028 |
0.000 |
|
|
|
Capital Goods |
NA |
0.195 |
2.051 |
|
|
|
Trading activities |
NA |
194.643 |
2.051 |
|
|
TOTAL IMPORTS |
NA |
327.763 |
271.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.56 |
31.66 |
59.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.41
|
0.91 |
2.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.83
|
2.21 |
3.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.24
|
1.66 |
3.49
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.07 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.76
|
1.45 |
1.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.20 |
1.23
|
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 |
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
681.742 |
395.849 |
|
Other loans and advances |
127.224 |
112.368 |
|
Total |
808.966 |
508.217 |
REVIEW OF
OPERATIONS:
During the year,
the Company’s Net Income from operations stood at Rs. 10443.628 Millions as
compared to Rs. 6038.385 Millions in the previous year. Profit before finance cost
and taxation for the year under review stood at Rs. 670.012 Millions against
Rs. 335.178 Millions in the previous year. Profit after Tax increased from Rs.
55.444 Millions in previous year to Rs. 147.709 Millions in the year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U27109MH1993PLC074950 |
|
Name of the company |
TOPWORTH URJA AND METALS LIMITED |
|
Address of the registered office or of the principal place of business in |
4, Ground Floor, Raheja Centre, 214, Free Press Journal Marg, Nariman
Point, Mumbai - 400021, Maharashtra, India Email ID : secretarial@topworthgroup.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211,
Nariman Point, Mumbai – 400021, Maharashra, India Email ID: emailroc@rediffmail.com |
|
Nature of instrument creating charge |
Agreement of hypothecation of assets |
|
Date of instrument Creating the charge |
24.05.2013 |
|
Amount secured by the charge |
Rs. 100.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
Interest rate or such other rates as agreed between the Borrower
company and the Bank from time to time. Penal interest in addition in case of
default. Terms of
Repayment Repayment, as agreed between the Borrower company and the Bank from
time to time. Margin Margin, as agreed between the Borrower company and the Bank from time
to time. Extent and
Operation of the charge At the request of the Borrower company, the Bank has sanctioned Adhoc
Letter of Credit (Inland/Foreign) of Rs. 100.000 Millions, secured against
Documents of Title to goods in case of L/C on DP Basis. Hypothecation Charge
over the goods in case of L/C on DA Basis. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
i)
Documents of Title to goods in case of L/C on DP
Basis. ii)
Hypothecation Charge over the goods in case of
L/C on DA Basis. |
FIXED ASSETS:
- Land
- Building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVD |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.