MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

DEEPAK NOVOCHEM TECHNOLOGIES LIMITED (w.e.f. 07.09.2007)

 

 

Formerly Known As :

DEEPAK NOVOCHEM TECHNOLOGIES PRIVATE LIMITED

 

 

Registered Office :

305-307, 3rd Floor, City Point, 17, Boat Club Road, Survey No.17, Pune – 411 001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

31.03.2007

 

 

Com. Reg. No.:

11-138999 (New)

11-169468 (Old)

 

 

Capital Investment / Paid-up Capital :

Rs.50.000 millions

 

 

CIN No.:

[Company Identification No.]

U24100PN2007PLC138999 (New)

U24100MH2007PLC169468 (Old)

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD15203G

 

 

PAN No.:

[Permanent Account No.]

AACCD5796K

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Organic and Speciality Chemicals.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 989000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. There appears some dip in the turnover. The company has also incurred a loss during current year.

 

However, trade relations are reported as 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.

 

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

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

CARE

Rating

Long Term Bank Facilities: BBB- (Revised from BBB+)

Rating Explanation

Moderate degree of safety it carry moderate credit risk.

Date

April 1, 2012

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities: A3 (Revised from A2+)

Rating Explanation

Moderate degree of safety it carry higher credit risk.

Date

April 1, 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.

 

LOCATIONS

 

Registered Office/ Corporate Office :

305-307, 3rd Floor, City Point, 17, Boat Club Road, Survey No.17, Pune – 411 001, Maharashtra, India

Tel. No.:

91-20-66090200 (Board)

91-20-66090243, 66090242, 66090241 (For Sales and Marketing) 

91-20-66090251, 66090252 (Purchase) 

Fax No.:

91-20-66090290

E-Mail :

sofotel@yahool.com

kkhilari@dntl.co.in

dcmehta@deepakgroup.com

sales@dntl.co.in

Website :

http://dntl.co.in

 

 

Factory  :

Plot No. D/27/3/1-MIDC, Lote Parshuram Industrial Area, Taluka Khed, District Ratnagiri – 415 722, Maharashtra, India

Tel. No.:

91-2356-272474/ 273093

Fax No.:

91-2356-272474/ 273093

 

 

DIRECTORS

 

As on 22.09.2012

 

Name :

Mr. Chimanlal Khimchand Mehta

Designation :

Director

Address :

Kejriwal House, 7, N. Gamadia Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

06.04.1932

Date of Appointment :

31.03.2007

DIN No.:

00028289

 

 

Name :

Mr. Deepak Chimanalal Mehta

Designation :

Director

Address :

Kejriwal House, 7, N. Gamadia Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

12.12.1956

Date of Appointment :

31.03.2007

DIN No.:

00028377

PAN No.:

AAHPM6688F

 

 

Name :

Ms. Ila Deepak Mehta

Designation :

Director

Address :

Kejriwal House, 7, N. Gamadia Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

21.12.1958

Date of Appointment :

15.09.2008

DIN No.:

00230412

PAN No.:

AAFPM0621C

 

 

Name :

Mr. Anand Bindumadhav Hunoor

Designation :

Director

Address :

B-3, Omduttaprakash CHS, Sant Namdeo Path, Lane No.2, Dombivali (East), Thane – 421 201, Maharashtra, India

Date of Birth/Age :

25.06.1963

Date of Appointment :

15.09.2008

DIN No.:

01884553

PAN No.:

ABHPH2903B

 

 

Name :

Mr. Shripad Prabhakar Gumaste

Designation :

Director

Address :

26, Sant Sopandeo Society, Santnagar, Pune – 411 009, Maharashtra, India

Date of Birth/Age :

24.04.1965

Date of Appointment :

15.09.2008

DIN No.:

01776483

 

 

Name :

Mr. Sanjay Bakulchandra Upadhyay

Designation :

Director

Address :

A-3, 403, Acolade, Hadapsar Chandan Nagar, Bypass, Kharadi, Pune – 411 014, Maharashtra, India

Date of Birth/Age :

20.07.1961

Date of Appointment :

15.09.2008

DIN No.:

01776546

 

 

KEY EXECUTIVES

 

Name :

Kailas Walmikrao Khilari

Designation :

Secretary

Address :

Flay\t No.7, Lane No.13B, Tingre Nagar, Pune – 411 038, Maharashtra, India

Date of Birth/Age :

21.07.1980

Date of Appointment :

23.08.2012

PAN No.:

BNLPK0890B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 22.09.2012

 

Names of Shareholders

 

 

No. of Shares

Deepak Chimanalal Mehta

 

2415000

Chimanlal Khimchand Mehta

 

5000

 Ila Deepak Mehta

 

2260000

Maulik Deepak Mehta

 

10000

Meghav Deepak Mehta

 

9800

Rohit Prabhudas Shah

 

100

Deepak Amratlal Desai

 

100

Chimanlal K. Mehta

Kantaben C. Mehta

 

100000

Shripad P. Gumaste

Anupama S. Gumaste

 

100000

Anand B. Hunoor

 

100000

Total

 

5000000

 

As on 22.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Organic and Speciality Chemicals.

 

 

Products :

Product Description

 

Items Code (ITC Code)

Ortho Cresol

29071290

Tetra Methyl Bisphenol F

29072990

2,6 XYLIDINE (2,6 Dimethyl Anilines)

29214910

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Installed Capacity (On Triple Shift basis)

 

(As certified by the management and relied by the Auditors being a technical matter)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Composite Capacity

MT

4500

7470

5502

 

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Corporation Bank, Industrial Finance Branch, 14, Mumbai Pune Road, Wakdewadi, Pune – 411 003, Maharashtra, India
  • Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Complex, Cuffee Parade, Mumbai – 400 005, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

(Immovable Property of the Company)

(Term loans are secured by first pari passu charge by way of mortgage of immovable properties of the company, both present and future and hypothecation of movable assets of the company and also by second pari passsu charge over current assets of the company. b. Repayment schedule) Rate of interest for term loans are based on LTMLR (Exim Bank's Long Term Minimum Lending Rate) plus agreed spread. ii) Term Loans are repayable in equal half-yearly installments as follows; - first Term loan of Rs. 1000.00 Lacs is repayable at half yearly installments of Rs.141.50 Lacs with the last installment payable in October 2012. - second Term loan of Rs.1000.00 Lacs is repayable at half yearly installments of Rs.125.00 Lacs with the last installment payable in October 2015.)

58.800

85.500

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

(a. Cash Credit from banks are secured by a prior charge over company's stock of Raw Materials, Semi-Finished and Finished Goods, Consumable stores and Book Debts and by second charge on all Fixed Assets by way of hypothecation and mortgage. b. Cash credit is repayable on demand.)

112.793

131.447

Total

171.593

216.947

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.K. Khare and Company

Chartered Accountants

Address :

708, Sharda Chanbers, New Marine Lines, Mumbai – 400 020, Maharashtra, India

Tel. No.:

91-22-2200607/ 7318/ 6360

Fax No.:

91-22-22003476

E-Mail :

info@bkkkareco.com

PAN No.:

AAAFB0265E

 

 

Associates Companies :
  • Blue Shell Investments Private Limited
  • Checkpoint Credits and Capital Private Limited
  • Deepak Nitrite Limited
  • Deepak Fertilisers and Petrochemicals Corporation Limited
  • Deepak Medical Foundation
  • Deepak Asset Reconstruction Private Limited
  • Deepak Research and Development Foundation
  • Forex Leafin Private Limited
  • Grey Point Investments Private Limited
  • Hardik Leafin Private Limited
  • Pranava Leafin Private Limited
  • Skysore Finvest Private Limited
  • Sofotel Infra Private Limited
  • Stepup Credits and Capital Private Limited
  • Storewell Credits and Capital Private Limited
  • Stiffen Credits and Capital Private Limited
  • Stigma Credits and Capital Private Limited
  • Sundown Finvest Private Limited
  • The Lakaki Works Private Limited
  • Kawant Development Corporation
  • Deepak Clean Tech. Limited

 

 

CAPITAL STRUCTURE

 

As on 22.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Share

Rs.10/- each

Rs.50.000 millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Share

Rs.10/- each

Rs.50.000 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

50.000

50.000

50.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

197.152

226.172

189.144

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

247.152

276.172

239.144

LOAN FUNDS

 

 

 

1] Secured Loans

171.593

216.947

122.774

2] Unsecured Loans

103.062

0.040

0.000

TOTAL BORROWING

274.655

216.987

122.774

DEFERRED TAX LIABILITIES

10.060

28.422

18.496

 

 

 

 

TOTAL

531.867

521.581

380.414

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

307.859

287.556

196.988

Capital work-in-progress

24.967

17.420

10.074

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
217.258

162.462
121.052

 

Sundry Debtors
103.108

82.052
83.993

 

Cash & Bank Balances
6.819

42.653
2.070

 

Other Current Assets
17.551

19.397
0.000

 

Loans & Advances
66.230

55.657
64.402

Total Current Assets
410.966

362.221

271.517

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

100.149

65.126
82.703

 

Other Current Liabilities
109.871

67.152
14.144

 

Provisions
1.905

13.338
1.318

Total Current Liabilities
211.925

145.616

98.165

Net Current Assets
199.041

216.605
173.352

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

531.867

521.581

380.414

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from operations

897.434

997.494

886.811

 

 

Other Income

1.858

0.695

15.007

 

 

TOTAL                                    

899.292

998.189

901.818

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

597.488

631.742

386.520

 

 

Changes in inventories of finished goods, work-in-progress and

stock-in-trade

(50.488)

(23.579)

15.659

 

 

Employee benefit expense

56.770

46.956

36.406

 

 

Other expenses

290.679

237.058

199.920

 

 

TOTAL                                    

894.449

892.177

638.505

 

 

 

 

 

Less

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

4.843

106.012

263.313

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

39.898

20.796

21.725

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(35.055)

85.216

241.588

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

17.204

14.189

9.898

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

(52.259)

71.027

231.690

 

 

 

 

 

Less

TAX                                                                  (H)

(23.238)

22.376

79.120

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(29.021)

48.651

152.570

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

185.872

161.344

82.571

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

12.500

15.300

 

 

Proposed Dividend

0.000

10.000

0.000

 

 

Interim Dividend Paid

0.000

0.000

50.000

 

 

Dividend Distribution Tax

0.000

1.623

8.497

 

BALANCE CARRIED TO THE B/S

156.851

185.872

161.344

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

271.673

234.837

152.674

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(5.80)

9.73

30.51

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

(3.23)

4.87
16.92

 

 

 

 
 

Net Profit Margin

(PBT/Sales)

(%)

(5.81)

7.12
26.13

 

 

 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)

(7.27)

10.93
49.45

 

 

 

 
 

Return on Investment (ROI)

(PBT/Networth)

 

(0.21)

0.26
0.97

 

 

 

 
 

Debt Equity Ratio

(Total Debt/Networth)

 

1.11

0.79
0.51

 

 

 

 
 

Current Ratio

(Current Asset/Current Liability)

 

1.94

2.49
2.77

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

No

9) Name of person contacted

No

10) Designation of contact person

No

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

Yes

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

Yes

 

 


Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

(Short term loans from bank represent Buyers' credit and Packing Credit. This line of credit is generally due within 180 days.)

103.062

0.040

Total

103.062

0.040

 

Note:

The registered office of the company has been shifted from Deepak Complex, National Games Road, Opposite Golf Course, Yerwada, Pune – 411 006, Maharashtra to the present address w.e.f. 16.07.2012.

 

REGISTERED OFFICE:

 

The Members of the Company had at the Extra Ordinary General Meeting held on 8th October, 2010, approved the shifting of registered office of the Company from Mumbai to Pune in the state of Maharashtra, subject to the approval of Regional Director. Accordingly, on the confirmation of the Regional Director, Western Region, Mumbai, the registered office of the Company has been sifted to Deepak Complex, National Games Road, Pune 411 006 with effect from 20th January, 2011.

 

REVIEW OF THE YEAR:

 

During the financial year ended March 31, 2012, the Company has achieved revenue of Rs.899.292 millions as compared to Rs.998.189 millions in the previous year. The earning before Interest, Tax, Depreciation and Amortization was on the lower side at Rs.0.204 million as compared to Rs.102.453 millions in the previous year. Due to abnormal market conditions and consequent drop in sales, the Company has incurred loss of Rs.29.021 millions during the year as compared to the profit of Rs.48.651 millions in the previous year.

 

Besides decrease in sales during the financial year 2011-12, cost of operations has also gone up substantially on account of abnormal increase in fuel cost and other operating expenses. As a result the company has incurred the operating loss of Rs.52.259 millions during the financial year 2011-12.

 

The Directors, having analyzed the reasons for these losses and have taken number of corrective steps for improving top line and reduction of operating expenses and are confident that the Company will turn around during the coming year.

 

CONTINGENT LIABILITY: (AS ON 31.03.2012)

 

·         Bank Guarantee issued by Corporation Bank for security favouring to Sales Tax Dept. and MPCB, Kolhapur. Rs.5.176 millions.

 

·         Capital commitments on account of capital project Rs.9.354 millions

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U24100PN2007PLC138999

Name of the company

DEEPAK NOVOCHEM TECHNOLOGIES LIMITED

Address of the registered office or of the principal place of  business in India of the company

305-307, 3rd Floor, City Point, 17, Boat Club Road, Survey No.17, Pune – 411 001, Maharashtra, India

E-Mail: kkhilari@dntl.co.in

This form is for

Modification of charge

Charge identification number of the modified 

10081332

Type of charge

Book Debts

Movable Property (not being pledge)

Particular of charge holder

Corporation Bank, Industrial Finance Branch, 14, Mumbai Pune Road, Wakdewadi, Pune – 411 003, Maharashtra, India

E-Mail: cb502@corpbnak.co.in

Nature of description of the instrument creating or modifying the charge

Second Supplemental Common Deed of Hypothecation of Movable /Assets / Book Debts.

Date of instrument Creating the charge

13.02.2013

Amount secured by the charge

Rs.200.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Cash Credit: 14.85% p.a. i.e. 4.60% above the Corporation Bank Base Rate which is 10.25% p.a. as at present,

Import/Inland LC: At their prescribed rates.

 

Terms of Repayment:

As per Sanction Letter.

 

Margin:

As per Sanction Letter.

 

Extent and Operation of the charge:

First charge by way of Hypothecation of inventory comprising of stock of RM, WIP, FG, stores and spares and book debts/receivables, Second charge on P&M and other movable assets already procured / to be procured for the unit situated at Plot No. D/27/3/1 MIDC Lote Parshuram Industrial Area, Lote, Taluka Khed, District Ratnagiri and / or at any other place/s to be informed by the company to the bank from time to time.

 

Others:

 

Total Credit Facilities: Rs.200.000 millions as under.

 

             (Rs. in millions)

Nature of Facility               

Existing  

Revised

Cash Credit                   

200.000

150.000

Import/Inland LC          

50.000

50.000

Total  

250.000

200.000

 

Ref Credit sanction intimation ref CO/MUM/CLCC/142/2012-13 dated 24.01.2013.

Short particulars of the property charged

First charge by way of Hypothecation of inventory comprising of stock of RM, WIP, FG, stores and spares and book debts / receivables, Second charge on P&M and other movable assets already procured to be procured for the unit situated at Plot No. D/27/3/1 MIDC Lote Parshuram Industrial Area, Chiplun, Taluka Khed, District Ratnagiri and / or at any other place/s to be informed by the company to the bank from time to time.

Date of latest modification prior to the present modification

04.08.2010

Particulars of the present modification 

By Present Modification the Credit Facilities has been renewed / revised from Rs.250.000 millions to Rs.200.000 millions against the Hypothecation of inventory comprising of stock of RM, WIP, FG, stores and spares and book debts / receivables, Second charge on P&M and other movable assets already procured / to be procured for the unit situated at Plot No. D/27/3/1 MIDC Lote Parshuram Industrial Area, Chiplun, Taluka Khed, District Ratnagiri.

 

FIXED ASSETS:

 

·         Land

·         Office Buildings

·         Factory Building

·         Other Building

·         Plant and Machinery

·         Bridges Roads Ports Culverts

·         Office Equipments

·         Furniture and Fixture

·         Computer System

·         Vehicles

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

3

--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

 

36

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.