MIRA INFORM REPORT

 

 

Report Date :

18.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SUNDEK INDIA LIMITED

 

 

Formerly Known As :

SUNRAYS LAMINATES PRIVATE LIMITED 

 

 

Registered Office :

204, Lalita Complex Rasala Marg, Navrangpura, Ahmedabad-380009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

02.03.1983

 

 

Com. Reg. No.:

04-005945

 

 

Capital Investment / Paid-up Capital :

Rs. 20.001 millions

 

 

CIN No.:

[Company Identification No.]

U20299GJ1983PLC005945

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Dealer in all Kinds of Laminates Sheets and Articles.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 580000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having a moderate track record.

 

Even though the company has recorded some growth in its turnover during 2012, the profitability appears to be low.

 

However, trade relations are reported as fair. Business is Active. Payments terms are slow.

 

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

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad - 380 009. Gujarat, India

Tel. No.:

+91-79-26426840/49

Fax No.:

+91-79-26426477

E-Mail :

mail@sundekintl.com

sundekad1@sancharnet.in

 

 

Factory :

1421, village Rajpur, Kalol- Mehsana Highway, North Gujarat, Inida

Tel. No.:

91-2764-278562/3/4

Fax No.:

91-2764-278561

 

 

Network:

·         Agra

·         Ahmedabad

·         Bangalore

·         Chandigarh

·         Chennai

·         Delhi

·         Goa

·         Hissar

·         Hyderabad

·         Indore

·         Jaipur

·         Kochi

·         Kolkata

·         Lucknow

·         Ludhiana

·         Mumbai

·         Nagpur

·         Nasik

·         Pune

·         Raipur

·         Srinagar

·         Vijaywada

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. NItinkumar Maneklal Patel

Designation :

Director

Address :

Divyajyot, Swastik Society,Navrangpura, Ahmedabad-380009 Gujarat, India

Date of Birth/Age :

20.09.1957

Date of Appointment :

30.09.2010

DIN No.:

00457516

 

 

Name :

Mr. Shashikant Sitaram Gupta

Designation :

Managing Director

Address :

08.11.1961

Date of Birth/Age :

31, Indraprastha, Bunglows, Opposite Management Enclave, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Appointment :

15.10.1985

DIN No.:

00008798

 

 

Name :

Mr. Krishnakumar Bansidhar Shah

Designation :

Whole Time Director

Address :

C-3/23, Goyal Intercity, Drive-in Road, Thaltej, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

08.02.1945

Date of Appointment :

03.02.1987

DIN No.:

00011671

 

 

Name :

Mr. Kantibhai Hirabhai Patel

Designation :

Director

Address :

26, Mahasukhnagar, CHSL-2, 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

03.09.1946

Date of Appointment :

01.06.2010

DIN No.:

02325787

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

No. of Shares

Gupta S. Sunil

5250

Gupta P. Pramila

6570

Gupta S. Sangita

3750

Gupta S. Prahlad

450

Gupta S. Shashikant

17250

Gupta S. Rupal

6000

Gupta S. Alka

12880

Gupta L. Prahlad

450

Gupta S. Sunil

750

Parikh N. Devalben

4500

Parikh N. Niravbhai

7500

Parikh N. Payalben

3000

Parikh N. Ashaben

6000

Parikh S. Nitinbhai

6000

Gupta R. Rupali

21450

Parikh N. Viral

3000

Gupta S. Manjudevi

500

Gupta S. Meenadevi

500

Agarwal Satyanarayan

500

Agarawal S. Munidevi

500

Agarwal Ramkrishna

1500

Agarwal Bimladevi

1000

Agarawal Satyanarayan

500

Shah Vinit

600

Shah Girish

900

Gupta S. Shardadevi

3000

Krishnakumar Shah, Girish K. Shah, Vinit K. Shah, Trustees on Behalf of Usha Shah Family will Trust

4500

Shahikant Gupta

40600

Alka S. Gupta

19370

Shahikant S. Gupta

21240

Total

200010

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2012

 

Category

Percentage

Directors or relatives of Directors

78.77

Other top fifty shareholders

21.23

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Dealer in all Kinds of Laminates Sheets and Articles.

 

 

Products :

Item Code No.

Product Description

392640.02

Decorative Laminates

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Bank of Baroda, Usmanpura Branch, Ashram Road, Ahmedabad-380013, Gujarat, India

 

HDFC Bank

 

 

Facilities :

Secured loans

31.03.2012

Rs in million

31.03.2011

Rs in million

Term Loans from Bank of Baroda

22.785

20.785

Car Loans From Banks

0.203

0.337

Working capital facilities repayable on demand

Cash Credit

(Secured by Hypothecation of Existing and Future Movable Machineries and further secured by extention of charge of Hypothecation of stock and book-debts)

75.394

57.873

                     Total

98.382

78.995

 

Note :

 

Nature of Security

Original

Amount of Borrowing Rs.

Tenure at Inception (in months)

Terms of Repayment

Repayment

Schedule Installment Rs.

Prevailing Interest Rate per Annum

a) Term loans

 

 

 

 

 

From Bank of Baroda

40100000

60

Monthly

833333

14.75%

Term Loans are secured by hypothecation of specific

24000000

36

Monthly

666666

14.75%

Plant & Machineries against

 

 

 

 

 

which Loans have been taken

 

 

 

 

 

b) Car Loans

 

 

 

 

 

Bank of Baroda

1141300

36

Monthly

32607

12.50%

HDFC Bank

590000

48

Monthly

14700

9.25%

 

 

 

Auditors :

 

Name :

Mr Naushir M Marfatia and Company

Chartered Accountant

Address :

1, B. First Floor, Jadav Chambers, Ashram Road, Ahmedabad-380009, Gujarat, India

Tel. No.:

91-79-27546269

Fax No.:

91-79-27546667

E-Mail:

Nmmarfatia108@yahoo.co.in

PAN No.:

AAEFN5051G

 

 

CAPITAL STRUCTURE

 

As on: 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs 100/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200010

Issued Shares

Rs 100/- each

Rs. 20.001 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

20.001

20.001

20.001

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

125.782

124.871

135.647

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

145.783

144.872

155.648

LOAN FUNDS

 

 

 

1] Secured Loans

98.382

78.995

65.798

2] Unsecured Loans

24.903

27.507

0.437

TOTAL BORROWING

123.285

106.502

66.235

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

269.068

251.374

221.883

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

46.297

55.539

138.432

Capital work-in-progress

95.047

82.890

0.000

 

 

 

 

INVESTMENT

0.001

0.000

0.072

DEFERRED TAX ASSETS

7.063

7.169

1.987

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
174.943

168.252

142.975

 

Sundry Debtors
23.290

42.968

78.583

 

Cash & Bank Balances
51.262

21.621

11.235

 

Other Current Assets
10.427

20.354

0.000

 

Loans & Advances
10.585

10.376

20.581

Total Current Assets
270.507

263.570

253.374

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
34.943

38.452

34.843

 

Other Current Liabilities
110.656

115.522

123.085

 

Provisions
4.248

3.820

14.683

Total Current Liabilities
149.847

157.794

172.611

Net Current Assets
120.660

105.776

80.763

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.629

 

 

 

 

TOTAL

269.068

251.374

221.883

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

399.545

375.279

393.029

 

 

Other Income

1.887

1.998

7.893

 

 

TOTAL                                     (A)

401.432

377.277

400.922

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Material Consumed

295.818

304.806

 

 

 

Purchase of Stock-in-Trade

0.00

0.291

 

 

 

Employee Benefits Expenses

23.945

20.365

369.172

 

 

Other Expenses

69.042

58.958

 

 

 

Changes in inventories of Finished goods and Work-in-progress

(7.190)

(11.245)

 

 

 

TOTAL                                     (B)

381.615

373.175

369.172

 

 

 

 

 

Less

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

19.817

4.102

31.750

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

5.296

2.968

0.000

 

 

 

 

 

 

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

14.521

1.134

31.750

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

13.103

16.954

14.724

 

 

 

 

 

 

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

1.418

(15.820)

17.026

 

 

 

 

 

Less

TAX                                                                  (H)

0.506

(5.044)

5.037

 

 

 

 

 

 

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

0.912

(10.776)

11.989

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

118.008

128.784

116.795

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

118.920

118.008

128.784

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods on F.O.B. Basis

23.688

21.262

18.583

 

TOTAL EARNINGS

23.688

21.262

18.583

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Paper

56.141

46.481

41.242

 

 

Phenol

0.000

1.676

3.489

 

 

Melamine

3.286

4.729

1.179

 

 

BOPP

0.000

0.589

0.000

 

TOTAL IMPORTS

59.427

53.475

45.910

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

4.56

(53.88)

59.94

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.23

(2.86)

2.99

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.35

(4.22)

4.33

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.45

(4.96)

4.35

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.01

(0.11)

0.11

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.85

0.74

0.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.81

1.67

1.47

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

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

No

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

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

---

26]

Buyer visit details

---

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

No

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 715 of 2010

Status: PENDING                                (Converted from: ST/748/2010)                 CCIN No:001092201000715

 

Last Listing Date: 18/07/2011

 

Coram: HONOURABLE MR. JUSTICE AKIL KURESHI

 

            HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISIONER OF INCOME TAX - IV

MS PAURAMI B SHETH for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

SUNDEK INDIA LTD

RULE SERVED for :Opponent(s) 1

 

Presented On             : 04/03/2010                                           Registered On              : 04/03/2010

Bench Category         : DIVISION BENCH                                   District                         : AHMEDABAD

Case Originated From: THROUGH ADVOCATE                          Listed                           : 1 times

Stage Name                : FOR REGULAR ADMISSION (SPL.)

                                                            

Act     - INCOME – TAX ACT, 1961                                             

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

04/03/2010

MEMO OF APPEAL/ PETITION/ SUIT

MRS. MAUNA BHATT ADVOCATE for PETITIONER (s)  1

20

-

2

18/03/2010

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER (s)  1

6

-

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

18.07.2011

10

-

FOR REGULAR ADMISSION (SPL.)

FIXED RULE / ADMIT

HONOURABLE MR. JUSTICE AKIL KURESHI

 

HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S.No.

Case Details

Judge Name

Order Date

CAV

Judgement

View

Download

1

TAX APPEAL/715/2010

·         HONOURABLE MR.JUSTICE AKIL KURESHI

 

·         HONOURABLE MS.JUSTICE SONIA GOKANI

18/07/2011

N

N

View

Download

Certified Copy

S.No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature of Document

1

MRS MAUNA M BHATT

ORDINARY

19/07/2011

O/25200/2011

18/07/2011

21/07/2011

22/07/2011

Delivered

-

 

 

PERFORMANCE

 

During the year the Turnover and other Income was Rs 439.738 millions compared to Rs.411.216 Millions in the Previous Year. Exports have registered at Rs. 23.688 Millions as compared to Rs. 21.262 Millions in the previous year. The total expenditure incurred is Rs.400.014 Millions compared to Rs. 424.864 Millions in the corresponding year 2010-11 resulting in to Gross Profit before depreciation and taxation of Rs. 14.522 Millions compared to Rs.1.254 Millions .Net profit after depreciation and taxation registered at Rs.0.912 Millions compared to Net loss of Rs.10.776 Millions during the previous financial year.

 

The performance of the Company compared to previous year is quite satisfactory when viewed against the backdrop of the challenging business context in which this was achieved namely, the steep increase in cost of various raw materials and stiff competition.

 

Exports recorded a growth as compared to previous year. The overall performance of the Company as compared to previous year amid adverse economic scenario vindicates the effectiveness of the abilities and prudency of Company's management in better exploitation of business opportunities and streamlining the operation.

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

Rs in million

31.03.2011

Rs in million

Loans from a Director

24.466

27.070

Others

0.437

0.437

Total

24.903

27.507

 

 

CONTINGENT LIABILITIES: AS ON 31.03.2012

 

(a)     Counter guarantees executed against guarantees issued by bank for Rs. NIL

 

(b)     Letters of Credit outstanding Rs. 10.749 millions.

 

(c)     Income tax, Sales tax and Excise Duty liability that may arise on final assessment of pending assessments.

 

(d)     Capital Commitments not provided for Rs.1.958 millions against which advances of Rs.0.590 millions have been given.

 

(e)     A suppliers claim of Rs.0.206 million against the Company before the City Civil Court as the Company is contesting/defending the same. The Company has deposited adhoc Rs.0.030 million as per the order of the Court.

 

(f)       Jt. Director General of Foreign Trade has, vide order No. 08/91/AM01/ECA dated 23.06.2011 imposed penalty as under:

 

(a)     Penalty of Rs 0.050 million for non submission of the prescribed documents in time for export obligation.

 

(b)     Penalty of Rs. 16.155 millions for non-fulfillment of 100% export obligation against an EPC6 Licence for import of capital goods within 8 years from the date of issue of Licence, which was issued on 25.02.2002

The Company has however, filed an appeal against the said order before the Additional Director General of Foreign Trade, New Delhi.

The Additional Director General of Foreign Trade, New Delhi has, by its order F. No. 11/277/2011-12/ECA. 1/3729 dated 21.02.2012 set-aside the Order in Original No. 08/91/AMO1/ECA dated 23.06.11 and remanded back the case to Adjudicating Authority for de novo proceedings which was pending as on 31.03.2012.

 

The matter is in progress with the Director General of Foreign Trade, Ahmedabad for finalization of the proceedings.

 

 

FIXED ASSETS

 

·         Land- Freehold

·         Buildings

·         Factory Temple

·         Office Building

·         Plant and Machinery

·         Electric Installation

·         SS Press Moulds

·         Computer

·         Furniture and Fittings

·         Furniture Temple House

·         Laboratory Equipments

·         Loose Tools

·         Office Premises (Goa)

 

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 :

MRI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

YES

--EPF

YES/NO

YES

TOTAL

 

34

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

 

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.