MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FIRST FORGE LIMITED (w.e.f. 05.06.2012) |
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|
|
|
Formerly Known
As : |
NEEPAZ V FORGE (INDIA) LIMITED (w.e.f. 05.11.2007) VCUBE FORGE (INDIA) LIMITED |
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|
Registered
Office : |
Plot No. B-20, MIDC Shendra, 5,
Star Industrial Area, P.S – Karmad, Aurangabad – 431201, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
04.08.2004 |
|
|
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|
Com. Reg. No.: |
11-207333 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.158.333 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910MH2004PLC207333 |
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PAN No.: [Permanent Account No.] |
AABCV9216F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Cast forged Minerals, Engine Parts and AMP
Mounts etc. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3150000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
management has failed to file its latest financials with the government
department. From the previous year financials it seems that the company has
been successful in wipping-off its accumulated losses of the previous year.
Trade relations are reported as fair. Business is active. Payment terms are
unknown. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Santosh Salunke |
|
Contact No.: |
91-9767367025 |
|
Date : |
26.03.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. B- 20, MIDC Shendra, 5,
Star Industrial Area, P.S – Karmad, Aurangabad – 431201, Maharashtra,
India |
|
Tel. No.: |
91-240-2622006/ 2622003 |
|
Fax No.: |
91-240-2622005 |
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E-Mail : |
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|
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Corporate Office : |
“Lansdowne Towers”, 2/1A, Sarat Bose Road, Kolkata – 700020, B\West
Bengal, India |
|
Tel. No.: |
91-33-30517100 |
|
Fax No.: |
91-33-22890285 |
DIRECTORS
As on: 05.09.2011
|
Name : |
Mr. Ghanshyam Das Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
16.10.1957 |
|
Qualification : |
BE |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ACUPA0872G |
|
DIN No.: |
00507800 |
|
|
|
|
Name : |
Mr. Manoj Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
06.08.1969 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ADBPA8890N |
|
DIN No.: |
00227871 |
|
|
|
|
Name : |
Mr. Nirmal Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
10.01.1962 |
|
Qualification : |
BSC |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ACNPA0783F |
|
DIN No.: |
00605669 |
|
|
|
|
Name : |
Mr. Ashfaque Siddique Motiwala |
|
Designation : |
Director |
|
Address : |
Shop No. B1/B2, Motiwal Trading Center, Nirala Bazar, Samarth Nagar,
Near BPL Gallery, Aurangabad – 431001, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1975 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
04.08.2004 |
|
PAN No.: |
ABXPM4906H |
|
DIN No.: |
00638078 |
KEY EXECUTIVES
|
Name : |
Mr. Nandkishore Singhal |
|
Designation : |
Manager |
|
Address : |
293, Hari Sabha Math, Kolkata – 700084, West Bengal, India |
|
Date of Birth/Age : |
17.04.1957 |
|
Date of Appointment : |
01.10.2010 |
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PAN No.: |
Manager |
|
|
|
|
Name : |
Mr. Lalit Lohia |
|
Designation : |
Secretary |
|
Address : |
2, Arbinda Road, Bandhaghat, Howrah – 711106, West Bengal, India |
|
Date of Birth/Age : |
14.05.1984 |
|
Date of Appointment : |
10.02.2011 |
|
PAN No.: |
AEWPL5300G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 05.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mohd Ashfaque Motiwala |
|
766820 |
|
Janki Textiles and Industries Limited, India |
|
600000 |
|
Parasnath Advisory Private Limited, India |
|
50000 |
|
Jugal Kishore Agarwal |
|
10000 |
|
Ghanshyam Das Agarwal |
|
10000 |
|
Nirmal Kumar Agarwal |
|
10000 |
|
Mohan Lai Agarwal |
|
10000 |
|
Mahesh Kumar Agarwal |
|
10000 |
|
Manoj Kumar Agarwal |
|
10000 |
|
Attique Motiwala |
|
766820 |
|
Arif AbubakarTikki |
|
366360 |
|
Adhunik Metaliks Limited, India |
|
9373042 |
|
Adhunik Steels Limited, India |
|
3850291 |
|
|
|
|
|
Total |
|
15833333 |
Equity Share Break up (Percentage of Total Equity)
As on: 05.09.2011
|
Category |
|
Percentage |
|
Bodies corporate |
|
87.62 |
|
Directors or relatives of directors |
|
12.38 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cast forged Minerals, Engine Parts and AMP
Mounts etc. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Canara Bank (Lead Bank), Prime Corporate Branch, Redcross Building, 11 M.G Road, Pune - 411001, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Sudhir Kumar Jain and Associates Chartered Accountants |
|
Address : |
137, Canning Street, 4th Floor, Suite No. 57, Kolkata –
700001, West Bengal, India |
|
PAN No.: |
AASFS7011H |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15833333 |
Equity Shares |
Rs.10/- each |
Rs.158.333
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.333 |
50.000 |
50.000 |
|
|
2] Share Application Money |
236.147 |
726.299 |
701.052 |
|
|
3] Reserves & Surplus |
394.998 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(43.372) |
(30.752) |
|
|
NETWORTH |
789.478 |
732.927 |
720.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1471.390 |
1317.904 |
1054.041 |
|
|
2] Unsecured Loans |
9.994 |
9.994 |
19.794 |
|
|
TOTAL BORROWING |
1481.384 |
1327.898 |
1073.835 |
|
|
DEFERRED TAX LIABILITIES |
2.966 |
25.835 |
12.347 |
|
|
|
|
|
|
|
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TOTAL |
2273.828 |
2086.660 |
1806.482 |
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
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FIXED ASSETS [Net Block] |
2206.183 |
933.474 |
119.445 |
|
|
Capital work-in-progress |
55.720 |
1051.232 |
1403.201 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
446.548
|
251.806 |
183.541 |
|
|
Sundry Debtors |
249.908
|
129.416 |
40.957 |
|
|
Cash & Bank Balances |
39.847
|
32.904 |
76.362 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
141.249
|
110.045 |
114.436 |
|
Total
Current Assets |
877.552
|
524.171 |
415.296 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
641.164
|
303.954 |
95.762 |
|
|
Other Current Liabilities |
215.078
|
115.333 |
34.272 |
|
|
Provisions |
9.485
|
3.030 |
1.526 |
|
Total
Current Liabilities |
865.727
|
422.317 |
131.560 |
|
|
Net Current Assets |
11.825
|
101.854 |
283.736 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2273.828 |
2086.660 |
1806.482 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1161.152 |
317.574 |
32.327 |
|
|
|
Other Income |
1.769 |
24.407 |
0.136 |
|
|
|
TOTAL (A) |
1162.921 |
341.981 |
32.463 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
727.696 |
201.755 |
|
|
|
|
Manufacturing service costs |
76.839 |
25.095 |
|
|
|
|
Contract cost |
48.803 |
10.633 |
|
|
|
|
Employee related expenses |
54.052 |
19.793 |
|
|
|
|
Administrative selling other expenses |
54.337 |
21.804 |
|
|
|
|
TOTAL (B) |
961.727 |
279.080 |
35.037 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
201.194 |
62.901 |
(2.574) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
111.766 |
35.549 |
2.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
89.428 |
28.352 |
(4.709) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.696 |
27.483 |
5.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
28.732 |
0.869 |
(10.338) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(19.820) |
13.488 |
2.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
48.552 |
(12.619) |
(13.241) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(43.372) |
(30.752) |
(17.511) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.180 |
(43.372) |
(30.752) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
33.825 |
60.434 |
|
|
TOTAL IMPORTS |
0.000
|
33.825 |
60.434 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
9.65 |
(2.52) |
(2.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.18 |
(3.69) |
(40.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47 |
0.27 |
(31.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.93 |
0.06 |
(1.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.00 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.88 |
1.81 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
1.24 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
|
|
Creditors due others |
641.164
|
303.954 |
|
|
|
|
|
|
|
Total |
641.164
|
303.954 |
95.762 |
|
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 |
Yes |
|
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 |
-- |
|
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 |
No |
|
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 |
No |
Note:
The Registered Office of the company has been shifted from Plot No. 3,
WMDC Industrial Area, Chakan – Ambethan Road, Chakan, Taluka Khed, Pune -
410501, Maharashtra, India to the present address w.e.f. 30.06.2010.
OPERATIONS:
During the year, the company has done better performance than previous year in all respects. Its major achievements are:-
Turnover of the Company increased by Rs. 914.759 Millions i.e. the turnover has increased by 251.73% from previous year.
Profit before Taxation has increased by Rs. 27.863 Millions and Profit after taxation has increased by Rs. 61.170 Millions from last year.
The Company recorded growth in its EPS this year by Rs. 12.17 and it has overcome its accumulated losses of last year and this year it has recorded net profit of Rs. 48.551 Millions.
Therefore, the company witnessed a robust growth in sales and profit figures and it expects to maintain its pace in the year 2011-12.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Rupee term loans others unsecured |
9.994 |
9.994 |
|
|
|
|
|
Total |
9.994 |
9.994 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Outstanding Bank Guarantees for import of materials and other accounts. |
29.574 |
14.556 |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant and Machinery
- Office Equipments
- Computer Equipments
- Furniture and Fixtures
- Vehicles
Intangible Assets
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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 |
- |
MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
|
|
|
|
|
|
|
Tel. No.: |
0240 – 2622006 |
Note: Given name is old name of the company.
IDENTIFICATION DETAILS
|
Name : |
FIRST FORGE LIMITED (w.e.f. 05.06.2012) |
|
|
|
|
Formerly Known
As : |
NEEPAZ V FORGE (INDIA) LIMITED (w.e.f. 05.11.2007) VCUBE FORGE (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-20, MIDC Shendra, 5,
Star Industrial Area, P.S – Karmad, Aurangabad – 431201, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.08.2004 |
|
|
|
|
Com. Reg. No.: |
11-207333 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.158.333 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910MH2004PLC207333 |
|
|
|
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV9216F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cast forged Minerals, Engine Parts and AMP
Mounts etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
management has failed to file its latest financials with the government department.
From the previous year financials it seems that the company has been
successful in wipping-off its accumulated losses of the previous year. Trade
relations are reported as fair. Business is active. Payment terms are
unknown. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Santosh Salunke |
|
Contact No.: |
91-9767367025 |
|
Date : |
26.03.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. B- 20, MIDC Shendra, 5,
Star Industrial Area, P.S – Karmad, Aurangabad – 431201, Maharashtra,
India |
|
Tel. No.: |
91-240-2622006/ 2622003 |
|
Fax No.: |
91-240-2622005 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
“Lansdowne Towers”, 2/1A, Sarat Bose Road, Kolkata – 700020, B\West
Bengal, India |
|
Tel. No.: |
91-33-30517100 |
|
Fax No.: |
91-33-22890285 |
DIRECTORS
As on: 05.09.2011
|
Name : |
Mr. Ghanshyam Das Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
16.10.1957 |
|
Qualification : |
BE |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ACUPA0872G |
|
DIN No.: |
00507800 |
|
|
|
|
Name : |
Mr. Manoj Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
06.08.1969 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ADBPA8890N |
|
DIN No.: |
00227871 |
|
|
|
|
Name : |
Mr. Nirmal Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
BA-209, Salt Lake City, Kolkata – 700064, West Bengal, India |
|
Date of Birth/Age : |
10.01.1962 |
|
Qualification : |
BSC |
|
Date of Appointment : |
04.10.2007 |
|
PAN No.: |
ACNPA0783F |
|
DIN No.: |
00605669 |
|
|
|
|
Name : |
Mr. Ashfaque Siddique Motiwala |
|
Designation : |
Director |
|
Address : |
Shop No. B1/B2, Motiwal Trading Center, Nirala Bazar, Samarth Nagar,
Near BPL Gallery, Aurangabad – 431001, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1975 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
04.08.2004 |
|
PAN No.: |
ABXPM4906H |
|
DIN No.: |
00638078 |
KEY EXECUTIVES
|
Name : |
Mr. Nandkishore Singhal |
|
Designation : |
Manager |
|
Address : |
293, Hari Sabha Math, Kolkata – 700084, West Bengal, India |
|
Date of Birth/Age : |
17.04.1957 |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
Manager |
|
|
|
|
Name : |
Mr. Lalit Lohia |
|
Designation : |
Secretary |
|
Address : |
2, Arbinda Road, Bandhaghat, Howrah – 711106, West Bengal, India |
|
Date of Birth/Age : |
14.05.1984 |
|
Date of Appointment : |
10.02.2011 |
|
PAN No.: |
AEWPL5300G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 05.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mohd Ashfaque Motiwala |
|
766820 |
|
Janki Textiles and Industries Limited, India |
|
600000 |
|
Parasnath Advisory Private Limited, India |
|
50000 |
|
Jugal Kishore Agarwal |
|
10000 |
|
Ghanshyam Das Agarwal |
|
10000 |
|
Nirmal Kumar Agarwal |
|
10000 |
|
Mohan Lai Agarwal |
|
10000 |
|
Mahesh Kumar Agarwal |
|
10000 |
|
Manoj Kumar Agarwal |
|
10000 |
|
Attique Motiwala |
|
766820 |
|
Arif AbubakarTikki |
|
366360 |
|
Adhunik Metaliks Limited, India |
|
9373042 |
|
Adhunik Steels Limited, India |
|
3850291 |
|
|
|
|
|
Total |
|
15833333 |
Equity Share Break up (Percentage of Total Equity)
As on: 05.09.2011
|
Category |
|
Percentage |
|
Bodies corporate |
|
87.62 |
|
Directors or relatives of directors |
|
12.38 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cast forged Minerals, Engine Parts and AMP
Mounts etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Canara Bank (Lead Bank), Prime Corporate Branch, Redcross Building, 11 M.G Road, Pune - 411001, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sudhir Kumar Jain and Associates Chartered Accountants |
|
Address : |
137, Canning Street, 4th Floor, Suite No. 57, Kolkata – 700001,
West Bengal, India |
|
PAN No.: |
AASFS7011H |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15833333 |
Equity Shares |
Rs.10/- each |
Rs.158.333
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.333 |
50.000 |
50.000 |
|
|
2] Share Application Money |
236.147 |
726.299 |
701.052 |
|
|
3] Reserves & Surplus |
394.998 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(43.372) |
(30.752) |
|
|
NETWORTH |
789.478 |
732.927 |
720.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1471.390 |
1317.904 |
1054.041 |
|
|
2] Unsecured Loans |
9.994 |
9.994 |
19.794 |
|
|
TOTAL BORROWING |
1481.384 |
1327.898 |
1073.835 |
|
|
DEFERRED TAX LIABILITIES |
2.966 |
25.835 |
12.347 |
|
|
|
|
|
|
|
|
TOTAL |
2273.828 |
2086.660 |
1806.482 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2206.183 |
933.474 |
119.445 |
|
|
Capital work-in-progress |
55.720 |
1051.232 |
1403.201 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
446.548
|
251.806 |
183.541 |
|
|
Sundry Debtors |
249.908
|
129.416 |
40.957 |
|
|
Cash & Bank Balances |
39.847
|
32.904 |
76.362 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
141.249
|
110.045 |
114.436 |
|
Total
Current Assets |
877.552
|
524.171 |
415.296 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
641.164
|
303.954 |
95.762 |
|
|
Other Current Liabilities |
215.078
|
115.333 |
34.272 |
|
|
Provisions |
9.485
|
3.030 |
1.526 |
|
Total
Current Liabilities |
865.727
|
422.317 |
131.560 |
|
|
Net Current Assets |
11.825
|
101.854 |
283.736 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2273.828 |
2086.660 |
1806.482 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1161.152 |
317.574 |
32.327 |
|
|
|
Other Income |
1.769 |
24.407 |
0.136 |
|
|
|
TOTAL (A) |
1162.921 |
341.981 |
32.463 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
727.696 |
201.755 |
|
|
|
|
Manufacturing service costs |
76.839 |
25.095 |
|
|
|
|
Contract cost |
48.803 |
10.633 |
|
|
|
|
Employee related expenses |
54.052 |
19.793 |
|
|
|
|
Administrative selling other expenses |
54.337 |
21.804 |
|
|
|
|
TOTAL (B) |
961.727 |
279.080 |
35.037 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
201.194 |
62.901 |
(2.574) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
111.766 |
35.549 |
2.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
89.428 |
28.352 |
(4.709) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.696 |
27.483 |
5.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
28.732 |
0.869 |
(10.338) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(19.820) |
13.488 |
2.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
48.552 |
(12.619) |
(13.241) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(43.372) |
(30.752) |
(17.511) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.180 |
(43.372) |
(30.752) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
33.825 |
60.434 |
|
|
TOTAL IMPORTS |
0.000
|
33.825 |
60.434 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
9.65 |
(2.52) |
(2.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.18 |
(3.69) |
(40.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47 |
0.27 |
(31.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.93 |
0.06 |
(1.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.00 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.88 |
1.81 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
1.24 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
|
|
Creditors due others |
641.164
|
303.954 |
|
|
|
|
|
|
|
Total |
641.164
|
303.954 |
95.762 |
|
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 |
Yes |
|
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 |
-- |
|
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 |
No |
|
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 |
No |
Note:
The Registered Office of the company has been shifted from Plot No. 3,
WMDC Industrial Area, Chakan – Ambethan Road, Chakan, Taluka Khed, Pune -
410501, Maharashtra, India to the present address w.e.f. 30.06.2010.
OPERATIONS:
During the year, the company has done better performance than previous year in all respects. Its major achievements are:-
Turnover of the Company increased by Rs. 914.759 Millions i.e. the turnover has increased by 251.73% from previous year.
Profit before Taxation has increased by Rs. 27.863 Millions and Profit after taxation has increased by Rs. 61.170 Millions from last year.
The Company recorded growth in its EPS this year by Rs. 12.17 and it has overcome its accumulated losses of last year and this year it has recorded net profit of Rs. 48.551 Millions.
Therefore, the company witnessed a robust growth in sales and profit figures and it expects to maintain its pace in the year 2011-12.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Rupee term loans others unsecured |
9.994 |
9.994 |
|
|
|
|
|
Total |
9.994 |
9.994 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Outstanding Bank Guarantees for import of materials and other accounts. |
29.574 |
14.556 |
FIXED ASSETS
Tangible Assets
- Land
- Building
- Plant and Machinery
- Office Equipments
- Computer Equipments
- Furniture and Fixtures
- Vehicles
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 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.