|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRUPO ANTOLIN PUNE PRIVATE LIMITED (w.e.f. 12.03.2001) |
|
|
|
|
Formerly Known
As : |
AUTO INTERIORS INDIA PRIVATE LIMITED |
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Registered
Office : |
B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, |
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Country : |
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|
Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
02.09.1996 |
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|
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|
Com. Reg. No.: |
25-015924 |
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|
Capital
Investment / Paid-up Capital : |
Rs.890.807 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1996PTC015924 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA01777G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACA6730G |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures of auto components and also engaged in
providing CAD services. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2800000 |
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|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Grupo Antolin – Irausa, S.A”. It is an
established company having a moderate track record. There appears some accumulated losses in the financial statements. The
company has wiped off some losses in the year 2012. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sachin Dongare |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2138-660600 |
|
Date : |
14.05.2013 |
LOCATIONS
|
Registered Office/ Factory 1: |
B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, |
|
Tel. No.: |
91-2138-660600 / 232236/ 560600 |
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Fax No.: |
91-2138-232202 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft |
|
Location : |
Owned |
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|
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|
Factory 2: |
Located at Chennai |
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|
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|
6th Floor, Alpha 2 Building, Giga Space IT Park, Nagar Pune
Road, Opposite Maruti Showroom, Viman Nagar, Pune-411014, Maharashtra, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Ernesto Antolin Arribas |
|
Designation : |
Managing Director |
|
Address : |
C/VITORIA 8, 2-C, |
|
Date of Birth/Age : |
06.11.1964 |
|
Date of Appointment : |
09.12.1996 |
|
DIN No.: |
00785463 |
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|
|
|
Name : |
Mr. Pablo Munoz Baroja Pagola |
|
Designation : |
Director |
|
Address : |
C/ Escritora Karmele Saint Martin,!.
Esc. 4, lOB 20009 Donostia-San Sebastian |
|
Date of Birth/Age : |
19.09.1969 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00287745 |
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|
|
|
Name : |
Maitreya Vrajesh Purohit |
|
Designation : |
Additional Director |
|
Address : |
A – 10, Rane Classics, Sr. 20/2, Someshwarwadi, Pashan, Pune-411008,
Maharashtra, India |
|
Date of Birth/Age : |
26.11.1975 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03457981 |
KEY EXECUTIVES
|
Name : |
Ms. Shubhangi Tukaram Bamane |
|
Designation : |
Company Secretary |
|
Address : |
1186, Sadashiv Peth, Suyog Bhavan, Pune-411030, Maharashtra, India |
|
Date of Appointment : |
11.01.2011 |
|
PAN No: |
AQNPB1279M |
|
|
|
|
Name : |
Mr. Sachin Dongare |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Grupo Antolin – Irausa S.A., Spain |
|
89080713 |
|
Grupo Antolin – Ingenieria, S.A., Spain |
|
1 |
|
Total |
|
89080714 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of auto components and also engaged in providing
CAD services. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Russia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Spain |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Head Liners |
Nos |
1500000 |
1588602 |
|
Door Panels |
Nos |
402000 |
33508 |
|
Parcel Trays |
Nos |
370000 |
202323 |
*Installed/Licensed capacity beaing a technical matter has been certified by the management and relied upon by auditors.
GENERAL INFORMATION
|
Customers : |
Others (Manufacturing Company) |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloite Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
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PAN.: |
AACFD4815A |
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Holding company : |
Grupo Antolin Irausa S.A., SPAIN |
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Fellow Subsidiary
Company : |
CIN No.: U00000CH2004PTC027418
CIN No.: U35990TN2012PTC084617
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89080714 |
Equity Shares |
Rs.10/- each |
Rs.890.807
Millions |
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|
|
|
|
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 |
890.807 |
872.950 |
872.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.716 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(183.758) |
(201.737) |
(276.941) |
|
|
NETWORTH |
707.049 |
671.213 |
597.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
78.720 |
50.309 |
93.986 |
|
|
TOTAL BORROWING |
78.720 |
50.309 |
93.986 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
785.769 |
721.522 |
691.711 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
632.267 |
529.150 |
529.221 |
|
|
Capital work-in-progress |
2.999 |
0.000 |
5.355 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
274.898
|
283.564
|
108.854 |
|
|
Sundry Debtors |
446.323
|
339.754
|
292.050 |
|
|
Cash & Bank Balances |
2.969
|
23.782
|
46.674 |
|
|
Other Current Assets |
47.845
|
59.414
|
0.000 |
|
|
Loans & Advances |
135.223
|
121.502
|
223.529 |
|
Total
Current Assets |
907.258
|
828.016
|
671.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
570.755 |
455.548 |
353.410 |
|
|
Other Current Liabilities |
167.491
|
151.925
|
142.883 |
|
|
Provisions |
18.509
|
28.171
|
17.679 |
|
Total
Current Liabilities |
756.755
|
635.644
|
513.972 |
|
|
Net Current Assets |
150.503
|
192.372
|
157.135 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
785.769 |
721.522 |
691.711 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1717.039 |
1264.433 |
865.807 |
|
|
|
Services |
97.103 |
85.261 |
74.433 |
|
|
|
Write-off Excess Provision Of Withholding Tax |
0.000 |
2.083 |
0.000 |
|
|
|
Other Operating Income |
25.154 |
21.291 |
0.000 |
|
|
|
Other Income |
2.651 |
0.438 |
56.452 |
|
|
|
TOTAL (A) |
1841.947 |
1373.506 |
996.692 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1762.538 |
1233.980 |
849.931 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
79.409 |
139.526 |
146.761 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.386 |
1.007 |
1.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.023 |
138.519 |
145.212 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.186 |
55.688 |
55.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
10.837 |
82.831 |
89.394 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
7.628 |
13.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
10.837 |
75.203 |
75.878 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(201.737) |
(276.941) |
(352.819) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(183.758) |
(201.738) |
(276.941) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Design and Engineering Services |
87.115 |
68.433 |
73.087 |
|
|
TOTAL EARNINGS |
87.115 |
68.433 |
73.087 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
0.163 |
|
|
|
Stores & Spares |
NA |
NA |
0.009 |
|
|
|
Capital Goods |
NA |
NA |
0.012 |
|
|
|
Software |
NA |
NA |
0.000 |
|
|
|
Research design – Maintenance Expenses |
NA |
NA |
0.032 |
|
|
TOTAL IMPORTS |
NA |
NA |
0.216 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.12 |
0.861 |
0.879 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.59
|
5.48
|
7.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
6.55
|
10.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
|
6.10
|
7.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.12
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.07
|
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.30
|
1.31 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
570.755 |
455.548 |
353.410 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BUSINESS OPERATIONS:
Company has profit of Rs. 10.837 millions during the year and after adjustment of accumulated losses of the previous years the company has loss of Rs. 183.758 millions at the end of the year.
CORPORATE
INFORMATION:
Subject was established in the year 1996. The company manufactures auto components at its Pune and Chennai plants and also provides CAD services from its Pune facility.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Other external commercial borrowings |
27.919 |
35.481 |
|
Working capital loans from banks |
38.713 |
0.000 |
|
Loans repayable on demand from banks |
12.088 |
14.828 |
|
Total |
78.720 |
50.309 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U34300PN1996PTC015924 |
|
Name of the
company |
GRUPO ANTOLIN
PUNE PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra, India E-mail: t.shamkumar@grupoantolin.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10383847 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
HDFC bank limited, HDFC bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India E-mail: Balasahebs.Parbhane@hdfcbank.com |
|
Nature of
instrument creating charge |
Memorandum of
Equitable Mortgage by Deposit of Title Deed |
|
Date of
instrument Creating the charge |
08.10.2012 |
|
Amount secured by
the charge |
Rs. 60.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As prescribed by
the Bank from time to time Terms of Repayment As prescribed by the
Bank from time to time Margin As prescribed by
the Bank from time to time Extent and Operation of the charge First and
Exclusive Charge on immovable fixed assets of the company both present and
future to secure the due repayment of credit facilities granted / to be
granted to the company. Charge will be valid until all amounts are paid
granted to the Company together with interest, costs, charges and other dues
any time hereafter may become due and owing to the bank in respect of and
under the credit facilities and interest and all the other cost thereto |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that piece
and parcel of property contained under Plot No. B-25 and measuring an area of
15000 Sq Meters along with Buildings and Factory Shed together with
superstructure constructed/to be constructed thereon situated at Ranjangoan
Industrial Area, At Village Dhock Sanghvi, Taluka Shirur, Distt. Pune-412 220 |
|
Particulars of the
present modification |
By this
modification the credit facilities of Rs. 6.00 crs is additionally secured by
way of Equitable Mortgage of property by way of deposit of title deeds |
FIXED ASSETS
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.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.