MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
LONSEN KIRI CHEMICAL INDUSTRIES LIMITED (w.e.f. 21.07.2008) |
|
|
|
|
Formerly Known
As : |
LONSEN KIRI CHEMICAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Hasubhai Chambers, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
09.04.2008 |
|
|
|
|
Com. Reg. No.: |
04-053537 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1305.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24114GJ2008PLC053537 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHML01153F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL4527B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Dyestuffs. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Well Prospering Limited (Subsidiary company Zhejiang Longsheng) and Kiri Industries Limited). It is an established company having moderate track record. There appears some accumulated losses recorded by the company during the financial year December 2012. However, capital base of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB (Long Term bank Facilities) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
14.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 (Short Term bank Facilities) |
|
Rating Explanation |
Minimal degree of safety it carry high
credit risk. |
|
Date |
14.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
7th Floor, Hasubhai Chambers, |
|
Tel. No.: |
91-79-26574371 / 72 / 73 |
|
Mobile No.: |
91-8511128016 (Mr. Rajendra) |
|
Fax No.: |
91-79-26574374 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Factory 1 : |
DYES DIVISION: Plot No 299/1/A and B, Near Water Tank, Phase-II, GIDC,
Vatva, Ahmedabad – 382 445, Gujarat, India |
|
Tel. No.: |
91-79-25894477, 40237444 |
|
Fax No.: |
91-79-25834960 |
|
|
|
|
Factory 2 : |
CHEMICALS DIVISION:
Plot No.498, 577/B, 584/B, 585, 586, 587, 588, 589 Village Dushwada,
Padra, Vadodara- 391 450, Gujarat, India |
|
Tel. No.: |
91-2662273724, 25 |
|
Fax No.: |
91-2662273726 |
|
|
|
|
Factory 3 : |
INTERMEDIATES
DIVISION: Plot No: 396 /399/403/404 EPC Canal Road, Village: Dudhwada, Ta: Padra, Dist: Vadodara :- 391450, Gujarat, India |
|
Tel. No.: |
91-2662273 444 |
|
Fax No.: |
91-2662273 444 |
DIRECTORS
As on: 29.06.2013
|
Name : |
Xubin Jinggen He |
|
Designation : |
Director |
|
Address : |
Room 1103, Building 22, XINSHIJI, Huayuan, Shangyu, Baiguan Sub
District 312300 |
|
Date of Birth/Age : |
16.03.1971 |
|
Date of Appointment : |
05.02.2013 |
|
DIN No.: |
06489226 |
|
|
|
|
Name : |
Mr. Manishkumar Pravinchandra Kiri |
|
Designation : |
Managing director |
|
Address : |
26.12.1972 |
|
Date of Birth/Age : |
53, Manekbaug society, |
|
Date of Appointment : |
09.04.2008 |
|
DIN No.: |
00198284 |
|
|
|
|
Name : |
Mr. Pareshkumar Vyas Labhshankar |
|
Designation : |
Director |
|
Address : |
J 6/71, Akhbarnagar, Nava Vadaj, Ahmedabad - 380013, Gujarat, India |
|
Date of Birth/Age : |
27.12.1963 |
|
Date of Appointment : |
22.10.2012 |
|
DIN No.: |
05225914 |
|
|
|
|
Name : |
Hui Tiangen Zhang |
|
Designation : |
Director |
|
Address : |
147, Mialou Nanan Shangyu 312368 |
|
Date of Birth/Age : |
01.02.1970 |
|
Date of Appointment : |
05.02.2013 |
|
DIN No.: |
06489224 |
|
|
|
|
Name : |
Shixin Huiren Luo |
|
Designation : |
Director |
|
Address : |
Dormitory Of Longsheng Group Daoxu Town Shangyu 310012 |
|
Date of Birth/Age : |
28.02.1984 |
|
Date of Appointment : |
26.02.2013 |
|
DIN No.: |
06511264 |
KEY EXECUTIVES
|
Name : |
Mr. Anjan Chetan Sheth |
|
Designation : |
Secretary |
|
Address : |
A-22, Sharanam -2 N.R. Dhanajay Towers Shyamal Cross Roads, Satellite,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
19.07.1987 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
BFYPS0340R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.06.2013
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Well Prospering Limited, |
|
44999997 |
|
Kiri Industries Limited, India |
|
29999998 |
|
Kiri Industries Limited, India
Jointly with Pravin Kiri |
|
1 |
|
Kiri Industries Limited, India Jointly with Manish Kiri |
|
1 |
|
Well Prospering Limited, |
|
1 |
|
Well Prospering Limited, |
|
1 |
|
Well Prospering Limited, Central Hong Kong Jointly with Han Gong |
|
1 |
|
Total |
|
75000000 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Kiri Industries Limited, India |
|
26949000 |
|
Well Prospering Limited, |
|
36466000 |
|
Total |
|
63415000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.06.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Dyestuffs. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
|
|||||||||||||||||||||
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|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.D. Shukla and Company Chartered Accountants |
|
Address : |
22, Aakruti Society, Satellite Road, Ahmedabad – 380015, Gujarat, India |
|
PAN No.: |
AKHPS9176L |
|
|
|
|
Holding
company : |
Well Prospering Limited |
|
|
|
|
Joint venture: |
Kiri Industries Limited |
CAPITAL STRUCTURE
As on: 29.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
70,000,000 |
Preference Shares |
Rs.10/- each |
Rs.700.000 Millions |
|
|
Total |
|
Rs.1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
|
63,415,000 |
Preference Shares |
Rs.10/- each |
Rs.634.150
Millions |
|
|
Total |
|
Rs.1384.150 Millions |
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
70,000,000 |
Preference Shares |
Rs.10/- each |
Rs.700.000 Millions |
|
|
Total |
|
Rs.1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
|
55,500,000 |
Preference Shares |
Rs.10/- each |
Rs.555.000
Millions |
|
|
Total |
|
Rs.1305.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1305.000 |
1305.000 |
|
(b) Reserves & Surplus |
|
(570.068) |
(197.865) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
119.603 |
73.232 |
|
Total
Shareholders’ Funds (1) + (2) |
|
854.535 |
1180.367 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
83.919 |
36.126 |
|
(b) Deferred tax liabilities (Net) |
|
143.715 |
112.042 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
227.634 |
148.168 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
326.966 |
242.350 |
|
(b) Trade payables |
|
842.170 |
346.064 |
|
(c) Other current
liabilities |
|
463.121 |
97.855 |
|
(d) Short-term provisions |
|
19.351 |
10.413 |
|
Total Current Liabilities (4) |
|
1651.608 |
696.682 |
|
|
|
|
|
|
TOTAL |
|
2733.777 |
2025.217 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1497.204 |
1349.724 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.125 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
17.931 |
17.132 |
|
(e) Other Non-current assets |
|
4.109 |
4.629 |
|
Total Non-Current Assets |
|
1519.369 |
1371.485 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
811.172 |
443.747 |
|
(c) Trade receivables |
|
156.363 |
56.357 |
|
(d) Cash and cash
equivalents |
|
81.069 |
43.897 |
|
(e) Short-term loans and advances |
|
158.309 |
106.614 |
|
(f) Other current assets |
|
7.495 |
3.117 |
|
Total Current Assets |
|
1214.408 |
653.732 |
|
|
|
|
|
|
TOTAL |
|
2733.777 |
2025.217 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
830.000 |
|
|
2] Share Application Money |
|
|
18.576 |
|
|
3] Reserves & Surplus |
|
|
5.006 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
853.582 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
342.451 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
342.451 |
|
|
DEFERRED TAX LIABILITIES |
|
|
70.441 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1266.474 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
792.780 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
376.941 |
|
|
Sundry Debtors |
|
|
150.236 |
|
|
Cash & Bank Balances |
|
|
64.102 |
|
|
Other Current Assets |
|
|
0.240 |
|
|
Loans & Advances |
|
|
146.069 |
|
Total
Current Assets |
|
|
737.588 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
132.845 |
|
|
Other Current Liabilities |
|
|
116.152 |
|
|
Provisions |
|
|
19.253 |
|
Total
Current Liabilities |
|
|
268.250 |
|
|
Net Current Assets |
|
|
469.338 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
4.656 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1266.474 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1120.302 |
567.981 |
1267.153 |
|
|
|
Other Income |
9.377 |
7.115 |
27.244 |
|
|
|
TOTAL (A) |
1129.679 |
575.096 |
1294.397 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1210.297 |
470.701 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(177.071) |
22.576 |
|
|
|
|
Employee benefit expense |
71.386 |
36.108 |
|
|
|
|
Other expenses |
206.909 |
84.408 |
|
|
|
|
Prior period items before tax |
0.000 |
(0.194) |
|
|
|
|
Extraordinary items before tax |
30.521 |
42.777 |
|
|
|
|
TOTAL (B) |
1342.042 |
656.376 |
1135.756 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(212.363) |
(81.280) |
158.641 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.805 |
43.010 |
52.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(265.168) |
(124.290) |
106.355 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.565 |
36.943 |
33.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(334.733) |
(161.233) |
73.226 |
|
|
|
|
|
|
|
|
|
Add |
Prior period
items before tax |
0.000 |
0.000 |
(1.009) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.470 |
41.638 |
15.731 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(372.203) |
(202.871) |
56.486 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(51.481) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
NA |
NA |
5.005 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1204.626 |
403.133 |
971.129 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(19.59) |
(10.68) |
1.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(32.95)
|
(35.28) |
4.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(29.88)
|
(28.39) |
5.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.24)
|
(7.96) |
4.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.39)
|
(0.14) |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48
|
0.24 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74
|
0.94 |
2.75 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL
PERFORMANCE:
The net revenue from operations of the Company during the year 2012 increased to Rs. 1120.302 Millions as compared to Rs. 567.981 Millions of previous year which shows upward trend mainly on account of commencement of commercial operation of specialty dyes project. However, the Net loss for the year 2012 stands to Rs. 372.203 Millions as compared to a loss of Rs. 202.871 Millions of previous year which is due to increase in manufacturing cost, interest, depreciation as compared to the previous year. The directors are hopeful to achieve better performance in future.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10384194 |
28/09/2012 |
80,000,000.00 |
UNION BANK OF INDIA |
Ashram Road Branch, C.U.Shah Chambers, Nr. Gujarat Vidyapith, Ashram Road, Ahmedabad, Gujarat - 380014, INDIA |
B61206884 |
|
2 |
10297509 |
27/06/2011 |
37,500,000.00 |
Union Bank of India |
Ashram Road Branch, C. U. Shah Chambers, Nr. Gujarat Vidhyapith, Ashram Road, Ahmedabad, Gujarat - 380014, INDIA |
B16956468 |
|
3 |
10221451 |
19/05/2010 |
890,000,000.00 |
State Bank of India |
Overseas Branch, Navjivan P.O, Navrangpura, Ahmedabad, Gujarat - 380014, INDIA |
A86669603 |
|
4 |
10221450 |
10/05/2010 |
890,000,000.00 |
State Bank of India |
Overseas Branch, Navjivan P.O, Navrangpura, Ahmedabad, Gujarat - 380014, INDIA |
A86668704 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Furniture and Fixture
·
Computers
·
Vehicles
·
Office Equipments
·
Plant and Machinery
·
Building
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.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.