MIRA INFORM REPORT

 

 

Report Date :

18.10.2013

 

IDENTIFICATION DETAILS

 

Name :

AEROFLEX INDUSTRIES LIMITED (w.e.f. 23.08.2006)

 

 

Formerly Known As :

AEROFLEX INDUSTRIES PRIVATE LIMITED

 

SUYOG INTERMEDIATES PRIVATE LIMITED

 

 

Registered Office :

Plot No. 41, 42/13, 42/14, 42/18, Near Taloja MIDC, Village Chal, Behind IGPL, Post Ghot Camp Near Galaxy Tal Panvel,  Navi Mumbai – 410 208, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

19.10.1993

 

 

Com. Reg. No.:

11-074576

 

 

Capital Investment / Paid-up Capital :

Rs. 279.990 Millions

 

 

CIN No.:

[Company Identification No.]

U24110MH1993PLC074576

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA14671G

 

 

PAN No.:

[Permanent Account No.]

AACCA6767D

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and importer of Stainless Steel Corrugated hoses and hose assemblies.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Sick Company

 

 

Payment Behaviour :

Slow and delayed

 

 

Litigation :

Clear

 

 

Comments :

The company has become a sick company under the provision of Sick Industrial Company (Special Provision) Act 1985 and has been registered with it vide case no. 43/2010

 

There appears huge losses recorded by the company in current year, which leads to erosion of the entire net worth of the company.

 

Payments are reported to be slow.

 

The company can be considered for business dealings on a safe and secured trade terms and conditions.

 

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

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating = D (Suspended)

Rating Explanation

Lowest credit quality and very low prospect at recovery.

Date

26.12.2012

 

Reason: Non co-cooperation by company.

 

 

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. Waman Shete

Designation :

Accounts Department

Contact No.:

91-22-61467100

Date :

17.10.2013

 

 

LOCATIONS

 

Registered Office/Factory :

Plot No.41, 42/13, 42/14, 42/18, Near Taloja MIDC, Village Chal, Behind IGPL, Post Ghot Camp, Near Galaxy, Taluka Panvel,  Navi Mumbai – 410 208, Maharashtra, India

Tel. No.:

91-22-66235200/61467100 (100 Lines)

Fax No.:

91-22-61467136

E-Mail :

waman.shete@aeroflexindindia.com

yusufmkagzi@aeroflexindia.com

ajitsaria@aeroflexindia.com

info@aeroflexindia.com (For Common)

indiabusiness@aeroflexindia.com (For Indian Customer) 

exports@aeroflexindia.com (For Export Customer)

Website :

www.aeroflexindia.com

 

 

Corporate Office :

508A, Bycylla Serv Industrial Co-operative Society Limited, Sussex Road, Byculla (East), Mumbai – 400027, Maharashtra, India

Tel No.:

91-22-23736629-33

Fax No.:

91-22-23736634

 

 

Factory 2 :

42/43, Village Chal, Near MIDC Taloja, Panvel, Mumbai – 410206, Maharashtra, India

 

 

Works 1 :

Plot No. 43, MIDC, Taloja Industrial Area, District Raigad, Navi Mumbai -410 208, Maharashtra, India

 

 

Works 2 :

Plot No. L- 34, MIDC, Taloja Industrial Area, District Raigad, Navi Mumbai -410 208, Maharashtra, India

 

 

International and Domestic Business Office:

Purshottamdas Thakkar Industrial Estate, 1st Floor, 20 Champasi Bhimaji Road, Anjirwadi Mazgaon, Mumbai – 400010, Maharashtra, India

Tel No.:

91-22-23706500-509

Fax No.:

91-22-23750840

 

 

Regional Office :

Located at:

 

·         Delhi

·         Kolkata

·         Raipur

·         Chennai

·         Hyderabad

 

 

DIRECTORS

 

As on 10.05.2013

 

Name :

Mr. Mustafa Abidali Kachwala

Designation :

Director

Address :

48/52, Khara Tank Road, 1st Floor, R. NO.6, Opp. Saifee Sweets, BHendi Bazar, Mumbai – 400003

Date of Birth/Age :

23.02.1968

Qualification :

B.COM

Date of Appointment :

14.07.2010

Din No.:

03124453

 

 

Name :

Mr. Yousuf Mohammad Kagzi

Designation :

Managing Director

Address :

304, Ezee apartments, Shivdas Champsi Road, Mazgaon, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

01.04.1967

Qualification :

B. Sc

Date of Appointment :

17.08.1998

Din No.:

01496822

 

 

Name :

Mr. Mastram Mataprasad Verma

Designation :

Additional Director

Address :

Ranjee Gupta Chl., Rajiv Nagar, Gazder Bandh, Santacruz (West), Mumbai – 400054

Date of Birth/Age :

17.08.1987

Qualification :

B.A.

Date of Appointment :

14.07.2010

Din No.:

03137611

 

 

Name :

Ramsagar Ranewan Yadav

Designation :

Director

Address :

Mohan Seth Ki Chl, Gordhar Bandh Road, Santacruz (West), Mumbai 0 400054

Date of Birth/Age :

10.10.1983

Qualification :

B.A.

Date of Appointment :

10.05.2010

Din No.:

03163805

 

 

KEY EXECUTIVES

 

Name :

Mr. Waman Shete

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS

 

As on 10.05.2013

 

Names of Shareholders

 

No. of Shares

Yousuf M Kagzi

 

6501000

Vishnu Kumar Ajitsaria

 

149400

Parvez Akhter

 

148000

Vijay Miglani

 

100000

Soeb Hussain Cyclewala

 

100000

Avigo Venture Investment Limited, Mauritius

 

637

Bond Street Custodians Limited, Australia

 

300

Avigo Trustees Company Private Limited, India

 

63

Mustafa Kachwala

 

100

Mataram Mataprasad Verma

 

100

Ramsagar Ramnewan Yadav

 

100

Ather Shakeel Ansari

 

100

Shah Alam

 

100

Vijendra Singh Gusain

 

100

Total

 

7000000

 

Names of Shareholders (First Tranche Series of Preference Shares)

 

No. of Shares

Avigo Venture Investments Limited, Mauritius

 

636363

Avigo Trustee Company Private Limited, India

 

62937

Bond Street Custodians Limited, Australia

 

299700

Total

 

999000

 

Names of Shareholders (Second Tranche Series of Preference Shares)

 

No. of Shares

Avigo Venture Investments Limited, Mauritius

 

637000

Avigo Trustee Company Private Limited, India

 

63000

Bond Street Custodians Limited, Australia

 

300000

Total

 

1000000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 10.05.2013

 

Category

Percentage

Bodies corporate

0.01

Directors or relatives of Directors

92.88

Other top fifty shareholders

7.11

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and importer of Stainless Steel Corrugated hoses and hose assemblies.

 

 

Products :

·         Stainless Steel Corrugated hoses

·         Hose assemblies.

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         Italy

·         USA

·         Singapore

·         Iran

·         South Africa

·         UK

 

 

Imports :

 

Products :

Raw Material

Countries :

·         Europe

·         Australia

 

 

Terms :

 

Selling :

Depends

 

 

Purchasing :

Depends

 

PRODUCTION STATUS (As on 31.03.2011)

 

Particulars

Licensed Capacity

Installed Capacity

 

 

 

Hose Braid

10000000

10000000

 

 

GENERAL INFORMATION

 

Customers :

End users

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

·         State Bank of India

·         Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai – 400002,Maharashtra, India

·         HSBC Bank

·         Allahabad Bank

·         Axis Bank Limited, Nariman Point Branch (Atlanta), Mumbai, Maharashtra, India

·         ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

·         Axis Trustee Services Limited, Maker Towers ‘F’, 13th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

·         Uco Bank

·         Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Short Term Borrowings

 

 

Rupee term loans from banks

1357.523

1357.545

Total

1357.523

1357.545

 

 

 

Banking Relations :

--

 

 

Financial Institutions :

·         Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India

·         International Asset Reconstruction Company Private Limited, 709, 7th Floor, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi – 110001, India

 

 

Auditors :

 

Name :

Y.S. Moochhala and Company

Chartered Accountants

Address :

1-B, Kagdy Manzil, 1st Floor, 119, Bazargate Street, Fort, Mumbai - 400001, Maharashtra, India

Tel. No.:

91-22-22633121 / 40020887

Email :

ysm.com@gmail.com

PAN No. :

AACPM1108P

 

 

CAPITAL STRUCTURE

 

As on 10.05.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

24000000

Equity Shares

Rs. 10/- each

Rs. 240.000 Millions

1000000

Preference Shares

Rs.10/- each

Rs. 10.000 Millions

1000000

Preference Shares

Rs.200/-each

Rs. 200.000 Millions

 

Total

 

Rs. 450.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7000000

Equity shares

Rs.10/- each

Rs. 70.000 Millions

999000

Preference Shares

Rs.10/- each

Rs. 9.990 Millions

1000000

Preference Shares

Rs.200/-each

Rs. 200.000 Millions

 

Total

 

Rs. 279.990 Millions

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

279.990

279.990

279.990

(b) Reserves & Surplus

(620.153)

(598.962)

(561.176)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(340.163)

(318.972)

(281.186)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

1361.346

(b) Deferred tax liabilities (Net)

2.429

2.429

2.429

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

46.400

46.401

57.901

Total Non-current Liabilities (3)

48.829

48.830

1421.676

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1357.523

1357.545

0.000

(b) Trade payables

71.579

79.910

80.031

(c) Other current liabilities

7.830

5.512

15.879

(d) Short-term provisions

0.000

0.000

56.656

Total Current Liabilities (4)

1436.932

1442.967

152.566

 

 

 

 

TOTAL

1145.598

1172.825

1293.056

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

689.498

766.919

856.025

(ii) Intangible Assets

0.239

0.378

0.339

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

84.736

67.464

101.191

(e) Other Non-current assets

0.666

1.146

1.626

Total Non-Current Assets

775.139

835.907

959.181

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

131.241

141.399

165.037

(c) Trade receivables

137.383

131.614

115.596

(d) Cash and cash equivalents

9.728

9.156

6.198

(e) Short-term loans and advances

92.107

54.749

47.044

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

370.459

336.918

333.875

 

 

 

 

TOTAL

1145.598

1172.825

1293.056

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

584.164

534.680

442.553

 

 

Other Income

8.817

13.040

(1.602)

 

 

TOTAL                                    

592.981

547.720

440.951

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

444.428

392.933

386.104

 

 

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

10.157

23.638

12.813

 

 

Employee benefit expense

39.218

33.287

30.987

 

 

Other expenses

34.797

36.447

19.281

 

 

TOTAL                                    

528.600

486.305

449.185

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

64.381

61.415

(8.234)

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

1.442

2.436

82.788

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

62.939

58.979

(91.022)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

77.457

90.558

104.634

 

 

 

 

 

 

PRIOR PERIOD ITEMS

(6.673)

6.207

0.000

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

(21.191)

(37.786)

(195.656)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

(21.191)

(37.786)

(195.656)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(789.562)

(751.776)

(556.120)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(810.753)

(789.562)

(751.776)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

493.043

449.221

260.391

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

205.430

152.645

203.264

 

 

Capital Goods

0.199

0.708

0.000

 

TOTAL IMPORTS

205.629

153.353

203.264

 

 

 

 

 

 

Earnings Per Share (Rs.)

(3.00)

(5.00)

(28.00)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
(3.57)

(6.90)

(44.37)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(3.63)

(7.07)

(44.21)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(4.65)

(9.32)

(44.80)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.06)

(0.12)

(0.70)

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
(3.99)

(4.26)

(4.84)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.26

0.23

2.19

 

 

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

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

No

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

Yes

 

 

NOTE: CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL NOT AVAILABLE

 

CORPORATE INFORMATION:

 

Subject is domiciled in India and incorporated under the provision of companies Act, 1956. The company is engaged in manufacturing of stainless steel flexible hose and trading in CR coil/ sheet. The Company has during the financial year 2010-11 approach the Board of Industrial and Financial Reconstruction (BIFR) on 16/08/2010 u/s 15(1) of Sick Industrial Companies (Special Provisions) Act 1985 and has been registered with the BIFR as case no 43/2010, presently pending in AAIFR as a consequence interest on Loan to Bank have been accounted in the Books of Accounts up to 30/09/2010. No Interest has been provided from 01/10/2010 onwards amounting to Rs. 376.918 Millions (Rs. 209.737 Millions).

 

OPERATIONS

 

During the year the Company recorded revenue of Rs. 592.981 Millions and incurred a loss of Rs. 21.191 Millions after interest and depreciation as compared with the corresponding figures in the previous year of Rs. 547.720 Millions and a loss of Rs. 37.786 Millions respectively.

 

The bottom line of the Company continues to be under stress due to non-availability of adequate working capital to support the optimum operations of the Company on the one hand and increase in the input cost since the same could not be passed on to customers. In spite of adverse operating conditions, the Company has been able to control and manage its operations in focused way and the results culminated into cash profit.

 

SICK INDUSTRY:

 

Consequent upon the erosion of the entire net worth during the year 2009-2010 The Company filed a reference to the Board for Industrial and Financial Reconstruction, New Delhi in terms of the provisions of the Sick Industrial Companies (Special Provisions) Act,1985. Against the Order of the BIFR, the Company has preferred an appeal before the honourable AAIFR and the same is pending for adjudication.

 

Meanwhile the Company is taking all necessary steps and is preparing a scheme for its revival.

 

FUTURE OUTLOOK:

 

The Company despite gloomy performance believes that the products of the Company are good and have wide applications in industries and it can be revived. The customers of the Company are of high repute. To reduce the cost of production, control the expenses and increase the productivity and quality of products, it is taking all imperative steps in this direction. The efforts of the Company have resulted yields and the same are evident from the financial statements of the Company. To further the efforts of the Company it requires co-operations, assistance of all the concerned authorities /institutions such as banks, governments, semi governments in extending financial and non-financial assistance which is of paramount importance.

 

 

INDEX OF CHARGE:

 

Sr .No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10240006

31/08/2010

16,000,000.00

Bank of India

Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai, Maharashtra - 400002,
INDIA

A94746989

2

10213933

31/03/2011 *

30,000,000.00

INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE
LIMITED

709, 7th Floor, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi, Delhi - 110001, INDIA

B12880027

3

10139796

31/03/2011 *

1,382,500,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

B15761232

* Date of modification charge

 

FIXED ASSETS:

 

·         Air Conditioner

·         Building

·         Computer

·         Electrical Installation

·         Furniture and Fixtures

·         Land

·         Office Equipment

·         Testing Equipments

·         Plant and Machinery

·         Working Tool and Equipment

·         Motor Car

·         Cycle

·         Water Cooler

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.58

UK Pound

1

Rs. 98.51

Euro

1

Rs. 83.49

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

VNT

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

 

 

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

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