MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
NECO CERAMICS LIMITED |
|
|
|
|
Registered
Office : |
Old |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.02.1930 |
|
|
|
|
Com. Reg. No.: |
11-010268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1930PLC010268 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPN01452D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for
Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace
use |
|
|
|
|
No. of Employees
: |
155(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 230000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an old well established company having a moderate track
record. Profit margin of the company appears to be low during 2012. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. 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’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the traqde deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new government
will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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
|
Name : |
Mr. Biswas |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9370273890 |
|
Date : |
21.10.2013 |
LOCATIONS
|
Registered Office / Factory : |
Old Barni Karkhana Road, Near Harihar Mandir, Bagadganj, Nagpur -
440008, Maharashtra, India |
|
Tel. No.: |
91-712-2767423 / 2778345 |
|
Mobile No.: |
91-9370273890 (Mr. Biswas) |
|
Fax No.: |
91-712-2763494 / 2767423 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Basant Lall Shaw |
|
Designation : |
Director |
|
Address : |
246, Usha Sadan, PT. R.S.S. Marg, Civil Lines, Nagpur-440001, |
|
Date of Birth/Age : |
03.08.1933 |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00249729 |
|
Voter ID No.: |
MT/23/137/678368 |
|
|
|
|
Name : |
Mr. Anand Arvindkumar Jayaswal |
|
Designation : |
Director |
|
Address : |
246, Usha Sadan, PT. R.S.S. Marg, Civil Lines, Nagpur-440001, |
|
Date of Birth/Age : |
10.11.1976 |
|
Date of Appointment : |
04.09.2008 |
|
DIN No.: |
00192612 |
|
|
|
|
Name : |
Mr. Sanjay Kumar Jayswal |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
10.01.1960 |
|
Date of Appointment : |
01.03.2005 |
|
DIN No.: |
02462066 |
|
|
|
|
Name : |
Mr. Avneesh Ramesh Jayaswal |
|
Designation : |
Director |
|
Address : |
246, Usha Sadan, PT. R.S.S. Marg, Civil Lines, Nagpur-440001, |
|
Date of Birth/Age : |
07.09.1985 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
01227404 |
KEY EXECUTIVES
|
Name : |
Mr. Biswas |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
92.30 |
|
Other top fifty shareholders |
0.96 |
|
Others |
6.74 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for
Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace
use. |
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Products : |
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Exports : |
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Products : |
Acid Resistant and Refractory Bricks / Fire Bricks for Arc Furnace,
Blast Furnace and Ramming Masses for Induction and Arc furnace use. |
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Countries : |
African Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 Days) |
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Purchasing : |
L/C / Cash / Credit (30 Days) |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fire Bricks |
MT |
1500 |
2597.287 |
|
Binding Materials |
MT |
6600 |
-- |
|
Others |
MT |
-- |
2680.662 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
155 (Approximately) |
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Bankers : |
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|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
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|
Banking
Relations : |
--- |
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|
|
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Auditors : |
|
|
Name : |
P.N. Bahri and Company Chartered Accountants |
|
Address : |
4, 3rd Floor, NMC Complex, Nagpur Sadar, Nagpur – 440001, Maharashtra, India |
|
Tel. No.: |
91-712-3042547 |
|
E-Mail : |
|
|
PAN No.: |
AABFB2336H |
|
|
|
|
Enterprises under
significant influence of key management personnel: |
|
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1650000 |
Equity Shares |
Rs.10/- each |
Rs.16.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1630000 |
Equity Shares |
Rs.10/- each |
Rs.16.300 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16.300 |
16.300 |
|
(b) Reserves & Surplus |
|
41.354 |
41.143 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
57.654 |
57.443 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
32.943 |
34.677 |
|
(b) Deferred tax liabilities (Net) |
|
3.124 |
3.742 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
36.067 |
38.419 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
26.550 |
17.500 |
|
(b) Trade
payables |
|
24.169 |
19.618 |
|
(c) Other
current liabilities |
|
31.820 |
17.339 |
|
(d) Short-term
provisions |
|
0.725 |
0.785 |
|
Total Current
Liabilities (4) |
|
83.264 |
55.242 |
|
|
|
|
|
|
TOTAL |
|
176.985 |
151.104 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
49.541 |
57.018 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
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 |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
49.541 |
57.018 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
79.279 |
68.434 |
|
(c) Trade
receivables |
|
32.290 |
14.710 |
|
(d) Cash
and cash equivalents |
|
11.726 |
6.563 |
|
(e) Short-term
loans and advances |
|
4.149 |
4.379 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
127.444 |
94.086 |
|
|
|
|
|
|
TOTAL |
|
176.985 |
151.104 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4.800 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
37.213 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
42.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
37.134 |
|
|
2] Unsecured Loans |
|
|
34.114 |
|
|
TOTAL BORROWING |
|
|
71.248 |
|
|
DEFERRED TAX LIABILITIES |
|
|
4.418 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
117.679 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
58.824 |
|
|
Capital work-in-progress |
|
|
16.912 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
59.457
|
|
|
Sundry Debtors |
|
|
25.593
|
|
|
Cash & Bank Balances |
|
|
2.038
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
4.584
|
|
Total
Current Assets |
|
|
91.672
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
29.372
|
|
|
Other Current Liabilities |
|
|
19.807
|
|
|
Provisions |
|
|
0.550
|
|
Total
Current Liabilities |
|
|
49.729
|
|
|
Net Current Assets |
|
|
41.943
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
117.679 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
142.786 |
125.344 |
99.013 |
|
|
|
Other Income |
0.839 |
2.047 |
1.400 |
|
|
|
TOTAL (A) |
143.625 |
127.391 |
100.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
101.985 |
|
|
|
|
|
Changes in Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade |
(16.768) |
(0.449) |
79.992 |
|
|
|
Employee Benefit Expenses |
14.763 |
12.599 |
|
|
|
|
Other Expense |
27.753 |
18.475 |
|
|
|
|
TOTAL (B) |
127.733 |
106.769 |
79.992 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.892 |
20.622 |
20.421 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.041 |
8.423 |
8.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.851 |
12.199 |
12.068 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.530 |
8.156 |
8.784 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.321 |
4.043 |
3.284 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.110 |
0.114 |
1.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.211 |
3.929 |
1.798 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.142 |
37.213 |
35.415 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
41.353 |
41.142 |
37.213 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6.141 |
2.811 |
NA |
|
|
TOTAL EARNINGS |
6.141 |
2.811 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
59.073 |
44.547 |
NA |
|
|
TOTAL IMPORTS |
59.073 |
44.547 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.13 |
2.41 |
0.37 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
158.500 |
Expected Sales (2013-14) : Rs.170.000 Millions
The above information has been parted by Mr. Biswas
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.15
|
3.08 |
1.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.22
|
3.23 |
3.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.18
|
2.68 |
2.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.07 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03
|
0.91 |
1.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.70 |
1.84
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current maturities of long-term debt |
5.055 |
6.588 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS:
The performance of the Company during the year was not satisfactory. Despite of healthy growth in the top line the profit of the Company was drastically reduced mainly due to higher cost of raw materials and other administrative costs. The export income has increased more than doubled to Rs. 6.141 Millions from Rs. 2.841 Millions of the previous year. The total income of the Company was Rs 143.625 Millions as compared to Rs 127.391 Millions during the previous year. The profit after tax was a meagre Rs. 0.211 Million as compared to Rs. 3.929 Million in the previous year. The Board of Directors are putting their best efforts to improve the performance of the Company in the coming period
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
From Directors & Shareholders |
32.943 |
29.622 |
|
Total |
32.943 |
29.622 |
|
|
|
|
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Bank Guarantees outstanding not provided for |
73.100 |
Nil |
|
Fixed deposits offered as security for bank guarantee |
7.209 |
5.886 |
|
Claims against the company not acknowledged as debts |
Nil |
Nil |
|
Estimated Liability for Gratuity |
1.003 |
0.892 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10387006 |
07/11/2012 |
510,000.00 |
State Bank of India |
SME City Credit Centre, 128-A, Shraddhanandpeth, |
B62213939 |
|
2 |
10364493 |
25/06/2012 |
1,000,000,000.00 |
State Bank of Travancore |
125, Central Avenue, Gandhiputala, Nagpur, Maharashtra - 440032, INDIA |
B43193366 |
|
3 |
10025579 |
27/09/2006 |
304,300,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, KISHORE BHAVAN, 17, R N MUKHARGEE ROAD, KOLKATA, West Bengal - 700001, INDIA |
A06170385 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Vehicles
- Truck
- Office Equipments
- Fax Machine
- Computer
- Dies and Module
- Laboratory
- Electrical Generator
- Chamber Kline
- Muller
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 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.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
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 |
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 |
|
28 |
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.