MIRA INFORM REPORT
|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMIANTIT FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED (w.e.f.
05.03.2004) |
|
|
|
|
Formerly Known
As : |
AMITECH PIPE SYSTEMS ( |
|
|
|
|
Registered
Office : |
Salgaocar Centre, 3rd Floor, Rua De Ourem, Panaji – 403
001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.02.2003 |
|
|
|
|
Com. Reg. No.: |
24-003186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25191GA2003PTC003186 |
|
|
|
|
IEC No.: |
1703000340 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRA04555F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA2324A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Glass Reinforced Polyester (GRP) Products. |
|
|
|
|
No. of Employees
: |
290 (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 840000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Amitech Cyprus Holdings Limited’. It is an
established company having a moderate track record. It has incurred loss from its operation during 2012. There appear some
accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some caution.
Note: Banker denied to
disclose any detail of the subject to us. |
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 |
ICRA |
|
Rating |
Fund Based Limits = BB+ |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of financial
obligation |
|
Date |
February, 2012 |
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 DECLINED
Unable to Contact
Contact No.: 91-832-6619916 / 6413120
/ 6619999 (Not Working)
91-832-2228612 (Continuously Ringing)
LOCATIONS
|
Registered Office : |
Salgaocar Centre, 3rd Floor, Rua De Ourem, Panaji – 403
001, |
|
Tel. No.: |
91-832-2228612 / 6619999 |
|
Fax No.: |
91-832-2224324 / 6619900 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Rented |
|
|
|
|
Factory 1 : |
Plot No. 120, 121 and 177 Maina Road, Village Navelim, Taluka Bicholim
– 403 505, Goa, India |
|
Tel. No.: |
91-832-6619999 |
|
Fax No.: |
91-832-6619900 |
|
E-Mail : |
|
|
Area : |
Leased |
|
|
|
|
Factory 2 : |
Plot No. 626, GIDC Industrial Estate, P.O. Manjusar, Savli, Vadodara –
391 775, |
|
E-Mail : |
|
|
Area : |
Leased |
DIRECTORS
As on: 08.08.2012
|
Name : |
Mr. Shivanand Vassudev Salgaocar |
|
Designation : |
Director |
|
Address : |
Hira Vihar, House No.278, Airport Road, Chicalim, Mormugao – 403 711,
South Goa, India |
|
Date of Birth/Age : |
24.07.1954 |
|
Date of Appointment : |
11.02.2003 |
|
DIN No.: |
00001402 |
|
|
|
|
Name : |
Mr. Vijay Suriagi Hede |
|
Designation : |
Director |
|
Address : |
Villa No.12, Kamat Kinara, |
|
Date of Birth/Age : |
02.09.1951 |
|
Date of Appointment : |
11.02.2003 |
|
DIN No.: |
00104591 |
|
|
|
|
Name : |
Rafih Milad Wehbe |
|
Designation : |
Director |
|
Address : |
Saudi Arabian Amiantit Company, P.O. Box No.589, Damam, 31421, |
|
Date of Birth/Age : |
17.10.1953 |
|
Date of Appointment : |
31.12.2003 |
|
DIN No.: |
01321210 |
|
|
|
|
Name : |
Mr. Bhaskaran Srikumar |
|
Designation : |
Managing Director |
|
Address : |
1/203, |
|
Date of Birth/Age : |
13.04.1960 |
|
Date of Appointment : |
06.07.2009 |
|
DIN No.: |
00306918 |
|
|
|
|
Name : |
Dr. Solaiman Abdul Aziz Altwaijri
|
|
Designation : |
Director |
|
Address : |
1st Industrial Area, P.O. Box No.589, Damam, 31421, |
|
Date of Birth/Age : |
26.10.1965 |
|
Date of Appointment : |
24.05.2008 |
|
DIN No.: |
02235572 |
|
|
|
|
Name : |
Mr. Walid Ali Almadi |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
19.12.1960 |
|
Date of Appointment : |
29.03.2011 |
|
DIN No.: |
03452696 |
MAJOR SHAREHOLDERS
As on: 08.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shivanand V. Salgaocar |
|
1050000 |
|
Ranjana S. Salgaocar |
|
2000000 |
|
Swati S. Salgaocar |
|
1000000 |
|
Vivek S. Salgaocar |
|
1000000 |
|
Mahadhan Real Estates Private Limited, |
|
1950000 |
|
Pyramid Finance Private Limited, India |
|
500000 |
|
Amitech Cyprus Holding Limited, |
|
17500000 |
|
Total
|
|
25000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 08.08.2012
|
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 |
70.00 |
|
Bodies corporate |
9.80 |
|
Directors or relatives of Directors |
20.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Reinforced Polyester (GRP) Products. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
(as certified by the management) - *
|
Particulars |
Unit |
Actual
Production |
|
Glass reinforced polyester tanks |
Nos. |
17 |
|
# Glass reinforced polyester pipes [Includes unmounted pipes of 37,688 mtrs,] |
Mtrs. |
60431 |
* Installed
capacities are not quantifiable, since the company manufactures a wide variety
of pipes and installed capacity varies depending upon the product mix.
# Glass reinforced
polyester pipes are pipes mounted with couplings.
GENERAL INFORMATION
|
No. of Employees : |
290 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Corporation Bank, Panaji Branch, Dr. Atmaram Borkar Road, Opposite
Municipal Garden, P.B. No.87, Panaji – 403 001, Goa, India Tel. No.: 91-832-2426352 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679025 |
|
E-Mail : |
|
|
PAN.: |
AAAPA5332M |
|
|
|
|
Holding Company: |
Amitech Cyprus Holdings Limited |
|
|
|
|
Ultimate Holding Company: |
Saudi Arabian Amiantit Company |
|
|
|
|
Fellow
Subsidiary : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 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 |
|
250.000 |
250.000 |
|
(b) Reserves & Surplus |
|
(38.197) |
164.351 |
|
(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) |
|
211.803 |
414.351 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
124.425 |
136.758 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
1.008 |
|
(d) long-term
provisions |
|
5.085 |
10.838 |
|
Total Non-current
Liabilities (3) |
|
129.510 |
148.604 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
276.035 |
182.911 |
|
(b) Trade
payables |
|
209.485 |
141.214 |
|
(c) Other
current liabilities |
|
352.458 |
311.671 |
|
(d) Short-term
provisions |
|
16.228 |
9.586 |
|
Total Current
Liabilities (4) |
|
854.206 |
645.382 |
|
|
|
|
|
|
TOTAL |
|
1195.519 |
1208.337 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
571.340 |
410.012 |
|
(ii)
Intangible Assets |
|
0.230 |
0.331 |
|
(iii)
Capital work-in-progress |
|
0.090 |
208.091 |
|
(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 |
|
77.104 |
58.886 |
|
(e) Other
Non-current assets |
|
0.000 |
7.076 |
|
Total Non-Current
Assets |
|
648.764 |
684.396 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
349.961 |
295.358 |
|
(c) Trade
receivables |
|
64.222 |
133.319 |
|
(d) Cash
and cash equivalents |
|
83.292 |
43.690 |
|
(e)
Short-term loans and advances |
|
48.305 |
50.716 |
|
(f) Other
current assets |
|
0.975 |
0.858 |
|
Total
Current Assets |
|
546.755 |
523.941 |
|
|
|
|
|
|
TOTAL |
|
1195.519 |
1208.337 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
250.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
269.231 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
519.231 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
374.616 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
374.616 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3.957 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
897.804 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
470.200 |
|
|
Capital work-in-progress |
|
|
89.691 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
230.415
|
|
|
Sundry Debtors |
|
|
269.448
|
|
|
Cash & Bank Balances |
|
|
22.425
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
81.685
|
|
Total
Current Assets |
|
|
603.973 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
111.413 |
|
|
Other Current Liabilities |
|
|
136.000
|
|
|
Provisions |
|
|
18.647
|
|
Total
Current Liabilities |
|
|
266.060 |
|
|
Net Current Assets |
|
|
337.913
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
897.804 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
754.584 |
|
|
|
Other Income |
|
|
27.932 |
|
|
|
TOTAL |
558.779 |
529.329 |
782.516 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
569.539 |
664.982 |
|
|
|
Administrative Expenses |
|
|
5.930 |
|
|
|
Advertising Expenses |
|
|
(29.866) |
|
|
|
TOTAL |
677.508 |
569.539 |
641.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(Including
Financial Expenses) |
(Including
Financial Expenses) |
141.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
44.914 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(118.729) |
(40.210) |
96.556 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
83.819 |
68.627 |
68.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(202.548) |
(108.837) |
28.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(3.952) |
7.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(202.548) |
(104.880) |
20.979 |
|
|
|
|
|
|
|
|
|
Less/ Add |
SHORT
PROVISION FOR TAX IN RESPECT OF EARLIER YEARS |
0.000 |
0.000 |
(0.186) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
151.051 |
255.931 |
235.138 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(51.497) |
151.051 |
255.931 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob Value of Export |
115.214 |
107.347 |
226.655 |
|
|
TOTAL EARNINGS |
115.214 |
107.347 |
226.655 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
149.438 |
110.955 |
109.586 |
|
|
|
Capital Goods |
6.080 |
57.772 |
0.597 |
|
|
TOTAL IMPORTS |
155.518 |
168.727 |
110.183 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.06) |
(4.20)
|
0.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(36.25)
|
(19.81) |
2.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
3.73
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.94)
|
(10.88) |
2.62
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.96)
|
(0.26) |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.89
|
0.77 |
0.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
0.81 |
2.27
|
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 |
51.234 |
71.100 |
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 |
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 |
Yes |
|
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 |
No |
FUTURE OUTLOOK:
Effects of the economic slowdown and the shortage of coal have hit the power and water sectors which are our target customer segments. Many projects specked with GRP that have been announced are yet to take off. While the company is currently servicing major orders from Reliance and Lanco, these projects are moving at a very slow pace affecting top and bottom lines. As the market in India is expected to stay this way for at least another year or a little more, the sales strategy has been tweaked to aggressively target stable Asia-Pacific economies. The company has bid for quite a few medium / large projects and expects some of these to result in business starting the third quarter. The growth in GRP capacities in India that has far exceeded the growth in demand has brought tremendous pressure on prices. For the medium-term, efforts are on with the Bureau of Indian Standards to try and raise the bar for product specifications which are currently below accepted international standards. The
Company has also commenced sales pitches with financially sound real estate sector players for supply of water storage tanks. While this effort is in the early stages, the feedback has been generally positive. With the demand / supply gap growing in the Power and Water sectors, the future for GRP definitely hold great promise once the economy is back on track.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90065653 |
21/02/2012 * |
1,644,500,000.00 |
CORPORATION BANK |
PANAJI BRANCH DR. ATMARAM BORKAR ROAD, OPP. MUNIC |
B34991778 |
FIXED ASSETS:
- Leasehold Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Vehicles
- Computer
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--DEFAULTERS |
|
|
|
--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.