MIRA INFORM REPORT
|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
L 52/55, Verna Industries Estate, Phase – II, Verna, Salcete, Goa -
403722, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
26.09.1996 |
|
|
|
|
Com. Reg. No.: |
24-002193 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 325.187
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29197GA1996PTC002193 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP05854C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8856L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Water Purification Components. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Latest financials of 2011 and 2012 are not available with us. As per
2010 overall financials appears to be normal. Mr. Vara Prasad, Accounts manager has provided general information and
denied to disclose financial detail to us. Trade relations are fair. Business
is active. Payment terms are unknown due to absence of financial. The company can be considered for dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
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. Vara Prasad |
|
Designation : |
Accounts manager |
|
Contact No.: |
91-832-2883300 |
|
Date : |
11.09.2013 |
LOCATIONS
|
Registered Office / Factory: |
L 52/55, Verna Industries Estate, Phase – II, Verna, Salcete, Goa -
403722, India |
|
Tel. No.: |
91-832-2883300 / 2783018 |
|
Fax No.: |
91-832-2883312 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office/ Sales / Marketing Office : |
Green Boulevard, B-9/A, 7th Floor, Tower B, Sector 62, Noida – 201
301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4199444 |
|
Fax No.: |
91-120-4199400 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Regional Offices : |
CHENNAI Eurocon Tiles, 3rd Floor, No.161, Greams Road (Landmark near Apollo
Hospital), Chennai – 600 006, Tamilnadu, India Tel no.: 91-44-42122046
/ 42122047 MUMBAI 301, Omega, Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra,
India Tel No.: 91-22-25706422
/ 25623670 AHMADABAD 503, Sukh Sagar Complex, Ashram Road, Usmanpura, Near Fortune
Landmark, Ahmadabad – 380 013, Gujarat, India Tel No.: 91-79-30620174 |
|
|
|
|
Global Business Unit: |
AQUATIC SYSTEMS Green Boulevard, B-9/A, 7th Floor, Tower B, Sector 62, Noida-201301, Tel No.: 91-120-4199444 Fax No.: 91-120-419 9400 FILTRATION AND PROCESS 161, Eurocon Tiles, 3rd Floor, Greams Road, (Land Mark near Apollo Hospital), Chennai-600006, Karnataka, India Tel No.: 91-44-42122046/ 42122047 FLOW TECHNOLOGY 804, Windsor, Kalina, Santacruz, Mumbai – 400098,
Maharashtra, India Tel No.: 91-22-61310600 THERMAL MANAGEMENT 1st Floor, Ujagar Infotech Park, Opposite Deonar Bus Depot, Deonar, Mumbai – 400088, Maharashtra, India Tel No.: 91-22-67758800/01 VALVES AND CONTROL 804, Windsor, Kalina, Santacruz, Mumbai – 400098,
Maharashtra, India Tel No.: 91-22-61310600 |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Babu Suri Gopi |
|
Designation : |
Director |
|
Address : |
G-6, Arshad Complex, Madl, Margao, Goa – 403 601, India |
|
Date of Birth/Age : |
23.11.1967 |
|
Date of Appointment : |
20.05.2000 |
|
DIN No.: |
00002544 |
|
|
|
|
Name : |
Mr. Maruthi |
|
Designation : |
Director |
|
Address : |
Flat C-2, Block-A, Sundew Apartments, Margao Goa - 403601, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
21.08.2008 |
|
DIN No.: |
02032136 |
|
|
|
|
Name : |
Mr. Juan Francisco Brondo |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
2324 Red River Dr, Mission TX, Texas-78572, Mexico |
|
Date of Birth/Age : |
17.10.1961 |
|
Date of Appointment : |
22.03.2010 |
|
DIN No.: |
03015949 |
|
|
|
|
Name : |
Ms. Angela Dee Lageson |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
21 Ludlow Ave, St Paul, Minnesota-55108, |
|
Date of Birth/Age : |
11.09.1968 |
|
Date of Appointment : |
22.03.2010 |
|
DIN No.: |
03018715 |
KEY EXECUTIVES
|
Name : |
Mr. Maruthi |
|
Designation : |
Secretary |
|
Address : |
Flat C2, Block A, Sun Dew Apartment, Near Cine Vishant,
Margao-403601, South Goa, |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
01.07.2005 |
|
PAN No.: |
AGXPG4714A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
EPPS Limited, Mauritius |
-- |
3999980 |
|
Pentair Water Treatment (OH) Company, |
-- |
14211120 |
|
Pentair Water Treatment (OH) Company, |
14307616 |
-- |
|
|
|
|
|
Total |
14307616 |
18211100 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Water Purification Components. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Components for Water Treatment |
Nos. |
-- |
300000 |
85817 |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
700 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Bank of India, Branch Varnabhuva, Goa, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
Note: Secured by hypothecation of vehicles [Amount falling due within one
year Nil (as at 31st December, 2009 Rs. 0.004 million) |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
PAN No.: |
AACFD 4815A |
|
|
|
|
Ultimate Holding Company: (As on 31.12.2010) |
|
|
|
|
|
Holding Company: (As on 31.12.2010) |
|
|
|
|
|
Subsidiaries : (As on 31.12.2010) |
Pentair Water Treatment Private Limited CIN NO.: U29197GA1997PTC002373 |
|
|
|
|
Fellow Subsidiaries : (As on 31.12.2010) |
|
CAPITAL STRUCTURE
As on: 29.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs. 240.000 Millions |
|
22500000 |
Preference Shares |
Rs. 10/- each |
Rs. 225.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 465.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18211100 |
Equity Shares [of which 14211120 shares are held by the Holding Company – Pentair
Water Treatment (OH) Company, USA, Pentair Inc. USA, being the ultimate
holding Company] |
Rs.10/- each |
Rs. 182.111
Millions |
|
14307616 |
0% Redeemable Preference Shares Note:-The 0% Redeemable
Preference Shares are redeemable at the end of fourteen years from the date
of allotment thereof or earlier at the option of the company |
Rs. 10/- each |
Rs. 143.076
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 325.187 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
325.187 |
325.187 |
325.187 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1394.768 |
1264.094 |
978.762 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1719.955 |
1589.281 |
1303.949 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.004 |
0.048 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.004 |
0.048 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1719.955 |
1589.285 |
1303.997 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
304.127 |
308.565 |
259.438 |
|
|
Capital work-in-progress |
68.933 |
25.341 |
12.778 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.074 |
0.074 |
0.074 |
|
|
DEFERREX TAX ASSETS |
26.275 |
20.472 |
12.762 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
218.997
|
176.543
|
249.386 |
|
|
Sundry Debtors |
414.251
|
604.410
|
849.429 |
|
|
Cash & Bank Balances |
704.532
|
541.983
|
418.274 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
507.705
|
315.302
|
119.302 |
|
Total
Current Assets |
1845.485
|
1638.238 |
1636.391 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
430.090
|
283.078
|
483.750 |
|
|
Other Current Liabilities |
9.602
|
7.820
|
4.633 |
|
|
Provisions |
85.247
|
112.507
|
129.063 |
|
Total
Current Liabilities |
524.939
|
403.405 |
617.446 |
|
|
Net Current Assets |
1320.546
|
1234.833
|
1018.945 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1719.955 |
1589.285 |
1303.997 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Turnover) |
1439.370 |
1793.080 |
1820.630 |
|
|
|
Other Income |
272.834 |
29.737 |
38.765 |
|
|
|
TOTAL |
1712.204 |
1822.817 |
1859.395 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1474.764 |
1338.267 |
1428.615 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1474.764 |
1338.267 |
1428.615 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
237.440 |
484.550 |
430.780 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.570 |
46.580 |
48.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
196.870 |
437.970 |
382.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
66.200 |
152.640 |
132.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
130.670 |
285.330 |
250.660 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1261.590 |
976.260 |
725.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1392.260 |
1261.590 |
976.260 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
1008.878 |
1533.065 |
1507.384 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
274.401 |
300.416 |
426.977 |
|
|
|
Stores & Spares |
5.085 |
6.094 |
9.989 |
|
|
|
Capital Goods |
35.821 |
38.715 |
6.000 |
|
|
TOTAL IMPORTS |
315.307 |
345.225 |
442.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.18 |
15.67 |
7.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
7.63
|
15.65 |
13.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.68
|
24.43
|
21.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.16
|
22.50
|
20.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.28
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.52
|
4.06
|
2.65 |
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
Note: No Charges
Exist for Company
LITIGATION DETAILS
|
Reg. No. :- TXA / 5
/ 2013 |
Stamp No. :- STM / 305 / 2013 |
||||
|
Case Status : |
Pending (Admitted) |
||||
|
Petitioner : |
1. THE COMMISSIONER OF INCOME TAX |
||||
|
Respondent : |
1. PENTAIR WATER INDIA PRIVATE LIMITED, |
||||
|
Petitoner
Adv. : |
ADV. ASHA A. DESAI |
||||
|
District : |
North Goa |
||||
|
Bench : |
Division |
||||
|
Act : |
Income Tax Act, 1961 |
||||
|
Category : |
Income Tax Appeal |
||||
|
Case Stage : |
FOR FINAL HEARING |
||||
|
Hearing Date : |
Monday, September 02, 2013 |
||||
|
|||||
|
This Case is
updated on : Friday, August 30, 2013 |
|||||
OPERATING RESULTS
AND FUTURE OUTLOOK:
The past year continued to be turbulent because of the slower than expected recovery after recession in certain parts of the world. The
company, having a global footprint, has undoubtedly been impacted by that
turbulence and it shows
up in the results for the year. There is a marked decline of 19.7% in net sales
of the company over the corresponding value of Year 2009. There was major
decline in export safes of the company into overall global market, but the
shortfall in exports was to a larger extent compensated by growth in the
domestic market that helped to contain the decline in sales. The management is
confident that the more focus on Indian market with New product launches,
Market penetration will help us to mitigate the setbacks from continuing Global
slowdown.
With the decline in sales, profitability of the company also declined as is evident from the 54.1% drop
in Profit before Tax (PBT). The PBT of the company for 2009 stood at Rs. 196.87 million as compared to Rs. 437.97
million of last year.
CONTINGENT
LIABILITIES IN RESPECT OF: (As on 31.12.2010)
i)Disputed demands of Excise authorities Rs. 33.370 millions.
Pending before Central Excise and Customs - Appellate Tribunal - Mumbai. Demands relate to classification issues as regards rate(s) for charging excise duty.
ii)Disputed demands of Excise authorities Rs.3.082 millions.
Pending before Additional Commissioner of Central Excise (Appeals) - Panjim, Goa. Demands pertaining to levy of excise duty on the share retained by the Company in terms of Goa Sales Tax Cum Net Present Value Compulsory Payment Scheme 2005.
iii)Claims against the Company not acknowledged as debts Rs. Nil.
Claim made by Vijaynath Interiors:
During the Year, the High Court of Judicature at Mumbai, Goa Bench has passed an order against the company and accordingly provision has been made in the books of account and paid subsequent to the year end.
iv.)Disputed demands of Income Tax Authorities aggregating to Rs.52.412 millions
Pending before the commissioner of Income Tax (Appeals) - Panjim Goa. Demands primarily relate to adjustment made pursuant to transfer pricing regulations for Assesment year 2005-06, 2006-07 and 2007-08.
v.) Disputed demands of Income Tax Authorities Rs. 53.019 millions
Pending before the Income Tax Appellate Tribunal, Bangalore for the Assesment year 2004-05
vi.) Disputed demands of Income Tax Authorities Rs. 2.375 millions
Pending before the Assistant Commissioner of Commercial taxes, Panaji, Goa. Demand pertaining to to non-submission of C - Forms.
vii) Warranty claims against the Company not acknowledged as debts Rs.168.146 millions.
Customer has made a claim for 130% of order value towards warranty against material supplied for USD 2,786,850/-.
The Company is confident of defending the above claims and
expects no liability on these counts.
FIXED ASSETS:
· Leasehold Land
· Building
· Plant and Machinery
· Office Equipment
· Furniture and Fixture
· Motor Vehicles
· Goodwill
· 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 records 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 : |
SVA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
31 |
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.