MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRAJ HIPURITY SYSTEMS LIMITED (w.e.f.
27.02.2014) |
|
|
|
|
Formerly Known
As : |
NEELA SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
4/8, Piramal Industrial Premises
Co-Operative Society Limited, S. V. Road, Goregaon
(West), Mumbai – 400062, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-175261 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U41000MH2007PLC175261 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN15624A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN6144P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Water Treatment Equipment. |
|
|
|
|
No. of Employees
: |
240 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2213000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having a fine track record. Financial position of the company seems to be strong. Overall
fundamentals of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual 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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into
Hindustan Aeronautics Limited’s contracts from
Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau
of Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
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. Nilesh Mehta |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-40888444 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office : |
4/8, Piramal Industrial Premises
Co-Operative Society Limited, S. V. Road, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
|
Tel. No. : |
91-22-40888444 |
|
Fax No. : |
91-22-28747129 |
|
E-Mail : |
|
|
Website : |
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|
Location: |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
Gut No.456/467, Village Usar
Kudus, Taluka Wada, Thane – 421303, Maharashtra, India |
|
Tel. No. : |
91-22-40888444 |
|
Fax No. : |
91-2526-220035 |
DIRECTORS
As on 29.06.2013
|
Name : |
Mr. Himanshu Virendra
Shah |
|
Designation : |
Managing Director |
|
Address : |
Flat - 1101 Sanghvi Villa, Plot No. 73" S. V. Road, TPS VI, Andheri (West), Mumbai – 400058, Maharashtra,
India |
|
Date of Birth/Age : |
17.05.1964 |
|
Date of Appointment : |
22.10.2007 |
|
PAN No.: |
AAHPS7504E |
|
DIN No. : |
00012867 |
|
|
|
|
Name : |
Mr. Pramod Madhukar
Chaudhari |
|
Designation : |
Nominee Director |
|
Address : |
'Kinnari', 6, Vee Nimbkar Co-operative Housing Society, 80/4, Off Baner Road, Aundh Pune -411007, Maharashtra,
India |
|
Date of Birth/Age : |
26.11.1949 |
|
Date of Appointment : |
06.01.2012 |
|
DIN No. : |
00196415 |
|
|
|
|
Name : |
Mr. Sivaramakrishnan Srinivasan
Iyer |
|
Designation : |
Nominee Director |
|
Address : |
B-1901, Runwal Pride, Behind R-Mall, L.B.S. Marg,
Mulund (West), Mumbai – 400080, Maharashtra,
India |
|
Date of Birth/Age : |
28.01.1967 |
|
Date of Appointment : |
06.01.2012 |
|
DIN No. : |
00503487 |
|
|
|
|
Name : |
Mr. Gajanan Jagannath
Nabar |
|
Designation : |
Nominee Director |
|
Address : |
Orchid, Flat
No.601, Holy Cross Road, IC Colony, Borivali
(West), Mumbai – 400103, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1963 |
|
Date of Appointment : |
06.01.2012 |
|
DIN No. : |
00714569 |
|
|
|
|
Name : |
Mr. Nitin Chandrakant
Amin |
|
Designation : |
Whole-time Director |
|
Address : |
304, Azalia Apts,
S. No. 287, Baner Road, Baner
Pune – 411045, Maharashtra,
India |
|
Date of Birth/Age : |
01.01.1961 |
|
Date of Appointment : |
06.01.2012 |
|
PAN No.: |
AAZPA5524C |
|
DIN No. : |
01759174 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Satish
Tikekar |
|
Designation : |
Secretary |
|
Address : |
D-II-6, N.C.L.
Colony, Pashan
Road, Pune - 411 008, Maharashtra,
India |
|
Date of Birth/Age : |
13.05.1982 |
|
Date of Appointment : |
07.05.2013 |
|
PAN No. : |
ADVPT3720E |
|
|
|
|
Name : |
Mr. Nilesh Mehta |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2013
|
Names of Shareholders |
No. of Shares |
|
Himanshu Shah Jointly with Manisha H. Shah Jointly
with Sunanda Shah |
2000000 |
|
Praj Industries Limited, India |
2995000 |
|
Pramod Madhukar Chaudhari Jointly with
Parimal Chaudhari |
**4960 |
|
Parimal Pramod Chaudhari Jointly with Pramod Chaudhari |
**10 |
|
Pramod Chaudhari Jointly with Parimal Pramod Chaudhari as a Trustees
of Moriyaset Trust |
**10 |
|
Gajanan Nabar |
**10 |
|
Bipeen Yahwant Valame |
**10 |
|
|
|
|
Total |
5000000 |
NOTE: ** Shares held as a Nominee of Praj
Industries Limited
As on 29.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
60.00 |
|
Directors or relatives of Directors |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Water Treatment Equipment. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Bangladesh |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
USA ·
Germany |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
240 (Approximately) |
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Bankers : |
Ø ICIC Bank
Limited, Andheri M.I.D.C., Mumbai, Maharashtra, India Ø ICICI Bank
Limited, Landmark Race Cource Circle, Alkapuri, Vadodara - 390015,
Gujarat, India Ø State Bank of
India, Industrial Finance Branch, Near Chicholi Phatak, S.V. Road, Malad
(West), Mumbai - 400064, Maharashtra, India |
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Facilities : |
CC Rs. 450.000 Millions
|
|
Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Dhanraj Jain and Associates Chartered Accountants |
|
Address : |
31 , Shubh Commercial Premises Co-operative Society Opposite
Temptation Hotel, Akurli Station Road, Mumbai, Maharashtra, India |
|
PAN
No. : |
AAGPJ5394J |
|
|
|
|
Holding Company : |
Praj Industries Limited, Pune,
Maharashtra, India
|
|
|
|
|
Associate
Entities : |
Naman Traders (Formerly Neela
Traders) |
CAPITAL STRUCTURE
As on 31.0.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 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 |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
503.281 |
388.980 |
270.285 |
|
(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) |
553.281 |
438.980 |
320.285 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
24.000 |
47.996 |
|
(b) Deferred tax liabilities (Net) |
1.887 |
0.927 |
6.753 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.540 |
1.386 |
2.142 |
|
Total
Non-current Liabilities (3) |
4.427 |
26.313 |
56.891 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
137.385 |
189.544 |
180.442 |
|
(b) Trade payables |
160.576 |
73.937 |
157.824 |
|
(c) Other current liabilities |
80.231 |
57.695 |
91.767 |
|
(d) Short-term provisions |
125.785 |
119.255 |
85.980 |
|
Total
Current Liabilities (4) |
503.977 |
440.431 |
516.013 |
|
|
|
|
|
|
TOTAL |
1061.685 |
905.724 |
893.189 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
287.521 |
318.980 |
260.460 |
|
(ii) Intangible Assets |
0.771 |
1.200 |
1.708 |
|
(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 |
1.012 |
1.364 |
0.908 |
|
(e) Other Non-current assets |
10.508 |
5.461 |
2.414 |
|
Total
Non-Current Assets |
299.812 |
327.005 |
265.490 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
200.591 |
162.871 |
260.731 |
|
(c) Trade receivables |
387.095 |
214.248 |
196.014 |
|
(d) Cash and cash equivalents |
22.821 |
50.800 |
55.611 |
|
(e) Short-term loans and advances |
0.771 |
0.492 |
115.025 |
|
(f) Other current assets |
150.595 |
150.308 |
0.318 |
|
Total
Current Assets |
761.873 |
578.719 |
627.699 |
|
|
|
|
|
|
TOTAL |
1061.685 |
905.724 |
893.189 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
846.003 |
928.106 |
762.493 |
|
|
|
Other Income |
8.549 |
8.931 |
11.290 |
|
|
|
TOTAL |
854.552 |
937.037 |
773.783 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
543.926 |
486.721 |
450.569 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(112.604) |
1.286 |
(37.790) |
|
|
|
Employees benefits expense |
80.960 |
77.605 |
71.809 |
|
|
|
Other expenses |
114.482 |
101.830 |
98.545 |
|
|
|
TOTAL |
626.764 |
667.442 |
583.133 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
227.788 |
269.595 |
190.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.740 |
35.914 |
32.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
207.048 |
233.681 |
157.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
37.984 |
35.394 |
20.738 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD ITEM BEFORE TAX |
0.000 |
11.223 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
169.064 |
187.064 |
137.074 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
54.763 |
62.370 |
49.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
114.301 |
124.694 |
87.562 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
22.86 |
24.94 |
17.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.38
|
13.31 |
11.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.98
|
20.16 |
17.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.92
|
20.65 |
15.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.43 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25
|
0.49 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.31 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
270.285 |
388.980 |
503.281 |
|
Net
worth |
320.285 |
438.980 |
553.281 |
|
|
|
|
|
|
long-term borrowings |
47.996 |
24.000 |
0.000 |
|
Short term borrowings |
180.442 |
189.544 |
137.385 |
|
Total
borrowings |
228.438 |
213.544 |
137.385 |
|
Debt/Equity
ratio |
0.713 |
0.486 |
0.248 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
762.493 |
928.106 |
846.003 |
|
|
|
21.720 |
(8.846) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
762.493 |
928.106 |
846.003 |
|
Profit |
87.562 |
124.694 |
114.301 |
|
|
11.48% |
13.44% |
13.51% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Current Maturities Of Long Term Loan From Bank |
24.140 |
24.001 |
24.000 |
|
|
|
|
|
|
Total |
24.140
|
24.001 |
24.000 |
|
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 |
----- |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered address of the company has been shifted from 4/5, Piramal Industrial Premises Co-Operative, Society Limited,
S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India to the present address w.e.f. 15.07.2011
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10359770 |
22/08/2013 * |
450,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, Gujarat, INDIA |
B84327279 |
|
2 |
90166412 |
08/12/1995 |
200,000.00 |
STATE BANK OF INDORE |
THAKUR COMPLEX, KANDIVALI, MUMBAI – 400101, Maharashtra,
INDIA |
- |
* Date of charge modification
FIXED ASSETS
œ
Land
œ
Buildings
œ
Plant and Equipment
œ
Furniture and Fixtures
œ
Vehicles
œ
Office Equipment
œ
Computer Equipments
œ 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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.