MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIMOND FIBERTECH LIMITED (w.e.f. 24.01.2007) |
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Formerly Known
As : |
SIMOND CERAWOOL LIMITED |
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Registered Office
: |
Plot No. 2643-2644, Metoda GIDC,
Lodhika Industrial, Estate, Kranti Gate, Main Road No 13, Metoda
– 360035, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.06.2005 |
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Com. Reg. No.: |
01-046172 |
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Capital
Investment / Paid-up Capital : |
Rs.60.000 Millions |
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CIN No.: [Company Identification
No.] |
U24304GJ2005PLC046172 |
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PAN No.: [Permanent Account No.] |
AAJCS0476N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Ceramic Fiber. |
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No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Reserve of the company is low. However, general position of the
company is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for 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 : |
Madam Anupa Palan |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-2827-287906 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 2643-2644, Metoda GIDC,
Lodhika Industrial, Estate, Kranti Gate, Main Road No 13, Metoda
– 360035, Gujarat |
|
Tel. No.: |
91-2827-287906 / 07 |
|
Fax No.: |
91-2827-287907 / 287494 |
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E-Mail : |
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|
Website : |
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|
Area : |
11000 Sq. Ft |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Chhaganbhai Mohanbhai
Patel |
|
Designation : |
Managing Director |
|
Address : |
Amrut Nagar Society,
Street No. 2, Corner, Plot No.8, Behind SNK School University Road, Rajkot – 360005, Gujarat, India |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
00670235 |
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|
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|
Name : |
Mr. Vinodbhai Thakershi
Ramani |
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Designation : |
Director |
|
Address : |
Shyam 2, Madhuram
Park, Street No. 2, Near Anand, Nagar,
Rajkot – 36002, Gujarat, India |
|
Date of Appointment : |
20.12.2005 |
|
DIN No.: |
00438365 |
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|
Name : |
Mr. Daulatrai Bhagwanjibhai
Pipalia |
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Designation : |
Director |
|
Address : |
Mehak Geeta Nagar Main Road, Behind Swami Narayan
Gurukul, Dhebar Road, Rajikot – 360005, Gujarat, India |
|
Date of Appointment : |
19.08.2009 |
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DIN No.: |
00453879 |
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|
|
|
Name : |
Mr. Hemantbhai Shamjibhai
Bhut |
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Designation : |
Director |
|
Address : |
Khodiya Krupa, 2, Nandi Park, Near Jyoti Park, Kalawad Road, Rajkot – 360005,
Gujarat, India |
|
Date of Appointment : |
20.12.2005 |
|
DIN No.: |
00670282 |
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|
|
|
Name : |
Mr. Kantilal Chhaganbhai Chovatia |
|
Designation : |
Director |
|
Address : |
3, Shivbhumi, Astron Society Main Road,
Behind Rudraksh Apartment, Opposite Pankutir, Rajkot – 360001,
Gujarat, India |
|
Date of Appointment : |
01.05.2013 |
|
DIN No.: |
00788441 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Daulatrai Bhagwanjibhai Pipalia |
|
725600 |
|
Chhaganbhai Mohanbhai Patel |
|
1650000 |
|
Hemantbhai Shamjibhai Bhut |
|
300000 |
|
Vinodbhai Thakershi Ramani |
|
50000 |
|
Kantilal Chhaganbhai Chovatia |
|
480000 |
|
Babubhai Bachubai Sorathiya |
|
213000 |
|
Bhartiben Vinodbhai Ramani |
|
94000 |
|
Jagrutiben Bharatibhai Ramani |
|
110000 |
|
Jamanbhai Keshvjibhai
Patel |
|
75000 |
|
Karshanbhai Keshvjibhai
Patel |
|
75000 |
|
Keshubhai Ramjibhai Bhut |
|
36000 |
|
Khodisdas Karmshibhai Dobariya |
|
36000 |
|
Majulaben Jadavhabhai Korat |
|
84000 |
|
Manjulaben Jadavbhai Bhut |
|
31500 |
|
Damjibhai Givindbhai Korat |
|
2900 |
|
Marshibhai Keshvjibhai Kotadiya |
|
50000 |
|
Thakarshibhai Laxmanbhai Ramani |
|
102000 |
|
Rameshbhai Shamjibhai Kotadiya |
|
36000 |
|
Ramesh Keshvjibhai Sakhiya |
|
75000 |
|
Pravinbhai Damjibhai Sakhaiya |
|
36000 |
|
Savitaben Vallabhbhai Ramani |
|
84000 |
|
Virenbhai Jadavbhai Bhut |
|
12500 |
|
Jadavbhai Ramjibhai Bhut |
|
256000 |
|
Bharatbhai Thakarshibhai Ramani |
|
34000 |
|
Kaushik Damjibhai Korat |
|
57100 |
|
Babubhai Bachubai Sorathiya (HUF) |
|
63000 |
|
Alkaben Daulatrai Pipalia |
|
64400 |
|
Madhuben Vrajlal Patel |
|
50000 |
|
Narmadaben Chhaganbhai
Patel |
|
780000 |
|
Premilaben Thakarshibhai Ramani |
|
42000 |
|
vallabhabhai Thakarshibhai Ramani |
|
60000 |
|
Sureshbhai Thakarshibhai Ramani |
|
60000 |
|
Shitalben Girishbhai Kotadiya |
|
25000 |
|
Apurvabhai Hareshkumar Mayani |
|
150000 |
|
Total |
|
6000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
72.43 |
|
Other |
27.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ceramic Fiber. |
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Products : |
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Exports : |
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Products : |
Ceramic Fiber |
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Countries : |
·
Dubai ·
USA ·
Iran |
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Imports : |
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Products : |
Raw Material |
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Countries : |
France |
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Terms : |
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Selling : |
Cash, Credit and FOB |
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Purchasing : |
Cash, Credit and FOB |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retails |
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No. of Employees : |
75 (Approximately) |
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Bankers : |
·
Bank
of India, Kalawad Road Branch, "Titan",
Near. G. T. Sheth School, Kalawad
Road, Rajkot - 360005, Gujarat, India ·
The Co-Operative Bank of Rajkot
Limited, "Sahkar Sarita",
Panchnath Main Road., Rajkot
- 360001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
H. Jamnadas and Company Chartered Accountants |
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Address : |
50 – Janta Society, Opposite LIC
Building, Mahila College Chowk,
Tagore Road, Rajkot-360001, Gujarat, India |
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PAN No.: |
AABFH2320P |
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Associates : |
· Solar Technocast Private Limited CIN No.: U27100GJ2005PTC046521 · Swagat Travel Solutions Private Limited CIN No.: U63040GJ2007PTC049776 · Jaysun Technocoating Private Limited CIN No.: U36911GJ2001PTC039616 · Sol Gel Films Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 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 |
60.000 |
60.000 |
60.000 |
|
(b) Reserves & Surplus |
26.383 |
15.999 |
3.980 |
|
(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) |
86.383 |
75.999 |
63.980 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41.633 |
34.901 |
12.114 |
|
(b) Deferred tax liabilities (Net) |
3.255 |
2.771 |
2.029 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
44.888 |
37.672 |
14.143 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
38.607 |
9.186 |
2.806 |
|
(b) Trade payables |
1.985 |
6.647 |
1.084 |
|
(c) Other current
liabilities |
13.187 |
13.712 |
7.553 |
|
(d) Short-term provisions |
8.448 |
7.441 |
5.988 |
|
Total Current Liabilities (4) |
62.227 |
36.986 |
17.431 |
|
|
|
|
|
|
TOTAL |
193.498 |
150.657 |
95.554 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
82.200 |
66.514 |
44.548 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
13.448 |
0.000 |
0.898 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.500 |
5.393 |
1.528 |
|
(e) Other Non-current assets |
7.042 |
3.483 |
2.978 |
|
Total Non-Current Assets |
105.190 |
75.390 |
49.952 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
44.949 |
28.555 |
14.769 |
|
(c) Trade receivables |
26.312 |
31.822 |
22.957 |
|
(d) Cash and cash
equivalents |
6.030 |
4.020 |
3.311 |
|
(e) Short-term loans and
advances |
0.026 |
0.010 |
0.000 |
|
(f) Other current assets |
10.991 |
10.860 |
4.565 |
|
Total Current Assets |
88.308 |
75.267 |
45.602 |
|
|
|
|
|
|
TOTAL |
193.498 |
150.657 |
95.554 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
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SALES |
|
|
|
||
|
|
|
Income |
136.674 |
145.140 |
86.721 |
|
|
|
|
Other Income |
7.727 |
0.477 |
0.411 |
|
|
|
|
TOTAL (A) |
144.401 |
145.617 |
87.132 |
|
|
|
|
|
|
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||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
70.171 |
49.643 |
26.882 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(22.493) |
(1.008) |
6.312 |
|
|
|
|
Employee Benefits Expenses |
13.395 |
10.797 |
3.483 |
|
|
|
|
Other Expenses |
48.594 |
58.796 |
25.029 |
|
|
|
|
Exceptional Items |
0.089 |
0.110 |
-0.022 |
|
|
|
|
TOTAL (B) |
109.756 |
118.338 |
61.684 |
|
|
|
|
|
|
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|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.645 |
27.279 |
25.448 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL EXPENSES (D) |
9.509 |
3.429 |
2.645 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
25.136 |
23.850 |
22.803 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
9.546 |
6.483 |
5.915 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
15.590 |
17.367 |
16.888 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
5.206 |
5.348 |
5.645 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
10.384 |
12.019 |
11.243 |
||
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|
|
|
||
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Direct Export Sales |
1.516 |
6.757 |
0.000 |
|
|
|
|
Opening Balance Received |
0.355 |
0.000 |
0.000 |
|
|
|
|
Freight Reimbursement |
0.000 |
0.000 |
0.011 |
|
|
|
|
Advance from Customers |
0.000 |
0.000 |
0.001 |
|
|
|
TOTAL EARNINGS |
1.871 |
6.757 |
0.012 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
1.73 |
2.00 |
1.87 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.19 |
8.25 |
12.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.41 |
11.97 |
19.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.76 |
11.53 |
17.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93 |
0.58 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
2.04 |
2.62 |
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 |
60.000 |
60.000 |
60.000 |
|
Reserves & Surplus |
3.980 |
15.999 |
26.383 |
|
Net
worth |
63.980 |
75.999 |
86.383 |
|
|
|
|
|
|
long-term borrowings |
12.114 |
34.901 |
41.633 |
|
Short term borrowings |
2.806 |
9.186 |
38.607 |
|
Total
borrowings |
14.920 |
44.087 |
80.240 |
|
Debt/Equity
ratio |
0.233 |
0.580 |
0.929 |
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 |
86.721 |
145.140 |
136.674 |
|
|
|
67.364 |
(5.833) |
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
|
86.721 |
145.140 |
136.674 |
|
Profit |
11.243 |
12.019 |
10.384 |
|
|
12.96% |
8.28% |
7.60% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
7.347 |
0.300 |
0.081 |
|
Total |
7.347 |
0.300 |
0.081 |
|
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Deposits from directors |
3.117 |
16.793 |
|
Deposits from shareholders |
7.445 |
17.765 |
|
Total |
10.562 |
34.558 |
OPERATION AND PROSPECTS:
During the period
ended on 31st March, 2013, the Company has achieved turnover of Rs.144.401
Millions. The company has earned profit of Rs.33.284 Millions before interest and
deprecation and a profit of Rs.15.590 Millions after providing for depreciation
and interest. The prospects of the Company’s business are very bright and
positive
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10373337 |
22/10/2012 * |
80,000,000.00 |
The Co-Operative Bank of Rajkot Limited |
"Sahkar Sarita", Panchnath Main Road., Rajkot, Gujarat - 360001, India |
B60805876 |
|
2 |
10487321 |
15/05/2006 |
40,000,000.00 |
BANK OF INDIA |
Kalawad Road Branch, "Titan", Near. G. T.S heth School, Kalawad Road,, Rajkot, Gujarat - 360005, India |
A02241420 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
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 |
|
42 |
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.