MIRA INFORM REPORT
|
Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIROIL FLAREGAS PRIVATE LIMITED (w.e.f. 12.12.2011) |
|
|
|
|
Formerly Known
As : |
AIROIL FLAREGAS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 788 and 793, Opposite Torrent Laboratories Limited, Kalol-Mehsana Highway, Village: Indrad : 383341 Tal.: Kadi, Disttrict Mehsana, Gujarat |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.04.1984 |
|
|
|
|
Com. Reg. No.: |
04-006875 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110GJ1984PTC006875 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, designing and site installation of combustion equipment
like flare system, flare components, industrial burner and burner components
and spares and accessories. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects healthy financial risk profile marked by
established track of business operation and adequate liquidity position of
the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
10.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
10.01.2014 |
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
Management Non-Cooperative (91-2764-233495)
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 788 and 793, Opposite Torrent Laboratories Limited, Kalol-Mehsana Highway, Village: Indrad : 383341 Tal.: Kadi, Disttrict - Mehsana, Gujarat, India |
|
Tel. No.: |
91-2764-233495/ 96 |
|
Fax No.: |
91-2764-233501 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
City Office : |
505, Mauryansh Elanza, Shyamal Cross Road, 132 Feet Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26769928/ 26769927 |
|
Fax No.: |
91-79-26769929 |
|
E-Mail : |
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|
|
|
|
Corporate and Sales Office : |
204, Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai - 400018, India. |
|
Tel. No.: |
91-22-24965031–36 (6 lines) |
|
E-Mail : |
|
|
|
|
|
Regional Sales
Office : |
Located at
|
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Hasmukh C Sheth |
|
Designation : |
Director |
|
Address : |
301/401, Om Vikas Tower, Behind Parsi Agiyari, Walkeshwar Road,
Waslkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
04.02.1939 |
|
Date of Appointment : |
07.04.1984 |
|
DIN No.: |
00010820 |
|
|
|
|
Name : |
Mr. Gautam H Sheth |
|
Designation : |
Director |
|
Address : |
301/401, Om Vikas Tower, Behind Parsi Agiyari, Walkeshwar Road,
Waslkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
15.06.1968 |
|
Date of Appointment : |
01.09.1995 |
|
DIN No.: |
00011068 |
|
|
|
|
Name : |
Mr. Peter Joseph Andrade |
|
Designation : |
Director |
|
Address : |
C-7, Sangam Bhavan, Opposite Strand Cinema, Colaba, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
03.01.1947 |
|
Date of Appointment : |
01.04.1992 |
|
DIN No.: |
00014241 |
|
|
|
|
Name : |
Mr. Damji C Chheda |
|
Designation : |
Director |
|
Address : |
D6, 501/502, Mlinath Apartment, Sarvodaya Nagar, Jain Mandir Marg,
Mulund west, Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1945 |
|
Date of Appointment : |
29.09.1995 |
|
DIN No.: |
00014267 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukh C Sheth |
|
119450 |
|
Peter Joseph Andrade |
|
78000 |
|
Sheth H Ushaben |
|
108450 |
|
Sheth H Gautam |
|
817699 |
|
Andrade Claire Felicity |
|
5000 |
|
Ramaswamy Melanie |
|
8750 |
|
Andrade Nigel |
|
17500 |
|
Peter Joseph Andrade and Andrade Claire Felicity |
|
58500 |
|
Andrade Claire Felicity and Peter Joseph Andrade |
|
3750 |
|
Hasmukh C Sheth and Sheth H Ushaben |
|
34000 |
|
Sheth H Ushaben and Hasmukh C Sheth |
|
45000 |
|
Sheth H Gautam and Hasmukh C Sheth andPeter Joseph Andrade |
|
1 |
|
Hamworthy Combustion Engineering Limited, |
|
294000 |
|
Sanghavi M Mitesh |
|
76725 |
|
Sanghavi M Sheetal |
|
230175 |
|
Gautam Sheth HUF |
|
103000 |
|
Total |
|
2000000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
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 |
14.70 |
|
Directors or relatives of Directors |
85.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, designing and site installation of combustion equipment
like flare system, flare components, industrial burner and burner components
and spares and accessories. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
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|
|||||||||||||||
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Bankers : |
Canara Bank, Worli Branch, Mathanda Building, Dr. Annie Besant Road,
Mumbai 400018, Maharashtra, India |
|||||||||||||||
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|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S P Jain and Associates Chartered Accountants |
|
Address : |
602 Orbit Plaza, 6th Floor, Appa Saheb Marathe Marg, New
Prabhadevi Road, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24316201 / 02 / 24218129 / 24320931 |
|
Fax No.: |
91-22-24218130 |
|
E-Mail : |
|
|
PAN No.: |
AAVFS8167P |
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|
|
|
Associate Concern : |
|
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
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 |
20.000 |
20.000 |
9.800 |
|
(b) Reserves & Surplus |
361.090 |
313.422 |
272.994 |
|
(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) |
381.090 |
333.422 |
282.794 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.333 |
1.372 |
1.233 |
|
Total Non-current
Liabilities (3) |
1.333 |
1.372 |
1.233 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
30.774 |
46.459 |
28.390 |
|
(b) Trade
payables |
13.316 |
64.335 |
27.220 |
|
(c) Other current
liabilities |
32.595 |
50.020 |
12.356 |
|
(d) Short-term
provisions |
39.840 |
53.447 |
45.968 |
|
Total Current
Liabilities (4) |
116.525 |
214.261 |
113.934 |
|
|
|
|
|
|
TOTAL |
498.948 |
549.055 |
397.961 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
51.308 |
57.373 |
56.202 |
|
(ii)
Intangible Assets |
1.672 |
0.014 |
0.019 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
1.852 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.092 |
13.463 |
0.463 |
|
(c) Deferred tax assets (net) |
14.499 |
21.256 |
11.014 |
|
(d) Long-term Loan and Advances |
3.186 |
3.699 |
0.635 |
|
(e) Other Non-current
assets |
0.722 |
28.126 |
29.029 |
|
Total Non-Current
Assets |
76.479 |
123.931 |
99.214 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
61.614 |
80.931 |
40.645 |
|
(c) Trade
receivables |
134.662 |
182.887 |
126.489 |
|
(d) Cash
and cash equivalents |
72.363 |
25.553 |
20.164 |
|
(e)
Short-term loans and advances |
138.150 |
123.626 |
105.821 |
|
(f) Other
current assets |
15.680 |
12.127 |
5.628 |
|
Total
Current Assets |
422.469 |
425.124 |
298.747 |
|
|
|
|
|
|
TOTAL |
498.948 |
549.055 |
397.961 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
350.213 |
390.265 |
276.717 |
|
|
|
Other Income |
NA |
NA |
8.276 |
|
|
|
TOTAL |
NA |
NA |
284.993 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
217.893 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
217.893 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
95.865 |
73.775 |
67.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.885 |
8.051 |
3.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
89.980 |
65.724 |
63.341 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.019 |
8.572 |
5.78 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Items |
9.837 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
72.124 |
57.152 |
57.561 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.700 |
29.000 |
22.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
54.424 |
28.152 |
35.161 |
|
|
|
|
|
|
|
|
|
Add |
Provision for
Differed Liability / Assets |
(6.756) |
10.241 |
0.281 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess
Provisional for I T in earlier year written off / written back |
0.000 |
2.037 |
2.279 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
271.674 |
236.745 |
206.801 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
5.500 |
5.500 |
|
|
|
Dividend |
0.000 |
0.000 |
1.960 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.318 |
|
|
BALANCE CARRIED
TO THE B/S |
312.342 |
271.674 |
236.745 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
0.778 |
0.000 |
27.026 |
|
|
|
Export of Service |
0.082 |
0.000 |
0.000 |
|
|
|
Commission Earnings |
33.188 |
7.953 |
9.492 |
|
|
TOTAL EARNINGS |
34.048 |
7.953 |
36.518 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
4.760 |
11.289 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.83 |
21.79 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
12.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.59 |
14.64 |
20.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.05 |
11.11 |
14.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.17 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.14 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63 |
1.98 |
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 |
9.800 |
20.000 |
20.000 |
|
Reserves & Surplus |
272.994 |
313.422 |
361.090 |
|
Net
worth |
282.794 |
333.422 |
381.090 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
28.390 |
46.459 |
30.774 |
|
Total
borrowings |
28.390 |
46.459 |
30.774 |
|
Debt/Equity
ratio |
0.100 |
0.139 |
0.081 |
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 |
276.717 |
390.265 |
350.213 |
|
|
|
41.034 |
(10.263) |
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 |
276.717 |
390.265 |
350.213 |
|
Profit |
35.161 |
28.152 |
54.424 |
|
|
12.71% |
7.21% |
15.54% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
|
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 |
No |
|
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 |
No |
|
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 |
Yes |
PERFORMANCE AND
FUTURE OUTLOOK:
The turnover for the year is Rs.350.213 Millions as against Rs. 398.265 Millions in the previous year, registering a decline of 10.27%. lnspite of decline in turnover, company has registered net profit after tax of Rs.47.667 Millions as against Rs 40.429 Millions in the previous year. The increase in profit is mainly due to commission earning Rs.33.188 Millions in the year as against Rs. 7.953 Millions in the previous year.
The Country is passing through depressed economic situation since last two years which is expected to continue for another 12 to 18 months. The manufacturing sector has been reporting downward trend. GDP growth is also expected to be lower than estimated. Country's Current Asset Deficit is increasing. Foreign Exchange market has become volatile and rupee has lost 25% in last couple of month period. This has increased cost of import, whereas export is registering decline. Overall picture of the economy is gloomy. No new projects or expansion in existing industries are announced in public as well as private sector. The world economy has also not recovered from the depressed economic situation. In addition there is a general election due in the year 2014. There has been abnormal delay in getting various permissions or approvals from the government for the new projects. This pushes up cost of the projects. This situation is expected to continue for another 18 to 24 months.
They being catering to the capital goods sector are affected due to the slowdown in the economy, which has results in a lower order position. Management is trying hard to push for the export market and also diversified in the new allied line.
Considering above trend prevailing in the economy, performance in the current financial year will be affected in the form of lower of turnover and lower profit. Management has initiated steps to control the cost.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
12.700 |
|
Total |
0.000 |
12.700 |
CONTINGENT LIABILITY AS ON 31.03.2012
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
On counter guarantee given by banks |
88.346 |
105.598 |
|
Sales Tax CST/GST |
4.365 |
2.205 |
|
Income Tax |
3.558 |
0.000 |
|
Claims from Creditors against company |
0.410 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10063434 |
18/08/2007 |
315,500,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
A21041868 |
|
2 |
10030895 |
29/08/2007 * |
315,500,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
A23032378 |
|
3 |
90099966 |
31/12/2004 |
3,000,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
4 |
90101064 |
31/12/2004 |
12,000,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
5 |
80011015 |
06/02/2013 * |
260,000,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
B69743490 |
|
6 |
90097890 |
12/09/2001 * |
20,000,000.00 |
CANARA BANK |
WORLI BRANCH, MARTANDA BUILDING, DR. ANNIE BESANT ROAD, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Plant and
Machinery
- Electrical
Fittings
- Furniture and
Fixtures
- Office
Equipment
- Computer
- Motor Car and
Vehicle
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.60.07 |
|
|
1 |
Rs.100.56 |
|
Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.