MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLYGEL INDUSTRIES PRIVATE LIMITED (w.e.f. 20.05.2009) |
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|
Formerly Known
As : |
POLYGEL TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 28.02.2000) KHUKRI POLYTEX PRIVATE LIMITED |
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Registered
Office : |
207, New Bake House (New), 2nd
Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.08.1994 |
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Com. Reg. No.: |
11-080074 |
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Capital
Investment / Paid-up Capital : |
Rs.539.435 Millions |
|
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CIN No.: [Company Identification
No.] |
U17120MH1994PTC080074 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15162A |
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PAN No.: [Permanent Account No.] |
AAACK4105F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and selling of reputed brands of Adhesives, Construction Chemicals and Specialty Chemicals. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating takes into consideration company’s moderate financial risk
profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Suresh Mistry |
|
Designation : |
General Manager in Accounts and Finance |
|
Contact No.: |
91-22-39536215 |
LOCATIONS
|
Registered Office : |
207, New Bake House (New), 2nd Floor,
Mcc Lane, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-65752647/ 22824031 / 22832529 / 39536215 |
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Fax No.: |
91-22-2283 1520 |
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E-Mail : |
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Website : |
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Head Office : |
L-1-205, The Great Eastern Galleria, Plot No. 20-Sector-4,
Nerul (West), Plot No. 20, Sector-4,
Navi Mumbai- 400 706, |
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Tel. No.: |
91-22-39536200 |
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Fax No.: |
91-22-39536299 |
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Factory 1 : |
Plot No. 15, Sector – 2, 11E, Pantnagar, Rudrapur – 263153, |
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Factory 2 : |
Survey No. 358/1P, Village Dadra, |
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Tel. No.: |
91-260-3291204 / 1718 |
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Fax No.: |
91-260-2668551 |
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Factory 3 : |
Plot No. 17 and 18, Old MIDC Area Seoni, |
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Marketing Office : |
Sidhpura Industrial Estate, Gala No. 25, Off. |
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Tel. No.: |
91-22-28710451-53 |
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Fax No.: |
91-22-28710450 |
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Branch Officesk : |
Located at: · Ahmedabad ·
·
·
· Kolkata ·
·
Pune |
DIRECTORS
As on: 30.09.2013
|
Name : |
Capt. Vijaykumar Maharajkrishan Raichand |
|
Designation : |
Chairman |
|
Address : |
11-A, Dolphin, |
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Date of Birth/Age : |
05.11.1940 |
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Date of Appointment : |
14.08.1994 |
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DIN No.: |
00195251 |
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Name : |
Mr. Luv Nandkishore Shah |
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Designation : |
Managing director |
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Address : |
302-A, Royal Manor, Juction of |
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Date of Birth/Age : |
14.06.1973 |
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Pan No.: |
AAHPS6430P |
|
Date of Appointment : |
02.12.1996 |
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DIN No.: |
00616738 |
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|
|
Name : |
Mr. Anil Sayaji Phatangare |
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Designation : |
Director (Technical) |
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Address : |
203, Golden Tower CHS Limited, |
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Date of Birth/Age : |
22.03.1971 |
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Date of Appointment : |
20.07.2006 |
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DIN No.: |
00609866 |
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|
Name : |
Mr. Ranjeev Bhatia |
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Designation : |
Nominee Director |
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Address : |
II Peridot, 22 A Perry, Cross Road, Bandra, Mumbai-400 050, Maharashtra, India |
|
Date of Birth/Age : |
27.02.1972 |
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Date of Appointment : |
30.06.2008 |
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DIN No.: |
01928633 |
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|
Name : |
Mr. Navin Ramji Shah |
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Designation : |
Additional director |
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Address : |
903-Bajaj Bhavan, Nariman Point, Mumbai -400021, |
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Date of Birth/Age : |
12.03.1942 |
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Date of Appointment : |
24.06.2009 |
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DIN No.: |
00308817 |
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Name : |
Mr. Mohammed Abdul Muiz Moyeenuddin Chowdhury |
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Designation : |
Nominee director |
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Address : |
Flat No.0042, Building 0330, Avenue 35, Aljanabiyah-561, Bhahrain |
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Date of Birth/Age : |
12.08.1967 |
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Date of Appointment : |
18.07.2010 |
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DIN No.: |
03149929 |
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Name : |
Mr. Prem Raj Mehta |
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Designation : |
Director |
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Address : |
S-3, Pemino, |
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Date of Birth/Age : |
16.10.1944 |
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Date of Appointment : |
18.07.2010 |
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DIN No.: |
00005622 |
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Name : |
Mr. Nandkishore Ramgopal Shah |
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Designation : |
Whole-Time Director |
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Address : |
305-B, Arena, Lokhandwala Complex, Andheri (West), Mumbai -400053,
Maharashtra, India |
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Date of Birth/Age : |
04.06.1943 |
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Date of Appointment : |
01.08.2013 |
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DIN No.: |
00463849 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Mistry |
|
Designation : |
General Manager in Accounts and Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
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|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Bodies corporate |
|
8.00 |
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Directors or relatives of directors |
|
7.00 |
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Others |
|
34.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of reputed brands of Adhesives,
Construction Chemicals and Specialty Chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited, Corporate Banking Branch, Ground Floor, Axis House Bombay, Dyeing Mills, Compound, P.B Marg, Worli, Mumbai - 400025, Maharashtra, India · Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S V. Ghatalia and Associates Chartered Accountants |
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Address : |
14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai
- 400028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Western India Packagings Private Limited U74950MH2002PTC136726 · Dumaire International Services · Akola Chemicals (India) Limited U24100MH1981PLC023801 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53943473 |
Equity Shares |
Rs.10/- each |
Rs.539.435 Millions |
|
|
|
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|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
539.435 |
539.435 |
539.435 |
|
(b) Reserves & Surplus |
(97.287) |
(26.224) |
50.588 |
|
(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) |
442.148 |
513.211 |
590.023 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
46.369 |
47.734 |
7.386 |
|
(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 |
0.000 |
0.067 |
0.000 |
|
Total Non-current
Liabilities (3) |
46.369 |
47.801 |
7.386 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
178.907 |
143.940 |
62.422 |
|
(b) Trade payables |
161.140 |
212.446 |
165.206 |
|
(c) Other current liabilities |
52.961 |
49.508 |
36.239 |
|
(d) Short-term provisions |
0.868 |
0.358 |
0.000 |
|
Total Current
Liabilities (4) |
393.876 |
406.252 |
263.867 |
|
|
|
|
|
|
TOTAL |
882.393 |
967.264 |
861.276 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
185.497 |
196.968 |
199.405 |
|
(ii) Intangible Assets |
152.541 |
162.761 |
144.567 |
|
(iii) Capital work-in-progress |
126.820 |
106.202 |
8.643 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.710 |
17.264 |
26.804 |
|
(e) Other Non-current assets |
2.833 |
2.036 |
1.670 |
|
Total Non-Current
Assets |
475.501 |
485.331 |
381.189 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
137.289 |
146.442 |
215.229 |
|
(c) Trade receivables |
195.937 |
261.631 |
205.775 |
|
(d) Cash and cash equivalents |
0.539 |
6.750 |
8.934 |
|
(e) Short-term loans and advances |
73.127 |
67.110 |
50.159 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
406.892 |
481.933 |
480.097 |
|
|
|
|
|
|
TOTAL |
882.393 |
967.264 |
861.276 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
907.705 |
1032.190 |
932.312 |
|
|
|
Other Income |
3.533 |
6.337 |
4.165 |
|
|
|
TOTAL |
911.238 |
1038.527 |
936.477 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
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|
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|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
924.536 |
1069.472 |
974.938 |
|
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|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(13.298) |
(30.945) |
(38.461) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
26.351 |
16.404 |
7.706 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(39.649) |
(47.349) |
(46.167) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
31.413 |
25.173 |
22.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(71.063) |
(72.522) |
(69.018) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
1.325 |
(1.855) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(71.063) |
(73.848) |
(70.873) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
254.374 |
361.254 |
235.594 |
|
|
TOTAL EARNINGS |
254.374 |
361.254 |
235.594 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(7.76) |
(8.18) |
(8.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.80) |
(7.11) |
(7.57) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.83) |
(7.03) |
(7.40) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.41) |
(8.42) |
(8.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16) |
(0.14) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51 |
0.37 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.19 |
1.82 |
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 |
539.435 |
539.435 |
539.435 |
|
Reserves & Surplus |
50.588 |
(26.224) |
(97.287) |
|
Net
worth |
590.023 |
513.211 |
442.148 |
|
|
|
|
|
|
long-term borrowings |
7.386 |
47.734 |
46.369 |
|
Short term borrowings |
62.422 |
143.940 |
178.907 |
|
Total
borrowings |
69.808 |
191.674 |
225.276 |
|
Debt/Equity
ratio |
0.118 |
0.373 |
0.510 |
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 |
932.312 |
1032.190 |
907.705 |
|
|
|
10.713 |
(12.060) |
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 |
932.312 |
1032.190 |
907.705 |
|
Profit |
(70.873) |
(73.848) |
(71.063) |
|
|
(7.60%) |
(7.15%) |
(7.83%) |
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 |
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 |
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, 203, Coral Classic, 20th Road, Chembur East, Mumbai - 400071,
Maharashtra, India to the present address w.e.f. 10.05.2006
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Other loans and advances |
13.325 |
0.000 |
|
|
|
|
|
Total |
13.325 |
0.000 |
FUTURE OUTLOOK
The Titanates Business will add a minimum of Rs. 1200.000 Millions of new Business in the next 24 months for your company as a result of the recent capacity addition and consolidation of the industry globally.
The company is already the third largest payer in Adhesives in India (Industrial and Retail Adhesives) in a short span of 5 years. The Retail Business is expected to grow at min. 8-10% per annum, due to industry growth, expansion of the distribution network and revenues from new products coming in.
The Construction Chemicals Business (especially the RMC – Admixture business) is expected to grow at a min. rate of 10-15 % per annum due to approvals received from new customers and changes made to the product portfolio. The Construction Chemicals (Retail and Projects Business) is expected to grow at a min. 8-10% per annum due to industry growth, expansion of the distribution network and revenues coming in from new products.
FINANCIAL PERFORMANCE
Financial results and performance for the year are elaborated in the Directors’ Report.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10383060 |
06/10/2012 |
7,500,000.00 |
AXIS BANK |
CORPROATE BANKING BRANCH,AXIS HOUSE,GR FLOOR, BOMBAY DYING MILL COMPOUND,P.B. MARG,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B60728516 |
|
2 |
10338321 |
15/02/2012 |
20,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B33299876 |
|
3 |
10328223 |
03/08/2013 * |
37,500,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B83437053 |
|
4 |
10286864 |
13/12/2011 * |
40,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29496031 |
|
5 |
80035857 |
09/03/2012 * |
157,500,000.00 |
Axis Bank Limited |
AXIS HOUSE, BOMBAY DYEING MILLS COMP., GROUND FLR, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B37958121 |
|
6 |
80010434 |
27/08/2013 * |
185,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,GR.FL,AXIS HOUSE BOMBAY, DYEING MILLS MILLS,COMPOUND, P.B MARG ,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B86122249 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
Intangible Assets
· Goodwill
· Patents
· Know-how
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.60.44 |
|
|
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.