MIRA INFORM REPORT
|
Report Date : |
08.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENKI GLASS INDUSTRY PRIVATE LIMITED |
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Registered
Office : |
294, Bhavani Peth, Jalgaon – 425001, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.08.2007 |
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Com. Reg. No.: |
11-173049 |
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Capital
Investment / Paid-up Capital : |
Rs.39.502 Millions |
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CIN No.: [Company Identification
No.] |
U26100MH2007PTC173049 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Glass Bottles and Containers. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Temporarily closed down |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
As confirmed by Mr. Premal Kothari, Director that the subject company
“ENKI GLASS INDUSTRY PRIVATE LIMITED” has closed down its business activities
since 2013 and it will restart its business operations from February 2015. The subject cannot be considered for business dealing. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY
|
Name : |
Mr. Premal Kothari |
|
Designation : |
Director |
|
Contact No.: |
91-9561166665 |
|
Date : |
05.12.2014 |
LOCATIONS
|
Registered Office : |
294, Bhavani Peth, Jalgaon – 425001, |
|
Tel. No. : |
Not Available |
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Mobile No. : |
91-9561166665 (Mr. Premal Kothari) |
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Fax No. : |
Not Available |
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E-Mail : |
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Factory : |
Survey No. 1122, |
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Tel. No. : |
91-712-2763665 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Kamlesh Jayantilal Kothari |
|
Designation : |
Director |
|
Address : |
J. B. Kothari, Near Lakadganj Garden, Danagan, Near Harihar Mandir, Nagpur - 440008, Maharashtra, India |
|
Date of Birth/Age : |
023.04.1956 |
|
Date of Appointment : |
13.08.2007 |
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DIN No. : |
01249985 |
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|
Name : |
Mr. Premal Mukesh Kothari |
|
Designation : |
Director |
|
Address : |
J. B. Kothari, Near Lakadganj Garden, Danagan, Near Harihar Mandir, Nagpur - 440008, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1983 |
|
Date of Appointment : |
09.04.2009 |
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DIN No. : |
01527303 |
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Name : |
Mr. Rakeshkumar Kishorilalji Agarwal |
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Designation : |
Director |
|
Address : |
H No: 341, Old Bhandara Road, Hansapuri, Nagpur - 440001, Maharashtra, India |
|
Date of Birth/Age : |
19.05.1962 |
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Date of Appointment : |
13.08.2007 |
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DIN No. : |
01547100 |
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Name : |
Mr. Rajeev Ramesh Chandra Agarwal |
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Designation : |
Director |
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Address : |
A 15, Vishal Tower, Near Vishal Residency, Anand Nagar Cross Roads, Satelite, Ahmedabad - 380051, Gujarat, India |
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Date of Birth/Age : |
09.1973 |
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Date of Appointment : |
12.02.2008 |
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DIN No. : |
02061292 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ashwin Shah |
116302 |
|
Rakesh Agrawal |
107171 |
|
Savita Agrawal |
41508 |
|
Kamlesh Kothari |
12651 |
|
Hardik B. Kothari |
7554 |
|
Jayantibhai Kothari |
25794 |
|
Mukesh J. Kothari |
31136 |
|
Mukesh Kothari – HUF |
6044 |
|
Premal Kothari |
12921 |
|
Veena Kothari |
7776 |
|
Rupal Kothari |
3273 |
|
Krunal Kothari |
51 |
|
Bharat Kothari |
51 |
|
Rajiv Agrawal |
22744 |
|
Abha Agrawal |
41 |
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|
|
|
Total |
395017 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Bottles and Containers. |
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Products : |
v Glass Beverage Bottles v Glass Wine Bottles v Glass Perfume Bottles v Glass Cosmetics Bottles v Glass sauce bottles v Glass Pickles Jars v Glass Flavored Milk Bottles v Glass Pharmaceutical Bottles v Glass Chemical Containers v Glass Cold Drink Bottles v Glass Hair Oil Bottles. v Customer Centric Approach |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finish Goods |
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Countries : |
African Countries |
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Imports : |
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Products : |
Machine |
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Countries : |
Egypt |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Doshi and Dhere Chartered Accountants |
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Address : |
Second Floor, Malara Market, Opposite Old Bus Stand, Navi Peth, Jalgaon – 425001, Maharashtra, India |
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Tel. No. : |
91-257-2229545 / 2223942 |
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E-Mail : |
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PAN
No. : |
AAEFJ2242H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates / Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.00 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
395017 |
Equity Shares |
Rs.100/- each |
Rs.39.502 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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
39.502 |
39.502 |
39.502 |
|
(b) Reserves & Surplus |
(62.422) |
0.163 |
(1.362) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
(2)
Share Application money pending allotment |
0.016 |
0.016 |
0.566 |
|
Total
Shareholders’ Funds (1) + (2) |
(22.904) |
39.681 |
38.706 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
183.636 |
118.368 |
124.831 |
|
(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 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
183.636 |
118.368 |
124.831 |
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
50.290 |
41.045 |
|
(b) Trade
payables |
49.853 |
66.656 |
53.248 |
|
(c) Other
current liabilities |
29.825 |
25.159 |
17.256 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.150 |
|
Total Current
Liabilities (4) |
79.678 |
142.105 |
111.699 |
|
|
|
|
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TOTAL |
240.410 |
300.154 |
275.236 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
95.089 |
113.346 |
124.481 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.940 |
3.940 |
22.953 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.998 |
0.998 |
0.998 |
|
(c) Deferred tax assets (net) |
36.737 |
9.640 |
7.155 |
|
(d) Long-term Loan and Advances |
21.000 |
30.851 |
13.119 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
157.764 |
158.775 |
168.706 |
|
|
|
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|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
13.622 |
48.513 |
49.432 |
|
(c) Trade
receivables |
37.203 |
30.935 |
23.708 |
|
(d) Cash
and cash equivalents |
6.042 |
17.903 |
14.897 |
|
(e)
Short-term loans and advances |
25.747 |
43.933 |
18.430 |
|
(f) Other
current assets |
0.032 |
0.095 |
0.063 |
|
Total
Current Assets |
82.646 |
141.379 |
106.530 |
|
|
|
|
|
|
TOTAL |
240.410 |
300.154 |
275.236 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
83.791 |
475.196 |
354.378 |
|
|
|
Other Income |
0.456 |
1.181 |
0.715 |
|
|
|
TOTAL |
84.247 |
476.377 |
355.093 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
34.929 |
186.673 |
129.052 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
35.219 |
(6.315) |
(3.989) |
|
|
|
Employees benefits expense |
4.584 |
11.080 |
9.234 |
|
|
|
Other expenses |
48.579 |
233.402 |
163.914 |
|
|
|
TOTAL |
123.311 |
424.840 |
298.211 |
|
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(39.064) |
51.537 |
56.882 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
29.141 |
26.398 |
24.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(68.205) |
25.139 |
32.702 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.477 |
26.099 |
25.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(89.682) |
(0.960) |
7.511 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(27.097) |
(2.484) |
(9.546) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(62.585) |
1.524 |
17.057 |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(158.44) |
3.86 |
43.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(74.69) |
0.32 |
4.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
(46.62) |
10.85 |
16.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(45.13) |
(0.34) |
3.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.92 |
(0.02) |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(8.02) |
4.25 |
4.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
0.99 |
0.95 |
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 |
39.502 |
39.502 |
39.502 |
|
Reserves & Surplus |
(1.362) |
0.163 |
(62.422) |
|
Share Application money
pending allotment |
0.566 |
0.016 |
0.016 |
|
Net
worth |
38.706 |
39.681 |
(22.904) |
|
|
|
|
|
|
long-term borrowings |
124.831 |
118.368 |
183.636 |
|
Short term borrowings |
41.045 |
50.290 |
0.000 |
|
Total
borrowings |
165.876 |
168.658 |
183.636 |
|
Debt/Equity
ratio |
4.286 |
4.250 |
-8.018 |
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) |
|
Revenue from operations |
354.378 |
475.196 |
83.791 |
|
|
|
34.093 |
(82.367) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
354.378 |
475.196 |
83.791 |
|
Profit |
17.057 |
1.524 |
(62.585) |
|
|
4.81% |
0.32% |
(74.69%) |
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 Debts |
25.531 |
23.631 |
14.619 |
|
|
|
|
|
|
Total |
25.531 |
23.631 |
14.619 |
|
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Director and Relatives |
14.203 |
9.178 |
|
|
|
|
|
Total |
14.203 |
9.178 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10113691 |
25/09/2012 * |
187,819,000.00 |
The Jalgaon Peoples Co-operative Bank
LImited |
152, Dana Bazar, Polan Peth, Jalgaon,
Maharashtra - 425001, INDIA |
B75924662 |
* Date of charge modification
FIXED ASSETS
œ Freehold Land
œ Building
œ Plant and Machinery
œ Electrical Installation
œ Office Equipment
œ Furniture and Fixture
œ Computer
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.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.