MIRA INFORM REPORT
|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOSHBRO MEDICALS PRIVATE LIMITED |
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Registered
Office : |
8, Mohatta Bhavan, Off |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.12.2001 |
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Com. Reg. No.: |
11-134243 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.000 Millions |
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CIN No.: [Company Identification
No.] |
U33110MH2001PTC134243 |
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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
: |
The company is engaged in the manufacturing and trading of medical equipments primarily related to Ophthalmology, Neurosurgery, Dentistry and ENT. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 moderate track. The rating is constrained on account of intensely competitive industry
and large working capital requirements. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = B |
|
Rating Explanation |
Have risk prone credit quality and canaries very high credit risk. |
|
Date |
27.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
27.11.2014 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-22-43552727
LOCATIONS
|
Registered Office /
Headquarter : |
8, Mohatta Bhavan, Off Dr. E Moses Road, Worli, Mumbai
- 400018, Maharashtra, India |
|
Tel. No.: |
91-22-43552727 |
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Fax No.: |
91-22-24936166 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At :
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Factory : |
303, Vikram Tower, Rajendra Place, New Delhi -11000, India |
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Tel. No.: |
91-11-41538361 / 2 / 25773438 |
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Fax No.: |
91-11-41538362 / 25724872 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Arun Bhagwandas Toshniwal |
|
Designation : |
Director |
|
Address : |
16, Ishwar Bhavan, A Road, Churchgate, Mumbai - 400020, Maharashtra, India |
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Date of Birth/Age : |
29.08.1942 |
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Date of Appointment : |
14.12.2001 |
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DIN No.: |
00144662 |
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Name : |
Anurag Toshniwal |
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Designation : |
Director |
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Address : |
12, Ishwar Bhavan, A Road, Churchgate, Mumbai - 400020, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1973 |
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Date of Appointment : |
14.12.2001 |
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DIN No.: |
00426913 |
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Name : |
Shiv Karnani |
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Designation : |
Director |
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Address : |
7/1, Nafar Kundu Road, Kolkata – 700026, West Bengal, India |
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Date of Birth/Age : |
11.01.1964 |
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Date of Appointment : |
27.12.2001 |
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DIN No.: |
00245908 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Arun Bhagwandas Toshniwal |
|
15200 |
|
Svetlana Toshniwal |
|
9600 |
|
Arun Toshniwal |
|
11200 |
|
Kamla Toshniwal |
|
11200 |
|
Aparna Toshniwal |
|
1500 |
|
Chemito Consultants Services Private Limited, India |
|
8000 |
|
Shiv Karnani |
|
8000 |
|
Alka Karnani |
|
8000 |
|
Vir Toshniwal Trust, India |
|
7300 |
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Total |
|
80000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
10.00 |
|
Directors or relatives of Directors |
90.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing and trading of medical equipments primarily related to Ophthalmology, Neurosurgery, Dentistry and ENT. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
V.K. Karnani and Company Chartered Accountants |
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Address : |
7/20 and 29, Tardeo AC Market, Tardeo, Mumbai – 400034, Maharashtra,
India |
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Tel. No: |
91-22-23514295 / 23514261 |
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Fax No.: |
91-22-23514297 |
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PAN No. : |
AABPK4946Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000 |
Equity Shares |
Rs.100/- each |
Rs.8.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8.000 |
6.000 |
6.000 |
|
(b) Reserves &
Surplus |
35.210 |
28.999 |
25.492 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
43.210 |
34.999 |
31.492 |
|
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(3) Non-Current
Liabilities |
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|
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|
(a) long-term borrowings |
58.508 |
48.387 |
75.395 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.028 |
0.114 |
|
(c) Other long term
liabilities |
0.297 |
0.261 |
0.459 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
58.805 |
48.676 |
75.968 |
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(4) Current Liabilities |
|
|
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|
(a) Short term borrowings |
67.767 |
71.681 |
46.059 |
|
(b) Trade payables |
85.355 |
61.191 |
38.886 |
|
(c) Other current
liabilities |
12.282 |
10.274 |
13.827 |
|
(d) Short-term provisions |
10.750 |
8.459 |
1.857 |
|
Total Current Liabilities
(4) |
176.154 |
151.605 |
100.629 |
|
|
|
|
|
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TOTAL |
278.169 |
235.280 |
208.089 |
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II.
ASSETS |
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|
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
4.958 |
6.211 |
6.946 |
|
(ii) Intangible Assets |
0.100 |
0.100 |
0.100 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.097 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.997 |
3.594 |
4.134 |
|
(e) Other Non-current
assets |
54.575 |
3.958 |
9.809 |
|
Total Non-Current Assets |
63.727 |
13.863 |
20.989 |
|
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|
|
|
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(2) Current assets |
|
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|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
89.283 |
59.764 |
50.412 |
|
(c) Trade receivables |
91.681 |
119.359 |
88.881 |
|
(d) Cash and cash
equivalents |
10.169 |
18.025 |
19.705 |
|
(e) Short-term loans and
advances |
22.674 |
23.286 |
26.249 |
|
(f) Other current assets |
0.635 |
0.983 |
1.853 |
|
Total Current Assets |
214.442 |
221.417 |
187.100 |
|
|
|
|
|
|
TOTAL |
278.169 |
235.280 |
208.089 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
403.481 |
347.269 |
289.253 |
|
|
Other Income |
3.647 |
3.201 |
3.688 |
|
|
TOTAL (A) |
407.128 |
350.470 |
292.941 |
|
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Less |
EXPENSES |
|
|
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|
|
Cost of Materials
Consumed |
|
|
|
|
|
Purchases of
Stock-in-Trade |
288.583 |
223.781 |
171.424 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(26.146) |
1.243 |
11.620 |
|
|
Employees benefits
expense |
48.054 |
45.783 |
38.653 |
|
|
Other expenses |
71.306 |
56.502 |
49.321 |
|
|
TOTAL (B) |
381.797 |
327.309 |
271.018 |
|
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|
|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
25.331 |
23.161 |
21.923 |
|
|
|
|
|
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|
Less |
FINANCIAL EXPENSES (D) |
18.294 |
16.710 |
23.096 |
|
|
|
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|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.037 |
6.451 |
(1.173) |
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.838 |
2.197 |
2.379 |
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|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
5.199 |
4.254 |
(3.552) |
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|
Less |
TAX (H) |
0.989 |
0.746 |
(0.092) |
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|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4.210 |
3.508 |
(3.460) |
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EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
Sales Commission |
77.479 |
65.995 |
59.007 |
|
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TOTAL EARNINGS |
77.479 |
65.995 |
59.007 |
|
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IMPORTS |
|
|
|
|
|
Medical Equipment and
Components/Stores parts |
236.595 |
188.631 |
129.230 |
|
|
TOTAL IMPORTS |
236.595 |
188.631 |
129.230 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
70.00 |
58.00 |
(58.00) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
1.04 |
1.01 |
(1.20) |
|
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|
PBIDT / Sales |
(%) |
6.28 |
6.67 |
7.58 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87 |
1.81 |
(1.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.12 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.92 |
3.43 |
3.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.46 |
1.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
6.000 |
6.000 |
8.000 |
|
Reserves & Surplus |
25.492 |
28.999 |
35.210 |
|
Net worth |
31.492 |
34.999 |
43.210 |
|
|
|
|
|
|
long-term borrowings |
75.395 |
48.387 |
58.508 |
|
Short term borrowings |
46.059 |
71.681 |
67.767 |
|
Total borrowings |
121.454 |
120.068 |
126.275 |
|
Debt/Equity ratio |
3.857 |
3.431 |
2.922 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
289.253 |
347.269 |
403.481 |
|
|
|
20.057 |
16.187 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
289.253 |
347.269 |
403.481 |
|
Profit |
(3.460) |
3.508 |
4.210 |
|
|
(1.20%) |
1.01% |
1.04% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans from Directors |
1.377 |
2.939 |
|
Loans from shareholders and others |
13.340 |
10.106 |
|
Loans from Associates Companies
|
43.791 |
35.342 |
|
|
|
|
|
Total |
58.508 |
48.387 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10231560 |
13/07/2010 |
115,000,000.00 |
STATE BANK OF INDIA |
SMALL AND MEDIUM ENTERPRISE BRANCH, SHIVSAGAR ES |
A90224601 |
FIXED ASSETS
- Furniture and
fixtures
- Computers
- Office
equipment
- Testing
equipment
- Air
conditioner
- 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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
30 |
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.