MIRA INFORM REPORT
|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIRMIT MERCANTILE PRIVATE LIMITED |
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Registered
Office : |
Flat No.101/102, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.10.2013 (Provisional) |
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Date of
Incorporation : |
23.08.2012 |
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Com. Reg. No.: |
11-234846 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U51101MH2012PTC234846 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAECN3853B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Sucrose, D L Methionine and General Chemicals and
Intermediates. |
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No. of Employees
: |
9 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company with short operational history having moderate
track. Management has failed to file any financial information, with the
statutory authorities since its inception. Mr. Nitin, Accounts executives provided general information and denied
to disclose any financial statements to us. As per available, the management has reported a minimal turnover from
its first year of business operations during FY13, which has been further
seen to be improving based on its provisional financial statements. Trade relations are improving. Business is active. Payment terms are
reported as slow but correct. In view of lack of latest financials, albeit nascency, the company can
be considered for business dealings with 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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. Nitin |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-28955581 |
|
Date : |
15.12.2014 |
LOCATIONS
|
Registered Office : |
Flat No.101/102, 1st Floor, Suryakiran Building, S. V.
Road, Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Tel. No.: |
91-22-28955581/ 82 |
|
Mobile No.: |
91-9821114390 (Mr. Anup Salian) |
|
Fax No.: |
91-22-28988850 |
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E-Mail : |
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Area : |
1200.00 sq. ft. |
|
Location : |
Rented |
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|
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|
Factory : |
Gayatri Warehousing corporation, Gala No.A-7, Patwardhan Compound,
Dalmil Compound, Purna Village, Bhiwandi, Mumbai – 421302, Maharashtra,
India |
|
Area : |
500.00 sq. ft. |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Sadashiv Kanyana Shetty |
|
Designation : |
Director |
|
Address : |
18-A, Tower-D, Viceroy Park Thakur Village, Kandivali (E), Mumbai –
400101, Maharashtra, India |
|
Date of Birth/Age : |
13.06.1954 |
|
Qualification : |
M. Sc. (Chem.) |
|
Date of Appointment : |
17.06.2013 |
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PAN No.: |
AAJPS4330G |
|
DIN No.: |
00038681 |
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|
|
|
Name : |
Mr. Shriraj Sadashiv Shetty |
|
Designation : |
Director |
|
Address : |
18-A, Tower-D, Viceroy Park Thakur Village, Kandivali (E), Mumbai –
400101, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1989 |
|
Qualification : |
M. Tech |
|
Date of Appointment : |
17.06.2013 |
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PAN No.: |
DJSPS0969A |
|
DIN No.: |
06609014 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin |
|
Designation : |
Account Executive |
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|
Name : |
Mr. Anup Salian |
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Designation : |
Manager – Accounts and Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Names of Shareholders |
No. of Shares |
Percentage |
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|
|
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|
Sadashiv K. Shetty |
5000 |
50.00 |
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Shriraj K. Shetty |
5000 |
50.00 |
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|
|
|
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Total |
10000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Sucrose, D L Methionine and General Chemicals and
Intermediates. |
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Products : |
- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
9 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
K. B. Shah and Associates Chartered Accountants |
|
Address : |
64/1, Chekal Villa, R. A. Kidwa Road, Matunga,
Mumbai – 400018, Maharashtra, India |
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Mobile No.: |
91-9820506544 |
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Email : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
·
Shakti Bioscience Limited A-101, Suryakiran Budding, S.V.P. Road, Next to HDFC Bank, Borivali
(West), Mumbai – 400092, Maharashtra, India Activity: Manufacturing of API. |
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Sister Concern: |
Not Divulged |
CAPITAL STRUCTURE
(AS ON 31.10.2013
– PROVISIONAL)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.10.2013 (Provisional) |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves & Surplus |
|
0.539 |
0.074 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
2.500 |
2.500 |
|
Total
Shareholders’ Funds (1)+(2) |
|
3.139 |
2.674 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2.500 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2.500 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
10.106 |
2.167 |
|
(c) Other
current liabilities |
|
0.000 |
0.000 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
10.106 |
2.167 |
|
|
|
|
|
|
TOTAL |
|
15.745 |
4.841 |
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|
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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 |
|
|
|
|
(i)
Tangible assets |
|
0.000 |
0.000 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1.274 |
0.770 |
|
(c) Trade
receivables |
|
13.562 |
2.732 |
|
(d) Cash
and cash equivalents |
|
0.466 |
0.213 |
|
(e)
Short-term loans and advances |
|
0.443 |
1.126 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
15.745 |
4.841 |
|
|
|
|
|
|
TOTAL |
|
15.745 |
4.841 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.10.2013 (Provisional) |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
51.226 |
7.016 |
|
|
|
Other Income |
|
0.004 |
0.006 |
|
|
|
TOTAL (A) |
|
51.230 |
7.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
0.000 |
0.000 |
|
|
|
Purchases of Stock in Trade |
|
50.865 |
6.971 |
|
|
|
Changes in Inventories of Finished Goods, Work in progress and stock
in trade |
|
(1.273) |
(0.770) |
|
|
|
Employee Benefits Expenses |
|
0.502 |
0.240 |
|
|
|
Other Expenses |
|
0.669 |
0.476 |
|
|
|
TOTAL (B) |
|
50.763 |
6.917 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.467 |
0.105 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.002 |
0.001 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.465 |
0.104 |
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.000 |
0.000 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.465 |
0.104 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.030 |
|
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|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.465 |
0.074 |
|
|
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.46 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.10.2013 (Provisional) |
31.03.2013 |
|
Net Profit Margin |
(%) |
|
0.91 |
1.05 |
|
|
|
|
|
|
|
Operating Profit Margin
|
(%) |
|
0.91 |
1.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.95 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.80 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.56 |
2.23 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.10.2013 (Provisional) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.100 |
0.100 |
|
Reserves & Surplus |
0.074 |
0.539 |
|
Share Application money pending allotment |
2.500 |
2.500 |
|
Net worth |
2.674 |
3.139 |
|
|
|
|
|
long-term borrowings |
0.000 |
2.500 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
2.500 |
|
Debt/Equity ratio |
0.000 |
0.796 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.10.2013 (Provisional) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7.016 |
51.226 |
|
|
|
630.131 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.10.2013 (Provisional) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7.016 |
51.226 |
|
Profit |
0.074 |
0.465 |
|
|
1.05% |
0.91% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for One Year Seven Months |
Yes |
|
12] |
Profitability for One Year Seven Months |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 office of the company has been
shifted form, 4-B, Bilquees Mansion, 261/263, Dr. D. N Road, Fort, Mumbai –
400001, Maharashtra, India, to the present address w.e.f. 19.06.2013.
INDEX OF CHARGES: NOT CHARGES EXIST FOR COMPANY
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 records 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.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
28 |
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.