MIRA INFORM REPORT
|
Report Date : |
30.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ETCO INDUSTRIES PRIVATE LIMITED [w. e. f. 17.07.2012] |
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Formerly Known
As : |
ETCO SPINNERS PRIVATE LIMITED [w .e. f 29.07.2004 ] ETCO SERVICES PRIVATE LIMITED ETCO LAND DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
142, Andheri Industrial Estate, Veera Desai Road, Amboli Village,
Andheri (West), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.02.1995 |
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Com. Reg. No.: |
11-085653 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000 millions |
|
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CIN No.: [Company Identification
No.] |
U45102MH1995PTC085653 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE1393H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Cotton Yarn, Fabrics and Shirts. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 record. Management of the company has failed to file its latest financials of
2014 with government department. As per registrar of the companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2013 but the documents related to the
financials of 2013 are not available from any source. As per financials of 2012, reserves of the company’s is low. Rating
also takes into consideration intense competition within industry players. However, trade relation are fair. Business is active. Payment terms
are slow but correct. 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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB- |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
04.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
04.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Paul |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-42382800 |
|
Date : |
29.12.2014 |
LOCATIONS
|
Registered Office : |
142, Andheri Industrial Estate, Veera Desai Road, Amboli Village,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-42382800/ 49 |
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Fax No.: |
91-22-26730130 |
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E-Mail : |
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Factory : |
Unit Plot No. B-2 and B-3 MIDC Parbhani, District Parbhani – 431401,
Maharashtra, India |
|
Tel. No.: |
91-2452-246427/ 728/ 727 |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Ramesh Dahyalal Shah |
|
Designation : |
Director |
|
Address : |
701, Jay Maharashta, Vastu Vikas Chs, Survey No. 287, Gulmohar Cross
Road No.5, Jvpd Scheme, Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
06 03 1961 |
|
Date of Appointment : |
16 02 1995 |
|
DIN No.: |
00297557 |
|
|
|
|
Name : |
Mr. Satyanarayan Ramlalji Kuchhal |
|
Designation : |
Director |
|
Address : |
3c-1203, Whispering Palms, Lokhandwala Towns, Akurli Road, Kandivali
(East), Opposite M and M Gate-3,
Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
07 08 1950 |
|
Date of Appointment : |
01 06 2010 |
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DIN No.: |
03093463 |
KEY EXECUTIVES
|
Name : |
Mr. Paul |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Dahyalal Shah |
|
5509770 |
|
Ramesh Monica Shah |
|
100 |
|
Etco Telecom Limited |
|
500000 |
|
Ramesh D Shah Family Trust |
|
8134990 |
|
Vinsan Brothers Private Limited |
|
486108 |
|
Hinocha Haresh |
|
10 |
|
Shah Bimal |
|
10 |
|
Sarin Shanker Jay |
|
10 |
|
Masatia Capital Services Limited |
|
3000000 |
|
Ashoo Ashok Khemka |
|
1 |
|
Gagan Ashok Khemka |
|
1 |
|
Total |
|
17631000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2013
|
Category |
Percentage |
|
Bodies corporate |
22.61 |
|
Directors or relatives of Directors |
31.25 |
|
Other top fifty shareholders |
46.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cotton Yarn, Fabrics and Shirts. |
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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 |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
Andhra Bank, Special Corporate Finance Branch, 16th Floor,
Earnest House, Nariman Point,, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhuta Shah and Company Chartered Accountants |
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Address : |
142, Andheri Industrial Estate, Off Veera Desai Road |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB1455G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary: |
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Associated
Companies / Concerns: |
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CAPITAL STRUCTURE
As on 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.00 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17631000 |
Equity Shares |
Rs.10/- each |
Rs.176.310 Millions |
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|
|
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As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
150.000 |
100.000 |
|
(b) Reserves & Surplus |
|
111.306 |
95.442 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
261.306 |
195.442 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
265.410 |
298.266 |
|
(b) Deferred tax liabilities
(Net) |
|
1.328 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
266.738 |
298.266 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
308.680 |
333.566 |
|
(b) Trade payables |
|
64.125 |
118.921 |
|
(c) Other current liabilities |
|
64.933 |
55.586 |
|
(d) Short-term provisions |
|
6.788 |
0.766 |
|
Total
Current Liabilities (4) |
|
444.526 |
508.839 |
|
|
|
|
|
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TOTAL |
|
972.570 |
1002.547 |
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|
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II.
ASSETS |
|
|
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(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
363.994 |
374.999 |
|
(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 |
|
4.805 |
4.805 |
|
(c) Deferred tax assets (net) |
|
0.000 |
8.723 |
|
(d) Long-term Loan and Advances |
|
65.926 |
37.538 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
434.725 |
426.065 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
269.609 |
265.488 |
|
(c) Trade receivables |
|
168.654 |
152.252 |
|
(d) Cash and cash equivalents |
|
16.639 |
99.700 |
|
(e) Short-term loans and
advances |
|
82.943 |
59.042 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
537.845 |
576.482 |
|
|
|
|
|
|
TOTAL |
|
972.570 |
1002.547 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.000 |
|
|
2] Share Application Money |
|
|
0.300 |
|
|
3] Reserves & Surplus |
|
|
120.950 |
|
|
4] (Accumulated Losses) |
|
|
(50.161) |
|
|
NETWORTH |
|
|
101.089 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
243.046 |
|
|
2] Unsecured Loans |
|
|
310.094 |
|
|
TOTAL BORROWING |
|
|
553.140 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
654.229 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
382.354 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.005 |
|
|
DEFERRED TAX ASSETS |
|
|
20.391 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
133.173 |
|
|
Sundry Debtors |
|
|
81.683 |
|
|
Cash & Bank Balances |
|
|
55.171 |
|
|
Other Current Assets |
|
|
16.462 |
|
|
Loans & Advances |
|
|
14.104 |
|
Total
Current Assets |
|
|
300.593 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
41.775 |
|
|
Other Current Liabilities |
|
|
7.465 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
49.240 |
|
|
Net Current Assets |
|
|
251.353 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.126 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
654.229 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
|
|
|
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|
Other Income |
|
|
|
|
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TOTAL |
NA |
NA |
NA |
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
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|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
54.219 |
59.358 |
28.855 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.878 |
20.437 |
18.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
33.341 |
38.921 |
9.881 |
|
|
|
|
|
|
|
|
|
Less |
DEFFERD TAX LIABILITY |
7.400 |
2.600 |
5.151 |
|
|
|
|
|
|
|
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|
Add |
DEFFERD TAX
ASSETS |
(10.051) |
(11.667) |
20.401 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.026 |
0.000 |
0.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
15.864 |
24.654 |
25.017 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(25.508) |
(50.161) |
(75.177) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(9.644) |
(25.508) |
(50.161) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
123.276 |
91.552 |
|
|
TOTAL EARNINGS |
NA |
123.276 |
91.552 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
2.168 |
0.080 |
|
|
|
Capital Goods |
NA |
8.421 |
14.640 |
|
|
TOTAL IMPORTS |
NA |
10.589 |
14.720 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.06 |
2.89 |
8.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.45 |
3.94 |
1.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.20 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.20 |
3.23 |
5.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.13 |
6.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
100.000 |
150.000 |
|
Reserves & Surplus |
95.442 |
111.306 |
|
Net
worth |
195.442 |
261.306 |
|
|
|
|
|
long-term borrowings |
298.266 |
265.410 |
|
Short term borrowings |
333.566 |
308.680 |
|
Total
borrowings |
631.832 |
574.090 |
|
Debt/Equity
ratio |
3.233 |
2.197 |
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 |
No |
|
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 |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
233.034 |
207.517 |
|
Total |
233.034 |
207.517 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
80023481 |
29/08/2013 * |
1,390,000,000.00 |
ANDHRA BANK |
SPECIALIZED
CORPORATE FINANCE BRANCH, 16TH FLOOR,, |
B84652874 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Other equipments
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.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
|
27 |
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.