MIRA
INFORM REPORT
|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
AZAFRAN INNOVACION LIMITED (w.e.f. 12.01.2010) |
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Formerly Known
As : |
AZAFRAN INNOVACION PRIVATE LIMITED |
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Registered
Office : |
Bhadr-Raj Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.07.2007 |
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Com. Reg. No.: |
04-051407 |
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Capital
Investment / Paid-up Capital : |
Rs.15.500 Millions |
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CIN No.: [Company Identification
No.] |
U24247GJ2007PLC051407 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA07667C |
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PAN No.: [Permanent Account No.] |
AAGCA4452K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Cosmetics products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company, which
has eroded the net worth of the company seems to be under pressure. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
secured trade terms and conditions. Note: The latest financial for the year 2013 is not available with us.
|
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
31-03-2012.
LOCATIONS
|
Registered Office : |
Bhadr-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad –
380009, Gujarat, India |
|
Tel. No.: |
91-79-26443053 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Factory: |
Survey No. 506-508, Sanand Nalsrovar Road, Vilalge: Vinchhiya, Talika:
Sanand, District: Ahmedabad, Gujarat, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mrs. Deohooti Janmejay Vyas |
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Designation : |
Director |
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Address : |
B/1 – A, Rajhans Society, Ellisbridge, Ahmedabad – 38006, Gujarat, India |
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Date of Birth/Age : |
15.10.1951 |
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Date of Appointment : |
16.09.2008 |
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DIN No.: |
00004876 |
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Other Directorship:
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Name : |
Ms. Aditi Janmejay Vyas |
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Designation : |
Director |
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Address : |
B/1 – A, Rajhans Society, Ellisbridge, Ahmedabad – 38006, Gujarat, India |
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Date of Birth/Age : |
22.04.1977 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
00004904 |
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Other Directorship:
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Name : |
Ms. Arpit Janmejay Vyas |
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Designation : |
Director |
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Address : |
B/1 – A, Rajhans Society, Ellisbridge, Ahmedabad – 38006, Gujarat, India |
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Date of Birth/Age : |
28.07.1986 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01540057 |
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Other Directorship:
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Name : |
Ms. Mansi Janmejay Vyas |
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Designation : |
Director |
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Address : |
B/1 – A, Rajhans Society, Ellisbridge, Ahmedabad – 38006, Gujarat, India |
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Date of Birth/Age : |
15.03.1979 |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01540139 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Aditi Janmejay Vyas |
|
1525500 |
|
Deohooti Janmejay Vyas |
|
100 |
|
Janmejay R Vyas |
|
190 |
|
Arpit Janmejay Vyas |
|
190 |
|
Mansi Janmejay Vyas |
|
24000 |
|
Deepak S Pandya |
|
10 |
|
Abhishek K Shodhan |
|
10 |
|
|
|
|
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Total |
|
1550000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cosmetics products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India ·
Bank of India, Navrangpur Branch, Ahmedabad,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. D. Shukla and Company Chartered Accountants |
|
Address : |
22, Aakruti Society, Satellite Road, Ahmedabad – 380015, Gujarat, India
|
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PAN N Income-tax PAN of auditor or auditor's firm : |
AKHPS9176L |
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Associates company : |
·
Dishman Pharmaceuticals and Chemicals Limited ·
Aadiman Travels (A Division of Dishman
Pharmaceuticals and Chemicals Limited) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1550000 |
Equity Shares |
Rs.10/- each |
Rs. 15.500
Millions |
|
|
|
|
|
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 |
|
15.500 |
0.500 |
|
(b) Reserves & Surplus |
|
(22.558) |
(9.198) |
|
(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) |
|
(7.058) |
(8.698) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
90.561 |
95.541 |
|
(b) Deferred tax liabilities (Net) |
|
5.089 |
2.448 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
95.650 |
97.989 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
14.418 |
14.599 |
|
(b) Trade payables |
|
26.708 |
9.829 |
|
(c) Other current
liabilities |
|
1.005 |
0.100 |
|
(d) Short-term provisions |
|
0.011 |
0.014 |
|
Total Current Liabilities (4) |
|
42.142 |
24.542 |
|
|
|
|
|
|
TOTAL |
|
130.734 |
113.833 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
86.409 |
87.225 |
|
(ii) Intangible Assets |
|
6.995 |
0.119 |
|
(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 |
|
0.791 |
0.782 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
94.195 |
88.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
13.500 |
16.941 |
|
(c) Trade receivables |
|
2.630 |
0.429 |
|
(d) Cash and cash
equivalents |
|
6.047 |
6.511 |
|
(e) Short-term loans and
advances |
|
13.174 |
0.005 |
|
(f) Other current assets |
|
1.188 |
1.821 |
|
Total Current Assets |
|
36.539 |
25.707 |
|
|
|
|
|
|
TOTAL |
|
130.734 |
113.833 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(3.299) |
|
|
NETWORTH |
|
|
(2.799) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
72.314 |
|
|
TOTAL BORROWING |
|
|
72.314 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.864 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
70.379 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
25.654 |
|
|
Capital work-in-progress |
|
|
47.906 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.125 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5.192
|
|
|
Sundry Debtors |
|
|
0.064
|
|
|
Cash & Bank Balances |
|
|
0.192
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2.113
|
|
Total
Current Assets |
|
|
7.561
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
10.353
|
|
|
Other Current Liabilities |
|
|
0.514
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
10.867
|
|
|
Net Current Assets |
|
|
(3.306)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
70.379 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22.576 |
14.624 |
2.256 |
|
|
|
Other Income |
0.658 |
0.843 |
0.162 |
|
|
|
TOTAL (A) |
23.234 |
15.467 |
2.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
14.324 |
15.843 |
|
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
2.741 |
(6.805) |
|
|
|
|
Employee benefit Expenses |
3.751 |
3.146 |
|
|
|
|
Other Expenses |
|
|
|
|
|
|
Manufacturing Expenses |
3.613 |
2.547 |
|
|
|
|
Administrative Expenses |
4.359 |
1.245 |
|
|
|
|
Selling and Distribution Expenses |
0.615 |
1.374 |
|
|
|
|
TOTAL (B) |
29.403 |
17.350 |
3.081 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(6.169) |
(1.883) |
(0.663) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.740 |
0.441 |
0.046 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7.909) |
(2.324) |
(0.709) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.810 |
1.992 |
1.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(10.719) |
(4.316) |
(1.974) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.641 |
1.584 |
0871 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(13.360) |
(5.900) |
(2.845) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(9.198) |
(3.298) |
(0.453) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(22.558) |
(9.198) |
(3.298) |
|
|
|
|
|
|
|
|
|
|
FOB VALUE OF
EXPORT |
2141.900 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11.190 |
3.923 |
0.962 |
|
|
|
|
|
|
|
|
|
Earnings /
(loss) Per Share (Rs.) |
(8.62) |
(117.99) |
(56.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(57.50)
|
(38.15) |
(117.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.48)
|
(29.51) |
(87.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.20)
|
(3.79) |
(5.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.52)
|
(0.50) |
(0.71) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(14.87)
|
(12.66) |
(25.84) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
1.05 |
0.70 |
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 |
No |
OPERATIONS:
During the year, the Company has achieved the turnover of Rs.22.576 Millions and other income of Rs.0.658 Million as compared to turnover of Rs.14.624 Millions and other income of Rs.0.843 Million in the previous financial year 2010-2011. However, during the year Company has incurred total expenditure of Rs.33.953 Millions as against Rs.19.784 Millions in the previous financial year 2010-2011 and incurred net loss of Rs.13.360 Millions as against the net Loss of Rs.5.899 Millions during the previous year 2010-2011.
BUSINESS PROSPECTS
AND FUTURE OUTLOOK:
The Company has established a niche cosmetic unit at Village: Vinchhiya, Sanand Nalsarovar Road, Taluka: Sanand, District Ahmedabad using 100% organic and natural resources. For this purpose company has imported greenhouse from Israel and cultivated various aromatic and essential oils herbs and plants, and. also established the extraction unit to get the fresh extraction from 100% organically grown plants.
The company has developed number of skincare, haircare and spa products based on totally natural Ingredients using natural preservatives and are under stability studies as well as customer acceptance efficacy trials. The Company has entered into Retail business of essential oils used in massage oils, body oils, face oils etc. The company is also planning for producing additional cosmetics range md exclusive fashion accessories as well as global marketing of the same.
The Company has over the past one year expanded its branches into food and flavor industry with its new range of Naturaf Colors and Certified Organic Isolates and SCFE oils and powders. Company has already started sale of its infused olive oil all over India and is expanding its range with new additions.
With the addition of new Organic cosmetic ingredients of Organic Fruit and Flower Waxes and Butters, Oleoresins and Phytochemicals, the Company is targeting the pharmaceutical, nutraceutical and cosmetic industries.
Company's site situated at Vinchhiya is now a GMP certified plant and recognized awards from USDA, ECOCERT AND INDIA ORGANIC.
They provide customized solutions to clients in the cosmetic field, in contact manufacturing and formulation and research development.
Presently, the company is carried out research and developing activities for the various cosmetic products.
The company is also planning to launch certified organic
soaps in the third quarter of the financial year 2012-2013 in the mass market.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advance from related parties |
90.561 |
95.541 |
|
|
|
|
|
Total |
90.561 |
95.541 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10241485 |
26/08/2010 |
10,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A94266020 |
FIXED ASSETS
Tangible assets
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
Intangible assets
·
Goodwill
·
Brand/trademark
·
Computer Software
·
Mining rights
·
Copyrights, and patents
other
·
Intellectual property
rights, services and operating tights
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.62.19 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
12 |
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.