MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GREIF FLEXIBLES INDIA PRIVATE LIMITED (w.e.f. 05.02.2014) |
|
|
|
|
Formerly Known
As : |
STORSACK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
103, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
04.12.2003 |
|
|
|
|
Com. Reg. No.: |
11-143383 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH2003PTC143383 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of HDPE/ LDPE Bags. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses, which has eroded the
net worth of the company. Profitability 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. More |
|
Designation : |
Admin |
|
Contact No.: |
91-22-66356543 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered Office : |
103, Atlanta, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-66356543 |
|
Fax No.: |
91-22-66356544 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
Plot C6, Murvad, MIDC, Kalyan, Maharashtra, India |
DIRECTORS
As on 25.06.2013
|
Name : |
Mr. Prashant Jagdish Mavani |
|
Designation : |
Director |
|
Address : |
13, Krishna Niketan, Sion (West), Mumbai-400022, Maharashtra, India |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
00747582 |
|
|
|
|
Name : |
Mr. Sanjay Hasmukh Parekh |
|
Designation : |
Whole Time Director |
|
Address : |
112-B, Maker Tower, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
Date of Appointment : |
04.12.2003 |
|
DIN No.: |
01144198 |
|
|
|
|
Name : |
Mr. Robert Lee Huffman III |
|
Designation : |
Director |
|
Address : |
594, Hartford Street, Worthington, Ohio, US |
|
Date of Appointment : |
08.04.2013 |
|
DIN No. : |
06461118 |
|
|
|
|
Name : |
Mr. Hari Kumar |
|
Designation : |
Director |
|
Address : |
19801, South Woodiand Road, Shaker Height, Ohio, US |
|
Date of Appointment : |
08.04.2013 |
|
DIN No. : |
06508909 |
KEY EXECUTIVES
|
Name : |
Mr. More |
|
Designation : |
Admin |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.06.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Sanjay Hasmukh Parekh |
75000 |
|
Greif Flexible Trading Holding BV, Netherlands |
425000 |
|
TOTAL |
500000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Greif Flexible Trading Holding BV, Netherlands |
1000000 |
|
TOTAL
|
1000000 |
As on 25.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
85.00 |
|
Directors or relatives of Directors |
15.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of HDPE/ LDPE Bags. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
Axis Bank Limited, Nariman Point Branch, Ground Floor, Atlanta Building,
Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R C Reshamwala and Company Chartered Accountants |
|
Address : |
323, Varma Chambers, Mumbai - 400001, Maharashtra, India |
|
Tel No.: |
91-22-66355488 |
|
Fax No.: |
91-22-22642855 |
|
Email : |
|
|
'Income-tax
PAN of auditor or auditor's firm : |
AAFFR7901L |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
1000000 |
5% Redeemable Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
TOTAL |
|
Rs. 20.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Millions |
|
1000000 |
5% Redeemable Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
TOTAL |
|
Rs. 15.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
15.000 |
15.000 |
|
(b) Reserves & Surplus |
|
(18.667) |
10.238 |
|
(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) |
|
(3.667) |
25.238 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
38.739 |
31.628 |
|
(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) |
|
38.739 |
31.628 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
79.367 |
52.676 |
|
(b) Trade payables |
|
28.961 |
31.956 |
|
(c) Other current
liabilities |
|
8.518 |
7.243 |
|
(d) Short-term provisions |
|
0.000 |
1.651 |
|
Total Current Liabilities (4) |
|
116.846 |
93.526 |
|
|
|
|
|
|
TOTAL |
|
151.918 |
150.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4.260 |
6.002 |
|
(ii) Intangible Assets |
|
0.012 |
0.032 |
|
(iii) Capital
work-in-progress |
|
0.478 |
0.478 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.005 |
0.005 |
|
(c) Deferred tax assets (net) |
|
0.261 |
0.152 |
|
(d) Long-term Loan and Advances |
|
36.669 |
35.345 |
|
(e) Other Non-current assets |
|
5.720 |
2.885 |
|
Total Non-Current Assets |
|
47.405 |
44.899 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
46.872 |
41.125 |
|
(c) Trade receivables |
|
33.974 |
48.129 |
|
(d) Cash and cash
equivalents |
|
9.629 |
6.729 |
|
(e) Short-term loans and
advances |
|
13.960 |
9.321 |
|
(f) Other current assets |
|
0.078 |
0.189 |
|
Total Current Assets |
|
104.513 |
105.493 |
|
|
|
|
|
|
TOTAL |
|
151.918 |
150.392 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
15.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9.428 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
24.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
24.828 |
|
|
2] Unsecured Loans |
|
|
31.699 |
|
|
TOTAL BORROWING |
|
|
56.527 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
80.955 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5.269 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.005 |
|
|
DEFERRED TAX ASSETS |
|
|
0.537 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
27.285
|
|
|
Sundry Debtors |
|
|
44.967
|
|
|
Cash & Bank Balances |
|
|
20.629
|
|
|
Other Current Assets |
|
|
8.408
|
|
|
Loans & Advances |
|
|
37.603
|
|
Total
Current Assets |
|
|
138.892 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
52.190
|
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
11.558
|
|
Total
Current Liabilities |
|
|
63.748 |
|
|
Net Current Assets |
|
|
75.144
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
80.955 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
239.068 |
288.496 |
283.440 |
|
|
|
Other Income |
2.184 |
1.399 |
0.630 |
|
|
|
TOTAL (A) |
241.252 |
289.895 |
284.070 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
207.682 |
240.508 |
|
|
|
|
Changes in inventories of work-in-progress |
(2.829) |
(3.313) |
|
|
|
|
Employees benefits expense |
11.541 |
11.814 |
|
|
|
|
Other expenses |
31.287 |
26.174 |
|
|
|
|
TOTAL (B) |
247.681 |
275.183 |
283.158 (Including
Financial Expensesand Depreciation) |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(6.429) |
14.712 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.185 |
11.889 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(27.614) |
2.823 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.398 |
1.244 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(29.012) |
1.579 |
0.912 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.108) |
0.770 |
2.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(28.904) |
0.809 |
(1.419) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.237 |
9.428 |
10.847 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(18.667) |
10.237 |
9.428 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
43.091 |
54.462 |
34.004 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
14.581 |
9.397 |
|
|
|
Capital Goods |
NA |
0.457 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
15.038 |
9.397 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(19.27) |
0.54 |
1.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(1.98)
|
0.28 |
(0.50) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.14)
|
0.55 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.19)
|
1.05 |
0.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
7.91
|
0.06 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(32.21)
|
3.34 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
1.13 |
2.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
15.000 |
15.000 |
|
Reserves & Surplus |
10.238 |
(18.667) |
|
Net
worth |
25.238 |
(3.667) |
|
|
|
|
|
long-term borrowings |
31.628 |
38.739 |
|
Short term borrowings |
52.676 |
79.367 |
|
Total
borrowings |
84.304 |
118.106 |
|
Debt/Equity
ratio |
3.340 |
(32.208) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
283.440 |
288.496 |
239.068 |
|
|
|
1.784 |
(17.133) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
283.440 |
288.496 |
239.068 |
|
Profit |
(1.419) |
0.809 |
(28.904) |
|
|
(0.005) |
0.003 |
(0.121) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
31.12.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities
of long term debts |
|
|
|
|
Axis Bank Car Loan |
0.162 |
0.147 |
NA |
|
|
|
|
|
|
Total |
0.162 |
0.147 |
NA |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10301502 |
29/12/2010 |
9,975,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, ATLANTA, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B03727880 |
|
2 |
10218926 |
10/04/2010 |
10,000,000.00 |
AXIS BANK LIMITED |
209, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A84660224 |
|
3 |
90367502 |
23/11/2011 * |
75,000,000.00 |
AXIS BANK LIMITED |
ATLANATA BUILDING, GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29374204 |
|
4 |
80036175 |
14/06/2005 |
25,000,000.00 |
UTI BANK LIMITED |
NARIMAN POINT BR. ATLANTA, GROUND FLOOR, NARIMAN POINT , MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan form Related
Party |
|
|
|
Grief Flexibles Trading Holding BV |
38.545 |
31.273 |
|
Total |
38.545 |
31.273 |
FINANCIAL RESULTS
During the year ended 31st December, 2012, the total sales of the Company amounted to Rs.239.068 Millions as against Rs.288.496 Millions during the previous year and Other Income amounted to Rs. 2.184 Millions as against Rs.1.399 Millions for the previous year. The profit / (loss) after depreciation but before tax amounted to Rs.(29.012) Millions as against previous year 1.579 Millions.
FIXED ASSETS
v
Tangible
Assets
Furniture
and Fixtures
Office
Equipment
Repairs
in Rented Premises
Technical
Equipments and Machineries
Vehicles
Computer
v
Intangible Assets
Computer
Software
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.62.27 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
1 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.