MIRA
INFORM REPORT
|
Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ISINOX STEELS LIMITED |
|
|
|
|
Registered
Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone
(West), Lower Parel, Mumbai-400013, |
|
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
31.07.1990 |
|
|
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Com. Reg. No.: |
11-057523 |
|
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|
Capital Investment
/ Paid-up Capital : |
Rs. 29.059 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1990PLC057523 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Bright Bars and Wires. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 850000 |
|
|
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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 a moderate track record. Profitability of the company appears to be low. However, trade relations 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.
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
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-22-49102000)
LOCATIONS
|
Registered Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg,
Elphinstone (West), Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-49102000 |
|
Fax No.: |
91-22-49102099 |
|
E-Mail : |
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|
Website: |
|
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|
Factory : |
Village Savroli, Taluka Khalapur, District Raigad, Khopoli-410202,
Maharashtra, India |
|
Tel. No.: |
91-2192-274080 |
|
Fax No.: |
91-2192-274053 |
|
|
|
|
Bright Bars
Division: |
C-63, MIDC Estate, Turbhe, Navi Mumbai – 400705,
Maharashtra, India |
|
Tel. No.: |
91-22-27686437 |
|
Fax No.: |
91-22-27633888 |
|
|
|
|
Special Steel
Division : |
Khopoli, Dist. Raigad – 410 203, Maharashtra, India |
|
Tel. No.: |
91-2192-265812 |
|
Fax No.: |
91-2192-264061 |
|
|
|
|
Stainless Steel
Wire Plant: |
Savroli, Taluka Khalapur, Khopoli, District Raigad,
Maharashtra – 410202, India |
|
Tel. No.: |
91-2192-274053 |
|
Fax No.: |
91-2192-274080 |
DIRECTORS
As on 30.09.2013
|
Name : |
Ms. Anita Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1954 |
|
Qualification: |
BA |
|
Date of Appointment : |
19.01.2004 |
|
DIN No.: |
01301447 |
|
PAN No.: |
ACKPG0089P |
|
|
|
|
Name : |
Ms. Priya Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
Ashok Building, 541/C, Adenwala Road, King Circle, Matunga (West), Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
24.03.1963 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
19.01.2004 |
|
DIN No.: |
00084305 |
|
PAN No.: |
AHGPG3807Q |
|
|
|
|
Name : |
Mr. Sundeep Lakshmikant Mulik |
|
Designation : |
Director |
|
Address : |
Sundew Building, Flat No. 23, 4th Floor, Angelore Society, Pestom Sagar Road, Chembur, Mumbai-400089, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1965 |
|
Qualification: |
Chartered Accountant |
|
Date of Appointment : |
16.08.2006 |
|
DIN No.: |
01127415 |
|
|
|
|
Name : |
Mr. Siddharth Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
Ashok Building, 541/C, Adenwala Road, King Circle, Matunga (West), Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1987 |
|
Qualification: |
BBA |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
03640615 |
|
PAN No.: |
AKPPG0756N |
|
|
|
|
Name : |
Ms. Revti Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1987 |
|
Qualification: |
B.A |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
05357397 |
|
PAN No.: |
AJHPG0993J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Harbanslal Bansidhar Gupta |
100 |
0.00 |
|
Ashwinkumar Harbanslal Gupta |
100 |
0.00 |
|
Sudhirkumar Harbanslal Gupta |
50 |
0.00 |
|
Anita Ashwinkumar Gupta |
772650 |
26.59 |
|
Priya Sudhirkumar Gupta |
772650 |
26.59 |
|
Varun Sudhir Gupta |
50 |
0.00 |
|
Sandeep Laxmikant Mulik |
300 |
0.01 |
|
Isisales (India) Private Limited, India |
680000 |
23.40 |
|
Isimetals (India) Private Limited, India |
680000 |
23.40 |
|
Total |
2905900 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
46.80 |
|
Directors or relatives of Directors |
53.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bright Bars and Wires. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· Dombivli Nagari Sahakari Bank Limited Fort Branch, Sambhava Chambers, 1st Floor, Sir P M Road, Mumbai - 400001, Maharashtra, India · Indian Bank, Wadala Branch,205 B, Parbati Niwas, R A K Road, Wadala-West, Mumbai - 400031, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Thanawala and Company Chartered Accountants |
|
Address : |
505 Abhay Steel, Fifth Floor, 22 Baroda Street, Mumbai-400009, Maharashtra,
India |
|
Tel. No.: |
91-22-23486679 / 23484336 |
|
Fax No.: |
91-22-23481151 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAPT3237C |
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|
|
|
Other related party: |
· India Steel Works Limited, India [L29100MH1987PLC043186] · Zenstar Enterprises |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 87.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.46.376
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
3200000 |
Preference Shares |
Rs.10/- each |
Rs. 32.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 62.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2905900 |
Equity Shares |
Rs.10/- each |
Rs. 29.059 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
29.059 |
15.459 |
15.459 |
|
(b) Reserves & Surplus |
131.319 |
58.714 |
55.642 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
53.200 |
53.200 |
21.200 |
|
Total
Shareholders’ Funds (1) + (2) |
213.578 |
127.373 |
92.301 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
11.020 |
10.983 |
11.897 |
|
(b) Deferred tax liabilities (Net) |
3.931 |
3.931 |
4.085 |
|
(c) Other long term liabilities |
92.008 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.700 |
0.405 |
0.549 |
|
Total Non-current Liabilities (3) |
107.659 |
15.319 |
16.531 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
187.575 |
43.191 |
36.266 |
|
(b) Trade payables |
14.152 |
382.005 |
271.237 |
|
(c) Other current
liabilities |
9.643 |
2.265 |
9.911 |
|
(d) Short-term provisions |
9.042 |
6.557 |
3.584 |
|
Total Current Liabilities (4) |
220.412 |
434.018 |
320.998 |
|
|
|
|
|
|
TOTAL |
541.649 |
576.710 |
429.830 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
197.626 |
94.160 |
96.226 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.598 |
0.176 |
0.091 |
|
(e) Other Non-current assets |
0.183 |
0.000 |
0.000 |
|
Total Non-Current Assets |
201.407 |
94.336 |
96.317 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.054 |
0.001 |
0.001 |
|
(b) Inventories |
60.350 |
157.912 |
141.968 |
|
(c) Trade receivables |
135.868 |
243.195 |
117.866 |
|
(d) Cash and cash
equivalents |
17.024 |
6.980 |
8.213 |
|
(e) Short-term loans and
advances |
37.230 |
65.469 |
35.129 |
|
(f) Other current assets |
89.716 |
8.817 |
30.336 |
|
Total Current Assets |
340.242 |
482.374 |
333.513 |
|
|
|
|
|
|
TOTAL |
541.649 |
576.710 |
429.830 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1873.340 |
520.832 |
407.854 |
|
|
|
Other Income |
1.989 |
0.786 |
(1.040) |
|
|
|
TOTAL (A) |
1875.329 |
521.618 |
406.814 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
342.592 |
436.242 |
365.499 |
|
|
|
Purchase of Stock-in-trade |
1365.194 |
39.325 |
3.067 |
|
|
|
Employee benefits expense |
10.592 |
7.937 |
6.035 |
|
|
|
Other Expenses |
79.498 |
73.179 |
47.106 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
40.767 |
(51.387) |
(27.772) |
|
|
|
TOTAL (B) |
1838.643 |
505.296 |
393.935 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
36.686 |
16.322 |
12.879 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.608 |
6.424 |
5.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.078 |
9.898 |
7.347 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.389 |
3.097 |
3.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
16.689 |
6.801 |
4.292 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.97 |
1.932 |
1.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
13.719 |
4.869 |
3.203 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.200 |
1.100 |
(2.100) |
|
|
|
APPROPRIATION
|
|
|
|
|
|
|
Proposed Dividend & Tax there on |
2.300 |
1.800 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
9.900 |
4.200 |
1.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on FOB basis |
NA |
470.931 |
379.622 |
|
|
TOTAL EARNINGS |
|
470.931 |
379.622 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.72 |
3.15 |
2.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.73
|
0.93 |
0.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.89
|
1.31 |
1.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.08
|
1.18 |
1.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93
|
0.43 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.11 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
15.459 |
15.459 |
29.059 |
|
Reserves & Surplus |
55.642 |
58.714 |
131.319 |
|
Net
worth |
71.101 |
74.173 |
160.378 |
|
|
|
|
|
|
long-term borrowings |
11.897 |
10.983 |
11.020 |
|
Short term borrowings |
36.266 |
43.191 |
187.575 |
|
Total
borrowings |
48.163 |
54.174 |
198.595 |
|
Debt/Equity
ratio |
0.677 |
0.730 |
1.238 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
407.854 |
520.832 |
1,873.340 |
|
|
|
27.701 |
259.682 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
407.854 |
520.832 |
1,873.340 |
|
Profit |
3.203 |
4.869 |
13.719 |
|
|
0.79% |
0.93% |
0.73% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
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 from India Steel Industrial Comprailway, Gate No 4, Antop Hill, Wadala, Mumbai-400037, Maharashtra, India to the present address w.e.f. 05.11.2011
OPERATIONS REVIEW
During the year, the Company has achieved Sales Turnover of Rs.1873.400 Millions (Previous Year: Rs. 520.800 Millions) registering a growth of 259.71 %.The Company has achieved Export Turnover of Rs. 644.700 Millions as against Rs.475.700 Millions for the corresponding period last year, registering a growth of 35.53%. Profit / loss after tax has been Rs.8.000 Millions (Previous Year Rs.4.800 Millions).
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
11.020 |
10.983 |
|
|
|
|
|
Total |
11.020 |
10.983 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10413173 |
08/03/2013 |
100,000,000.00 |
DOMBIVLI NAGARI SAHAKARI BANK LIMITED |
FORT BRANCH,
SAMBHAVA CHAMBERS, 1ST FLOOR, SIR P |
B71252886 |
|
2 |
10059652 |
06/06/2007 |
1,327,873.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A18776328 |
|
3 |
10039345 |
20/09/2013 * |
262,500,000.00 |
INDIAN BANK |
WADALA
BRANCH,205 B,PARBATI NIWAS, R A K ROAD,WAD |
B89257547 |
|
4 |
10039605 |
20/09/2013 * |
262,500,000.00 |
INDIAN BANK |
WADALA
BRANCH,205 B,PARBATI NIWAS, R A K ROAD,WADALA-WEST, MUMBAI, MAHARASHTRA -
400031, INDIA |
B89258990 |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.87.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.