MIRA INFORM REPORT

 

 

Report Date :

22.02.2014

 

IDENTIFICATION DETAILS

 

Name :

STANDARD RADIATORS PRIVATE LIMITED

 

 

Registered Office :

1/12, Industrial Estate, Gorwa, Vadodara-390016, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.06.1965

 

 

Com. Reg. No.:

04-01320

 

 

Capital Investment / Paid-up Capital :

Rs.29.999 Millions

 

 

CIN No.:

[Company Identification No.]

U34201GJ1965PTC001320

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDS02025C

 

 

PAN No.:

[Permanent Account No.]

AACCS5507K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Radiators and Heat Exchangers.

 

 

No. of Employees :

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 983000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record. The company has achieved better growth in its sales turnover but there appear a slight dip in its net profitability during 2013.

 

However, financial position seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct.

 

The company can be considered normal for business dealings at usual 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

BBB [Long Term]

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

26.03.2013

 

Rating Agency Name

CRISIL

Rating

A3 [Short Term]

Rating Explanation

Moderate degree of safety.

Date

26.03.2013

 

 

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 [91-265-2280616]

 

 

LOCATIONS

 

Registered Office/ Factory :

1/12, Industrial Estate, Gorwa, Vadodara-390016, Gujarat, India

Tel. No.:

91-265-2280616 / 417 / 2281454

Mobile No.:

91-9898310937 (Mr. Mahesh Patel)

Fax No.:

91-265-2280522

E-Mail :

mahesh@standardradiators.com

sales@standardradiators.com

accounts@standardradiators.com

Website :

www.standardradiators.com 

Location :

Owned

 

 

DIRECTORS

 

AS ON 03.06.2013

 

Name :

Ms. Trupti P. Singh

Designation :

Managing Director

Address :

401, Ramkrishna Apartment, 26, Alkapuri, Vadodara-390005, Gujarat, India

Date of Birth/Age :

21.04.1962

Date of Appointment :

27.09.1997

Din No.:

00136863

 

 

Name :

Mr. Divakar Nandlal Shukla

Designation :

Director

Address :

Sanchi Residency-II, 6 Shrijee Society, Vasna Road, Vadodara-390015, Gujarat, India

Date of Birth/Age :

08.10.1939

Date of Appointment :

14.04.2001

Din No.:

00374125

Voter Id No.:

HDG4526689

 

 

Name :

Mr. Vikram Praveen Singh

Designation :

Whole Time Director

Address :

401, Ramkrishna Apartments, 26, Alkapuri, Vadodara-390007, Gujarat, India

Date of Birth/Age :

30.04.1987

Date of Appointment :

18.04.2013

Din No.:

06375888

 

 

KEY EXECUTIVES

 

Name :

Mr. Mahesh Patel

Designation :

Assistant Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 03.06.2013

 

Names of Shareholders

No. of Shares

% of Holding

Trupti P. Singh

2259004

75.30

Vikram P. Singh

740000

24.67

Divakar Nandlal Shukla

448

0.01

Sumeru S. Patel

448

0.01

 

 

 

TOTAL

2999900

100.00

 

 

 

 

AS ON 03.06.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Radiators and Heat Exchangers.

 

 

Products :

Item Code No. (ITC Code)

87089100

Product Description

Radiators

Item Code No. (ITC Code)

87089900

Product Description

Pressure Caps

Item Code No. (ITC Code)

84195090

Product Description

Heater Core

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

Oriental Bank of Commerce, Fortune Towers, Ground Floor, Sayajigunj, Vadodara-390005, Gujarat, India

 

 

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

Term Loans From Banks

7.846

12.928

TOTAL

7.846

12.928

 

 

 

Unsecured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Short Term Borrowings

 

 

Working Capital Loans From Banks

135.559

119.127

TOTAL

135.559

119.127

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P.J. Mankad and Company

Chartered Accountants

Address :

201, Labh Smruti, Bapatista Road, Ville Parle (West), Mumbai - 400 056, Maharashtra, India

Tel. No.:

91-22-26152124/ 22830196

Fax No.:

91-22-22830196

PAN No:

AADPM6922E

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

3000000

Equity Shares

Rs.10/-each

Rs.30.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2999900

Equity Shares

Rs.10/- each

Rs.29.999 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

29.999

9.718

9.718

(b) Reserves & Surplus

215.757

198.500

155.151

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

245.756

208.218

164.869

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7.846

12.928

20.483

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

6.774

5.535

4.769

Total Non-current Liabilities (3)

14.620

18.463

25.252

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

135.559

119.127

109.727

(b) Trade payables

58.554

57.856

77.540

(c) Other current liabilities

7.508

13.761

9.610

(d) Short-term provisions

7.527

9.789

4.923

Total Current Liabilities (4)

209.148

200.533

201.800

 

 

 

 

TOTAL

469.524

427.214

391.921

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

106.561

90.743

85.356

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.250

1.295

3.667

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.085

0.085

0.281

(c) Deferred tax assets (net)

2.859

1.615

0.075

(d) Long-term Loan and Advances

5.828

2.863

2.703

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

117.583

96.601

92.082

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

107.726

100.717

88.250

(c) Trade receivables

220.442

196.065

188.649

(d) Cash and cash equivalents

1.567

3.434

1.988

(e) Short-term loans and advances

21.685

29.973

20.665

(f) Other current assets

0.521

0.424

0.287

Total Current Assets

351.941

330.613

299.839

 

 

 

 

TOTAL

469.524

427.214

391.921

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

845.305

689.120

 

 

Other Income

 

1.525

0.813

 

 

TOTAL                                     (A)

934.768

846.830

689.933

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

565.362

476.119

 

 

Employee Benefits Expenses

 

49.172

43.282

 

 

Other Expenses

848.953

131.720

109.639

 

 

Exceptional Items

 

(0.702)

(1.765)

 

 

Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade

 

(15.294)

(11.048)

 

 

TOTAL                                     (B)

848.953

[Including Financial Expenses]

730.258

616.227

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

116.572

73.706

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

17.853

10.203

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

85.815

98.719

63.503

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

20.599

18.707

15.186

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)               (G)

65.216

80.012

48.317

 

 

 

 

 

Less

TAX                                                                  (H)

22.448

27.628

15.908

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

42.768

52.384

32.409

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

70.368

37.020

20.295

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

10.000

10.000

10.000

 

 

Interim / Proposed Dividend

4.500

7.775

4.859

 

 

Corporate Tax on Dividend

0.730

1.261

0.826

 

BALANCE CARRIED TO THE B/S

97.906

70.368

37.019

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

176.253

135.476

108.147

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

14.25

53.90

33.35

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
4.57

6.19

4.70

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

9.47

7.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
14.05

18.86

12.45

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.27

0.38

0.29

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.58

0.63

0.79

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.68

1.65

1.49

 

 

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

9.718

9.718

29.999

Reserves & Surplus

155.151

198.500

215.757

Net worth

164.869

208.218

245.756

 

 

 

 

long-term borrowings

20.483

12.928

7.846

Short term borrowings

109.727

119.127

135.559

Total borrowings

130.210

132.055

143.405

Debt/Equity ratio

0.790

0.634

0.584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

Total Income

689.933

846.830

934.768

 

 

22.741

10.384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Total Income

689.933

846.830

934.768

Profit

32.409

52.384

42.768

 

4.70%

6.19%

4.58%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

 

Particulars

 

31.03.2013

[Rs. in millions]

31.03.2012

[Rs. in millions]

31.03.2011

[Rs. in millions]

 

 

 

 

Current Maturities of Long Term Debt

4.500

7.500

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

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

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

Yes

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]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

Yes

34]

External Agency Rating, if available

Yes

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10227511

24/06/2010

22,500,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

A89008353

2

10147775

03/02/2009

15,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

A57269276

3

80011090

30/11/2004

5,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

-

4

80011087

04/07/2002

24,500,000.00

ORIENTAL BANK OF COMMERCIAL

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

-

5

80011084

02/08/2001

4,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

-

6

80011080

29/12/2012 *

217,500,000.00

Oriental Bank of Commerce

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

B65095697

7

80011072

27/03/2001

4,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

-

8

80011071

06/03/1997

5,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND  FLOOR, SAYAJIGUNJ, VADODARA - 390005,
GUJARAT, INDIA

-

9

80011068

28/01/2008 *

99,000,000.00

ORIENTAL BANK OF COMMERCE

FORTUNE TOWERS, GROUND FLOOR, VSE BUILDING, SAYAJIGUNJ, VADODARA - 390007, GUJARAT, INDIA

A31901283

 

* Date of charge modification

 

 

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 712 of 2007

 

Status : PENDING                              (Converted from : ST/4134/2006)                 CCIN No : 001092200700712

 

LAST LISTING DATE: 12/02/2014

 

CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI 

 

               HONOURABLE MR.JUSTICE SONIA GOKANI

 

S. No.

Name of the Petitioner

 

Advocate On Record

1

ACIT, CIR. 4 BARODA

MR KM PARIKH for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

 

S. No.

Name of the Respondant

Advocate On Record

1

STANDARD RADIATORS PVT. LTD

MR MANISH J SHAH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

           

Presented On

: 06/12/2006

Registered On

: 06/12/2006

Bench Category

: DIVISION BENCH

District

: VADODARA

Case Originated From

: THROUGH ADVOCATE

Listed

: 269 times

Stage Name

: TAX APPEAL FINAL HEARING U/S. 80 HHC

Act

INCOME TAX ACT, 1961

OFFICE DETAILS

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2007

VAKALATNAMA

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

--

MR KM PARIKH:1

2

30/11/2007

VAKALATNAMA

MR. MANISH J SHAH ADVOCATE FOR RESPONDENT (S) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR. MANISH J SHAH:1

COURT PROCEEDINGS

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

20/02/02007

1

-

FOR FINAL HEARING - TAX MATTERS

NEXT DATE

REGISTRAR (JUDICIAL)

2

30/04/2007

1

-

FOR OFFICE OBJECTION

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE Y.R. MEENA

·         HONOURABLE MR.JUSTICE ANANT S. DAVE

3

26/09/2007

1

-

FOR FINAL HEARING – TAX

RULE/ ADMIT

  • HONAOURABLE THE CHIEF JUSTICE Y.R. MEENA
  • HONOURABLE MRS. JUSTICE ABHILASHA KUMARI

4

12/02/2014

7

131

TAX APPEAL FINAL HEARING U/S. 80 HHC

 

·         HONOURABLE MR. JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

TAX APPEAL/833/2007

·         HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

HONOURABLE MR.JUSTICE ANANT S. DAVE

13/04/2007

N

ORDER

2

TAX APPEAL/712/2007
  • HONOURABLE THE CHIEF JUSTICE Y.R.MEENA
  • HONOURABLE MR.JUSTICE ANANT S. DAVE

30/04/2007

N

ORDER

 

 

PERFORMANCE OF THE COMPANY:

 

The Company achieved Gross Turnover of Rs.1023.246 Millions during the year as against Rs. 918.304 Millions in the previous year. The increase in the sales in the year 2012-13, is largely due to the demand in Tractor Industry and Capital Goods Sector.

 

 

EXPORTS:

 

For the year 2012-13 Company achieved Exports Sales of Rs.190.694 Millions as against previous year 143.869 Millions, recording an increase of 32.55% over the previous year. Our efforts to increase our presence in export market will continue.

 

 

FIXED ASSETS:

 

  • Freehold Land
  • Building
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipments
  • Electric Fittings
  • Air Conditioners
  • Vehicles
  • Data Processing Machine

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.62.16

UK Pound

1

Rs.103.44

Euro

1

Rs.85.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.