MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

METROPOLITAN EXIMCHEM LIMITED

 

 

Formerly Known As :

METROPOLITAN FOOTWEAR INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

201/B, Runwal and Omkar Esquare, Opposite Sion-Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai – 400022, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.08.1968

 

 

Com. Reg. No.:

11-014067

 

 

Capital Investment / Paid-up Capital :

Rs. 14.500 Millions

 

 

CIN No.:

[Company Identification No.]

U19202MH1968PLC014067

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM21576C

 

 

PAN No.:

[Permanent Account No.]

AAACM9514C

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Specialty Chemicals, Intermediates for Dyes and Pigments.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Maximum Credit Limit :

USD 2117000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having satisfactory track record.

 

Profitability of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered 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.

 

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund based limits : A3

Rating Explanation

Moderate degree of safety and high credit risk.

Date

May 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.

 

 

LOCATIONS

 

Registered Office :

201/B, Runwal and Omkar Esquare, Opposite Sion-Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai – 400022, Maharashtra, India

Tel. No.:

91-22-24081528/ 24081529

Fax No.:

91-22-24077375

E-Mail :

accounts@metrosun.com

mktg@metrosun.com

Website :

http://www.metrosun.com

 

 

Factory :

Plot No B, CFC, Phase II, MIDC, Dombivli, District Thane - 421204, Maharashtra, India

Tel. No.:

91-251-2870808/ 2872358/ 2872360

Fax No.:

91-251-2870975

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Rajiv Nagindas Sheth

Designation :

Director

Address :

S/145-B, Padmalaya, Sion (West), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

05.11.1964

Date of Appointment :

02.07.1993

DIN No.:

00563468

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U19202MH1968PLC014067

METROPOLITAN EXIMCHEM LIMITED

Director

02/07/1993

02/07/1993

Active

NO

2

U74210MH1996PTC104235

SRN ENGINEERS AND ASSOCIATES PRIVATE LIMITED

Director

29/11/1996

29/11/1996

Active

NO

3

U65990MH1993PTC074014

SUNLIGHT INVESTMENTS AND PROPERTIES PRIVATE LIMITED

Director

21/05/2001

21/05/2001

Active

NO

4

U24100MH2002PTC137297

MELOG SPECIALITY CHEMICALS PRIVATE LIMITED

Managing director

01/06/2009

20/09/2002

Active

NO

5

U74990MH2010PTC199647

ATHARVA EXOCHEM PRIVATE LIMITED

Director

03/02/2010

03/02/2010

Active

NO

6

U24110MH1967PTC013708

SUNBEAM MONOCHEM PRIVATE LIMITED

Additional director

01/10/2013

01/10/2013

Active

NO

 

 

Name :

Mrs. Roopa Rajiv Sheth

Designation :

Director

Address :

S/143-B, Padmalaya, Sion (West), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

13.10.1968

Date of Appointment :

10.02.2009

DIN No.:

00563536

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24110MH1967PTC013708

SUNBEAM MONOCHEM PRIVATE LIMITED

Director

09/07/1996

09/07/1996

Active

NO

2

U19202MH1968PLC014067

METROPOLITAN EXIMCHEM LIMITED

Director

10/02/2009

10/02/2009

Active

NO

3

U70102MH2013PTC243334

SUNMETRO PROPERTIES PRIVATE LIMITED

Director

15/05/2013

15/05/2013

Active

NO

 

 

Name :

Mr. Nagindas Padamshi Sheth

Designation :

Director

Address :

S/143-B, Padmalaya, Sion (West), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

24.01.1933

Date of Appointment :

25.08.2001

DIN No.:

00760205

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U24110MH1967PTC013708

SUNBEAM MONOCHEM PRIVATE LIMITED

Director

27/03/1971

27/03/1971

Active

NO

2

U65990MH1993PTC074014

SUNLIGHT INVESTMENTS AND PROPERTIES PRIVATE LIMITED

Director

17/09/1993

17/09/1993

Active

NO

3

U74210MH1996PTC104235

SRN ENGINEERS AND ASSOCIATES PRIVATE LIMITED

Director

29/11/1996

29/11/1996

Active

NO

4

U19202MH1968PLC014067

METROPOLITAN EXIMCHEM LIMITED

Director

25/08/2001

25/08/2001

Active

NO

5

U24100MH2002PTC137297

MELOG SPECIALITY CHEMICALS PRIVATE LIMITED

Director

10/02/2009

10/02/2009

Active

NO

6

U70102MH2013PTC243334

SUNMETRO PROPERTIES PRIVATE LIMITED

Director

15/05/2013

15/05/2013

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

 

Nagin P. Shah

 

27753

Urmila N. Sheth

 

25121

Roopa R. Sheth

 

25561

Rajiv N. Sheth

 

28465

Sundari G. Narayan Jointly with G. Krishnaraj

 

100

Sunbeam Monochem Private Limited, India

 

13200

Nagin P. Shah (HUF)

 

8500

Rajiv N. Sheth (HUF)

 

14600

Umang Foundation, India

 

1700

 

 

 

Total

 

 

145000

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

10.28

Directors or relatives of directors

73.79

Others

15.93

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Specialty Chemicals, Intermediates for Dyes and Pigments.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

 

·         Canara Bank

Mandvi, Mumbai - 400003, Maharashtra, India

 

·         Mandvi Co-Operative Bank Limited

Vyapar Bhavan; 1st Floor, 49; P. D. Mello Road; Carnac Bunder, Bombay - 400009, Maharashtra, India

 

·         Union Bank of India

Khand Bazar Branch, 109; Kazi Jayad Street; Khand Bazar, Mumbai - 400003, Maharashtra, India

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

From Banks

10.812

23.971

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

16.224

3.000

 

 

 

Total

 

27.036

26.971

 

LONG-TERM BORROWINGS

 

Term Loan from Bank is secured against Office premises at Runwal Omkar E Square with interest rate @ 12.25%. Repayable in monthly equal installments. Last date of repayment is 07.01.2017.

 

The company has not defaulted in repayment of loans and interest thereof. 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Sheth Doctor and Associates

Chartered Accountants

Address :

24, Navjivan Commercial Premises Co-Operative Society, 11th Floor, Lamington Road, Mumbai Central, Mumbai – 400008, Maharashtra, India

Tel. No.:

91-22-23020050

Mobile No.:

91-9819748438

Fax No.:

91-22-23020050

E-Mail :

doctor_paresh@yahoo.co.in

Income-tax PAN of auditor or auditor's firm :

AAYFS4589A

 

 

Company in which KMP/ Relatives of KMP can exercise significant influence :

·         Sunbeam Monochem Private Limited

Melog Speciality Chemicals Private Limited

SRN Engineers Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250,000

Equity Shares

Rs. 100/- each

Rs. 25.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

145,000

Equity Shares

Rs. 100/- each

Rs. 14.500 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

14.500

14.500

14.500

(b) Reserves & Surplus

514.894

445.202

402.463

(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)

529.394

459.702

416.963

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

41.379

78.371

34.437

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.030

0.030

0.030

(d) long-term provisions

2.801

2.771

2.577

Total Non-current Liabilities (3)

44.210

81.172

37.044

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16.224

3.000

44.964

(b) Trade payables

76.966

85.156

86.534

(c) Other current liabilities

23.293

11.500

14.772

(d) Short-term provisions

4.377

4.215

4.034

Total Current Liabilities (4)

120.860

103.871

150.304

 

 

 

 

TOTAL

694.464

644.745

604.311

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

138.059

143.491

72.364

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.246

34.072

(iv) Intangible assets under development

0.127

1.097

0.732

(b) Non-current Investments

150.373

150.369

142.620

(c) Deferred tax assets (net)

1.686

2.544

3.068

(d)  Long-term Loan and Advances

32.366

32.762

38.586

(e) Other Non-current assets

0.170

0.209

12.000

Total Non-Current Assets

322.781

330.718

303.442

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

82.880

113.162

104.136

(c) Trade receivables

234.287

150.093

170.090

(d) Cash and cash equivalents

37.256

26.217

8.717

(e) Short-term loans and advances

15.342

23.195

17.262

(f) Other current assets

1.918

1.360

0.664

Total Current Assets

371.683

314.027

300.869

 

 

 

 

TOTAL

694.464

644.745

604.311

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operations (net)

837.944

755.452

601.971

 

 

Other Income

9.570

4.960

1.785

 

 

TOTAL                                     (A)

847.514

760.412

603.756

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

489.822

499.389

369.216

 

 

Purchases of stock in trade

18.745

15.993

32.948

 

 

Changes in inventories of finished goods, work in progress and stock in trade

17.957

(12.475)

(21.301)

 

 

Employee benefit expenses

43.483

39.396

35.851

 

 

Other expenses

128.817

117.528

111.344

 

 

TOTAL                                     (B)

698.824

659.831

528.058

 

 

 

 

 

Less

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

148.690

100.581

75.698

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

10.121

12.584

4.829

 

 

 

 

 

 

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

138.569

87.997

70.869

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

27.565

24.205

16.654

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

111.004

63.792

54.215

 

 

 

 

 

Less

TAX                                                                  (H)

38.784

18.525

17.133

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

72.220

45.267

37.082

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

441.076

395.450

316.030

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

199.843

182.180

144.546

 

 

 

 

 

 

Earnings Per Share (Rs.)

498.07

312.19

255.74

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
8.52

5.95

6.14

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
13.25

8.44

9.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
20.47

13.01

12.79

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21

0.14

0.13

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.11

0.18

0.19

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.08

3.02

2.00

 

 

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

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]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS

 

HIGH COURT OF BOMBAY

 

CASE DETAILS

BENCH: BOMBAY

Lodging No: ITXAL/1512/2009    Filing Date: 15.06.2009     Reg. No.: ITXA/822/2010     Reg. Date: 28.01.2010

Petitioner: THE COMMISSIONER OF INCOME TAX-6                 Respondent: METROPOLITAN EXIMCHEM LIMITED

Petn. Adv : SURESH KUMAR (0)                                                   Resp. Adv.: ASHOK J. PATIL (0)

District: MUMBAI

Bench: DIVISION

Status: Admitted (Unready)                                                                Category: TAX APPEALS

Last Date: 07.02.2011                                                                Stage: FOR ADMISSION – AFTER NOTICE (HIGH ON BOARD)

Last Coram: HON’BLE SHRI JUSTICE J.P. DEVADHAR

                      HON’BLE SHRI JUSTICE MRIDULA BHATKAR

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10330799

11/01/2012

30,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA

B30238141

2

10025819

21/07/2011 *

162,500,000.00

CANARA BANK

MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA

B20490157

3

90164491

12/07/2004

1,050,000.00

CANARA BANK

MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA

-

4

90160906

05/01/1998 *

28,500,000.00

UNION BANK OF INDIA

V. N. ROAD BRANCH, RAJ MAHAL; VEER NARIMAN POINT, MUMBAI - 400020, MAHARASHTRA, INDIA

-

5

90163191

17/07/1995

4,000,000.00

UNION BANK OF INDIA

V. N. ROAD BRANCH, RAJ MAHAL; VEER NARIMAN POINT, MUMBAI - 400020, MAHARASHTRA, INDIA

-

6

90165143

15/01/1998 *

4,000,000.00

UNION BANK OF INDIA

V. N. ROAD BRANCH, RAJ MAHAL; VEER NARIMAN POINT, MUMBAI - 400020, MAHARASHTRA, INDIA

-

7

90161351

17/11/1973

500,000.00

BANK OF BARODA

MUMBAI, BOMBAY, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

30.567

54.400

 

 

 

Total

 

30.567

54.400

 

 

OPERATIONS

 

During the current year, the Company has made sales of Rs. 847.514 Millions as against Rs. 760.411 Millions in the last year, achieving 10.27% growth in Sales of the company. During the year, the Company has earned profit before tax of Rs. 111.004 Millions as against Rs. 63.792 Millions in the previous year. 

 

 

FIXED ASSETS:

 

·         Land

Buildings

Plant and Equipment

Furniture and Fixture

Vehicles

Air Conditioners

Electrical Installations

Research and Development Assets

Software

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. 61.90

UK Pound

1

Rs. 102.74

Euro

1

Rs. 85.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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.