MIRA
INFORM REPORT
|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INNOVASSYNTH TECHNOLOGIES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Old Mumbai Pune Road, Khopoli – 410203, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.12.2001 |
|
|
|
|
Com. Reg. No.: |
11-134105 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.750.213 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH2001PLC134105 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC18899L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Chemicals |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2829000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings with some
cautions. |
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
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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 : |
Old Mumbai Pune Road, Khopoli – 410203, Maharashtra, India |
|
Tel. No. : |
91 – 2192 – 262828 |
|
Fax No. : |
91 – 2192 – 263628 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 20.09.2013
|
Name : |
Mr. Shyam Bhupatirai Ghia |
|
Designation : |
Chairman |
|
Address : |
|
|
Date of Birth/Age : |
22.11.1947 |
|
Date of Appointment : |
02.12.2002 |
|
DIN No.: |
00005264 |
|
|
|
|
Name : |
Dr. Balkrishna Kulkarni |
|
Designation : |
Whole Time Functional Director |
|
Address : |
Quarter No. A-4, Mumbai –Pune |
|
Date of Birth/Age : |
16.05.1957 |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00209210 |
|
|
|
|
Name : |
Mr. Viren Raheja |
|
Designation : |
Director |
|
Address : |
“Rahejas” 87/1, GB Marg, Juhu, Mumbai – 400049, |
|
Date of Birth/Age : |
13.06.1984 |
|
Date of Appointment : |
25.06.2008 |
|
DIN No.: |
00037592 |
|
|
|
|
Name : |
Ramasubramanian Kuppusubramanian |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
403, Patel New Building Opposite Patel Engg. Limited, Patel Estate,
Jogeshwari (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1942 |
|
Date of Appointment : |
29.06.2012 |
|
DIN No.: |
01623890 |
|
|
|
|
Name : |
Mr. Vivek Ramkishan Kejriwal |
|
Designation : |
Director |
|
Address : |
13.10.1981 |
|
Date of Birth/Age : |
Link Garden Tower No. 3, Flat no. 33-34, Near Millat Nagar, New Link
Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
02667374 |
KEY EXECUTIVES
|
Name : |
Mr. Suhas Chandra Nanda |
|
Designation : |
Secretary |
|
Address : |
Quarter No. A-5, Mumbai –Pune |
|
Date of Birth/Age : |
19.01.1961 |
|
Date of Appointment : |
09.09.2008 |
|
PAN No.: |
ABOPN0862C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2013
|
Names of Shareholders |
No. of Shares |
|
Shri Satish Raheja |
33636236 |
|
Innovassynth Investment Limited |
23850070 |
|
Bhupati Investments and Finance Private Limited |
8704014 |
|
Chanakya Corporate Services |
3406250 |
|
Greyshot Limited |
2000000 |
|
Future Polyesters Limited |
2000000 |
|
Hina Kalpraj Dharamshi |
300000 |
|
Chika Private Limited |
250000 |
|
Mukund Dharamdas Dalal |
215000 |
|
Shridhar P Iyer |
133000 |
|
Seema Dilip Vora |
110000 |
|
Asha Bharadwaj |
100000 |
|
Regal Corportae Advisors (Private) Limited |
100000 |
|
Danjay Khatau Asher |
35000 |
|
Rajeshkumar Radheshyam Jhunjhunwala |
34000 |
|
Nipa Utpal Sheth |
25000 |
|
Creative Finvest Private Limited |
25000 |
|
Sushiladevi Purshottam Gupta |
25000 |
|
Jayshree Rajesh Vora |
20000 |
|
Jignesh Vijaykumer Shah |
18000 |
|
Santhi Priya Arnal |
15000 |
|
Surin Investments Private Limited |
8542 |
|
Gautam Shetty |
6239 |
|
Vibha Jayesh Shah |
2000 |
|
L R Krishnan |
1500 |
|
Anant Padmanabhan |
1500 |
|
|
|
|
Total |
75021351 |
As on 20.09.2013
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 |
46.07 |
|
Bodies corporate |
52.51 |
|
Directors or relatives of Directors |
0.03 |
|
Other top fifty shareholders |
1.39 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals |
||||
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|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Vijaya Bank IFB Branch, Excelsior Building,
Mumbai - 400001, Maharashtra, India ·
Axis Bank Limited, Corporate Banking Branch, Ground
Floor, Axis House, Bombay Dyeing Mills Company, Worli, Mumbai - 400025,
Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
Housing
Development Finance Corporation Limited, Ramon House 169, Backbay
Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered Accountants |
|
Address : |
MUMBAI,
Maharashtra, India |
|
PAN
No. : |
AAAFN4217G |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
Ø
Futura Polyesters Limited CIN No. :
L65192MH1960PLC011579 Ø
Innovassynth Investments Limited CIN No : L67120MH2008PLC178923 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76000000 |
Equity Shares |
Rs.10/- each |
Rs.760.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75021351 |
Equity Shares |
Rs.10/- each |
Rs.750.213 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 |
750.213 |
750.213 |
740.213 |
|
(b) Reserves & Surplus |
(42.763) |
(6.898) |
51.450 |
|
(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) |
707.450 |
743.315 |
791.663 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
203.250 |
256.500 |
273.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.230 |
2.460 |
41.542 |
|
(d) long-term provisions |
20.140 |
20.280 |
29.944 |
|
Total Non-current Liabilities (3) |
224.620 |
279.240 |
344.986 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
260.290 |
217.685 |
185.641 |
|
(b) Trade payables |
101.157 |
111.450 |
122.212 |
|
(c) Other current
liabilities |
144.086 |
164.205 |
224.343 |
|
(d) Short-term provisions |
27.406 |
32.667 |
27.287 |
|
Total Current Liabilities (4) |
532.939 |
526.007 |
559.483 |
|
|
|
|
|
|
TOTAL |
1465.009 |
1548.562 |
1696.132 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
698.669 |
766.617 |
904.740 |
|
(ii) Intangible Assets |
141.606 |
155.191 |
124.638 |
|
(iii) Capital
work-in-progress |
1.142 |
0.000 |
0.231 |
|
(iv)
Intangible assets under development |
7.072 |
0.000 |
20.597 |
|
(b) Non-current Investments |
15.900 |
15.900 |
15.900 |
|
(c) Deferred tax assets (net) |
270.505 |
273.140 |
284.134 |
|
(d) Long-term Loan and Advances |
8.569 |
6.119 |
41.352 |
|
(e) Other Non-current assets |
0.000 |
0.027 |
0.355 |
|
Total Non-Current Assets |
1143.463 |
1216.994 |
1391.947 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
179.183 |
188.320 |
230.103 |
|
(c) Trade receivables |
63.238 |
88.199 |
49.824 |
|
(d) Cash and cash
equivalents |
24.638 |
21.720 |
20.258 |
|
(e) Short-term loans and
advances |
54.460 |
33.001 |
3.651 |
|
(f) Other current assets |
0.027 |
0.328 |
0.349 |
|
Total Current Assets |
321.546 |
331.568 |
304.185 |
|
|
|
|
|
|
TOTAL |
1465.009 |
1548.562 |
1696.132 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
531.287 |
507.085 |
493.457 |
|
|
|
Other Income |
37.102 |
66.602 |
10.002 |
|
|
|
TOTAL |
568.389 |
573.687 |
503.459 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
221.192 |
234.145 |
219.144 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(13.395) |
(10.271) |
3.904 |
|
|
|
Employee benefit expense |
92.600 |
96.521 |
99.292 |
|
|
|
Other expenses |
194.043 |
182.256 |
206.454 |
|
|
|
Extraordinary items |
(19.899) |
(10.343) |
0.000 |
|
|
|
TOTAL |
474.541 |
492.308 |
528.794 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
93.848 |
81.379 |
(25.335) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
56.020 |
58.195 |
59.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.828 |
23.184 |
(84.470) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
71.059 |
70.538 |
78.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(33.231) |
(47.354) |
(163.010) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.634 |
10.994 |
25.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(35.865) |
(58.348) |
(188.384) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB Basis |
|
488.819 |
461.075 |
|
|
|
Insurance and Freight |
|
1.987 |
2.802 |
|
|
|
Service Income |
NA |
0.000 |
16.753 |
|
|
TOTAL EARNINGS |
|
490.806 |
480.630 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
106.439 |
89.498 |
|
|
|
Stores & Spares |
NA |
0.759 |
1.115 |
|
|
|
Capital Goods |
|
3.142 |
2.677 |
|
|
TOTAL IMPORTS |
|
110.340 |
93.290 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.48) |
(0.78) |
(1.46) |
|
%20LIMITED%20-%20248474%2006-Jan-2014_files/image001.gif){kind=small}
%20LIMITED%20-%20248474%2006-Jan-2014_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.31)
|
(10.17) |
(37.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.25)
|
(9.34) |
(33.03) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.84)
|
(3.76) |
(11.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.06) |
(0.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65
|
0.64 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60
|
0.63 |
0.54 |
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 |
No |
NOTE:
The registered office of the company has been shifted from Paragon
Condominium, 3rd Floor, Pandurang Budhkar Marg, Mumbai – 400013,
Maharashtra, India to the present address w.e,f, 03.05.2013
LITIGATION DETAILS
|
Case
Details Bench
:- Bombay |
|
|
Stamp No.:- CPL/520/2013 Filing
Date:- 02.08.2013 Reg. No.:- CP/541/2013 Reg.
Date:- 12.09.2013 |
|
|
|
|
|
Petitioner:- M/S. PERSTORP SINGAPORE PRIVATE LIMITED Petn.Adv.:- M/S. DHRUVE LILADHAR AND COMPANY (151) District:- OUTSIDE MAHARASHTRA |
Respondent:- M/S.
INNOVASSYNTH TECHNOLOGIES (INDIA) LIMITED |
|
Bench:- SINGLE Status:- Pre-Admission Next Date:- 10.01.2014 Coram :- HON’BLE SHRI JUSTICE N.M. JADAR Last Date:- 11.11.2013 Last Coram:- HON’BLE SHRI JUSTICE N.M. JADAR |
Category:- COMPANY PETITION U/SEC 433, 434, 439
COMPANIES ACT Stage:- FOR ORDERS Stage:- FOR ACCEPTANCE |
|
Act :- Companies Act and Rules 1956 Under Section:- 433, 434 and 439 |
|
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loan from other |
122.000 |
144.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Interoperate deposits |
15.000 |
0.000 |
|
Other loan and advance |
42.536 |
41.286 |
|
Total |
179.536 |
185.286 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10386825 |
28/01/2013 * |
300,000,000.00 |
Axis Bank Limited |
Corporate Banking Br.,Grd. Flr, Axis House,, Bomb ay Dyeing Mills Comp., Worli, Mumbai,
Maharashtra - 400025, INDIA |
B67585380 |
|
2 |
80019885 |
08/03/2013 * |
150,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA RG, MUMBAI, Maharashtra - 400020, INDIA |
B74432808 |
* Date of charge modification
OPERATIONS
The Company’s turnover
including service income for 2012-13 was Rs. 531.200 millions as compared with
Rs.507.100 millions during the previous year, i.e. an increase of 4.75%. The
year has resulted in a net loss after tax of Rs. 35.800 millions compared with
Rs. 58.300 millions during the last year. During the year company has posted a
cash profit of Rs. 35.200 millions against Rs. 23.200 millions during the
corresponding previous year. This is because of better operational efficiencies
achieved during the year and trend is going to continue going forward.
FIXED ASSETS
Ø
Land
Ø
Buildings
Ø
Plant and Equipment
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.