MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VARSHA CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
‘Varsha’, 13, Adarsh Society, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
26.12.2000 |
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|
|
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Com. Reg. No.: |
11-130217 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24134MH2000PLC130217 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV2293E |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Importer and Trader of Plastic Raw Material and Chemical Fertilizers. |
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|
No. of Employees
: |
Approximately 8 (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1044000 |
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|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
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|
Comments : |
Subject is an
established company having 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 dealings 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
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 |
Cash Credit Facility: BB (Withdrawn) |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
March, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limit: A4 (Withdrawn) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March, 2012 |
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 PARTED BY
|
Name : |
Mr. Anil Kumar Mehta |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9323199315 |
|
Date : |
24.01.2014 |
LOCATIONS
|
Registered Office : |
‘Varsha’, 13, Adarsh Society, Ramchandra Lane Extension, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Tel. No.: |
91-22-28812336/ 7/ 8/ 9/ 67614300/ 67614335 |
|
Mobile No.: |
91-9820000349 (Mr. Shirish Jain) 91-9323199315 (Mr. Anil Kumar Mehta)
|
|
Fax No.: |
91-22-28812340 |
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E-Mail : |
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|
Website : |
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|
Area : |
7500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Warehouse : |
Located at: ·
Bhiwandi |
|
Location : |
Rented |
DIRECTORS
AS ON 22.07.2013
|
Name : |
Mr. Shantilal Javerchand Jain |
|
Designation : |
Director |
|
Address : |
‘Varsha’, 13, Adarsh Society, Ramchandra Lane Extension, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1947 |
|
Qualification : |
C.A (Inter) |
|
Date of Appointment : |
21.09.2005 |
|
DIN No.: |
00089873 |
|
PAN No.: |
AAEPJ8434B |
|
|
|
|
Name : |
Mr. Shirish Shantilal Jain |
|
Designation : |
Director |
|
Address : |
‘Varsha’, 13, Adarsh Society, Ramchandra Lane Extension, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1974 |
|
Qualification : |
Diploma in Computer |
|
Date of Appointment : |
21.09.2005 |
|
DIN No.: |
00089963 |
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PAN No.: |
AABPJ7494G |
|
|
|
|
Name : |
Indra Shantilal Jain |
|
Designation : |
Director |
|
Address : |
‘Varsha’, 13, Adarsh Society, Ramchandra Lane Extension, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1949 |
|
Qualification : |
S.S.C. |
|
Date of Appointment : |
21.09.2005 |
|
DIN No.: |
00090051 |
|
|
|
|
Name : |
Mrs. Lata Dinesh Singhi |
|
Designation : |
Director |
|
Address : |
‘Varsha’, 13, Adarsh Society, Ramchandra Lane Extension, Malad (West),
Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1971 |
|
Qualification : |
M. Com |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
00090122 |
|
PAN No.: |
AAQPS0333J |
MAJOR SHAREHOLDERS
AS ON 22.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shantilal Javerchand Jain |
|
558090 |
|
Shirish Shantilal Jain |
|
128044 |
|
Varsha Shantilal Jain |
|
93232 |
|
Ranjan Amrit Jain |
|
69810 |
|
Indra Shantilal Jain |
|
52041 |
|
Lata Shantilal Singhi |
|
83743 |
|
Shantilal J. Jain - HUF |
|
7340 |
|
Jaravi Javerchand Jain |
|
7700 |
|
United Exports and Indentors Pte. Limited, Singapore |
|
500000 |
|
Total |
|
1500000 |
AS ON 22.07.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
33.33 |
|
Directors
or relatives of directors |
|
66.67 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Trader of Plastic Raw Material and Chemical Fertilizers. |
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Products : |
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Imports : |
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Products : |
Plastic Raw Material and Chemical Fertilizers |
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Countries : |
·
Dubai ·
USA ·
Hong Kong |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Aspire Incorporation, Borivali |
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Customers : |
Wholesalers and Retailers ·
Midas Marketing Inc., Malad |
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No. of Employees : |
Approximately 8 (In Office) |
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Bankers : |
·
State Bank of India, Industrial Finance Branch,
Snehal Chambers, Telli Galli, Andheri (East), Mumbai – 400 069, Maharashtra,
India ·
State Bank of India, Bullion Branch ·
ICICI Bank Limited, Malad (West), Mumbai,
Maharashtra, India ·
State Bank of India, Mindspace Branch, Link Road,
Malad (West), Mumbai – 400 064, Maharashtra, India ·
Kotak Mahindra Bank Limited ·
HDFC Bank Limited, Malad (West), Mumbai,
Maharashtra, India ·
Indian Overseas Bank, Santacruz, Mumbai,
Maharashtra, India ·
Dhanlaxmi Bank Limited,
Ahmedabad, Gujarat, India ·
Axis Bank Limited,
Goregaon (West), Mumbai, Maharashtra, India ·
Axis Bank Limited, New
Marine Lines, Mumbai, Maharashtra, India ·
Axis Bank Limited, S.V.
Road, Malad (West), Mumbai, Maharashtra, India |
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Facilities : |
Total Facility:
Rs.600.000 millions (From State Bank of India, Industrial Finance Branch)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Anil Kumar Mehta Chartered Accountant |
|
Address : |
A-5, Twinkle Star Apartments, Evershine Complex, 100 Feet Road, Off Ambadi
Road, Vasai (West), Thane – 401 202, Maharashtra, India |
|
Tel. No.: |
91-22-67614300 |
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PAN No.: |
AAGPM4732P |
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|
|
|
Group Companies : |
·
India Gold Limited ·
Sharad Construction Co. ·
Varsha Constructions Limited ·
Varsha Commodities Limited ·
Varsha Ventures Limited ·
LCD Lifestyle Clinic ·
VHR Mentors Private Limited ·
Patients Aid and Research Trust ·
Shri Nopaji Lakhmaji Charitable Trust |
|
|
|
|
Subsidiaries : |
· Amstrin Healthcare Limited, India (CIN No.: U18101MH1995PLC092877) · Euclid Pharmaceuticals Limited, India (CIN No.: U17120MH1990PLC058963) · Million Bullion Biz. Private Limited, India (CIN No.: U63090MH1990PTC058225) · Varsha Mines and Granites Limited (CIN No.: U13200MH1993PLC073993) · Varsha Technologies Limited, India (CIN No.: U72900MH2000PLC129971) |
CAPITAL STRUCTURE
AS ON 22.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 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 |
150.000 |
150.000 |
150.000 |
|
(b) Reserves & Surplus |
111.030 |
94.640 |
69.256 |
|
(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) |
261.030 |
244.640 |
219.256 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
459.830 |
412.480 |
446.566 |
|
(b)
Trade payables |
280.920 |
335.996 |
627.258 |
|
(c)
Other current liabilities |
19.930 |
40.991 |
4.178 |
|
(d) Short-term
provisions |
9.500 |
10.700 |
9.000 |
|
Total Current
Liabilities (4) |
770.180 |
800.167 |
1087.002 |
|
|
|
|
|
|
TOTAL |
1031.210 |
1044.807 |
1306.258 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1.174 |
1.459 |
1.871 |
|
(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 |
32.496 |
32.495 |
0.000 |
|
(c) Deferred tax assets (net) |
0.322 |
0.165 |
0.027 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
33.992 |
34.119 |
1.898 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
102.404 |
46.338 |
140.761 |
|
(c)
Trade receivables |
817.646 |
868.874 |
745.106 |
|
(d) Cash
and cash equivalents |
35.387 |
35.968 |
309.897 |
|
(e)
Short-term loans and advances |
41.781 |
59.508 |
108.596 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
997.218 |
1010.688 |
1304.360 |
|
|
|
|
|
|
TOTAL |
1031.210 |
1044.807 |
1306.258 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5018.891 |
5721.673 |
3794.699 |
|
|
|
Other Income |
9.035 |
26.019 |
29.531 |
|
|
|
TOTAL (A) |
5027.926 |
5747.692 |
3824.230 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
4970.345 |
5528.927 |
3625.947 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(56.065) |
94.423 |
70.848 |
|
|
|
Employee benefit expense |
2.260 |
2.520 |
2.194 |
|
|
|
Other expenses |
16.184 |
13.344 |
20.806 |
|
|
|
TOTAL (B) |
4932.724 |
5639.214 |
3719.795 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
95.202 |
108.478 |
104.435 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.738 |
71.945 |
63.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.464 |
36.533 |
41.216 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.368 |
0.485 |
0.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
28.096 |
36.048 |
40.595 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.500 |
10.700 |
9.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
18.596 |
25.348 |
31.595 |
|
|
|
|
|
|
|
|
|
Add |
BROUGHT FORWARD
PAST PROFITS / LOSS |
69.640 |
44.256 |
14.940 |
|
|
|
|
|
|
|
|
|
Add |
Deferred Tax Asset |
0.157 |
0.137 |
0.090 |
|
|
Add/ Less |
Excess/ (Under) Provision Written Off / Back |
(2.363) |
(0.101) |
(2.369) |
|
|
|
|
|
|
|
|
|
|
AMOUNT |
86.030 |
69.640 |
44.256 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil
|
0.075 |
0.000 |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORTS
ON CIF BASIS |
NA |
472.360 |
716.797 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
12.40 |
16.90 |
21.06 |
|
Expected Sales (2013-2014): Rs.3000.000 millions (Due to Market
Condition)
The above information has been parted by Mr. Anil K Mehta.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.37 |
0.44
|
0.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.56 |
0.63
|
1.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81 |
3.56
|
3.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.15
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.76 |
1.69
|
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.26
|
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: 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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
CASE DETAILS
Bench:- Bombay
Lodging No.:- APPL/575/2010
Filing Date:- 24/08/2010
Reg. No.:- APP/995/2010
Reg. Date:- 18/09/2010
Petitioner:- Arnav Corporation Limited
Respondent:- Varsha Corporation Limited
Petn.Adv.:- Sunil Chaturvedi
District:- Mumbai
Bench:- Division
Status:- Admitted(Unready)
Category:- Appeals
Last Date:- 29/09/2010
Stage:- Appeals for Admission
Last Coram:- Hon'ble Shri
Justice P.B. Majmudar
Hon'ble Shri Justice Anoop V. Mohta
Under Section:- 433, 434
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80053852 |
13/12/2013 * |
604,800,000.00 |
STATE BANK OF
INDIA |
INDUSTRIALS
FINANCE BRANCH, NATRAJ, 1ST FLOOR, ANDHERI (EAST), MUMBAI, MAHARASHTRA -
400069, INDIA |
B92978329 |
|
2 |
80001327 |
14/12/2007 * |
450,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, S.V. ROAD, MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA |
A33766445 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Others |
|
|
|
Directors |
0.000 |
4.000 |
|
Firms |
42.050 |
9.700 |
|
Others |
62.500 |
43.000 |
|
Total
|
104.550 |
56.700 |
FIXED ASSETS:
·
Computer
·
EPBX-Telephone System
·
Sisper Vending Machine
·
Water Cooler
·
Photo Copier
·
Electric Weighing Machine
·
Panasonic Fax Machine
·
Card Scanner
·
Motor Car-Innova
·
Motor Car-Fiat Linea
·
Honda Activa
·
Camera
·
Fingerprint Machine
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.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.