MIRA INFORM REPORT

 

 

Report Date :

27.01.2014

 

IDENTIFICATION DETAILS

 

Name :

EGO FLOORING PRIVATE LIMITED

 

 

Registered Office :

419, Joshiwadi, 2nd Floor, Kalbadevi Road, Mumbai – 400 002, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

28.02.2005

 

 

Com. Reg. No.:

11-151646

 

 

Capital Investment / Paid-up Capital :

Rs.2.970 millions

 

 

CIN No.:

[Company Identification No.]

U26933MH2005PTC151646

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUME05926E

 

 

PAN No.:

[Permanent Account No.]

AABCE4258Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Wood Tiles, Floorings Laminates, Timber and Plywood Planks. 

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 120000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The management has seen a drastic dip in its net profitability which has further hampered the profit margin during 2013. However, the company possesses an average financial profile during the year under review.

 

Trade relations are fair. Business is active. Payment terms are reported as slow but correct.

 

In view of reputed client base and affiliations, the subject 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.

 

 

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.

 

 

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 :

419, Joshi Wadi, 2nd Floor, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India

Tel. No.:

91-22-23787500

Mobile No.:

91-9820008592 (Mr. Amish Dani)

Fax No.:

91-22-23726452

E-Mail :

finance@egofloor.com

amish@egofloor.com

sales@egoflooring.com

sunder@egofloor.com

Website :

www.egofloor.com

Area :

1500 sq ft

Location :

Owned

 

 

Corporate Office :

Prem Estate, 2nd Floor, Sant Savta Road No.1, Mustafa Bazar, Byculla (East), Mumbai – 400 010, Maharashtra, India

Tel. No.:

91-22-23787500/32060294/95

Fax No.:

91-22-23726452

E-Mail :

sales@egofloor.com

Area :

4000 sq ft

Location :

Leased

 

 

Godown :

Sainath Compound, Gala No.84, 85, 86, Mankoli, Bhiwandi, Maharasahtra, India

 

 

Factory :                             

B2/ B3, Sagar Industrial Estate, Dhumal Nagar, Vasai (East), Maharashtra,  India 

 

 

Showroom :

Next to Crome Furniture, Opposite SRP Ground, Hadapsar, Ahead of Big Bazar, Pune, Maharashtra, India

 

 

Branch Office :

Located at:

·         Vadodara

·         Ahmedabad

·         Aurangabad

·         Goa

·         Indore

·         Kolhapur

·         Nagpur

·         Nashik

·         Surat

·         Delhi

·         Jaipur

·         Kanpur

·         Chandigarh

·         Noida

·         Hyderabad

·         Vijaywada

·         Calicut

·         Cochin

·         Bangalore

·         Chennai

 

 

DIRECTORS

 

AS ON 28.09.2013

 

Name :

Ms. Shivani Amish Dani

Designation :

Director

Address :

Flat No.9, 2nd Floor, Ameeta 7, Gen Bhonsale Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

13.05.1978

Qualification :

Graduate

Date of Appointment :

28.02.2005

DIN No.:

00625471

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

U26933MH2005PTC151646

EGO FLOORING PRIVATE LIMITED

Director

28/02/2005

28/02/2005

Active

NO

2

U36100MH2007PTC172303

BLUUE MANGO SEATINGS PRIVATE LIMITED

Director

12/07/2007

12/07/2007

Active

NO

3

U20213MH2008PTC180079

EGO WALL DECOR PRIVATE LIMITED

Director

14/03/2008

14/03/2008

Active

NO

 

 

Name :

Mr. Roshan Ramesh Bisani

Designation :

Director

Address :

62, Ameeta Building, Sachiwalay, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

09.05.1975

Qualification :

Graduate

Date of Appointment :

28.02.2005

DIN No.:

01681140

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U20210MH1994PLC084069

SUDARSHAN PLYWOOD LIMITED

Director

26/12/1994

26/12/1994

-

Active

NO

2

U51431MH2000PTC129090

ORCHID IMPEX PRIVATE LIMITED

Director

12/10/2000

12/10/2000

21/02/2013

Active

NO

3

U26933MH2005PTC151646

EGO FLOORING PRIVATE LIMITED

Director

28/02/2005

28/02/2005

-

Active

NO

4

U36100MH2007PTC172303

BLUUE MANGO SEATINGS PRIVATE LIMITED

Director

23/07/2007

23/07/2007

-

Active

NO

5

U20213MH2008PTC180079

EGO WALL DECOR PRIVATE LIMITED

Director

14/03/2008

14/03/2008

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 28.09.2013

 

Names of Shareholders

 

 

No. of Shares

Shivani Dani

 

5000

Suresh Bisani

 

5000

Roshan Bisani

 

94310

Ashok Bisani

 

29560

Kamal Bisani

 

25000

Ruchika A. Bisani

 

5000

Amish S. Dani HUF

 

84580

Shayamsunder M. Makharia

 

8420

Kumar G. Shah jointly with Amish S. Dani

 

10

Akhil Mittal jointly with Roshan Bisani

 

10

Padia Bharat Kumar jointly with Roshan Bisani

 

10

Ramesh Bisani

 

20000

Ashutosh Bisani

 

20000

Omni Solutions Private Limited jointly with Roshan Bisani

 

100

 

 

 

Total

 

297000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 28.09.2013

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Wood Tiles, Floorings Laminates, Timber and Plywood Planks. 

 

 

GENERAL INFORMATION

 

Customers :

Hotels:

 

·         Triton Hotels

·         Park Inn

·         Holiday Inn

·         Royal Orchid

·         Radissons Hotel

·         Hilton Shilim Estate Retreat & Spa

·         Oriental Hotels Limited ( Taj Group)

·         Katriya Hotels

·         Comfort Inn

·         Hotel Trident

·         Taj Gateway

·         Ananda In The Himalayas

·         Hotel Siddharta

·         Sahara Group

·         Taj Gateway

·         ITC Hotel

 

Corporate:

·         Reliance Industries Limited

·         Reliance Industries Limited – Retail

·         Serum Institute of India

·         Mahindra and Mahindra

·         State Bank of India

·         L and T Infotech

·         The Bombay Dyeing and Manufacturing Company Limited

·         Patni Computers

·         Unitech

·        Tech Mahindra

·        Eros Group

 

Residential :

 

·         Prestige Constructions

·         Embassy Boulevard

·         Unitech Universal

·         Pride Builders

·         Lodha Group

·         Sterling Constructions Private Limited

·         Peninsula Land

·         Citilights Estates Private Limited

·         Ess Gee Reality

·         BCIL

·         Nandan Buildcon

·         Samraat Group of Companies

·         Bell Tower

·         Embassy Classic Private Limited

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

·         The Saraswat Co-operative Bank Limited, SME Nariman Point Branch, Mittal Court, A-Wing, 1st Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

·         ICICI Bank, Malad (West) Branch, Mumbai, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

Vehicle Loan

1.562

0.384

Less: Current Liabilities

0.502

0.384

Total

1.060

0.000

Short Term Borrowings

 

 

Cash Credit Limit from The Saraswat Co-operative Bank Limited

48.228

48.648

 

 

 

Total

49.288

48.648

 

NOTES:

Long Term Borrowings:

Vehicle Loan:

Vehicle Loan is secured against  Vehicles acquired

·         Out of 59 equitable installments of Rs.0.029 Millions, 50 Installments @11% per annum are pending as on Balance Sheet Date.

·         Out of 35 equitable installments of Rs.0.013 Millions, 23 Installments @ 11.76% per annum are pending as on Balance sheet date.

 

Short Term Borrowings:

·         Details of Security for Cash Credit:

Cash Credit Limits are secured against Fixed Deposit maintained with Bank and by hypothecation of stock and debtors. The cash credit limit carries a rate of Interest of 15.5% and the facility / repayment is subject to yearly review.

·         Cash Credit is secured by personal Guarantee of Direcors and relatives:

1.       Roshan Bisani (Director)

2.       Shivani Dani (Director)

3.       Amish dani (CEO)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

CLB and Associates

Chartered Accountants

Address :

77, Mulji Jetha Building, 3rd Floor, 185/ 187, Princess Street, Mumbai – 400 002, Maharashtra, India

Tel. No.:

91-22-22052224/22066860

Fax No.:

91-22-22052224

E-Mail :

info@clb.co.in

Website:

www.clb.co.in

PAN No.:

AAEFC1382K

 

 

Associate Enterprises controlled or influenced by Major Shareholders/ Directors/ Relatives of Directors

·         Bluue Mango Seatings Private Limited

·         Ego Wail Decor Private Limited

·         Ego Floors

·         Ego Care

 

 

CAPITAL STRUCTURE

 

AS ON 28.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs.10/- each

Rs.3.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

297000

Equity Shares

Rs.10/- each

Rs.2.970 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

2.970

2.970

2.970

(b) Reserves & Surplus

26.444

25.701

20.962

(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)

29.414

28.671

23.932

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

41.542

33.249

25.591

(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)

41.542

33.249

25.591

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

48.228

48.648

41.091

(b) Trade payables

34.009

39.711

24.823

(c) Other current liabilities

33.291

19.848

12.452

(d) Short-term provisions

3.223

3.015

5.478

Total Current Liabilities (4)

118.751

111.222

83.844

 

 

 

 

TOTAL

189.707

173.143

133.367

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.775

5.714

5.953

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.181

0.116

0.802

(c) Deferred tax assets (net)

0.195

0.526

0.132

(d)  Long-term Loan and Advances

16.219

12.478

10.351

(e) Other Non-current assets

0.775

0.706

0.505

Total Non-Current Assets

25.145

19.540

17.743

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

75.409

66.263

62.234

(c) Trade receivables

63.478

64.909

33.657

(d) Cash and cash equivalents

5.480

6.988

6.791

(e) Short-term loans and advances

4.289

6.476

2.495

(f) Other current assets

15.906

8.967

10.447

Total Current Assets

164.562

153.603

115.624

 

 

 

 

TOTAL

189.707

173.143

133.367

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

213.962

232.568

 

 

 

Other Income

5.135

1.849

 

 

 

TOTAL                                     (A)

219.097

234.417

214.635

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

207.189

218.410

197.976

 

 

 

 

 

Less

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

11.908

16.007

16.659

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

9.965

7.634

5.653

 

 

 

 

 

 

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

1.943

8.373

11.006

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

0.848

0.729

0.805

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1.095

7.644

10.201

 

 

 

 

 

Less

TAX                                                                  (H)

0.352

2.904

3.274

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

0.743

4.740

6.927

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

24.943

20.203

13.276

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

25.686

24.943

20.203

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

3.430

NA

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Goods Traded

96.666

107.330

92.266

 

TOTAL IMPORTS

96.666

107.330

92.266

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.50

16.00

23.32

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
0.34
2.02
3.23

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
0.51
3.29
NA

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
0.58
4.43
7.70

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.04
0.27
0.43

 

 
 
 
 

Debt Equity Ratio

(Total Debt /Networth)

 
3.05
2.87
2.79

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.39
1.38
1.38

 

 

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

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

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

Yes

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

----------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOANS:

 

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

Directors, Shareholders and Relatives

40.481

33.249

 

 

 

Total

40.481

33.249

 

NOTES:

Long Term Borrowings:

Loan from Director, Shareholder and relatives is payable on Demand. As the same is not payable in the foreseeable future, hence treated as long term borrowings.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10382024

11/09/2012

2,500,000.00

THE SARASWAT COOPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B60268372

2

10326778

25/11/2011

12,600,000.00

THE SARASWAT COOPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B29196581

3

10240800

27/07/2010

10,000,000.00

THE SARASWAT CO-OP BANK LIMITED

FORT BRANCH, FORT, MUMBAI - 400001,  MAHARASHTRA, INDIA

A93630523

4

10231476

28/06/2010

2,500,000.00

THE SARASWAT CO-OP BANK LIMITED

FORT BRANCH, FORT, MUMBAI - 400001,  MAHARASHTRA, INDIA

A90186552

5

10124475

22/09/2008

1,500,000.00

THE SARASWAT CO-OP BANK LIMITED

FORT BRANCH, FORT, MUMBAI - 400001,  MAHARASHTRA, INDIA

A47470497

6

10110897

16/06/2008

1,653,000.00

THE SARASWAT CO-OP BANK LIMITED

FORT BRANCH, FORT, MUMBAI - 400001,  MAHARASHTRA, INDIA

A40743445

7

10046911

07/12/2011 *

40,000,000.00

THE SARASWAT COOPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B29195633

8

90353578

07/12/2011 *

50,000,000.00

THE SARASWAT COOPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B29200995

 

* Date of charge modification

 

 

 

 

FIXED ASSETS:

 

·         Plant and Machinery

·         Furniture and Fixtures

·         Computer and Printer

·         Office Equipment

·         Vehicle

 

 

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 records 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

UK Pound

1

Rs.103.38

Euro

1

Rs.85.09

 

 

INFORMATION DETAILS

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

32

 

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.