MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
T 5 and 6, MIDC, Hingna
Industrial Area, |
|
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|
|
Country : |
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|
Financials (as on) : |
31.03.2013 |
|
|
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|
Date of Incorporation : |
10.02.2000 |
|
|
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|
Com. Reg. No.: |
11-124154 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.37.375
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH2000PLC124154 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NGPD02549B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Engineering and Allied Products. |
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|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well-established and a reputed company with fine track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are regular and as per commitments. The company can be considered good for normal business dealing at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long terms rating: BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
13.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short terms rating: A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
13.08.2013 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Sahkar |
|
Designation : |
Account Department |
|
Contact No.: |
91-7104-232084 |
|
Date : |
28.07.2014 |
LOCATIONS
|
Registered Office / Head / Factory 1: |
T 5 and 6, MIDC, Hingna Industrial Area, Nagpur-440038, Maharashtra, India |
|
Tel. No.: |
91-7104-236046 / 232084 / 234727 / 232084 / 234727 |
|
Fax No.: |
91-7104-232085 / 232085 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
Factory 2 : |
N - 78 and 79, MIDC, Hingna Industrial Area, Nagpur-440016,
Maharashtra, India |
|
Tel. No.: |
91-7104-236036 |
|
|
|
|
Factory 3 : |
Plot No. T-12, MIDC, Hingna Industrial Area, Nagpur-440016,
Maharashtra, India |
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E-Mail : |
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Branch Office : |
Located At:
|
DIRECTORS
As on 23.08.2013
|
Name : |
Mr. Narendra Kumar Garg |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Chaitriya, 3, Pawanbhumi, Somalwada, Wardha Road, Nagpur-440025, Maharashtra,
India |
|
Date of Birth/Age : |
10.02.1950 |
|
Date of Appointment : |
12.08.1983 |
|
Din No.: |
00049074 |
|
|
|
|
Name : |
Mr. Ramarao Venkata Avadhanula |
|
Designation : |
Director |
|
Address : |
P/No. 21, 22, 103, Talmale Estate, Tuljai Apartment, Renghe Vihar,
Trimurti Nagar, Nagpur-440022, Maharashtra, India |
|
Date of Birth/Age : |
29.01.1939 |
|
Date of Appointment : |
08.07.1997 |
|
Din No.: |
01723391 |
|
|
|
|
Name : |
Mr. Prem Dayal Gupta |
|
Designation : |
Director |
|
Address : |
No. 9, Adan Bagh Colony, Dayal Bagh, Agra-282005, India |
|
Date of Birth/Age : |
16.11.1933 |
|
Date of Appointment : |
06.05.1995 |
|
Din No.: |
00049240 |
|
|
|
|
Name : |
Mr. Prashant Narendra Garg |
|
Designation : |
Whole Time Director |
|
Address : |
Chaitriya, 3, Pawanbhumi, Somalwada, Wardha Road, Nagpur-440025,
Maharashtra, India |
|
Date of Birth/Age : |
08.05.1983 |
|
Date of Appointment : |
09.11.2003 |
|
Din No.: |
00049106 |
|
|
|
|
Name : |
Mrs. Renuka Nitin Garg |
|
Designation : |
Director |
|
Address : |
Chaitriya, 3, Pawanbhumi, Somalwada, Wardha Road, Nagpur-440025,
Maharashtra, India |
|
Date of Birth/Age : |
28.08.1975 |
|
Date of Appointment : |
22.08.2009 |
|
Din No.: |
02815373 |
|
|
|
|
Name : |
Mr. Ajay Motilal Jain |
|
Designation : |
Director |
|
Address : |
Flat No. 802, 8th Floor, Building No. 6, Halley Wing E,
Evershine Millennium, Thakur Village, Kandivali (East), Mumbai-400101,
Maharashtra, India |
|
Date of Birth/Age : |
02.07.1965 |
|
Date of Appointment : |
22.08.2009 |
|
Din No.: |
02815416 |
|
|
|
|
Name : |
Mr. Raghunath Wasudeo Khare |
|
Designation : |
Director |
|
Address : |
No. 500, 1st Block, 15th Main, 03 Stage Basaveshwara Nagar, Bangalore – 560079, Karnataka, India |
|
Date of Birth/Age : |
27.07.1951 |
|
Date of Appointment : |
09.03.2013 |
|
Din No.: |
06543910 |
KEY EXECUTIVES
|
Name : |
Mr. Sahkar |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.08.2013
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 23.08.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
18.50 |
|
Directors or relatives of Directors |
71.65 |
|
Other |
9.85 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Engineering and Allied Products. |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity # |
Actual
Production |
|
Welding Electrodes |
MT |
525 |
402 |
|
Flux Cored Wire |
MT |
600 |
617 |
|
Wear Plate |
Sq. Mtrs. |
12000 |
13328 |
NOTE:
·
# As certified by the
management on single shift basis and being a technical matters, accepted by the
auditors as correct.
·
** As certified by the
management, license from secretariat for industrial assistance, New Delhi is
not required since these products have been delicensed by Central Government.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
|
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Bankers : |
· Syndicate Bank, 90, Canal Road, Ramdaspeth, Nagpur – 440010, Maharashtra, India ·
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
P.R. Bhuta and Company Chartered Accountants |
|
Address : |
2-I, Jeevan Sahakar, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra,
India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACPB3301K |
|
|
|
|
Associates/Subsidiaries : |
·
Diffusion Super Conditioning Services Private
Limited [U51503MH1990PTC124545] ·
Nowelco Industries Private Limited
[U29309CT1999PTC013276] ·
Diffusion Mauritius Limited ·
Diffusion Hernon Adhesive And Sealant Private
Limited [U24297MH2012PTC234063] |
|
|
|
|
Joint Venture: |
·
LSN Diffusion Limited |
|
|
|
|
Control of key managerial personnel: |
·
Diffusion MGM Machines Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3737467 |
Equity Shares |
Rs.10/- each |
Rs.37.375
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 |
37.375 |
37.375 |
37.375 |
|
(b) Reserves & Surplus |
426.407 |
374.906 |
324.534 |
|
(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) |
463.782 |
412.281 |
361.909 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.539 |
0.000 |
8.676 |
|
(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) |
18.539 |
0.000 |
8.676 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
105.595 |
105.037 |
75.361 |
|
(b) Trade payables |
63.909 |
34.522 |
57.539 |
|
(c) Other current liabilities |
45.252 |
44.704 |
41.456 |
|
(d) Short-term provisions |
16.114 |
13.905 |
11.837 |
|
Total
Current Liabilities (4) |
230.870 |
198.168 |
186.193 |
|
|
|
|
|
|
TOTAL |
713.191 |
610.449 |
556.778 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
187.197 |
163.717 |
164.798 |
|
(ii) Intangible Assets |
4.494 |
2.513 |
3.753 |
|
(iii) Capital work-in-progress |
52.271 |
1.921 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
70.058 |
34.197 |
28.692 |
|
(c) Deferred tax assets (net) |
0.202 |
0.255 |
0.764 |
|
(d) Long-term Loan and Advances |
5.168 |
9.399 |
10.181 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
319.390 |
212.002 |
208.188 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
156.523 |
113.299 |
120.515 |
|
(c) Trade receivables |
183.284 |
184.799 |
155.086 |
|
(d) Cash and cash equivalents |
30.097 |
64.033 |
56.661 |
|
(e) Short-term loans and
advances |
23.897 |
36.316 |
16.328 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
393.801 |
398.447 |
348.590 |
|
|
|
|
|
|
TOTAL |
713.191 |
610.449 |
556.778 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
800.030 |
781.160 |
736.853 |
|
|
Other Income |
10.784 |
7.711 |
10.011 |
|
|
TOTAL
(A) |
810.814 |
788.871 |
746.864 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
338.626 |
302.462 |
294.687 |
|
|
Purchases of Traded goods |
39.397 |
53.467 |
35.536 |
|
|
Direct expense |
72.273 |
71.552 |
63.643 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(31.566) |
(4.224) |
(5.583) |
|
|
Employees benefits expense |
126.711 |
112.732 |
102.812 |
|
|
Other expenses |
119.112 |
109.537 |
96.024 |
|
|
Prior Period Items |
0.097 |
0.103 |
0.085 |
|
|
Exceptional Items |
0.000 |
0.000 |
0.385 |
|
|
TOTAL
(B) |
664.650 |
645.629 |
587.589 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
146.164 |
143.242 |
159.275 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.204 |
8.564 |
8.151 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.960 |
134.678 |
151.124 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
25.135 |
24.030 |
24.307 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
110.825 |
110.648 |
126.817 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
37.605 |
38.557 |
40.551 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
73.220 |
72.091 |
86.266 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
258.826 |
215.662 |
159.744 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Tax on Dividend |
21.719 |
21.719 |
21.721 |
|
|
Transfer to General Reserve |
7.322 |
7.209 |
8.627 |
|
|
Balance
Carried to the B/S |
303.005 |
258.826 |
215.662 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Agency Commission |
0.000 |
0.931 |
3.446 |
|
|
Export Sales |
48.105 |
34.939 |
23.49 |
|
|
TOTAL
EARNINGS |
48.105 |
35.870 |
26.936 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
16.008 |
20.209 |
6.489 |
|
|
Traded Goods |
38.475 |
52.995 |
5.914 |
|
|
Capital Goods |
9.070 |
4.160 |
6.246 |
|
|
Consumables, Stores and Spare Parts |
2.511 |
1.513 |
1.487 |
|
|
TOTAL
IMPORTS |
66.064 |
78.877 |
20.136 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
19.59 |
19.29 |
23.08 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.03 |
9.14 |
11.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.85 |
14.16 |
17.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.76 |
19.27 |
24.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.27 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27 |
0.25 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
2.01 |
1.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
37.375 |
37.375 |
37.375 |
|
Reserves & Surplus |
324.534 |
374.906 |
426.407 |
|
Net
worth |
361.909 |
412.281 |
463.782 |
|
|
|
|
|
|
long-term borrowings |
8.676 |
0.000 |
18.539 |
|
Short term borrowings |
75.361 |
105.037 |
105.595 |
|
Total
borrowings |
84.037 |
105.037 |
124.134 |
|
Debt/Equity
ratio |
0.232 |
0.255 |
0.268 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
736.853 |
781.160 |
800.030 |
|
|
|
6.013 |
2.416 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
736.853 |
781.160 |
800.030 |
|
Profit |
86.266 |
72.091 |
73.220 |
|
|
11.71% |
9.23% |
9.15% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
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 |
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% |
-- |
|
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 |
-- |
|
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 |
REVIEW OF BUSINESS
OPERATIONS:
During the year, the sales turnover of the company has marginally gone
up to Rs.878.374 Million as against Rs.841.827 Million during the previous year.
During the financial year overall industrial activities have slowed down
considerably, the company being part of care industrial manufacturer
activities, it has also faced tough challenge of maintaining a reasonable rate
of growth. The company is now changing its focus by widening its products rang
by adding more value added products in its offering.
During the year, the company has entered into Joint venture with LSN of
UK and formed LSN Diffusion Limited for the manufacturer of Nickel, Cobalt and iron
based Powders for hard facing and high temperature brazing. The products line
has a vast growth potential not only in domestic market but also in
international market.
COMPANY BACKGROUND
Subject is an ISO 14001 and 18001 company engaged in the manufacturing
of electrodes, flux cored wire, manufacturing of durum, products, diffcor
products. Services welding and wear plates. Company is also engaged in trading
of colmonoy powder, kjellberg machine and CNC cutting machined. Company is
expanding its business in overseas by exporting of manufacturing goods to Asian
and other South African countries.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10456247 |
01/10/2013 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B88027453 |
|
2 |
80007467 |
18/02/2013 * |
91,000,000.00 |
SYNDICATE BANK |
90, CANAL ROAD,
RAMDASPETH, NAGPUR, MAHARASHTRA |
B68982131 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Vehicle
· Air Conditioner
· Computer
Intangible Assets
· Software
· Technical Known how
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 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.