MIRA INFORM REPORT

 

 

Report Date :

05.03.2014

 

IDENTIFICATION DETAILS

 

Name :

SLEEK INTERNATIONAL PRIVATE LIMITED [w.e.f. 07.05.2013]

 

 

Formerly Known As :

SILVERLINE WIRE PRODUCTS PRIVATE LIMITED

 

 

Registered Office :

Jheel Darshan, Shop No. B-101 and B-102, Plot No. H-12, Kopri Village, Mahada Complex, A.S. Marg, Pawai, Mumbai-400076, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

18.02.1993

 

 

Com. Reg. No.:

11-070859

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U31300MH1993PTC070859

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of Kitchen Appliances.

 

 

No. of Employees :

290 [Approximately] 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27) 

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 5620

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company has incurred loss from its operation activities during the financial year 2013. External borrowing of the company seems to be huge, which acts as threatening to the liquidity position of the company.

 

However, trade relation are fair. Business is active. Payment terms are slow.

 

The company can be considered for business dealing with some caution.

 

NOTE: As claimed by Mr. Sameer Waingankar, Accounts Manager that “Sleek International” a partnership concern has been taken over by “Silverline Wire Products Private Limited” on 1st August 2013 and it has undertaken a business activities with the name of “Sleek International Private Limited”

 

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

 

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

 

 

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. Sameer Waingankar

Designation :

Accounts Manager

Contact No.:

91-22-61675400

Date :

03.03.2014

 

 

LOCATIONS

 

Registered Office :

Jheel Darshan, Shop No. B-101 and B-102, Plot No. H-12, Kopri Village, Mahada Complex, A.S. Marg, Pawai, Mumbai-400076, Maharashtra, India

Tel. No.:

91-22-32447481

Fax No.:

Not Available

E-Mail :

sameer@sleekwell.com

dipali.sheth@asianpaints.com

Website :

http://www.sleekworld.com

Location :

Owned

 

 

Corporate Office :

301/302, Lotus Corporate Park, Jaycoach, Goregaon (East), Mumbai, Maharashtra, India

Tel. No.:

91-22-61075400

 

 

Admin Office :

16/17, Blue Rose Industrial Estate, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India

Tel. No.:

91-22-28543047

 

 

Warehouse 1 :

Gala No. 16/17, Rashmi Industrial Estate, Navghar Road, Vasai (East), Thane – 401210, Maharashtra, India

Tel. No.:

91-250-2390192

Fax No.:

91-250-2390192

Area :

1500 Sq. Ft.

Location :

Owned

 

 

Warehouse 2 :

Shakti Complex, Kharbao Village, Bhiwandi Kaman Road, Bhiwandi, District Thane-421305, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Rajesh Thakur Ahuja

Designation :

Managing Director

Address :

906, 9th Floor, Oberoi Park View, Near Thakur Cinema, Thakur Village, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

02.05.1971

Date of Appointment :

18.02.1993

Din No.:

00371406

 

 

Name :

Mr. Monesh Thakur Ahuja

Designation :

Executive Director

Address :

908, 9th Floor, Oberoi Park View, Near Thakur Cinema, Thakur Village, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

12.10.1974

Date of Appointment :

29.06.2013

Din No.:

02591030

 

 

Name :

Mr. Jayesh Tulsidas Merchant

Designation :

Director

Address :

4, Sai Manjil, 18, Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

27.11.1957

Date of Appointment :

08.08.2013

Din No.:

00555052

 

 

Name :

Mr. Manish Mahendra Choksi

Designation :

Director

Address :

C-1801/1802, Beaumonde, Appa Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

12.09.1967

Date of Appointment :

08.08.2013

Din No.:

00026496

 

 

KEY EXECUTIVES

 

Name :

Mr. Sameer Waingankar

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

% of Holding

Asian Paints Limited, India

62308

51.00

Rajesh Thakur Ahuja

22404

18.34

Monesh Thakur Ahuja

20797

17.02

Thakur Topandas Ahuja

8667

7.09

Jyoti Thakur Ahuja

8000

6.55

Asian Paints Limited, India Jointly With Jayesh Merchant

1

0.00

Asian Paints Limited, India Jointly With Amit Syngle

1

0.00

Asian Paints Limited, India Jointly With Jalaj Dani

1

0.00

Asian Paints Limited, India Jointly With Manish Choksi

1

0.00

 

 

 

TOTAL

122180

100.00

 

 

AS ON 30.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

51.00

Directors or relatives of directors

 

49.00

TOTAL

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of Kitchen Appliances.

 

 

Imports :

 

Products :

Kitchen Appliances

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

LC / Cash and Credit

 

GENERAL INFORMATION

 

Suppliers :
  • Aas Interior
  • Arihant Digiprint
  • Clean Home House Keeping Services
  • Dynamic Marketing Services
  • Gili India Limited
  • Indian Treasures
  • Jain Traders
  • Max Hardware
  • Nirmal Interiors
  • On Line Logistics
  • Hettich India Private Limited

 

 

Customers :
  • Aamby Valley Limited
  • EDGE Studio
  • Nilkamal Limited
  • Shopper Stop Limited
  • Urbano Furniture and Accessories Private Limited
  • Mazgaon Dock Limited
  • Konark Properties
  • Kitchen Creations

 

 

No. of Employees :

290 [Approximately] 

 

 

Bankers :
  • HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

  • Citibank N.A., Trent House, 2nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

 

  • ICICI Bank, Borivali (East) Branch, Mumbai, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

Term Loan From Citibank

6.121

0.000

Term Loan Axis Bank Car Loan

0.416

8.082

 

NOTES:

 

Long Term Borrowings:

 

Nature of Security: Term loan of Rs.6.121 millions from Citibank are secured by way of equitable mortgage created on immovable properties of the company situated at Powai ad personal guarantee by directors and corporate guarantee of Sleek International.

 

Term loan of Rs.0.416 million from Axis Bank for motor car is secured against specified movable assets.

 

Term of Payment: Term loan is repayable in 60 monthly installments of Rs.0.170 million commenced from 01.02.2012 and rate of interest is 12.75% p.a.

 

Term loan for motor car is repayable in 35 monthly installment of Rs.0.034 million commenced from 05.06.2011 and rate of interest is 11.25% p.a.

 

 

 

Short Term Borrowings

 

 

Working Capital Loan From Banks

 

 

HDFC Bank Limited A/c No. 01822790000238

5.746

0.000

Citibank 0000332652117

5.163

0.000

TOTAL

17.446

8.082

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Doshi Praveen and Company

Chartered Accountants

Address :

3, Mahesh Niwas, L.T. Road No. 3, Goregaon (West), Mumbai-400062, Maharashtra, India

Tel No.:

91-22-28790315/16

Mobile No.:

91-9820084336

Email:

doship15@gmail.com

PAN No:

AABPD2233R

 

 

Other Related Parties :

  • Sleek International
  • Sleek Furnitech Private Limited
  • Kitchen Grace India Private Limited
  • Star Solutions
  • Kitchen Creations

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs.10/- each

Rs.2.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

122180

Equity Shares

Rs.10/- each

Rs.1.222 Millions

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million


 

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

0.500

0.500

0.500

(b) Reserves & Surplus

0.905

29.179

10.238

(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)

1.405

29.679

10.738

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

29.543

8.082

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.113

(c) Other long term liabilities

2.846

1.900

0.000

(d) Long-term provisions

14.073

0.000

0.000

Total Non-current Liabilities (3)

46.462

9.982

0.113

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

10.909

0.000

5.030

(b) Trade payables

19.317

15.585

9.064

(c) Other current liabilities

45.411

33.035

36.667

(d) Short-term provisions

1.943

0.000

1.553

Total Current Liabilities (4)

77.580

48.620

52.314

 

 

 

 

TOTAL

125.447

88.281

63.165

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

40.320

39.628

30.377

(ii) Intangible Assets

2.287

1.690

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

0.025

0.025

0.000

(c) Deferred tax assets (net)

1.375

0.582

0.000

(d)  Long-term Loan and Advances

11.895

2.920

0.755

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

55.902

44.845

31.132

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

23.878

0.526

0.293

(b) Inventories

11.409

11.764

8.678

(c) Trade receivables

28.738

17.445

15.080

(d) Cash and cash equivalents

1.556

7.583

2.609

(e) Short-term loans and advances

3.964

6.118

4.819

(f) Other current assets

0.000

0.000

0.554

Total Current Assets

69.545

43.436

32.033

 

 

 

 

TOTAL

125.447

88.281

63.165

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

255.668

269.444

240.438

 

 

Other Income

4.350

5.212

4.876

 

 

TOTAL                                    

260.018

274.656

245.314

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

284.623

253.477

239.675

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

(24.605)

21.179

5.639

 

 

 

 

 

Less

TAX                                                     

3.668

2.818

2.089

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

(28.273)

18.361

3.550

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

0.000

0.000

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(28.273)

18.361

3.550

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value

0.000

0.000

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(565.46)

367.22

71.00

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
(10.87)

6.69

1.45

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(9.62)

7.86

2.35

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(19.84)

24.15

8.93

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(17.51)

0.71

0.53

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
28.79

0.27

0.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.90

0.89

0.61

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns.)

(INR in Mlns.)

(INR in Mlns.)

Share Capital

0.500

0.500

0.500

Reserves & Surplus

10.238

29.179

0.905

Net worth

10.738

29.679

1.405

 

 

 

 

long-term borrowings

0.000

8.082

29.543

Short term borrowings

5.030

0.000

10.909

Total borrowings

5.030

8.082

40.452

Debt/Equity ratio

0.468

0.272

28.791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

240.438

269.444

255.668

 

 

12.064

(5.113)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

240.438

269.444

255.668

Profit

3.550

18.361

(28.273)

 

1.48%

6.81%

(11.06%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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%

--

14]

Estimation for coming financial year

No

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

--

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]

PAN of Proprietor/Partner/Director, if available

No

32]

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

Yes

33]

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

No

34]

External Agency Rating, if available

No

 

 

INDEX OF CHARGES:

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10320881

02/11/2012 *

42,500,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

B61639837

2

10319037

02/11/2012 *

42,500,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

B61807954

3

10132091

16/11/2012 *

48,000,000.00

CITI BANK N.A.

TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN 
DRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA , INDIA

B62804711

 

* Date of charge modification

 

 

Unsecured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

From Directors

23.006

0.000

TOTAL

23.006

0.000

 

 

OPERATIONAL PERFORMANCE:

 

In their drive towards the strategic expansions, the company has opened Five Retail Showroom Outlets. Considering the downward trend in country’s economic situation where the domestic consumption has not shown any significant pick-up during the last financial year, the performance of the Company during 2012-13 has been satisfactory as the company could reach a turnover of Rs. 255.668 millions amidst tough marketing conditions The company’s management guided by the Board has opened up new areas like Internet business successfully which will help the company to reach the expected turnover of Rs.360.000 millions during 2013-14.

 

STRATEGIC BUSINESS ALLIANCE WITH ASIAN PAINTS:

 

The Company known for Modular Kitchen with its Brand SLEEK, has over the past 20 years achieved a position of strength in the kitchen industry. This sector is one of the fastest growing in home improvement industry and can be expected to be extremely competitive in the coming years. All major international brands are setting up shops in India and intend to fight for a share of this booming market.

 

Sleek has studied this and decided to make a strategic change in its organization so that its leadership role in the kitchen industry stays unaffected. A search had been commissioned for a strategic investor to join with Sleek group and work together for building a stronger Sleek brand.

 

The company decided to join hands with an Indian multinational Asian Paints Limited, which has formidable strengths in brand building and distribution across India. Asian Paints Ltd and the Ahuja family have jointly agreed that Asian Paints Ltd will be taking, a 51% equity stake in the company , subject to due diligence and necessary approvals in due course of time.

 

Asian Paints Limited is a Listed entity in National Stock Exchange & Bombay Stock Exchange, is India’s largest paint company and Asia’s third largest paint company, with a turnover of Rs 96.32 billion (Rs. 96320.000 millions). The group has an enviable reputation in the corporate world for professionalism, fast track growth, and building shareholder equity. Asian Paints operates in 17 countries and has 23 paint manufacturing facilities in the world, servicing consumers in over 65 countries.

 

Besides, Asian Paints operates around the world through its subsidiaries Berger International Limited, Apco Coatings, SCIB Paints and Taubmans. Asian Paints was included in Forbes Asia’s ‘Fab 50’ list of Companies in Asia Pacific in 2011 and 2012. The existing Board members will continue to drive and sphere head the business of the company at Operational level to lead the Sleek Group with strategic inputs from Asian Paints Limited.

 

For all employees, this change will be an assurance that the company with its brand Sleek will continue to be a leader in the industry and the alliance with Asian Paints Limited, will bring in improved systems, greater professional growth and personal development.

 

FIXED ASSETS:

 

  • Air Conditioner
  • Building
  • Computer
  • Digital Camera
  • Display Kitchen
  • Electrical Installation
  • Fax and EPBAX
  • Furniture and Fixtures
  • Motor Car Innova
  • Tempo
  • Tools and Equipments
  • Water Filter

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.90

UK Pound

1

Rs.103.25

Euro

1

Rs.85.14

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.