MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARTEK SURFIN CHEMICALS LIMITED |
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Formerly Known
As : |
ARTEK SURFIN CHEMICALS PRIVATE LIMITED (w.e.f. 26.12.1990) ARTEK INDUSTRIAL REFRIGERATION PRIVATE LIMITED |
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Registered
Office : |
Plot No.121, Marol Co-operative Industrial Estate, M V Road, Andheri
(East), Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
31.01.1990 |
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Com. Reg. No.: |
11-055269 |
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Capital
Investment / Paid-up Capital : |
Rs.24.922 Millions |
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CIN No.: [Company Identification
No.] |
U29190MH1990PLC055269 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA21351B |
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PAN No.: [Permanent Account No.] |
AAACA3374Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Metal Finishing
Chemicals and Electroplating Chemicals. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The management has failed to file its financial with government
department for the year 2013. As per available financial record of 2012, the rating reflects
comfortable financial risk profile marked decent profitability and
comfortable liquidity position. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DENIED BY
Management Non-Cooperative (Tel No.: 91-22-40320101)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.121, Marol Co-operative Industrial Estate, M V Road, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-56952200/ 40320101/ 40320102 / 40320000 |
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Fax No.: |
91-22-28506972/ 28503332/ 40320198 |
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E-Mail : |
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Web site: |
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Factory 2 : |
Located at : Vasai, Thane, Maharashtra, India |
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Tel. No.: |
91-22-28505633/ 5332/ 5242 |
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Fax No.: |
91-22-28506972 |
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E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sushil Beniprasad Goenka |
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Designation : |
Chairman cum Managing Director |
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Address : |
20 Vinayak Kunj, Jai Hind Society, |
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Date of Birth/Age : |
31.12.1947 |
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Date of Appointment : |
13.04.2009 |
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PAN No.: |
AACPG6937E |
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DIN No.: |
00016670 |
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Other Directorship:
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Name : |
Mr. Jagmohan Singh Dang |
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Designation : |
Director |
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Address : |
B-301, Silver Springs Opposite HDFC Bank , Lokhandwala Complex,
Andheri (West) Mumbai – 400048, |
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Date of Birth/Age : |
22.12.1950 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00025706 |
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Other Directorship:
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Name : |
Mr. Harihar Iyer Ayyaswamy |
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Designation : |
Director |
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Address : |
Flat No.6, Chardham, Road No.3, TPS IV, Off: |
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Date of Birth/Age : |
16.11.1937 |
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Date of Appointment : |
08.05.2007 |
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DIN No.: |
01737940 |
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KEY EXECUTIVES
|
Name : |
Mr. Girish Laxman Papat |
|
Designation : |
Company Secretary |
|
Address : |
17-B, Shivchhaya CHS, Karnik
Road, Near Nutan School, Kalyan (West), Thane, Navi Mumbai - 421301,
Maharashtra, India |
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Date of Birth/Age : |
06.05.1980 |
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Date of Appointment : |
18.02.2005 |
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Name : |
Mr. Deepak Yadav |
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Designation : |
Accounts Executives |
MAJOR SHAREHOLDERS
As on 28.09.2012
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Sushil Beniprasad Goenka |
466550 |
18.72 |
|
Rajendra Beniprasad Goenka |
58000 |
2.33 |
|
Shakuntaladevi Beniprasad Goenka |
245000 |
9.83 |
|
Vishal Sushil Goenka |
220000 |
8.83 |
|
Anjanadevi Sushil Goenka |
235000 |
9.43 |
|
Rajendra Beniprasad Goenka (HUF) |
20000 |
0.80 |
|
Sushil Beniprasad Goenka (HUF) |
15150 |
0.61 |
|
Amit Rahendra Goenka |
235000 |
9.43 |
|
Asha Rahendra Goenka |
154250 |
6.19 |
|
Sunil Beniprasad Goenka |
186500 |
7.48 |
|
Anuj Sushil Goenka |
207000 |
8.31 |
|
Anish Rajendra Goenka |
237000 |
9.51 |
|
Shushila Sushil Goenka |
50000 |
2.01 |
|
Sejal Vishal Goenka |
54250 |
2.18 |
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Smriti Anuj Goenka |
54250 |
2.18 |
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Payal Amit Goenka |
54250 |
2.18 |
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Total |
2492200 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
77.47 |
|
Directors or relatives of Directors |
22.53 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metal
Finishing Chemicals and Electroplating Chemicals. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Name : |
ASL and Company Chartered Accountant |
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Address : |
102, Gauresh Apartment, Agarakr Chowk, Old Police Lines, Andheri
(East), Mumbai – 400069, |
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Tel No.: |
91-22-26841173/ 26838557/ 26830558/ 26838038 |
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Fax No.: |
91-22-26842206 |
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Email : |
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Subsidiary
Company : |
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Others : |
CIN No.: U24110MH1991PTC063138
CIN No.:U24247MH2002PTC136494
CIN No.:U24296MH2007PTC175631
CIN No.:U24110MH1990PTC059064
CIN No.:U74999MH1985PTC036959
CIN No.:U24100MH2005PTC156267
CIN No.:U24100MH1987PTC044811
CIN No.:U18100MH1997PTC106236
CIN No.:U51909MH2003PTC139402
CIN No.:U51909MH2003PTC139278
CIN No.:U18100MH2005PLC152440
CIN No.:U24110MH1993PTC071054
CIN No.:U72100MH1999PTC121051 |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2492200 |
Equity Shares |
Rs.10/- each |
Rs.24.922 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
24.922 |
24.922 |
|
(b) Reserves & Surplus |
|
1515.684 |
1340.545 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1540.606 |
1365.467 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.669 |
0.453 |
|
(b) Deferred tax liabilities (Net) |
|
7.153 |
9.329 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7.822 |
9.782 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
87.828 |
98.798 |
|
(b) Trade
payables |
|
108.096 |
153.457 |
|
(c) Other
current liabilities |
|
212.800 |
145.518 |
|
(d) Short-term
provisions |
|
4.292 |
199.831 |
|
Total Current
Liabilities (4) |
|
413.016 |
597.604 |
|
|
|
|
|
|
TOTAL |
|
1961.444 |
1972.853 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
102.500 |
101.818 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
184.240 |
184.050 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
373.291 |
331.020 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
70.570 |
264.581 |
|
(e) Other
Non-current assets |
|
3.335 |
3.223 |
|
Total Non-Current
Assets |
|
733.936 |
884.692 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
|
157.155 |
53.589 |
|
(b)
Inventories |
|
107.541 |
127.957 |
|
(c) Trade
receivables |
|
249.604 |
232.286 |
|
(d) Cash
and cash equivalents |
|
29.925 |
27.480 |
|
(e)
Short-term loans and advances |
|
682.764 |
646.429 |
|
(f) Other
current assets |
|
0.519 |
0.420 |
|
Total
Current Assets |
|
1227.508 |
1088.161 |
|
|
|
|
|
|
TOTAL |
|
1961.444 |
1972.853 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
24.922 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1200.594 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1225.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
159.215 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
159.215 |
|
|
DEFERRED TAX LIABILITIES |
|
|
8.766 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1393.497 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
278.565 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
313.508 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
90.365 |
|
|
Sundry Debtors |
|
|
174.190 |
|
|
Cash & Bank Balances |
|
|
29.663 |
|
|
Other Current Assets |
|
|
6.750 |
|
|
Loans & Advances |
|
|
806.238 |
|
Total
Current Assets |
|
|
1107.206 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
102.508 |
|
|
Other Current Liabilities |
|
|
55.490 |
|
|
Provisions |
|
|
147.784 |
|
Total
Current Liabilities |
|
|
305.782 |
|
|
Net Current Assets |
|
|
801.424 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1393.497 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
30.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1308.256 |
1187.362 |
1057.401 |
|
|
|
|
Other Income |
73.937 |
68.449 |
63.004 |
|
|
|
|
TOTAL (A) |
1382.193 |
1255.811 |
1120.405 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
861.404 |
800.006 |
|
|
|
|
|
Purchase of Stock-in-trade |
26.784 |
0.194 |
|
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
1.269 |
2.096 |
|
|
|
|
|
Employee Benefits Expenses |
87.467 |
69.731 |
|
|
|
|
|
Other Expenses |
142.470 |
162.883 |
|
|
|
|
|
TOTAL (B) |
1119.394 |
1034.910 |
883.631 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
262.799 |
220.901 |
236.774 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
13.912 |
14.354 |
12.626 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
248.887 |
206.547 |
224.148 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
11.627 |
15.346 |
13.661 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
237.260 |
191.201 |
210.487 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
59.224 |
48.353 |
54.794 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
178.036 |
142.848 |
155.693 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1269.165 |
1129.213 |
976.436 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Dividend on equity shares |
2.492 |
2.492 |
2.492 |
|
|
|
|
Tax on Dividend |
0.404 |
0.404 |
0.424 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1444.305 |
1269.165 |
1129.213 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
183.111 |
145.273 |
170.147 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
71.44 |
57.32 |
62.47 |
||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
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 |
No |
OPERATIONS:
The Net Turnover of the Company for the year ended on 31/03/12 was
Rs.1308.257 Millions compared to Rs.1187.362 Millions in the previous year. The
Profit after Tax during the year was Rs.178.036 Millions as against the Profit
after Tax of Rs.142.848 Millions during 2011-2012.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10444509 |
18/07/2013 |
80,000,000.00 |
DBS BANK
LIMITED |
DLF
Capitol Point, Gr Floor And 1st Floor, Baba Kharak Singh Marg, Connaught
Place, New Delhi, Delhi - 110001, India |
B82827098 |
|
2 |
10391033 |
27/11/2012 |
100,000,000.00 |
Indusind
Bank Limited |
2401
GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B63664924 |
|
3 |
10152146 |
11/03/2011 * |
50,000,000.00 |
Yes
Bank Limited |
9th
Floor, Nehru Centre, Discovery of India, Dr. |
B07583636 |
|
4 |
10065832 |
19/09/2013 * |
75,000,000.00 |
The
Hongkong and Shanghai Banking Corporation Limited |
52/60,
Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India |
B87114278 |
|
5 |
80029091 |
08/12/2009 * |
105,000,000.00 |
CITIBANK
N. A. |
Trent
House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra - 400051, India |
A76735661 |
|
6 |
90152548 |
14/01/2000 |
315,000.00 |
CITI
BANK N.A |
Citi
Tower; Dr. S. S. Rao Road, Parel, Mumbai, Maharashtra, India |
- |
*Date of modification Charges
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.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.