MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANISH PACKAGING PRIVATE LIMITED |
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|
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Registered
Office : |
Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat –
395008, Gujarat |
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|
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.01.1997 |
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Com. Reg. No.: |
04-031603 |
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Capital
Investment / Paid-up Capital : |
Rs. 30.000 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U25209GJ1997PTC031603 |
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|
|
IEC No.: |
5296003276 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM00134B |
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PAN No.: [Permanent Account No.] |
AABCM6018Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Packaging Materials. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company
appears to be good. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.2,453.2 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB+” |
|
Rating Explanation |
Moderate credit quality and average credit risk. |
|
Date |
26.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
26.03.2013 |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Mrugesh S. Raval |
|
Designation : |
Director |
|
Contact No.: |
91-261-2399999 |
LOCATIONS
|
Registered Office : |
Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat –
395008, Gujarat, India |
|
Tel. No.: |
91-261-2399999 / 799 |
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Fax No.: |
91-261-2399998 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Owned |
|
|
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Factory 1 : |
Plot No. 539, Road No.5, G.I.D.C., Sachin, |
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Tel. No.: |
91-261-2399999/ 2399899 |
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Fax No.: |
91-261-2399998 |
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E-Mail : |
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Area : |
5000 sq. ft |
|
Location : |
Leased |
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Factory 2 : |
Block No. 690 and 691, Village Maroli, Taluka Navasari, Valsad, |
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Tel. No.: |
91-2637-273029 |
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Area : |
5000 sq. ft |
|
Location : |
Owned |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Kanaiyalal Bhagvandas Patel |
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Designation : |
Director |
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Address : |
112, Sarjan Society,
Near Citylight Road,3. Athwalines, Surat- 395001, Gujarat, India |
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Date of Birth/Age : |
29.03.1943 |
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Date of Appointment : |
29.01.1997 |
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PAN No.: |
ADQPP0309J |
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DIN No.: |
00382405 |
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Other Directorship :
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Name : |
Mr. Manish Kanaiyalal Patel |
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Designation : |
Director |
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Address : |
1-B, Rudravan
Apartment Co-Operative Housing Society, Near Experimental School, Athwalines
Surat - 395007 Gujarat, India |
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Date of Birth/Age : |
22.09.1968 |
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Date of Appointment : |
03.02.1997 |
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PAN No.: |
AANPP3239R |
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DIN No.: |
00382298 |
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Other Directorship :
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Name : |
Mr. Mrugesh S. Raval |
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Designation : |
Director |
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Address : |
4, Krishnakunj Society,
Bhairavnath Road, Kankaria Ahmedabad – 380008, Gujarat, India |
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Date of Birth/Age : |
07.06.1973 |
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Date of Appointment : |
15.04.2004 |
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PAN No.: |
AGFPR4758R |
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DIN No.: |
00382553 |
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Name : |
Mr. Vikas Kanaiyalal Patel |
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Designation : |
Director |
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Address : |
112 Sarjan
Society, Near Citylight Road Athwalines, Surat- 395001, Gujarat, India |
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Date of Birth/Age : |
12.12.1970 |
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Date of Appointment : |
03.02.1997 |
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PAN No.: |
AANPP2524K |
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DIN No.: |
00411715 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kanaiyalal Bhagvandas Patel |
|
913473 |
|
Patel Kanaiyalal (HUF) |
|
557142 |
|
Vasantiben Kanaiyalal Patel |
|
287214 |
|
Vikas Kanaiyalal Patel |
|
619896 |
|
Nilam Manishbhai Patel |
|
1000 |
|
Manish Kanaiyalal Patel |
|
619906 |
|
Kekul Vikasbhai Patel |
|
1000 |
|
Amit D. Gajjar |
|
71 |
|
Vikas Traders, India |
|
100 |
|
Manish Kanaiyalal Patel (HUF) |
|
80 |
|
Vikas Kanaiyalal Patel (HUF) |
|
80 |
|
Kanaiyalal B Patel (Addplast Agencies) |
|
24 |
|
Kanaiyalal B Patel (Vikas Traders) |
|
14 |
|
Total |
|
3000000 |
As on 24.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Packaging Materials. |
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Products : |
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Exports : |
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Products : |
Packaging Materials |
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Countries : |
· UK · USA · African Countries · UAE · Russia · Asian Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Singapore · China · Taiwan · Switzerland · USA · South Korea |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Technoplast Industries |
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Customers : |
End Users · Hitech Flexipack Private Limited |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· State Bank of India, MID Corporate Branch, Trade House, Ring Road, Surat -395002, Gujarat, India · ICICI Bank Limited, Platinum Plaza, Athwalines, Surat – 395002, Gujarat, India · Standard Chartered Bank |
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Facilities : |
NOTE Long Term
Borrowings 1. The Long Term and Short Term facility from Standard Chartered Bank is secured by hypothecation of imported machinery and industrial land and building, and personal guarantee of the directors of the company. 2. The Long Term and Short Term facility from State Bank of India is secured by hypothecation of windmills and Plant and Machinery of the company, stock and book debts of the company and personal guarantee of the directors / shareholders of the company 3. The unsecured loans are subject to confirmation however, the directors have certified the respective balances. Short Term
Borrowings 1. The Long Term and Short Term facility from Standard Chartered Bank is secured by hypothecation of imported machinery and industrial land and building, and personal guarantee of the directors of the company. 2. The Long Term and Short Term facility from State Bank of India is secured by hypothecation of windmills and Plant and Machinery of the company, stock and book debts of the company and personal guarantee of the directors / shareholders of the company. 3. The Short Term facility from ICICI Bank is secured by hypothecation of current asset of the company and personal guarantee of the directors / shareholders of the company. 4. The Foreign Currency Non-Residential Account ? B
(FCNB), Demand Loan, Pre-Shipment Credit in Foreign Currency (PCFC) and
Export Bill Re-Discounting (EBR) facilities from State Bank of India are
secured by hypothecation of stock, book debts, etc., of the company and
personal guarantee of the company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
DSI and Company Chartered Accountants |
|
Address : |
C-32,33, Corner Point Complex, Citylight Petrol Pump Lane, City Light Road, Surat, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFD4002N |
|
|
|
|
Associates : |
· Vikas Traders · Addplast Agencies |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
694.697 |
535.080 |
465.924 |
|
(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) |
724.697 |
565.080 |
495.924 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
155.413 |
129.195 |
147.015 |
|
(b) Deferred tax liabilities (Net) |
35.067 |
40.077 |
47.763 |
|
(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) |
190.480 |
169.272 |
194.778 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
129.301 |
129.738 |
121.757 |
|
(b) Trade
payables |
86.015 |
26.971 |
49.581 |
|
(c) Other
current liabilities |
44.267 |
29.431 |
26.519 |
|
(d) Short-term
provisions |
70.486 |
28.429 |
41.866 |
|
Total Current
Liabilities (4) |
330.069 |
214.569 |
239.723 |
|
|
|
|
|
|
TOTAL |
1245.246 |
948.921 |
930.425 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
458.408 |
347.788 |
369.412 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.422 |
4.569 |
0.167 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42.735 |
52.204 |
10.701 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.713 |
8.326 |
8.067 |
|
(e) Other
Non-current assets |
0.057 |
0.022 |
0.000 |
|
Total Non-Current
Assets |
512.335 |
412.909 |
388.347 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
341.590 |
244.369 |
216.118 |
|
(c) Trade
receivables |
225.922 |
194.308 |
198.569 |
|
(d) Cash
and cash equivalents |
39.846 |
29.031 |
63.597 |
|
(e)
Short-term loans and advances |
125.553 |
68.219 |
63.624 |
|
(f) Other
current assets |
0.000 |
0.085 |
0.170 |
|
Total
Current Assets |
732.911 |
536.012 |
542.078 |
|
|
|
|
|
|
TOTAL |
1245.246 |
948.921 |
930.425 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE EXCEPTIONAL
ITEM AND EXTRAORDINARY ITEMS |
225.351 |
89.742 |
137.592 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEM |
0.213 |
0.168 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY ITEMS |
0.471 |
0.011 |
0.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
225.093 |
89.899 |
136.735 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
65.477 |
20.743 |
41.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
159.616 |
69.156 |
95.106 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
522.013 |
452.857 |
357.751 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
681.629 |
522.013 |
452.857 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
600.245 |
555.678 |
496.473 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
53.21 |
23.05 |
31.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.73 |
10.08 |
14.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.16 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.39 |
0.46 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22 |
2.50 |
2.26 |
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 |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
465.924 |
535.080 |
694.697 |
|
Net
worth |
495.924 |
565.080 |
724.697 |
|
|
|
|
|
|
long-term borrowings |
147.015 |
129.195 |
155.413 |
|
Short term borrowings |
121.757 |
129.738 |
129.301 |
|
Total
borrowings |
268.772 |
258.933 |
284.714 |
|
Debt/Equity
ratio |
0.542 |
0.458 |
0.393 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10415785 |
26/03/2013 |
100,000,000.00 |
ICICI BANK |
COMMERCIAL BANKING GROUP, LANDMARK, WEST WING, MEZZAINE FLOOR, RACE COURSE CIRCLE, VARODARA - 390007, GUJARAT, INDIA |
B72010135 |
|
2 |
10222645 |
07/06/2010 |
34,400,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
A87086377 |
|
3 |
10124601 |
15/10/2008 |
56,555,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
A47704291 |
|
4 |
10125994 |
06/10/2008 |
40,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A47704424 |
|
5 |
80019686 |
20/04/2007 * |
115,500,000.00 |
STATE BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, KIRAN CHAMBERS, RI |
- |
|
6 |
90106776 |
15/05/2013 * |
589,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE BRANCH, TRADE HOUSE, RING ROAD, SURAT - 395002, GUJARAT, INDIA |
B75691378 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
85.354 |
88.439 |
|
Total |
85.354 |
88.439 |
FIXED ASSETS
·
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
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 agains 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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.