MIRA INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAINEX LIMITED (w.e.f. 27.03.1978) |
|
|
|
|
Formerly Known
As : |
JAINEX AGENCIES LIMITED JAINEX AGENCIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
405 and 406, Sharda Chambers, Sir Vithaldas Thackersey Marg, New
Marine Lines, Mumbai – 400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.07.1972 |
|
|
|
|
Com. Reg. No.: |
11-094147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 80.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1972PLC094147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ03913A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ0917G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Importer, Exporter and Supplier of Cold Rolled Steel Strips, Hardened
and Tempered Steel Strips and all types of Wires. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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.
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.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-22002252)
LOCATIONS
|
Registered Office : |
405 and 406, Sharda Chambers, Sir Vithaldas Thackersey Marg, New
Marine Lines, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22002252 |
|
Fax No.: |
91-22-22002254 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Offices : |
Located at: ·
·
Chennai ·
·
·
·
|
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Rajendra Singh Dugar |
|
Designation : |
Managing director |
|
Address : |
Sandeep Apartments, Pretoria Street, Kolkata - 700017, West Bengal,
India |
|
Date of Birth/Age : |
31.10.1947 |
|
Qualification : |
BE |
|
Date of Appointment : |
05.01.2007 |
|
PAN No.: |
ADJPD5942N |
|
DIN No.: |
00063775 |
|
|
|
|
Name : |
Mr. Khozema Mohammed Faizullabhoy |
|
Designation : |
Managing director |
|
Address : |
44, Gulistan, Carmicheal Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1944 |
|
Qualification : |
MBA |
|
Date of Appointment : |
28.06.1978 |
|
PAN No.: |
AAAPF0502G |
|
DIN No.: |
00013602 |
|
|
|
|
Name : |
Mr. Pravin Chimanlal Vora |
|
Designation : |
Whole-time director |
|
Address : |
Kasturba Apartments, 77, Bhaudaji Road, Matunga, Mumbai - 400019,
Maharashtra, India |
|
Date of Birth/Age : |
10.07.1943 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
19.12.1996 |
|
PAN No.: |
AAEPV4599D |
|
DIN No. : |
00013118 |
|
|
|
|
Name : |
Mr. Rahul Dugar |
|
Designation : |
Whole-time director |
|
Address : |
11A, Meherina Apartments, Nepeansea Road, Mumbai - 400026,
Maharashtra, India |
|
Date of Birth/Age : |
10.11.1968 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.04.2004 |
|
PAN No.: |
AABPD5471D |
|
DIN No.: |
00013704 |
|
|
|
|
Name : |
Mr. Mukarram Khoozema Faizullabhoy |
|
Designation : |
Whole-time director |
|
Address : |
44, Gulistan, Carmicheal Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
09.07.1976 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
16.04.2004 |
|
PAN No.: |
AAAPF0500E |
|
DIN No.: |
00013754 |
|
|
|
|
Name : |
Mr. Shabir Tyebbhoy |
|
Designation : |
Whole-time director |
|
Address : |
Old 16, New 14, 3rd Cross Street, Kasturba Nagar, Adyar,
Chennai - 600020, Tamilnadu, India |
|
Date of Birth/Age : |
25.07.1948 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
30.09.2010 |
|
PAN No.: |
AADPT0246L |
|
DIN No.: |
03014427 |
|
|
|
|
Name : |
Mr. Bhagat Singh Dugar |
|
Designation : |
Director |
|
Address : |
11A, Meherina Apartments, Nepeansea Road, Mumbai - 400026,
Maharashtra, India |
|
Date of Birth/Age : |
23.10.1945 |
|
Date of Appointment : |
23.03.1974 |
|
PAN No.: |
AABPD5488J |
|
DIN No.: |
00013082 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholders |
No. of Shares |
|
Bhagat Singh Dugar |
38215 |
|
Sushil Kumar Dugar |
1600 |
|
Rajendra Singh Dugar |
1480 |
|
Santosh Kumar Dugar |
500 |
|
K. M. Faizullabhoy |
64198 |
|
Kiran Kunvar Dugar |
700 |
|
Madhu Dugar |
3667 |
|
Madhuri Dugar |
660 |
|
Meena Dugar |
900 |
|
Dolly Dugar |
900 |
|
A K Faizullabhoy Jointly with K M Faizullabhoy |
23602 |
|
Jainex Imports and Exports Private Limited, India |
44700 |
|
B.S. Dugar and Others |
40358 |
|
R |
167 |
|
Rahul Dugar |
166093 |
|
Jainex Foods Private Limited, India |
59467 |
|
Durriya M Faizullabhoy |
2500 |
|
Mukarram K Faizullabhoy |
167720 |
|
Ananya Dugar |
8534 |
|
Dvij Dugar |
8234 |
|
Nandita Dugar |
23825 |
|
Mustafa K Faizullabhoy Jointly with K.M. Faizullabhoy |
3980 |
|
Mehlam K Faizullabhoy Jointly with K M Faizullabhoy |
18000 |
|
Trucut Tools India Private Limited, India |
120000 |
|
|
|
|
Total |
800000 |
AS ON 28.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
28.00 |
|
Directors
or relatives of directors |
72.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer, Exporter and Supplier of Cold Rolled Steel Strips,
Hardened and Tempered Steel Strips and all types of Wires. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
v Bank of Baroda Mumbai Main Office, Mumbai Samachar Marg, Fort, Mumbai - 400001,
Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. A. Singh and Associates Chartered Accountants |
|
Address : |
25, Saibaba Shopping Centre, Keshav Rao Kadam Marg, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEPS4107J |
|
|
|
|
Associates : |
v Jainex Foods Private Limited [U15100MH1977PTC019691] v Trucut Tools (India) Private Limited [U29220MH1993PTC073766] v Jainex Imports and Exports Private Limited [U51900MH1974PTC017306] v Star Steels v Dugar Brothers and Company v Jainex
Aamcol Limited [L74999MH1947PLC005695] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs. 100/- each |
Rs. 80.000
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 |
80.000 |
60.000 |
60.000 |
|
(b) Reserves & Surplus |
174.499 |
143.202 |
112.384 |
|
(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) |
254.499 |
203.202 |
172.384 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
49.828 |
76.898 |
55.836 |
|
(b) Deferred tax liabilities (Net) |
2.864 |
2.923 |
2.984 |
|
(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) |
52.692 |
79.821 |
58.820 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6.976 |
22.471 |
43.514 |
|
(b)
Trade payables |
105.139 |
71.831 |
50.553 |
|
(c)
Other current liabilities |
15.431 |
9.967 |
9.393 |
|
(d)
Short-term provisions |
1.673 |
1.731 |
2.906 |
|
Total
Current Liabilities (4) |
129.219 |
106.000 |
106.366 |
|
|
|
|
|
|
TOTAL |
436.410 |
389.023 |
337.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
48.981 |
49.191 |
50.395 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.429 |
3.527 |
2.379 |
|
(e)
Other Non-current assets |
0.000 |
0.057 |
0.121 |
|
Total
Non-Current Assets |
52.410 |
52.775 |
52.895 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
108.166 |
101.234 |
75.291 |
|
(c)
Trade receivables |
227.532 |
188.346 |
164.839 |
|
(d)
Cash and cash equivalents |
29.857 |
35.289 |
35.417 |
|
(e)
Short-term loans and advances |
18.445 |
11.379 |
9.128 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
384.000 |
336.248 |
284.675 |
|
|
|
|
|
|
TOTAL |
436.410 |
389.023 |
337.570 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1297.908 |
1212.800 |
1201.348 |
|
|
|
Other Income |
3.476 |
5.786 |
19.599 |
|
|
|
TOTAL (A) |
1301.384 |
1218.586 |
1220.947 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
1116.248 |
1053.164 |
1025.365 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.932) |
(25.943) |
(1.239) |
|
|
|
Employees benefits expense |
31.359 |
28.850 |
21.967 |
|
|
|
Other expenses |
103.023 |
102.419 |
99.284 |
|
|
|
TOTAL (B) |
1243.698 |
1158.490 |
1145.377 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.686 |
60.096 |
75.570 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.996 |
9.021 |
8.822 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
51.690 |
51.075 |
66.748 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.139 |
5.138 |
4.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
46.551 |
45.937 |
62.328 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.253 |
15.119 |
21.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
31.298 |
30.818 |
41.266 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
301.201 |
297.125 |
405.434 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.12 |
51.36 |
68.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.40 |
2.53 |
3.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.59 |
3.79 |
5.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.67 |
11.81 |
18.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.22 |
0.49 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.97 |
3.17 |
2.68 |
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 |
60.000 |
60.000 |
80.000 |
|
Reserves & Surplus |
112.384 |
143.202 |
174.499 |
|
Net
worth |
172.384 |
203.202 |
254.499 |
|
|
|
|
|
|
long-term borrowings |
55.836 |
76.898 |
49.828 |
|
Short term borrowings |
43.514 |
22.471 |
6.976 |
|
Total
borrowings |
99.350 |
99.369 |
56.804 |
|
Debt/Equity
ratio |
0.576 |
0.489 |
0.223 |
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 |
1201.348 |
1212.800 |
1297.908 |
|
|
|
0.953 |
7.017 |
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 |
1201.348 |
1212.800 |
1297.908 |
|
Profit |
41.266 |
30.818 |
31.298 |
|
|
3.43% |
2.54% |
2.41% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.616 |
0.574 |
0.818 |
|
|
|
|
|
|
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 |
-- |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10236394 |
07/02/2012 * |
82,500,000.00 |
BANK OF BARODA |
MUMBAI MAIN OFFICE, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B32415663 |
|
2 |
80023860 |
07/02/2012 * |
82,500,000.00 |
BANK OF BARODA |
MUMBAI MAIN OFFICE, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B32354250 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
1.000 |
1.000 |
|
Loans and advances from directors |
11.360 |
19.164 |
|
Loans and advances from others |
36.399 |
56.676 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
7.065 |
|
|
|
|
|
Total |
48.759 |
83.905 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from Broach Sadan,
Ground Floor, Devji Ratansey Marg, Mumbai - 400009, Maharashtra, India to
present address w.e.f. 16.08.2010.
OPERATIONS
During the year, though the steel sector had a slowdown but company's turnover improved marginally in local as well as exports. The handling contracts awarded by Tata Steel continues at Hyderabad. However, margins during the year had been at more or less at previous year's level. With current outlook, the company expects the market and margins to remain at previous year's level due to continuing slowdown in steel sector.
There has been no development in the position of appeal filed by the company on Kolkata Municipal Corporation in Calcutta High Court for the additional demand of municipal tax on the company's commercial premises. The company has paid the arrears of additional demand made by the corporation till March 2009 in earlier years under dispute to get the hearing of the appeal expedited/decided at the earliest.
The company has filed an appeal/application for cancellation
of demand raised by Sales Tax Department, Maharashtra under MVAT and CST.
FIXED ASSETS:
v Land
v Buildings
v Office building
v Plant and equipment
v Other plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer 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 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. 58.75 |
|
|
1 |
Rs. 98.77 |
|
Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.