MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

TORQUE AUTOMOTIVE PRIVATE LIMITED

 

 

Registered Office :

2nd Floor, Mrudul Tower, B/H, Times Of India, Ashram Road, Ahmedabad – 380009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

23.04.2007

 

 

Com. Reg. No.:

04-050624

 

 

Capital Investment / Paid-up Capital :

Rs. 16.156 Millions

 

 

CIN No.:

[Company Identification No.]

U40105GJ2007PTC050624

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Skoda cars

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 590000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate track.

 

Management has failed to file the latest financials for FY 13 as well as FY 14, with the statutory authorities.

 

As per available records, the company possesses a moderate financials profile marked by an acceptable networth base along with high total outside liabilities to tangible networth ratio and average debt protection metrics.

 

Management has witnessed an increase in its sales volume as well as net profitability, whereas has reported a minimal margin due to limited value adding nature of the business during FY 12.

 

The ratings also take into consideration, the cyclicality in the automobile sector and market concentration risk being catering to the Gujarat region.

 

Moreover, the risk is mitigated on account of its established market position in Gujarat and its strong long standing association with the reputed “Skoda Automobiles.”

 

Trade relations seem to be fair. Business is active. Payment terms are reported as unknown.

 

In view of experienced promoters and lack of requisite information regarding financials, the company can be considered for business dealings with caution.

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating “BB+”

Rating Explanation

Moderate risk of default regarding timely servicing of financial obligations

Date

28.09.2013

 

Rating Agency Name

CRISIL

Rating

Short term rating “A4+”

Rating Explanation

Minimal degree of safety and very high credit risk

Date

28.09.2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

INFORMATION DENIED BY

 

Name :

Mr. Harnesh Rawal

Designation :

Accounts Manager

Contact No.:

91-9099902216

Date :

12.11.2014

 

 

LOCATIONS

 

Registered Office :

2nd Floor, Mrudul Tower, B/H, Times Of India, Ashram Road, Ahmedabad – 380009, Gujarat, India

Tel. No.:

Not Available

Mobile No.:

91-9099902216 (Mr. Harnesh Rawal)

Fax No.:

Not Available

E-Mail :

harnesh.raval@torqueauto.in

info@torqueauto.in

Website :

http://www.torqueauto.in

 

 

Head Office :

Opposite LJ Campus, Near JCB Amin. S. G. Highway, Ahmedabad, Gujarat, India

 

 

Branches :
  • Ahmedabad
  • Surat
  • Bhavnagar
  • Vapi
  • Anand
  • Mehsana
  • Rajkot
  • Gandhidham

 

 

DIRECTORS

 

As on:  30.09.2012

 

Name :

Mr. Kuren M Amin

Designation :

Director

Address :

9, Parishram Society, Subhanpura, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

29.12.1974

Date of Appointment :

23.04.2007

DIN No.:

01554056

 

 

Name :

Mr. Zankarsinh K. Solanki

Designation :

Director

Address :

E/9, Bhaskar Apartment, Mirambica School Road, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

31.08.1977

Date of Appointment :

23.04.2007

DIN No.:

00014226

 

 

KEY EXECUTIVES

 

Name :

Mr. Harnesh Rawal

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.09.2012

 

Names of Shareholders

No. of Shares

Zankarsinh Solanki

87500

Kuren Amin

812500

Eldora Mercantile Gujarat Private Limited, India

45000

General Capital And Holding Company Private Limited, India

149000

H. R. Patel

63400

Gyscoal Enterprise Private Limited, India

458266

Total

1615666

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2012

 

Category

 

Percentage

 

 

 

Bodies corporate

 

40.37

Directors or relatives of directors

 

59.63

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Skoda cars

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Dena Bank
  • The Saraswat Cooperative Bank Limited

 

 

Facilities :

 

Secured Loan

As on

31.03.2012

As on

31.03.2011

 

(Rs. In Millions)

LONG TERM BORROWINGS:

 

 

Term loans from banks

48.675

28.478

Term loans from others

86.953

21.896

SHORT TERM BORROWINGS:

 

 

Working capital loans from banks

434.530

272.124

Total

570.158

322.498

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dalal Shirish Mangaldas

Chartered Accountants

Address :

C – 10 Uday Bhanu, Flat – 5 Opposite Ankur School, Fateh Nagar, Paldi, Ahmedabad – 380002, Gujarat, India

PAN No.:

ABWPD3668E

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2012

 

Authorized Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

7500000

Equity Shares

Rs.10/- each

Rs. 75.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1615666

Equity Shares

Rs.10/- each

Rs. 16.156 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

 

16.156

14.156

(b) Reserves & Surplus

 

190.470

113.927

(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)

 

206.626

128.083

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

311.449

220.785

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

311.449

220.785

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

434.530

272.124

(b) Trade payables

 

29.740

5.752

(c) Other current liabilities

 

98.441

149.900

(d) Short-term provisions

 

30.277

18.164

Total Current Liabilities (4)

 

592.988

445.940

 

 

 

 

TOTAL

 

1111.063

794.808

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

422.149

122.188

(i) Tangible assets

 

0.000

0.000

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

0.000

232.448

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

7.321

0.739

(d) Long-term Loan and Advances

 

0.264

0.183

(e) Other Non-current assets

 

1.569

0.811

Total Non-Current Assets

 

431.303

356.369

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

386.866

285.843

(c) Trade receivables

 

44.140

60.372

(d) Cash and cash equivalents

 

77.922

35.302

(e) Short-term loans and advances

 

166.015

54.051

(f) Other current assets

 

4.817

2.871

Total Current Assets

 

679.760

438.439

 

 

 

 

TOTAL

 

1111.063

794.808

 

 

SOURCES OF FUNDS

 

 

 

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

14.156

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

81.888

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

96.044

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

215.745

2] Unsecured Loans

 

 

4.994

TOTAL BORROWING

 

 

220.739

DEFERRED TAX LIABILITIES

 

 

0.164

 

 

 

 

TOTAL

 

 

316.947

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

109.262

Capital work-in-progress

 

 

6.224

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

146.545

 

Sundry Debtors
 

 

48.278

 

Cash & Bank Balances
 

 

52.431

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

49.331

Total Current Assets
 

 

296.585

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

0.000

 

Other Current Liabilities
 

 

87.343

 

Provisions
 

 

9.404

Total Current Liabilities
 

 

96.747

Net Current Assets
 

 

199.838

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

1.623

 

 

 

 

TOTAL

 

 

316.947

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

 

 

REVENUE

3101.300

2228.800

1563.440

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

189.230

99.460

62.330

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

88.870

35.380

28.310

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

100.360

64.080

34.020

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                    

24.740

13.590

12.380

 

 

 

 

 

 

PROFIT BEFORE TAX

75.620

50.490

21.640

 

 

 

 

 

Less

TAX                                                     

17.080

18.450

6.140

 

 

 

 

 

 

PROFIT AFTER TAX

58.540

32.040

15.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

47.29

35.67

12.99

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.09

11.49

5.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.37

0.39

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

3.61

3.85

2.30

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

0.98

3.07

 

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

 

(Rs. In Millions)

(Rs. In Millions)

Share Capital

14.156

16.156

Reserves & Surplus

113.927

190.470

Net worth

128.083

206.626

 

 

 

long-term borrowings

220.785

311.449

Short term borrowings

272.124

434.530

Total borrowings

492.909

745.979

Debt/Equity ratio

3.848

3.610

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2010

31.03.2011

31.03.2012

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Revenue  

1563.440

2228.800

3101.300

 

 

42.557

39.147

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2010

31.03.2011

31.03.2012

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1563.440

2228.800

3101.300

Profit

15.500

58.540

32.040

 

0.99%

2.63%

1.03%

 

 

 

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

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

No

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

Yes

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATIONS DETAILS:

 

HIGH COURT OF GUJARAT

 

COMPANY PETITION No. 38 of 2014

 

Status : PENDING

( Converted from : O/ST/367/2014)

CCIN No : 001058201400038

 

Last Listing Date: 13/11/2014

 

Coram : HONOURABLE MR.JUSTICE N.V.ANJARIA

 

S.NO.

Name of the Petitioner

Advocate On Record

1

PEREGRINE GUARDING PRIVATE LIMITED

MR BHARAT JANI for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

S.NO.

Name of the Respondant

Advocate On Record

1

TORQUE AUTOMOTIVE PRIVATE LIMITED

MR SP MAJMUDAR for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

11/02/2014

Registered On

20/02/2014

Bench Category

: -

District

AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

12 times

 

StageName

NOTICE RETURNABLE MATTERS

Classification

SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434

Act

COMPANIES ACT, 1956

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

11/02/2014

VAKALATNAMA

MR BHARAT JANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR BHARAT JANI(352) for P:1

2

11/02/2014

MEMO OF APPEAL/PETITION/SUIT

MR BHARAT JANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

100

MR BHARAT JANI(352), for P:1

3

05/03/2014

AFFIDAVIT OF DS

MR BHARAT JANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR BHARAT JANI(352) for P:1

4

13/03/2014

VAKALATNAMA

MR SP MAJMUDAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR SP MAJMUDAR(3456) for R:1

5

27/06/2014

AFFIDAVIT IN REPLY

MR SP MAJMUDAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR SP MAJMUDAR(3456) for R:1

Court Proceedings

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

24/02/2014

15

3

ADMISSION (FRESH MATTERS)

FIXED NOTICE

HONOURABLE MR.JUSTICE R.M.CHHAYA

2

11/03/2014

9

33

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

HONOURABLE MR.JUSTICE R.M.CHHAYA

3

11/04/2014

9

37

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

4

02/05/2014

9

21

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

5

18/06/2014

9

38

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

6

09/07/2014

9

32

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

7

30/07/2014

9

44

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

8

13/08/2014

9

41

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

9

19/08/2014

18

48

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

HONOURABLE MR.JUSTICE N.V.ANJARIA

10

09/09/2014

17

23

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE N.V.ANJARIA

11

29/09/2014

17

35

NOTICE RETURNABLE MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE N.V.ANJARIA

12

13/11/2014

18

35

NOTICE RETURNABLE MATTERS

 

HONOURABLE MR.JUSTICE N.V.ANJARIA

            Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

1

COMPANY PETITION/38/2014

HONOURABLE MR.JUSTICE R.M.CHHAYA

24/02/2014

N

ORDER

-

2

COMPANY PETITION/38/2014

HONOURABLE MR.JUSTICE N.V.ANJARIA

09/09/2014

N

ORDER

-

 

UNSECURED LOAN

 

Particulars

As on

31.03.2012

As on

31.03.2011

 

(Rs. In Millions)

LONG TERM BORROWINGS:

 

 

Other loans and advances

175.821

170.411

Total

175.821

170.411

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10504635

30/09/2013

25,000,000.00

UNITED BANK OF INDIA

AHMEDABAD BRANCH, UNITED BANK OF INDIA BUILDING, LAL DARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA

B96656855

2

10363784

18/07/2014 *

564,600,000.00

DENA BANK

188-A, DENA LAXMI BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA

C14146542

3

10429365

22/06/2012

600,000,000.00

VOLKSWAGEN FINANCE PRIVATE LIMITED

3, NORTH AVENUE, LEVEL 5, MAKER MAXITY,, BANDRA KURLA COMPLEX, KALA NAGAR, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA

B59200519

4

10363693

18/07/2014 *

564,600,000.00

DENA BANK

188-A, DENA LAXMI BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA

C14089692

 

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 records 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 judgment 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.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

JAY

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

33

 

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.