MIRA
INFORM REPORT
|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SREE RENGARAJ ISPAT INDUSTRIES PRIVATE LIMITED (w.e.f. 01.02.2010) |
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|
|
|
Formerly Known
As : |
SREE RENGARAAJ ISPAT PRIVATE LIMITED |
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Registered Office
: |
99, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.05.2003 |
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Com. Reg. No.: |
18-010573 |
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Capital Investment
/ Paid-up Capital : |
Rs.600.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27104TZ2003PTC010573 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of M S Billet. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low reserves
level and low profit margin of the company. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kamadurai |
|
Designation : |
Accountant |
|
Contact No.: |
91-4294-234242 |
|
Date : |
24.11.2014 |
LOCATIONS
|
Registered Office : |
99, Sankagiri Main Road, Nethimedu, Salem – 636016, Tamilnadu, India |
|
Tel. No.: |
91-427-2270235 to 38 |
|
Fax No.: |
91-427-2274000 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. MM 1, Sipcot Industrial Growth Centre, Perunturai, District
Erode – 638052, |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Pondurangan Sampathkumar |
|
Designation : |
Managing director |
|
Address : |
74-New Fairlands, |
|
Date of Birth/Age : |
15.09.1954 |
|
Date of Appointment : |
05.05.2003 |
|
DIN No.: |
00033124 |
|
PAN No.: |
ADDPS3997C |
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|
|
|
Name : |
Mr. Pondurangan Sivakumar |
|
Designation : |
Director |
|
Address : |
1/59, Thoppukadu Brindavan Road, 3rd Cross, New Fairlands, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
11.09.1958 |
|
Date of Appointment : |
05.05.2003 |
|
DIN No.: |
00033202 |
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PAN No.: |
ADDPS3999N |
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|
|
|
Name : |
Mr. Pondurangan Srinivasan |
|
Designation : |
Director |
|
Address : |
17/1, V K Koil Street, Near Shvaya Nagar, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
19.06.1960 |
|
Date of Appointment : |
05.05.2003 |
|
DIN No.: |
01728501 |
|
PAN No.: |
ADDPS3998P |
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|
|
|
Name : |
Mr. Pradeepkumar Sampathkumar |
|
Designation : |
Director |
|
Address : |
74-New Fairlands, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
18.07.1979 |
|
Date of Appointment : |
07.11.2003 |
|
DIN No.: |
00034322 |
|
PAN No.: |
AEAPP2590J |
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|
|
|
Name : |
Mr. Sampath Kumar Harish |
|
Designation : |
Director |
|
Address : |
74-New Fairlands, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
08.04.1982 |
|
Date of Appointment : |
07.11.2003 |
|
DIN No.: |
00034332 |
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PAN No.: |
ABJPH8938E |
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|
|
|
Name : |
Mr. Vijaysundar Sivakumar |
|
Designation : |
Director |
|
Address : |
1/59, Thoppukadu Brindavan Road, 3rd Cross, New Fairlands, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
25.03.1985 |
|
Date of Appointment : |
07.11.2003 |
|
DIN No.: |
01728510 |
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PAN No.: |
ADIPV2887K |
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|
|
|
Name : |
Mr. Shyam Sundar Sivakumar |
|
Designation : |
Director |
|
Address : |
1/59, Thoppukadu Brindavan Road, 3rd Cross, New Fairlands, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
26.03.1983 |
|
Date of Appointment : |
07.11.2003 |
|
DIN No.: |
01731879 |
|
PAN No.: |
AWHPS3292B |
|
|
|
|
Name : |
Mr. Kumaran Srinivasan |
|
Designation : |
Director |
|
Address : |
17/1, V K Koil Street, Near Shvaya Nagar, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
08.11.1982 |
|
Date of Appointment : |
07.11.2003 |
|
DIN No.: |
01726212 |
|
PAN No.: |
BORROWINGS |
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|
|
|
Name : |
Mr. Badhri Prasad Srinivasan |
|
Designation : |
Director |
|
Address : |
17/1, V K Koil Street, Near Shvaya Nagar, Salem – 627016, Tamilnadu, India |
|
Date of Birth/Age : |
27.04.1988 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
02789500 |
|
PAN No.: |
AKQPB1260R |
KEY EXECUTIVES
|
Name : |
Mr. Kamadurai |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
26.17 |
|
Directors or relatives of Directors |
73.83 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of M S Billet. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Wholesalers · Retailers
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
T N Ramadoss and Company Chartered Accountants |
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Address : |
5 4 , Town Railwaystation Road, Salem, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFT9046R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant
influence of or are partners
with Key management personnel and their relatives: |
· Sree Rengaraj Steels(Karaikal) · Sree Rengaraj Steel and Alloys |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs. 600.000 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 |
600.000 |
562.865 |
276.785 |
|
(b) Reserves & Surplus |
11.739 |
5.243 |
26.257 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
47.480 |
|
Total
Shareholders’ Funds (1) + (2) |
611.739 |
568.108 |
350.522 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1352.308 |
1500.695 |
1361.898 |
|
(b) Deferred tax liabilities
(Net) |
1.338 |
0.000 |
7.406 |
|
(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) |
1353.646 |
1500.695 |
1369.304 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
194.817 |
196.987 |
110.584 |
|
(b) Trade payables |
731.729 |
608.882 |
419.485 |
|
(c) Other current liabilities |
313.135 |
274.469 |
119.744 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.038 |
|
Total
Current Liabilities (4) |
1239.681 |
1080.338 |
649.851 |
|
|
|
|
|
|
TOTAL |
3205.066 |
3149.141 |
2369.677 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2161.276 |
2262.094 |
354.957 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
1373.609 |
|
(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 |
1.599 |
0.000 |
|
(d) Long-term Loan and Advances |
15.914 |
21.329 |
59.523 |
|
(e) Other Non-current assets |
64.888 |
93.685 |
38.554 |
|
Total
Non-Current Assets |
2242.078 |
2378.707 |
1826.643 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
318.441 |
272.616 |
111.541 |
|
(c) Trade receivables |
479.435 |
286.397 |
318.642 |
|
(d) Cash and cash equivalents |
63.538 |
67.318 |
40.852 |
|
(e) Short-term loans and
advances |
81.195 |
138.116 |
71.846 |
|
(f) Other current assets |
20.379 |
5.987 |
0.153 |
|
Total
Current Assets |
962.988 |
770.434 |
543.034 |
|
|
|
|
|
|
TOTAL |
3205.066 |
3149.141 |
2369.677 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
3729.312 |
1801.728 |
1122.132 |
|
|
Other Income |
49.378 |
15.537 |
41.649 |
|
|
TOTAL
(A) |
3778.690 |
1817.265 |
1163.781 |
|
|
|
|
|
|
|
Less |
EXPENSES(B) |
3324.687 |
1686.002 |
1072.239 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
454.003 |
131.263 |
91.542 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
290.338 |
110.191 |
50.492 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
163.665 |
21.072 |
41.050 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
153.434 |
51.090 |
35.753 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
10.231 |
(30.018) |
5.297 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
3.735 |
(9.004) |
1.646 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
6.496 |
(21.014) |
3.651 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.08 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin PAT/ Sales |
(%) |
0.17 |
(1.17) |
0.33 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
12.17 |
7.29 |
8.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32 |
(0.95) |
0.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.05) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.53 |
2.99 |
4.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.71 |
0.84 |
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 |
276.785 |
562.865 |
600.000 |
|
Reserves & Surplus |
26.257 |
5.243 |
11.739 |
|
Share Application money
pending allotment |
47.480 |
0.000 |
0.000 |
|
Net
worth |
350.522 |
568.108 |
611.739 |
|
|
|
|
|
|
long-term borrowings |
1361.898 |
1500.695 |
1352.308 |
|
Short term borrowings |
110.584 |
196.987 |
194.817 |
|
Total
borrowings |
1472.482 |
1697.682 |
1547.125 |
|
Debt/Equity
ratio |
4.201 |
2.988 |
2.529 |
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 |
1122.132 |
1801.728 |
3729.312 |
|
|
|
60.563 |
106.985 |
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 |
1122.132 |
1801.728 |
3729.312 |
|
Profit |
3.651 |
(21.014) |
6.496 |
|
|
0.33% |
(1.17%) |
0.17% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
PERFORMANCE
This is a first full year of production for Furnace Division and 30 MW Power Division (coal based), hence it cannot be comparable with previous year. During the year under the review, total turnover and other income of the company has been increased by Rs.1961.425 Millions. The PBDI/Sales has been increased from 7.22% to 12.01%. The Profit before depreciation and interest has been increased by Rs.322.740 Millions. However increase in depreciation and interest cost the company is able to earn only profit before tax of Rs.10.231 Millions. During the year the company earned cash profit of Rs.159.930 Millions as against Rs.30.076 Millions in the previous year. The Performance of the Company was good. During the year the Company has produced 66326 MT of Sponge Iron, 67748 MT of Billets, 293 MT of MS Bars and Rods, 233423331 units of Electricity.
FUTURE PROSPECTS:
Effective steps have been taken to put all the machineries to optimum utilization and to increase the turnover of the Company.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
300.149 |
272.799 |
|
Short-term
borrowings |
|
|
|
Deposits from others |
4.125 |
10.624 |
|
Loans and advances from directors |
1.238 |
1.384 |
|
Total |
305.512 |
284.807 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED
|
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10220154 |
01/06/2011 * |
1,150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 78/79, PARK ROAD, C D BUILDING, ERODE, TAMIL NADU - 638003, INDIA |
B16458069 |
|
2 |
90004281 |
12/12/2013 * |
1,652,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
13-16, LIGHT HOUSE
COMPLEX,, FOUR ROAD,, SALEM, T |
B95624037 |
|
3 |
90004277 |
21/10/2004 * |
53,538,000.00 |
THE SOUTH INDIAN BANK LIMITED |
SALEM MAIN,
SHEVAPET, SALEM, TAMIL NADU - 636002, |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
Intangible assets
· Goodwill
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 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.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.