MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
802/803, The Corporate Centre, Nirmal Life Style, LBS Marg, Mulund
(West), Mumbai - 400080, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.02.1981 |
|
|
|
|
Com. Reg. No.: |
11-023801 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1981PLC023801 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20605E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA1110H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Agricultural Chemicals, Insecticides and
Pesticides. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile
and fair profitability levels of the company. Trade relation are fair. Business is active. Payment are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
|
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
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
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.
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
|
Name : |
Mr. Gawde |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-22-25924782 |
|
Date : |
30.09.2014 |
LOCATIONS
|
Registered Office : |
802/803, The Corporate Centre, Nirmal Life Style, LBS Marg, Mulund
(West), Mumbai - 400080, |
|
Tel. No.: |
91-22-25924782 |
|
Mobile No.: |
91-9769193622 (Mr. Shailesh) |
|
Fax No.: |
91-22-25924781 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
A-15/18, Old MIDC Area, Seoni, |
|
Tel No.: |
91-724-2258160 |
|
Location : |
Owned |
|
|
|
|
Branch : |
Fort, Mumbai, |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Vijay Dilbagh Rai |
|
Designation : |
Director |
|
Address : |
68, Dolphin, |
|
Date of Appointment : |
23.03.2005 |
|
DIN No.: |
00075837 |
|
|
|
|
Name : |
Mr. Rajesh Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
Agarwal House, |
|
Date of Appointment : |
14.03.2005 |
|
DIN No.: |
00210719 |
|
|
|
|
Name : |
Mr. Atul Churiwal |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Appointment : |
14.03.2005 |
|
DIN No.: |
00180595 |
|
|
|
|
Name : |
Ms. Priyanka Vijay Rai |
|
Designation : |
Director |
|
Address : |
Flat No. 40, Shirin Building, Daulat Shiran CHS, Limited, 31, |
|
Date of Appointment : |
29.03.2006 |
|
DIN No.: |
02673947 |
|
|
|
|
Name : |
Mr. Karan Vijay Rai |
|
Designation : |
Director |
|
Address : |
Flat No. 40, Shirin Building, Daulat Shiran CHS, Limited, 31, |
|
Date of Birth/Age : |
10.10.1981 |
|
Date of Appointment : |
15.03.2011 |
|
DIN No.: |
03438712 |
|
|
|
|
|
|
|
Name : |
Mr. Abdulrahim Abdulla Alkhaja |
|
Designation : |
Additional Director |
|
Address : |
C/O Alkhaja Pimex, Post Office Box 11179, |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
03288867 |
Other Directorships :
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909MH2011PTC221827 |
PIMEX INDIA
PRIVATE LIMITED |
Managing
director |
01/10/2011 |
10/09/2011 |
- |
Active |
NO |
|
2 |
U24100MH1981PLC023801 |
|
Director |
30/09/2013 |
03/04/2013 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Gawde |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
SHAREHOLDERS FILE DETAILS ATTACHED.
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
2.90 |
|
Bodies corporate (not Mentioned
above) |
38.19 |
|
Directors
or relatives of directors |
36.35 |
|
Other
top fifty shareholders |
22.56 |
|
|
|
|
TOTAL |
100.00 |
%20LIMITED%20-%20288565%2002-Oct-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agricultural Chemicals, Insecticides and
Pesticides. |
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
·
·
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
|
No. of Employees : |
45 (Approximately) |
||||||||||||||||||||||||||||||
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Bankers : |
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||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.J. Sheth and Associates Chartered Accountants |
|
Address : |
2nd Floor, Seksaria Chambers, 139, |
|
Tel. No.: |
91-22-22671618 |
|
E-Mail : |
|
|
Pan No.: |
AAKPS1414Q |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
610,000 |
Equity Shares |
Rs.10/- each |
Rs. 6.100
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000
Millions |
|
|
Less : Calls in arrears |
|
Rs. (1.200)
Millions |
|
|
Total |
|
Rs.5.800 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 |
5.800 |
5.800 |
5.000 |
|
(b) Reserves & Surplus |
28.406 |
25.983 |
19.212 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
1.200 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
35.406 |
31.783 |
24.212 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.978 |
8.282 |
9.331 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
11.978 |
8.282 |
9.331 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
15.272 |
10.640 |
14.181 |
|
(b) Trade
payables |
11.607 |
17.609 |
22.325 |
|
(c) Other
current liabilities |
0.545 |
0.574 |
2.169 |
|
(d) Short-term provisions |
1.899 |
1.890 |
2.332 |
|
Total Current
Liabilities (4) |
29.323 |
30.713 |
41.007 |
|
|
|
|
|
|
TOTAL |
76.707 |
70.778 |
74.550 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24.353 |
15.418 |
16.338 |
|
(ii)
Intangible Assets |
0.750 |
0.750 |
0.750 |
|
(iii)
Capital work-in-progress |
0.000 |
4.989 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.164 |
0.164 |
0.164 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.406 |
0.406 |
0.171 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
25.673 |
21.727 |
17.423 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
26.169 |
20.728 |
22.584 |
|
(c) Trade
receivables |
19.151 |
24.475 |
27.032 |
|
(d) Cash
and cash equivalents |
1.028 |
1.501 |
2.004 |
|
(e)
Short-term loans and advances |
4.686 |
2.347 |
5.507 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
51.034 |
49.051 |
57.127 |
|
|
|
|
|
|
TOTAL |
76.707 |
70.778 |
74.550 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
66.299 |
59.565 |
71.017 |
|
|
|
Other Income |
0.029 |
0.016 |
0.008 |
|
|
|
TOTAL (A) |
66.328 |
59.581 |
71.025 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
31.247 |
20.761 |
29.803 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock
in trade |
(3.993) |
3.788 |
4.839 |
|
|
|
Employee benefit expense |
13.981 |
10.461 |
11.048 |
|
|
|
Other expenses |
16.971 |
16.127 |
18.039 |
|
|
|
TOTAL (B) |
58.206 |
51.137 |
63.729 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.122 |
8.444 |
7.296 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.650 |
2.095 |
2.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.472 |
6.349 |
4.374 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2.949 |
2.096 |
2.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.523 |
4.253 |
1.967 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
3.182 |
(0.005) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.523 |
1.071 |
1.972 |
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE (RS.) |
3.60 |
1.53 |
2.82 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
Expected Sales (2014-2015): Rs.80.000 Millions
The above information has been parted by – Mr. Gawde (Purchase Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.80
|
1.80
|
2.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.80
|
7.14
|
2.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.29
|
6.48
|
2.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.13
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76
|
0.60
|
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.59
|
1.39 |
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 |
5.000 |
5.800 |
5.800 |
|
Reserves & Surplus |
19.212 |
25.983 |
28.406 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
1.200 |
|
Net
worth |
24.212 |
31.783 |
35.406 |
|
|
|
|
|
|
long-term borrowings |
9.331 |
8.282 |
11.978 |
|
Short term borrowings |
14.181 |
10.640 |
15.272 |
|
Total
borrowings |
23.512 |
18.922 |
27.250 |
|
Debt/Equity
ratio |
0.971 |
0.595 |
0.770 |
%20LIMITED%20-%20288565%2002-Oct-2014_files/image004.gif)
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) |
|
Revenue from operations |
71.017 |
59.565 |
66.299 |
|
|
|
(16.126) |
11.305 |
%20LIMITED%20-%20288565%2002-Oct-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
71.017 |
59.565 |
66.299 |
|
Profit/(Loss) After Tax |
1.972 |
1.071 |
2.523 |
|
|
2.78% |
1.80% |
3.81% |
%20LIMITED%20-%20288565%2002-Oct-2014_files/image008.gif)
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 four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
--- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
--- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
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 |
No |
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWING |
|
|
|
Loans and Advance From Related Parties |
0.536 |
0.836 |
|
|
|
|
|
Total |
0.536 |
0.836 |
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10092450 |
28/03/2012 * |
28,000,000.00 |
STATE BANK OF |
DIAMOND GARDEN
BRANCH, BAHRI RESIDENCY, SION TROM |
B37733524 |
*
Date of charge modification.
BUSINESS OPERATION
AND PERFORMANCE
The company has now headed towards recovery. The sales have increased from
59.000 Millions to 66.000 Millions as, withdrew from pesticides retail – a
losing business. Focused on n=manufacturer of protein Hydrolysate which
provided more certainty in terms of margine and recovery. There was also a
growth in their toll manufacturing activity, which also holds promise in the
future.
There was another change, an investor Pimex India Private Limited
subscribed to a forfeited equity shares issue. This fund allowed to expand the
manufacturing capacity by installing a new spray drier. This capacity will help
to grow in profitable Protein business in the coming years.
FIXED ASSETS:
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer
- Electrical Installation
- 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 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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.