MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAERTEX INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Saertex Excellence Centre, S No. 282, Mann Village, Mulshi Hinjewadi
Phase II, Pune – 411057, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
30.05.2005 |
|
|
|
|
Com. Reg. No.: |
25-020804 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.040
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18109PN2005PTC020804 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES15293F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS101M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stitched Bonded Fabrics |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The management has failed to file its financial record with government
department for the year 2013. As per previous financial record of 2012, the company has incurred
loss from its operational activities. However, trade relations are fair. Business sis active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing 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.
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.
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 : |
Ms. Aarti Herlekar |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-20-66537600 |
LOCATIONS
|
Registered Office/ Factory : |
Saertex Excellence Centre, S No. 282, |
|
Tel. No.: |
91-20-66537600 |
|
Fax No.: |
91-20-66537603 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
(AS ON 28.06.2013)
|
Name : |
Mr. Chandra Palackal Kunjachan Bose |
|
Designation : |
Managing Director |
|
Address : |
D1, 202, Landmark Kalyani Nagar, Pune-411006, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1959 |
|
Date of Appointment : |
08.07.2005 |
|
DIN No. : |
01550320 |
|
|
|
|
Name : |
Mr. Bruno Heirich Lammers |
|
Designation : |
Director |
|
Address : |
Veltrup 20, D48282, EMS Detten-48282, Northshine Westfalia |
|
Date of Birth/Age : |
21.05.1953 |
|
Date of Appointment : |
08.07.2005 |
|
DIN No. : |
02461867 |
|
|
|
|
Name : |
Mr. Stefan Gunter Huge Sive Huwe |
|
Designation : |
Director |
|
Address : |
Anne Frank Ring, 14 Street, Steinfurt-048565, Northshine Westfalia |
|
Date of Birth/Age : |
15.05.1966 |
|
Date of Appointment : |
08.07.2005 |
|
DIN No. : |
02155010 |
KEY EXECUTIVES
|
Name : |
Ms. Aarti Herlekar |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Gopal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.06.2013)
|
Names of Shareholders |
No. of Shares |
%age |
|
|
|
|
|
Saertex Beteilingungs GMBH, Germany |
1407 |
99.93 |
|
Saertex GMBH and Company, Germany |
1 |
0.07 |
|
|
|
|
|
Total |
1408 |
100.00 |
(AS ON 30.06.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stitched Bonded Fabrics |
||||
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|
Products : |
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Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
· Germany · USA · China · Portugal |
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|
|
||||
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Imports : |
|
||||
|
Products : |
·
Raw Material |
||||
|
Countries : |
·
China ·
Germany ·
USA |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON: 31.12.2012)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
|
|
|
|
|
|
|
Stich Bonded Fabrics |
Metric Tons |
10000 |
7500 |
3008 |
*The installed capacity is as certified by the Management and the actual
production is as per Company on which the Auditors have placed reliance.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
70 (Approximately) |
|
|
|
|
Bankers : |
·
Deutche Bank, Anudh, Pune, Maharashtra, India ·
State Bank of India, JNPT Branch, Mumbai,
Maharashtra, India ·
Axis Bank Limited, J. M. Road, Pune, Maharashtra,
India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountant |
|
Address : |
802, Lloyds Chambers , Block II, 409, Barne Road, Near Sinchan Bhavan,
Pune –
411011, Maharashtra, India |
|
Tel. No.: |
91-22-22047722/23/66338343/47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
|
|
PAN No.: |
AAAFS2967E |
|
|
|
|
Holding Company : |
· Saertex Beteilingungs GMBH, Germany |
|
|
|
|
Fellow Subsidiaries : |
·
Saertex USA LLLC ·
Saertex Reinforcement China Company Limited ·
Saertex Kenrock (India) Private Limited ·
Saertex Multicom GMBH ·
Saertex Portugal ·
Saertex South Africa (Pty) Limited |
|
|
|
|
Associates : |
· Saertex Gmbh and Company KG |
CAPITAL STRUCTURE
(AS ON 28.06.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500 |
Equity Shares |
Rs.5000/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1408 |
Equity Shares |
Rs.5000/-
each |
Rs.7.040
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
7.040 |
7.040 |
|
(b) Reserves & Surplus |
|
153.928 |
225.786 |
|
(c) Differed Government Subsidy |
|
3.066 |
3.650 |
|
(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) |
|
164.034 |
236.476 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
34.999 |
65.933 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
1.582 |
1.448 |
|
Total Non-current
Liabilities (3) |
|
36.581 |
67.381 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
69.549 |
81.218 |
|
(b) Trade
payables |
|
39.391 |
50.346 |
|
(c) Other
current liabilities |
|
65.680 |
43.098 |
|
(d) Short-term
provisions |
|
0.093 |
0.000 |
|
Total Current
Liabilities (4) |
|
174.713 |
174.662 |
|
|
|
|
|
|
TOTAL |
|
375.328 |
478.519 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
87.897 |
120.753 |
|
(ii)
Intangible Assets |
|
1.807 |
2.305 |
|
(iii)
Capital work-in-progress |
|
0.000 |
25.145 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
13.864 |
13.666 |
|
(e) Other
Non-current assets |
|
7.670 |
0.276 |
|
Total Non-Current
Assets |
|
111.238 |
162.145 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
57.474 |
111.427 |
|
(c) Trade
receivables |
|
128.049 |
128.413 |
|
(d) Cash
and cash equivalents |
|
0.957 |
7.181 |
|
(e)
Short-term loans and advances |
|
77.610 |
69.353 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
264.090 |
316.374 |
|
|
|
|
|
|
TOTAL |
|
375.328 |
478.519 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
7.040 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
211.450 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
218.490 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
121.895 |
|
|
TOTAL BORROWING |
|
|
121.895 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.025 |
|
|
Deferred Government Subsidy |
|
|
4.234 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
353.644 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
126.639 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
88.815
|
|
|
Sundry Debtors |
|
|
125.618
|
|
|
Cash & Bank Balances |
|
|
9.911
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
121.793
|
|
Total
Current Assets |
|
|
346.137
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
70.851
|
|
|
Other Current Liabilities |
|
|
12.248
|
|
|
Provisions |
|
|
36.044 |
|
Total
Current Liabilities |
|
|
119.143 |
|
|
Net Current Assets |
|
|
226.994
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
353.644 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
350.725 |
537.113 |
514.594 |
|
|
|
Other Income |
8.550 |
7.368 |
15.063 |
|
|
|
TOTAL (A) |
359.275 |
544.481 |
529.657 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
420.447 |
493.264 |
439.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(61.172) |
51.217 |
90.147 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
15.845 |
10.526 |
8.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(77.017) |
40.691 |
81.389 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.987 |
19.887 |
19.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(98.004) |
20.804 |
62.348 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(26.146) |
6.468 |
19.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(71.858) |
14.336 |
42.693 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
13.303 |
58.537 |
|
|
TOTAL EARNINGS |
NA |
13.303 |
58.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
89.653 |
18.191 |
|
|
|
Stores & Spares |
NA |
3.870 |
2.220 |
|
|
|
Capital Goods |
NA |
9.957 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
103.480 |
20.411 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51035.51 |
10181.82 |
30321.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(20.00)
|
(2.63) |
8.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(27.94)
|
3.87 |
12.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.11)
|
4.59 |
13.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.60)
|
0.09 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64
|
0.62 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.81 |
1.52 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2011 |
31.12.2012 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
7.040 |
7.040 |
|
Reserves & Surplus |
|
229.436 |
156.994 |
|
Net worth |
|
236.476 |
164.034 |
|
|
|
|
|
|
long-term borrowings |
|
65.933 |
34.999 |
|
Short term borrowings |
|
81.218 |
69.549 |
|
Total borrowings |
|
147.151 |
104.548 |
|
Debt/Equity ratio |
|
0.622 |
0.637 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
514.594 |
537.113 |
350.725 |
|
|
|
4.376 |
(34.702) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
514.594 |
537.113 |
350.725 |
|
Profit |
42.693 |
14.336 |
(71.858) |
|
|
8.30% |
2.67% |
(20.49%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT : NOT AVAILABLE
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Term Loans Deutsche Bank (Secured by corporate Guarantee) |
0.000 |
4.000 |
|
ECB Loan from Saertex GMBH |
34.999 |
61.933 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Overdraft from Bank |
69.549 |
81.218 |
|
|
|
|
|
Total |
104.548 |
147.151 |
BACKGROUND
The company incorporated under the companies act, 1956 on 13th
May 2005 and presently it is a wholly owned subsidiary company of Saertex Betelligumgsgesellschaft GMBH,
Germany.
The company is principally engaged in the
manufacture of Stitch Bonded Fabrics mainly catering to windmill and other
industries manufacturing Auto Bodies, Boat Bodies, Aircraft, etc.
FUTURE OUTLOOK:
The business outlook for
Saertex India looks to be bright, as the wind industry in India is reviving.
The Indian government is giving high emphasis on wind energy whereby new
investments from overseas majors like Siemens-Denmark, Gamesa-Spain, etc. are
coming to India in a big way. Considering these aspects, there could be a
possibility that India will be one of the major producers of wind energy by
year 2020. The estimated
production of wind energy by year 2020 is approximately 25,000 MW. Also, the
government is encouraging more advanced technology wind mills and also
off-shore where by bigger wind mills are being installed upto capacity of 6 MW.
This means definitely the SAERTEX products will have more and more demand in
the sector. Currently there are more than 11 major manufacturers in India which
includes, Suzlon/ Senvion (REpower), World Wind (Formerly Enercon), Inox,
Vestas, Win Wind, Leitwind, Regenpowertech, Globalwind power (Reliance),
Gamesa, GE Energy and RRB Energy. LM the blade manufacturer is also expanding
their capacity in India. When all of them go for full production capacity means
there could be around 10,000 MW and the new entrants will add more capacity.
Also, nacelles and spinners manufacturers Like M/s. Jupiter and Bach's
Composite-Denmark's entry to the Indian market will add additional demand for
SAERTEX fabrics.
Similarly, the automotive
industry will give a lot of leverage to SAERTEX products. The all composite bus
project and also the traditional coach builders are converting to SAERT'EX
fabrics will have a capacity increase for SAERTEX in coming years. The industry
is just in the starting point and down the lane 5 years time they could be one
of the largest users of SAERTEX fabrics.
Marine and Aeronautical
industries in India are just in budding stage and there is likely hood that
these industries shall grow bigger as auto majors like Mahindra and also Honda
are planning to build high end boats in India which will add more SAERTEX
products in coming years. As such SAERTEX India has started entering the marine
industry business and the progress is promising. Area countries business will
also pick up in coming years but these markets are quite unpredictable hence emphasis
is more for Indian market only.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Factory Building
· Plant and Machinery
· Electrical Installations
· Computer
· Furniture and Fixture
· Office Equipment
· Vehicles
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered 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.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.