MIRA
INFORM REPORT
|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
STRETCH BANDS ( |
|
|
|
|
Registered
Office : |
Plot No.283/A, G.I.D.C., Chitra Estate, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.04.1996 |
|
|
|
|
Com. Reg. No.: |
04-029454 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1996PTC029454 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Elastic Tapes. |
|
|
|
|
No. of Employees
: |
100 (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 39000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behavior : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. External borrowings of the company seems to be huge during 2014. However, trade relations are fair. Business is active. Payment 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) |
|
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
slowly 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 Electro herm 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 Blue Ridge 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 willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
On Mobile 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 : |
Mr. Bhavin Joshi |
|
Designation : |
Admin Department |
|
Contact No.: |
91-278-244577 |
|
Date : |
29.10.2014 |
LOCATIONS
|
Registered Office : |
Plot No.283/A, G.I.D.C., Chitra Estate, Bhavnagar – 364 004, Gujarat,
India |
|
Tel. No.: |
91-278-2445430/ 2445177 |
|
Mobile No.: |
91-9821089313 (Mr. Ramesh Mehta) |
|
Fax No.: |
91-278-2445740 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales and Marketing Office: |
B-503/504, Kailash Esplanade, L.B.S. Marg, Ghatkopar
(West), Mumbai - 400 086, Maharashtra, India |
|
Tel. No.: |
91-22-25004243 |
|
Fax No.: |
91-22-25008523 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Ms.
Minaben Rameshbhai Mehta |
|
Designation : |
Director |
|
Address : |
D-225, Kalvibid, Opposite Water Tank, Bhavnagar, Gujarat,
India |
|
Date of Birth/Age : |
20.01.1946 |
|
Date of Appointment : |
25.04.1996 |
|
DIN No.: |
00369504 |
|
|
|
|
Name : |
Mr.
Dhirendra Vrajlal Mody |
|
Designation : |
Director |
|
Address : |
43, Dev Bagh, Behind Darshan Flats, Bhavnagar, Gujarat, India |
|
Date of Birth/Age : |
03.09.1930 |
|
Date of Appointment : |
25.04.1996 |
|
DIN No.: |
00369348 |
|
|
|
|
Name : |
Ms. Binduben Sunilbhai Mody |
|
Designation : |
Director |
|
Address : |
11, Vraj Apartments, Navroji Lane, Ghatkopar, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
03.04.1966 |
|
Date of Appointment : |
25.04.1996 |
|
DIN No.: |
00369480 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin Joshi |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mehta
Bharat Arvindbhai |
|
6000 |
|
Mehta
Bhavna Mineshbhai |
|
6000 |
|
Mehta
Hiral Rameshbhai |
|
12000 |
|
Mehta
Minaben Rameshbhai |
|
216000 |
|
Mody
Binduben Sunilbhai |
|
6000 |
|
Mody
Dhirendra Vrajlal |
|
304000 |
|
Modi
Ravi Dhirendrabhai |
|
90000 |
|
Lalitbhai
jointly with others |
|
1 |
|
Harkant
P. Vyas Jointly with others |
|
1 |
|
Kulin
R. Modi Jointly with Others |
|
1 |
|
Amit
P. Chheda Jointly with others |
|
1 |
|
Gopi
A. Mehta Jointly with others |
|
1 |
|
Mulraj
S. Shah Jointly with others |
|
1 |
|
Mehta
Spinning, India |
|
40000 |
|
Smituben
K. Shelarka |
|
20000 |
|
Brijesh
H. Shah Jointly with others |
|
1 |
|
Viresh
A. Mehta jointly with others |
|
1 |
|
Nagardas
Maganlal Muni jointly with others |
|
1 |
|
Rinkal
Jitubhai Bhayani jointly with others |
|
1 |
|
Virendra
Dharamchand Shah Jointly with others |
|
1 |
|
Harshadrai
B.Mehta jointly with others |
|
1 |
|
Prataprai
nemchand Bhayani jointly with others |
|
1 |
|
Purvi
A. Mehta jointly with others |
|
1 |
|
Rupesh
P. Sheth jointly with others |
|
1 |
|
Kaniyalal
C. Lakhani jointly with others |
|
1 |
|
Jaymin
B. Thakkar jointly with others |
|
1 |
|
Total
|
|
700017 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Elastic Tapes. |
|
u |
|
|
Products : |
·
Plastic Type |
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Exports : |
|
|
Products : |
·
Finished Good |
|
Countries : |
·
USA ·
UAE |
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|
|
|
Imports : |
|
|
Products : |
·
Raw Material |
|
Countries : |
·
Malaysia |
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|
|
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Terms : |
|
|
Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEMs |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
State Bank of India, Industrial Estate Branch,
Chitra, Bhavnagar – 364 004, Gujarat, India |
|||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
NOTE: Long Term Borrowing · The Long Term borrowings from Bank include term loans secured against Hypothecation of Plant & Machinery and E M of immovable properties of the company. · Repayment obligation is Rs.2.339Millions p. a. · Default in repayment of principal of Rs. NIL as on 31-3-2014. Short Term
Borrowing · Cash Credit Facility is repayable on demand and secured against hypothecation of stock, book debts and export bills. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Unmesh Mehta and Company Chartered Accountants |
|
Address : |
9, Nem Ashish Apartments, Second Floor, Geeta Chowk, Bhavnagar – 364
001, Gujarat, India |
|
Tel. No.: |
91-278-2203349/ 2200520 |
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Fax No.: |
91-278-2203349 |
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E-Mail : |
|
|
PAN No.: |
AARPM7268D |
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|
|
|
Associates Concern : |
·
Fancy Fastner Private Limited ·
Lion Tapes Private Limited |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,017 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7.000 |
7.000 |
7.000 |
|
(b) Reserves & Surplus |
6.568 |
9.757 |
8.594 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
13.568 |
16.757 |
15.594 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
90.286 |
66.649 |
42.658 |
|
(b) Deferred tax liabilities (Net) |
6.408 |
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) |
96.694 |
66.649 |
42.658 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
28.733 |
30.447 |
30.141 |
|
(b)
Trade payables |
5.141 |
6.500 |
5.658 |
|
(c)
Other current liabilities |
5.846 |
20.476 |
18.024 |
|
(d) Short-term
provisions |
2.005 |
1.080 |
1.035 |
|
Total Current
Liabilities (4) |
41.725 |
58.503 |
54.858 |
|
|
|
|
|
|
TOTAL |
151.987 |
141.909 |
113.110 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
48.135 |
41.268 |
30.624 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.008 |
0.008 |
0.008 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.920 |
0.224 |
0.047 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
50.063 |
41.500 |
30.679 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
66.869 |
70.423 |
60.490 |
|
(c)
Trade receivables |
25.907 |
26.223 |
20.852 |
|
(d) Cash
and cash equivalents |
1.364 |
1.671 |
0.514 |
|
(e)
Short-term loans and advances |
4.292 |
0.648 |
0.324 |
|
(f)
Other current assets |
3.492 |
1.444 |
0.251 |
|
Total
Current Assets |
101.924 |
100.409 |
82.431 |
|
|
|
|
|
|
TOTAL |
151.987 |
141.909 |
113.110 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
141.286 |
77.533 |
89.188 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.837 |
1.437 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.329 |
0.274 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2.508 |
1.163 |
1.056 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
USD1398303 79.024 |
USD392535 21.502 |
USD159212 7.512 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15.530 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
0.259 |
2.025 |
0.263 |
|
|
TOTAL IMPORTS |
145.789 |
2.025 |
0.263 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.58 |
1.66 |
1.51 |
|
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72 |
1.85 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.52 |
1.01 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.09 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
8.77 |
5.79 |
4.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44 |
1.72 |
1.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7.000 |
7.000 |
7.000 |
|
Reserves & Surplus |
8.594 |
9.757 |
6.568 |
|
Net
worth |
15.594 |
16.757 |
13.568 |
|
|
|
|
|
|
long-term borrowings |
42.658 |
66.649 |
90.286 |
|
Short term borrowings |
30.141 |
30.447 |
28.733 |
|
Total
borrowings |
72.799 |
97.096 |
119.019 |
|
Debt/Equity
ratio |
4.668 |
5.794 |
8.772 |
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image006.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
89.188 |
77.533 |
141.286 |
|
|
|
(13.068) |
82.227 |
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
89.188 |
77.533 |
141.286 |
|
Profit |
1.056 |
1.163 |
2.508 |
|
|
1.18% |
1.50% |
1.78% |
%20PRIVATE%20LIMITED%20-%20291931%2029-Oct-2014_files/image010.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 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 |
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 LOAN
|
Particular |
As on 31.03.2014 (Rs. In Millions) |
)As on 31.03.2013 Rs. In Millions) |
|
Long Term
Borrowing |
|
|
|
Loan from Director |
10.654 |
8.259 |
|
Loan from Members, Relatives |
66.555 |
54.091 |
|
|
|
|
|
Total |
77.209 |
62.350 |
Contingent
Liabilities:-
· In respect of guarantee given by company for credit limits availed by M/s Lion Tapes Private Limited from Bank amounting to Rs. 49.200 Millions
· No provision has been made in the accounts in respect of following disputed demands /Claims against the Company pending before various courts / authorities.
I. Income Tax Demand Payable in respect of assessment against which the Company has preferred appeal before ITAT and the matter is pending. The company has paid Rs. 0.109 Million as advance against the demand. Management is of the opinion that Company has a strong case and it will be decided in its favor.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10242726 |
22/08/2010 |
1,600,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, CHITRA,
BHAVNAGAR, GUJARAT - 364004, INDIA |
A95112140 |
|
2 |
10242729 |
22/08/2010 |
2,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, CHITRA,
BHAVNAGAR, GUJARAT - 364004, INDIA |
A95113338 |
|
3 |
90105556 |
02/11/2013 * |
59,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, CHITRA,
BHAVNAGAR, GUJARAT - 364004, INDIA |
B89799118 |
|
4 |
90105199 |
23/03/2004 * |
10,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, V.N. ROAD; FORT, MUMBAI,
MAHARASHTRA - 400023, INDIA |
- |
*Date of charge modification
FIXED ASSETS:
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Plant and Machinery
·
Factory Equipment and Tools
·
Office Equipments
·
Computers
·
Vehicles
·
Furniture Fittings and Dead Stock
·
Effluent Treatment Plant
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.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--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.