MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMIANTIT FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED (w.e.f.
05.03.2004) |
|
|
|
|
Formerly Known
As : |
AMITECH PIPE SYSTEMS ( |
|
|
|
|
Registered
Office : |
Salgaocar Centre, 3rd Floor, Rua De Ourem, Panaji – 403
001, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.02.2003 |
|
|
|
|
Com. Reg. No.: |
24-003186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25191GA2003PTC003186 |
|
|
|
|
IEC No.: |
1703000340 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA04555F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA2324A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Glass Reinforced Polyester (GRP) Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having poor track record. The company has incurred huge accumulated losses which has eroded
networth of the company. Liquidity position of the company is under pressure.
Payments are reported to be slow and delayed. The company can be considered for business dealings on fully safe and
secured trade terms and conditions. Note: As per the
director report of 2013, the management has register case (Case No. 64/2013)
with board for industrial and financial reconstruction under section 15 (1)
of sick industrial companies act 1985. In accordance with the board
resolution dated 20.05.2013, reference to BIFR was filed on 04.07.2014
requesting BIFR for determination of the measure which shall be adopted with
respect to the company. However, vide order dated 04.02.2014, BIFR abated the
reference with immediate effect thereto.
|
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
Unable to Contact
Contact No.: 91-832-6619916 / 6413120
/ 6619999 (Not Working)
91-832-2228612 (Continuously Ringing)
LOCATIONS
|
Registered Office : |
Salgaocar Centre, 3rd Floor, Rua De Ourem, Panaji – 403
001, Goa, India |
|
Tel. No.: |
91-832-2228612 / 6619999 |
|
Fax No.: |
91-832-2224324 / 6619900 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Rented |
DIRECTORS
As on: 30.09.2013
|
Name : |
Dr. Solaiman Abdul Aziz Altwaijri
|
|
Designation : |
Chairman |
|
Address : |
1st Industrial Area, P.O. Box No.589, Damam, 31421, |
|
Date of Birth/Age : |
26.10.1965 |
|
Date of Appointment : |
24.05.2008 |
|
DIN No.: |
02235572 |
|
|
|
|
Name : |
Mr. Sager Abdulaziz Othman |
|
Designation : |
Additional Director |
|
Address : |
House No. 52, naseem District, Jeddam – 21451, Saudi Arabia |
|
Date of Birth/Age : |
18.11.1963 |
|
Date of Appointment : |
17.12.2012 |
|
DIN No.: |
06516528 |
|
|
|
|
Name : |
Mr. Sommerei Jns Marie Julie Pierre |
|
Designation : |
Nominee Director |
|
Address : |
1st Industrial City, P. O. Box 589, Dammam –
31421, Saudi Arabia |
|
Date of Birth/Age : |
16.07.1958 |
|
Date of Appointment : |
23.03.2013 |
|
DIN No.: |
06567758 |
|
|
|
|
Name : |
Mr. Kavithankar Savlaram Ashok |
|
Designation : |
Nominee Director |
|
Address : |
House No. 15/A, Near Rodrigues Provison Store, Kataim Baina, Vasco Da
Gama, South Goa – 403802, Goa |
|
Date of Birth/Age : |
05.08.1947 |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06641331 |
|
|
|
|
Name : |
Fonseca Francis Joseph |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 43, 2nd Floor, Near Salgaocar Qtrs, Ward No. 7, Baina
Vasco Da Gam, South Goa – 403802, Goa, India |
|
Date of Birth/Age : |
16.08.1950 |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06640934 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shivanand V. Salgaocar |
|
1050000 |
|
Ranjana S. Salgaocar |
|
2000000 |
|
Swati S. Salgaocar |
|
1000000 |
|
Vivek S. Salgaocar |
|
1000000 |
|
Mahadhan Real Estates LLP, India |
|
1950000 |
|
Pyramid Finance Private Limited, India |
|
500000 |
|
Amitech Cyprus Holding Limited, |
|
17500000 |
|
|
|
|
|
Total
|
|
25000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
70.00 |
|
Bodies corporate |
|
9.80 |
|
Other top fifty shareholders |
|
20.20 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Reinforced Polyester (GRP) Products. |
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||||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
(as certified by the management) - *
|
Particulars |
Unit |
Actual
Production |
|
Glass reinforced polyester tanks |
Nos. |
17 |
|
# Glass reinforced polyester pipes [Includes unmounted pipes of 37,688 mtrs,] |
Mtrs. |
60431 |
* Installed
capacities are not quantifiable, since the company manufactures a wide variety
of pipes and installed capacity varies depending upon the product mix.
# Glass reinforced
polyester pipes are pipes mounted with couplings.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Corporation Bank, Panaji Branch Dr. Atmaram Borkar Road, Opposite Municipal Garden P.B. No. 87, Panaji - 403001, Goa, India |
||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
N. M. Shiolkar and Associates Chartered Accountants |
|
Address : |
3/UG-4, Models Residency, St. Inez, Panaji, Goa - 403 001, India |
|
PAN No.: |
BVLPS4995M |
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|
|
|
Ultimate Holding Company: |
·
Saudi Arabian Amiantit Company |
|
|
|
|
Fellow Subsidiary : |
·
Amiantit Fibreglass Industries Limited ·
Flowtite Technology Bahrain Limited ·
Flowtite Technology AS ·
Amitech Services AG |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 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 |
250.000 |
250.000 |
250.000 |
|
(b) Reserves & Surplus |
(549.164) |
(38.197) |
164.351 |
|
(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) |
(299.164) |
211.803 |
414.351 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
124.425 |
136.758 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
1.008 |
|
(d) long-term
provisions |
0.000 |
5.085 |
10.838 |
|
Total Non-current
Liabilities (3) |
0.000 |
129.510 |
148.604 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
293.025 |
276.035 |
182.911 |
|
(b)
Trade payables |
289.917 |
209.485 |
141.214 |
|
(c)
Other current liabilities |
544.518 |
352.458 |
311.671 |
|
(d) Short-term
provisions |
22.227 |
16.228 |
9.586 |
|
Total Current
Liabilities (4) |
1149.687 |
854.206 |
645.382 |
|
|
|
|
|
|
TOTAL |
850.523 |
1195.519 |
1208.337 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
488.094 |
571.340 |
410.012 |
|
(ii)
Intangible Assets |
0.129 |
0.230 |
0.331 |
|
(iii)
Capital work-in-progress |
0.473 |
0.090 |
208.091 |
|
(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 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
82.787 |
77.104 |
58.886 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
7.076 |
|
Total Non-Current
Assets |
571.483 |
648.764 |
684.396 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
158.257 |
349.961 |
295.358 |
|
(c)
Trade receivables |
64.661 |
64.222 |
133.319 |
|
(d) Cash
and cash equivalents |
31.279 |
83.292 |
43.690 |
|
(e)
Short-term loans and advances |
24.843 |
48.305 |
50.716 |
|
(f)
Other current assets |
0.000 |
0.975 |
0.858 |
|
Total
Current Assets |
279.040 |
546.755 |
523.941 |
|
|
|
|
|
|
TOTAL |
850.523 |
1195.519 |
1208.337 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
284.022 |
|
|
|
|
|
Other Income |
3.444 |
|
|
|
|
|
TOTAL |
287.466 |
558.779 |
529.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
692.512 |
677.508 |
569.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(405.046) |
(118.729) |
(40.210) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
84.416 |
83.819 |
68.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(489.462) |
(202.548) |
(108.837) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(3.952) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(489.462) |
(202.548) |
(104.880) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38.197) |
151.051 |
255.931 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(527.659) |
(51.497) |
151.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob Value of Export |
NA |
115.214 |
107.347 |
|
|
TOTAL EARNINGS |
NA |
115.214 |
107.347 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
149.438 |
110.955 |
|
|
|
Capital Goods |
NA |
6.080 |
57.772 |
|
|
TOTAL IMPORTS |
NA |
155.518 |
168.727 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(19.58) |
(2.06) |
(4.20)
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(170.27) |
(36.25) |
(19.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(172.33) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(57.58) |
(16.94) |
(10.88) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.64 |
(0.96) |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.98) |
1.89 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24 |
0.64 |
0.81 |
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 |
250.000 |
250.000 |
250.000 |
|
Reserves & Surplus |
164.351 |
(38.197) |
(549.164) |
|
Net worth |
414.351 |
211.803 |
(299.164) |
|
|
|
|
|
|
long-term borrowings |
136.758 |
124.425 |
0.000 |
|
Short term borrowings |
182.911 |
276.035 |
293.025 |
|
Total borrowings |
319.669 |
400.460 |
293.025 |
|
Debt/Equity ratio |
0.771 |
1.891 |
(0.979) |
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) |
|
Total Income |
529.329 |
558.779 |
287.466 |
|
|
|
5.564 |
(48.555) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
529.329 |
558.779 |
287.466 |
|
Profit |
(104.880) |
(202.548) |
(489.462) |
|
|
(19.81)% |
(36.25)% |
(170.27)% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in
millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current maturities of long-term debt |
166.284 |
51.234 |
71.100 |
|
|
|
|
|
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BUSINESS/FINANCIAL
REVIEW
The company has witnessed a slow-down in power sector in the year 2011, 2012 and 2013 on account of coal scam and this has affected the pace of implementation of projects of the Company, causing delays in the execution of the orders and has adversely affected the Cash flows. As a result of the same, the plant became idle with no orders since July, 2012.
Considering the various financial difficulties faced by the company, the directors were constrained to make a Reference to the Board for Industrial and Financial Reconstruction (BIFR) in accordance with the provisions of section 15(1) of the Sick Industrial Companies Special Provisions) Act, 1985. Pursuant to the Board Resolution dated 20.05.2013, the Reference to BIFR was filed on 04.07.2014 requesting BIFR for determination of the measures which shall be adopted with respect to the Company. However, vide Order dated 04.02.2014, BIFR abated the Reference with immediate effect thereto.
Further, the company being unable to serve its financial debt in time, Corporation Bank, secured creditor of the Company, has initiated proceeding against the Company under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). On 29.05.2013 the Company was served Demand Notice u/Section 13(2) and (3) of SARFAESI. Subsequently, on 08.08.2013, as the Company failed to discharge its liabilities in full, Corporation Bank issued a Possession Notice u/Section 13(4) of SARFAESI and took physical possession of Vadodara Plant and symbolic possession of Goa Plant of the Company. Thereafter, on 21.11.2013 Corporation Bank also issued Sale (e-auction) Notice in respect of Company’s movable and immovable secured assets at Vadodara Plant.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90065653 |
21/02/2012 * |
1,644,500,000.00 |
CORPORATION BANK |
PANAJI BRANCH DR. ATMARAM BORKAR ROAD, OPP. MUNIC |
B34991778 |
FIXED ASSETS:
· Leasehold Land
· Building
· Plant and Machinery
· Furniture and Fittings
· Office Equipment
· Vehicles
· Computer
· 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 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. 60.42 |
|
|
1 |
Rs. 97.25 |
|
Euro |
1 |
Rs. 77.92 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
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.