MIRA INFORM REPORT
|
Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPISYS LIMITED (w. e. f. 04.12.2013) |
|
|
|
|
Formerly Known
As : |
NOVO AGRI-TECH LIMITED |
|
|
|
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Registered
Office : |
Plot No.164, 165, 178 and 179, APIIC, IDA, Pashamylaram, Medak – 502
307, Telangana |
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
24.06.1994 |
|
|
|
|
Com. Reg. No.: |
01-017767 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 90.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51219TG1994PLC017767 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDN01717C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7990H |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Marketer of Natural Extracts for Food,
Cosmetic, Perfumery and Nutraceutical Industry. |
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|
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|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Management has reported a minimal profit as against a previous year loss,
resulting into wiping off a part of its accumulated losses during FY 2013. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow. The company can be considered for business dealings with 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
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 (GENERAL DETAILS)
|
Name : |
Mr. J. Sobhanodin |
|
Designation : |
Director |
|
Contact No.: |
91-40-23543702 |
|
Date : |
09.09.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.164, 165, 178 and 179, APIIC, IDA, Pashamylaram, Medak – 502
307, Telangana, |
|
Tel. No.: |
91-40-23543702 / 23543701 |
|
Fax No.: |
91-40-23543702 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
93 A, Shangri-La, Sagar Society, Banjara Hills, |
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Mobile No. : |
91-9052167137 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. J. Raghunath Rao |
|
Designation : |
Chairman |
|
Address : |
Plot No.125/ 126, Sai Lakshmi Nilayam Kavuri Hills, Jubilee Hills, |
|
Date of Birth/Age : |
30.11.1930 |
|
Date of Appointment : |
24.06.1994 |
|
DIN No. : |
01978215 |
|
|
|
|
Name : |
Mr. J. Sobhanadri |
|
Designation : |
Managing Director |
|
Address : |
Plot No.223, MLA and MPs Colony, Road No.10C, Jubilee Hills, |
|
Date of Birth/Age : |
13.09.1962 |
|
Date of Appointment : |
24.06.1994 |
|
DIN No. : |
01997213 |
|
|
|
|
Name : |
Mr. Y.K.D. Mallikarjuna Rao |
|
Designation : |
Director |
|
Address : |
No.24, Road No.2, Castle Hills, Humayun Nagar, R.R. District,
Hyderabad, Telangana, India |
|
Date of Birth/Age : |
12.04.1943 |
|
Date of Appointment : |
14.09.1995 |
|
DIN No. : |
02551931 |
|
|
|
|
Name : |
Mr. D. Sarasuram |
|
Designation : |
Director |
|
Address : |
H.No.6-3-1186/A/6, II |
|
Date of Birth/Age : |
15.06.1952 |
|
Date of Appointment : |
19.02.2003 |
|
DIN No. : |
02631172 |
|
|
|
|
Name : |
Mr.
H. Seidlitz |
|
Designation : |
Director |
|
Address : |
Austreliya |
|
Date of Birth/Age : |
04.10.1947 |
|
Date of Appointment : |
30.09.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
SHAREHOLDERS DETAIL FILE ATTACH
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Equity Share Breakup |
Percentage of
Holding |
|
Category |
|
|
Public Financial Companies |
4.97 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
18.08 |
|
Bodies
corporate |
4.54 |
|
Directors
or relatives of directors |
50.64 |
|
Other
top fifty shareholders |
12.16 |
|
Others
|
9.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Natural Extracts for Food,
Cosmetic, Perfumery and Nutraceutical Industry. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
Ramasamy Koteswara Rao and Company Chartered Accountants |
|
Address : |
Road No.12, Banjara Hills, |
|
PAN No.: |
AAGFR9006F |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9050000 |
Equity Shares |
Rs.100/- each |
Rs.90.500
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 |
90.500 |
90.500 |
90.500 |
|
(b) Reserves & Surplus |
(62.793) |
(64.669) |
(53.176) |
|
(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) |
27.707 |
25.831 |
37.324 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
68.445 |
68.112 |
67.765 |
|
(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) |
68.445 |
68.112 |
67.765 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5.676 |
6.983 |
9.198 |
|
(b) Trade
payables |
36.750 |
10.972 |
8.131 |
|
(c) Other
current liabilities |
15.907 |
10.488 |
10.637 |
|
(d) Short-term
provisions |
0.460 |
0.460 |
0.460 |
|
Total Current
Liabilities (4) |
58.793 |
28.903 |
28.426 |
|
|
|
|
|
|
TOTAL |
154.945 |
122.846 |
133.515 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
25.864 |
39.327 |
52.257 |
|
(ii)
Intangible Assets |
0.369 |
0.423 |
0.477 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.350 |
0.000 |
0.000 |
|
(b) Non-current Investments |
34.263 |
37.460 |
45.478 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
60.846 |
77.210 |
98.212 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
65.955 |
28.047 |
26.098 |
|
(c) Trade
receivables |
5.092 |
0.974 |
1.112 |
|
(d) Cash
and cash equivalents |
1.717 |
0.390 |
1.852 |
|
(e)
Short-term loans and advances |
15.382 |
11.082 |
1.729 |
|
(f) Other
current assets |
5.953 |
5.143 |
4.512 |
|
Total
Current Assets |
94.099 |
45.636 |
35.303 |
|
|
|
|
|
|
TOTAL |
154.945 |
122.846 |
133.515 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
132.147 |
119.133 |
54.474 |
|
|
|
Other Income |
1.259 |
2.294 |
7.505 |
|
|
|
TOTAL (A) |
133.406 |
121.427 |
61.979 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
86.250 |
72.457 |
23.601 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(24.297) |
(1.820) |
1.507 |
|
|
|
Employees benefits expense |
11.747 |
11.847 |
9.542 |
|
|
|
Other expenses |
37.744 |
25.298 |
17.192 |
|
|
|
TOTAL (B) |
111.444 |
107.782 |
51.842 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.962 |
13.645 |
10.137 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.707 |
2.926 |
3.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.255 |
10.719 |
7.073 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.848 |
13.861 |
13.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.407 |
(3.142) |
(6.777) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.197 |
8.018 |
(1.517) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.210 |
(11.160) |
(5.260) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
23.491 |
24.304 |
21.486 |
|
|
TOTAL EARNINGS |
23.491 |
24.304 |
21.486 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
TOTAL IMPORTS |
5.386 |
5.648 |
5.735 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.24 |
(1.23) |
(0.58) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.66 |
(9.19) |
(8.49) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.09 |
(2.64) |
(12.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49 |
(3.68) |
(7.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
(0.12) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.68 |
2.91 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60 |
1.58 |
1.24 |
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 |
90.500 |
90.500 |
90.500 |
|
Reserves & Surplus |
(53.176) |
(64.669) |
(62.793) |
|
Net
worth |
37.324 |
25.831 |
27.707 |
|
|
|
|
|
|
long-term borrowings |
67.765 |
68.112 |
68.445 |
|
Short term borrowings |
9.198 |
6.983 |
5.676 |
|
Total
borrowings |
76.963 |
75.095 |
74.121 |
|
Debt/Equity
ratio |
2.062 |
2.907 |
2.675 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
54.474 |
119.133 |
132.147 |
|
|
|
118.697 |
10.924 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
54.474 |
119.133 |
132.147 |
|
Profit |
(5.260) |
(11.160) |
2.210 |
|
|
(9.66%) |
(9.37%) |
1.67% |
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 |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
(Rs. In Millions)
|
Unsecured Loan |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINS |
|
|
|
Differed Sales Tax Loan |
3.403 |
2.013 |
|
Loans and Advances from Others |
52.222 |
50.893 |
|
Total |
55.625 |
52.906 |
REVIEW OF OPERATIONS:
During the year, the Company earned a total income of Rs.133.406 Millions (previous year total income of Rs. 121.427 Millions). During the last financial year 2012- 2013 also, the company was continuously operating and optimized to achieve the maximum capacity utilization. The upward trend is continuing for the current financial year 2013 – 2014 also. The company has earned a profit of Rs.5.407 Millions before Tax & Extraordinary item compared to previous year loss of Rs. 3.142 Millions.
The Company regained its spice business and mainly concentrating in the core area of extraction of essential oils and oleoresins from spices, like: ginger, extraction & enrichment of paprika, etc. It is also putting efforts to upgrade its product mix to increase the proportion of value added products like rosemary, free lutein, etc. Production during this year in terms of the finished goods was 320.92 MTs (Tea Decaffeination was 197.39 MTs and Spice Extracts were 123.525 MT’s) (Previous Year 275.040 MT’s - Tea Decaffeination was 192.16 MT’s and Spice Extracts were 82.877 MT’s). During this period, the Company mainly concentrated on the enrichment of paprika extract and ginger extracts.
As on date of report, the shareholders net-worth became positive, turned into the financially healthy company and the same was officially declared on 8th July 2013 by Board for Industrial and Financial Reconstruction.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90132519 |
19/12/1997 * |
20,000,000.00 |
I.D.B.I. BANK LIMITED. |
5 - 9 - 89/1 & 2; CHAPEL ROAD, P.B. NO - 370,
HYD |
- |
|
2 |
90135653 |
12/01/1999 * |
200,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH; II - ND FLOOR; KALANJAL |
- |
|
3 |
90132380 |
13/08/1998 * |
14,500,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 5 - 10 - 194; CHAKRAPA |
- |
|
4 |
90135534 |
06/12/1995 |
7,400,000.00 |
GLOBAL TRUST BANK LIMITED |
OXFORD PLAZA COMPLEX; D - 1 - 29/ 1, SAROJINI DEV |
- |
|
5 |
90132127 |
22/08/1995 * |
61,000,000.00 |
I.D.B.I. BANK LIMITED |
CHAPPEL ROAD, HYDERABAD, Andhra Pradesh - 500001, |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Buyback of shares held by IDBI |
4.500 |
4.500 |
|
Revocation of OTS settlement by SASF |
60.232 |
60.232 |
FIXED ASSETS
·
Land – Freehold
·
Buildings
·
Plant and Machinery
·
Lab Equipment
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Product Development – Technical Know How
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. 60.84 |
|
|
1 |
Rs. 98.72 |
|
Euro |
1 |
Rs. 78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
29 |
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.