MIRA
INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHAVANI
GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DC-3100, Bharat Diamond
Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400 051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.03.2012 |
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|
Com. Reg. No.: |
11-228680 |
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Capital
Investment / Paid-up Capital : |
Rs. 206.250
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC228680 |
|
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB21937G |
|
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|
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PAN No.: [Permanent Account No.] |
AAECB9471D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Cut and Polished Diamonds. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated
in the year 1996 as a partnership concern with the name “Bhavani Gems” and
later in the year 2012 it got converted into private limited. It is an
established company having satisfactory track record. The financial
position of the company is good. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be
considered normal for business dealings at usual trade terms and conditions. |
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
|
Name : |
Mr. Yatin Shah |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-40995555 |
|
Date : |
29.09.2014 |
LOCATIONS
|
Registered Office/ Head Office : |
DC-3100, Bharat Diamond
Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400 051, Maharashtra, India |
|
Tel. No.: |
91-22-40995555 |
|
Fax No.: |
91-22-40995577 |
|
E-Mail : |
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|
Website : |
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|
Branch Office/ Factory : |
R.S. No.344/2, T.P. No.4, F.P. No.16, City Survey No.919,
Near Bhavani Circle, Ashwani Kumar Road, Surat
– 395 008, Gujarat, India |
|
Tel. No.: |
91-261-2555421 |
|
Fax No.: |
91-261-2555424 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr.
Manjibhai Rudabhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
17.01.1953 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
01792437 |
|
PAN No.: |
AAEPD2193H |
|
|
|
|
Name : |
Mr.
Heet Manjibhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
31.10.1980 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
01998030 |
|
PAN No.: |
ABWPD5879P |
|
|
|
|
Name : |
Mr.
Raj Manjibhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
08.01.1983 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
03643215 |
|
PAN No.: |
AFSPD7867F |
|
|
|
|
Name : |
Mr.
Dhirubhai Karshanbhai Dholakia |
|
Designation : |
Director |
|
Address : |
Flat No.123, Heera Panna Building, 12th Floor, Bhulabhai Desai
Road, Haji Ali, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
02012574 |
|
PAN No.: |
AEDPD6783L |
KEY EXECUTIVES
|
Name : |
Mr. Yatin Shah |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Equity
Shares |
No. of Redeemable
Preference Shares |
|
Manjibhai
Rudabhai Dholakia |
4900000 |
4900000 |
|
Labhuben
M. Dholakia |
900000 |
900000 |
|
Heet
M. Dholakia |
950000 |
950000 |
|
Raj
M. Dholakia |
950000 |
950000 |
|
Priya
Heet Dholakia |
950000 |
950000 |
|
Ria
Raj Dholakia |
950000 |
950000 |
|
Dhirubhai
Dholakia |
400000 |
400000 |
|
Total
|
10000000 |
10000000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cut and Polished Diamonds. |
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Products : |
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Exports : |
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Products : |
·
Finished Goods |
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Countries : |
·
Hong Kong ·
Japan ·
Thailand ·
Europe ·
USA ·
Italy |
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Imports : |
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Products : |
·
Raw Material
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Countries : |
·
Belgium ·
Israel |
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Terms : |
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Selling : |
Cash , Advance Payment |
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Purchasing : |
Cash , Advance Payment |
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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|
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|
Bankers : |
·
State Bank of India, Diamond Branch, Bharat Diamond Bourse, Tower No.
D-3, Ground Floor, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India ·
Antwerp Diamond Bank NV ·
Bank of India, Opera House Branch ·
Barclays Bank PLC ·
IDBI Bank Limited ·
IndusInd Bank Limited ·
ING Vysya Bank Limited ·
Karnataka Bank Limited ·
Standard Chartered Bank ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of Patiala ·
The Royal Bank of Scotland ·
Yes Bank Limited |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
Total
Facilities: Rs. 3685.000 Millions
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G.K.
Choksi and Company Chartered Accountants |
|
Address : |
601, Raheja Chambers,
Free Press Journal Road, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
PAN No.: |
AAFFG8449L |
|
|
|
|
Wholly Owned Subsidiary Company : |
Bhavani
Europe BVBA, Belgium |
|
|
|
|
Other Related Parties : |
·
Instyle Jewellery (Surat) (Director is partner in said firm) ·
D.N. Corporation (Director is the proprietor) ·
Bhavani Gems HK (Confirmed by the management) |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 206.250
Millions
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
10000000 |
Preference
Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
Total |
|
Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
10000000 |
Preference
Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
Total |
|
Rs.200.000 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 |
206.250 |
200.000 |
200.000 |
|
(b) Reserves & Surplus |
2690.880 |
2281.522 |
2122.031 |
|
(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) |
2897.130 |
2481.522 |
2322.031 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
375.715 |
518.952 |
538.883 |
|
(b) Deferred tax liabilities (Net) |
33.669 |
16.884 |
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) |
409.384 |
535.836 |
538.883 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3123.683 |
3436.138 |
2841.234 |
|
(b)
Trade payables |
1875.258 |
823.538 |
1095.994 |
|
(c)
Other current liabilities |
47.795 |
42.240 |
4.251 |
|
(d) Short-term
provisions |
18.027 |
13.094 |
11.366 |
|
Total Current
Liabilities (4) |
5064.763 |
4315.010 |
3952.845 |
|
|
|
|
|
|
TOTAL |
8371.277 |
7332.368 |
6813.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1093.002 |
1017.189 |
1006.814 |
|
(ii)
Intangible Assets |
260.000 |
260.000 |
260.000 |
|
(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 |
13.694 |
66.691 |
65.040 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.644 |
|
(d) Long-term Loan and Advances |
28.710 |
27.793 |
85.148 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1395.406 |
1371.673 |
1417.646 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3721.993 |
4220.174 |
3912.280 |
|
(c)
Trade receivables |
2926.611 |
1559.800 |
1206.003 |
|
(d) Cash
and cash equivalents |
254.606 |
107.596 |
216.988 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
72.661 |
73.125 |
60.842 |
|
Total
Current Assets |
6975.871 |
5960.695 |
5396.113 |
|
|
|
|
|
|
TOTAL |
8371.277 |
7332.368 |
6813.759 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11306.021 |
9093.098 |
|
|
|
Other Income |
14.003 |
7.235 |
|
|
|
TOTAL (A) |
11320.024 |
9100.333 |
21.416 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6188.751 |
7337.197 |
|
|
|
Purchases of
Stock-in-Trade |
1596.028 |
1832.266 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1577.642 |
(1700.481) |
|
|
|
Employees benefits expense |
45.955 |
42.816 |
|
|
|
Other expenses |
1133.385 |
0.000 |
|
|
|
TOTAL (B) |
10541.761 |
7511.798 |
6.112 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
778.263 |
1588.535 |
Including
Finance and |
|
|
|
|
|
Depreciation |
|
Less |
FINANCIAL EXPENSES (D) |
397.061 |
220.028 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
381.202 |
1368.507 |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
(24.103) |
1086.488 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
405.305 |
282.019 |
15.304 |
|
|
|
|
|
|
|
Less |
TAX (I) |
139.698 |
109.437 |
(6.726) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
265.607 |
172.582 |
22.030 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
26.49 |
17.26 |
2.20 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.35 |
1.90 |
102.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.58 |
3.10 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.85 |
3.88 |
0.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.11 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21 |
1.59 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.38 |
1.37 |
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 |
200.000 |
200.000 |
206.250 |
|
Reserves & Surplus |
2122.031 |
2281.522 |
2690.880 |
|
Net worth |
2322.031 |
2481.522 |
2897.130 |
|
|
|
|
|
|
Long-term borrowings |
538.883 |
518.952 |
375.715 |
|
Short term borrowings |
2841.234 |
3436.138 |
3123.683 |
|
Total borrowings |
3380.117 |
3955.090 |
3499.398 |
|
Debt/Equity ratio |
1.456 |
1.594 |
1.208 |
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) |
|
Total Income |
21.416 |
9100.333 |
11320.024 |
|
|
|
42,393.150 |
24.391 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
21.416 |
9100.333 |
11320.024 |
|
Profit |
22.030 |
172.582 |
265.607 |
|
|
102.87% |
1.90% |
2.35% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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 years |
Yes |
|
12) Profitability for last 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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28% in February 2013.
Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India
exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28%. It means the industry is on
the track of recovery and round tripping of diamonds has stopped completely.”
Demand has started coming from the US, the UK, Japan and China. India’s
polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
|
Unsecured Loans |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans repayable on demand from others |
NA |
119.520 |
|
Loans
and advances from directors |
NA |
399.432 |
|
Total
|
NA |
518.952 |
Note:
The registered office of the company has been shifted from 101, Prasad Chambers, M.P. Marg, Opera House, Mumbai – 400 004,
Maharashtra to the present address w.e.f. 09.01.2013.
FIXED ASSETS:
Tangible Assets
·
Land
·
Office Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Computer Equipments
Intangible Assets
·
Copyrights, Patents and Other Operating Rights
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. 61.57 |
|
UK Pound |
1 |
Rs.100.42 |
|
Euro |
1 |
Rs. 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.