MIRA INFORM REPORT
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Report No. : |
316355 |
|
Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHAVEER FORGINGS PRIVATE LIMITED |
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|
|
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Registered
Office : |
Khasra No.223/2, Village Kunda, Partapur, Meerut- 250002, Uttar
Pradesh |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.03.2001 |
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Com. Reg. No.: |
20-025907 |
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Capital
Investment / Paid-up Capital : |
Rs. 65.000 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U52399UP2001PTC025907 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AGRM12083B |
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PAN No.: [Permanent Account No.] |
AACCM8021G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Trader of bathroom fittings, bathroom mixers,
bathroom taps, shower mixers, home furnishings, etc. |
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|
No. of Employees
: |
150 (Approximately) / Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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. The company possesses a below average financial profile marked by modest
capital base along with highly leveraged capital structure as a result of
huge working capital requirements leading to deterioration in its overall
liquidity profile. Management has witnessed an acceptable revenue base, whereas has reported
a loss from its operations during FY14. The ratings also take into consideration, the forecast of a growth in
the ceramic business on the back of pick up in the real estate activity and
other government initiatives and programmes announced during budget speech. Moreover, considering the home
furnishing business the rates of chemicals used for manufacturing dye stuff
have zoomed up due to failing Chinese exports creating a cost pressure for
dye stuff makers. Further on the other hand, shutting down of numerous
polluting dye stuff units by the statutory authorities may hamper the supply
which may raise the price, and as a ripple effect will hurt the subject’s
margins. However, Business is active. Payment terms are reported as slow. In view of forecasts and analysis which tend to lack in aligning with
the firms needs and support for its deteriorating liquidity profile, the
company can be considered for business dealings on a safe and secured 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating (D) (Suspended) |
|
Rating Explanation |
Ratings are in default or are expected to be in default soon. |
|
Date |
March 08, 2013 |
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. Mukul Jain |
|
Designation : |
Director |
|
Contact No.: |
91-9897464646 |
|
Date : |
06.04.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Khasra No.223/2, Village Kunda, Partapur, Meerut- 250002, Uttar
Pradesh, India |
|
Tel. No.: |
91-121-2700722 |
|
Mobile No.: |
91-9897464646 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Location : |
Owned |
DIRECTORS
As on: 29.09.2014
|
Name : |
Mr. Mukul Kumar Jain |
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Designation : |
Director |
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Address : |
72, New Punjabi Pura, Sharda Palace Street, Delhi Road, Meerut - 250002, Uttar Pradesh, India |
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Date of Birth/Age : |
25.09.1972 |
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Date of Appointment : |
03.10.2013 |
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PAN No.: |
AAMPJ8071G |
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DIN No.: |
00821624 |
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Other Directorship:
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Name : |
Ms. Priyanka Jain |
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Designation : |
Director |
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Address : |
72 , Punjabi Pura, Tehsil, Meerut - 250002, Uttar Pradesh, India |
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Date of Birth/Age : |
11.07.1977 |
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Date of Appointment : |
03.10.2013 |
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PAN No.: |
ACVPJ8896L |
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DIN No.: |
02639131 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mukul Jain |
|
4739000 |
|
Priyanka Jain |
|
1307500 |
|
Mukul Jain and Sons |
|
38500 |
|
Parmanand Agarwal |
|
150000 |
|
Rajendra Shreshtha |
|
120000 |
|
Rajesh Kr. Agarwal |
|
100000 |
|
Daljit Singh and Sons |
|
5000 |
|
D.K. Gupta |
|
40000 |
|
Total |
|
6500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trader of bathroom fittings, bathroom mixers,
bathroom taps, shower mixers, home furnishings, etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
Cash |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
150 (Approximately) /
Information denied by management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Singhal Gupta and Company Chartered Accountants |
|
Address : |
SM Kuteer Mandir Marg, 92 Civil Lines, Near Meerut College, Meerut-250001, Uttar Pradesh, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAJFS1645Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 65.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 65.000 Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
65.000 |
65.000 |
65.000 |
|
(b) Reserves & Surplus |
(60.004) |
19.054 |
18.517 |
|
(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) |
4.996 |
84.054 |
83.517 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
80.409 |
79.985 |
71.796 |
|
(b) Deferred tax liabilities (Net) |
1.887 |
1.683 |
1.363 |
|
(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) |
82.296 |
81.668 |
73.159 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
152.552 |
132.787 |
118.571 |
|
(b) Trade
payables |
0.794 |
20.643 |
19.457 |
|
(c) Other
current liabilities |
4.291 |
7.172 |
7.104 |
|
(d) Short-term
provisions |
0.846 |
1.427 |
1.224 |
|
Total Current
Liabilities (4) |
158.483 |
162.029 |
146.356 |
|
|
|
|
|
|
TOTAL |
245.775 |
327.751 |
303.032 |
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
73.663 |
81.663 |
89.209 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(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 |
1.315 |
|
Total Non-Current
Assets |
73.663 |
81.663 |
90.524 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
37.129 |
132.811 |
138.106 |
|
(c) Trade
receivables |
126.380 |
108.296 |
70.838 |
|
(d) Cash
and cash equivalents |
1.998 |
2.349 |
0.056 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
6.605 |
2.632 |
3.508 |
|
Total
Current Assets |
172.112 |
246.088 |
212.508 |
|
|
|
|
|
|
TOTAL |
245.775 |
327.751 |
303.032 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Receipts |
1374.027 |
1125.877 |
1000.636 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
|
|
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|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA
|
|
|
|
|
|
|
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|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(68.737) |
12.493 |
18.143 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
10.478 |
11.434 |
9.770 |
|
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|
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|
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|
|
PROFIT/ (LOSS)
BEFORE TAX |
(79.215) |
1.059 |
8.373 |
|
|
|
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|
|
|
|
Less |
TAX (I) |
0.000 |
0.522 |
2.587 |
|
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|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(79.215) |
0.537 |
5.786 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
7.804 |
7.267 |
1.481 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(71.411) |
7.804 |
7.267 |
|
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(12.19) |
0.08 |
0.89 |
|
Expected Sales (2014-2015): Rs. 1500.000 Million
The above information has been parted by Mr. Mukul Jain (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(5.77) |
0.05 |
0.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.23) |
0.32 |
2.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(15.86) |
0.01 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
46.63 |
2.53 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.52 |
1.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
65.000 |
65.000 |
65.000 |
|
Reserves & Surplus |
18.517 |
19.054 |
(60.004) |
|
Net worth |
83.517 |
84.054 |
4.996 |
|
|
|
|
|
|
long-term borrowings |
71.796 |
79.985 |
80.409 |
|
Short term borrowings |
118.571 |
132.787 |
152.552 |
|
Total borrowings |
190.367 |
212.772 |
232.961 |
|
Debt/Equity ratio |
2.279 |
2.531 |
46.630 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Receipts |
1000.636 |
1125.877 |
1374.027 |
|
|
|
12.516 |
22.041 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Receipts |
1000.636 |
1125.877 |
1374.027 |
|
Profit/Loss |
5.786 |
0.537 |
(79.215) |
|
|
0.58% |
0.05% |
(5.77%) |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
Note:
Registered Office of the company has been shifted from “110, Near Power House, Pillokhri Road, Lisari Gate Meerut – 250002, Uttar Pradesh, India” to the present address w.e.f. 01.10.2012
PERFORMANCE:
The company during the year earned a Gross turnover amounted Rs. 1374.027 Million and Net Profit before tax is Rs. (79.215) Million. We hope for much better performance in next years.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from others |
35.725 |
33.635 |
|
|
|
|
|
Total |
35.725 |
33.635 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10476360 |
29/03/2014 * |
25,000,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
C03830080 |
|
2 |
10399822 |
02/02/2013 * |
176,120,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B68481688 |
|
3 |
10297475 |
06/06/2011 |
173,217,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B16945677 |
|
4 |
10286955 |
30/04/2011 |
460,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B12931622 |
|
5 |
10286956 |
30/04/2011 |
3,430,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B12932059 |
|
6 |
10286957 |
30/04/2011 |
9,327,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B12932430 |
|
7 |
10286964 |
30/04/2011 |
30,000,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B12955415 |
|
8 |
10286952 |
30/04/2011 |
130,000,000.00 |
BANK OF INDIA |
ANAND BHAWAN, KOTHI NO. 346, KHAIR NAGAR ROAD, MEERUT - 250001, UTTAR PRADESH, INDIA |
B12930897 |
* Date of charge modification
FIXED ASSETS:
- Land
- Building
- Plant and equipment
- Furniture and fixtures
- Office equipment
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.62.16 |
|
|
1 |
Rs.92.73 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.