MIRA INFORM REPORT
|
Report No. : |
316814 |
|
Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHEEL BIOTECH LIMITED (w.e.f. 02.04.1992) |
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|
|
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Formerly Known
As : |
SHEEL BIOTECH PRIVATE LIMITED |
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Registered
Office : |
Sheel House, RZ-2705/30, 2nd Floor, Main Jagdamba Road,
Tughlakabad, Extension, New Delhi - 110019 |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
26.11.1991 |
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Com. Reg. No.: |
55-046531 |
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Capital
Investment / Paid-up Capital : |
Rs. 41.437 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U24239DL1991PLC046531 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited liability Company |
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Line of Business
: |
Manufacturer of Floriculture and Organic Farming Products. |
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No. of Employees
: |
50 (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 |
|
Maximum Credit Limit : |
USD 720000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The company has performed well and achieved decent growth in its
turnover. Further, it has sound profit margin during FY2014. The rating also takes into consideration strong liquidity of the
company during year under review. However, the rating remains constrained on account of huge receivables
recorded by the management during FY2014. Trade relations reported to be fair. Business is active. Payments are
reported to be usually correct. The company can be considered 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.
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Borrowers’ Name : |
Sheel Biotech Limited |
|
Address : |
S 255, Greater Kailash, New Delhi – 110048, India |
|
Name of Individual : |
S N Chandak – HUF Sanya Chandak Sheela MAHESHWARI Simmideethra Sumit Chandak |
|
Name of Credit Grantors / Bank & Branch: |
Canara Bank (Delhi Nehru Place) |
|
Amount (Rs. In Million) : |
Rs. 124.300 Million |
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. Rakesh Sharma |
|
Designation : |
General Manger – Finance |
|
Contact No.: |
91-11-29994440 |
|
Date : |
13.04.2015 |
LOCATIONS
|
Registered Office / Factory : |
Sheel House, RZ-2705/30, 2nd Floor, Main Jagdamba Road,
Tughlakabad, Extension, New Delhi - 110019, India |
|
Tel. No.: |
91-11-29994440 |
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Fax No.: |
91-11-29993450 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. Ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Nanu Ram Bhateshwar |
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Designation : |
Director |
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Address : |
R-23, Khirki Extension, Malviya Nagar, New Delhi – 110017, India |
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Date of Birth/Age : |
01.01.1944 |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
02348269 |
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Name : |
Mr. Sanjay Chandak |
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Designation : |
Director |
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Address : |
S-237, Greater Kailash Part-ll, New Delhi – 110048, India |
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Date of Birth/Age : |
03.05.1971 |
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Date of Appointment : |
12.10.2011 |
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DIN No. : |
03459807 |
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Name : |
Mr. Sumeet Chandak |
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Designation : |
Director |
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|
Address : |
S-237, Greater Kailash Part-ll, New Delhi – 110048, India |
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Date of Birth/Age : |
05.11.1978 |
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Date of Appointment : |
21.11.1996 |
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DIN No. : |
00900366 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
General Manger – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
Shareholders File Attached
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
11.82 |
|
Directors or relatives of Directors |
51.06 |
|
Other |
37.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Floriculture and Organic Farming Products. |
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Products : |
Floriculture and Organic Farming Products |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30, 60 and 90 Days) |
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Purchasing : |
Cash and Credit (30, 60 and 90 Days) |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Manoj Sangeeta and Associates Chartered Accountants |
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Address : |
405, 4th Floor, Siddharth Building, 96 Nehru Place, Delhi –
110019, India |
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PAN No.: |
AARFM3909M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4143700 |
Equity Shares |
Rs.10/- each |
Rs. 41.437 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 |
|
|
|
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|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
41.437 |
41.437 |
41.437 |
|
(b) Reserves &
Surplus |
213.719 |
167.695 |
122.712 |
|
(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) |
255.156 |
209.132 |
164.149 |
|
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
47.943 |
70.338 |
34.847 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.024 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
49.967 |
70.338 |
34.847 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
90.851 |
|
(c) Other current
liabilities |
67.701 |
81.622 |
11.888 |
|
(d) Short-term provisions |
3.771 |
3.612 |
1.581 |
|
Total Current Liabilities
(4) |
71.472 |
85.234 |
104.320 |
|
|
|
|
|
|
TOTAL |
376.595 |
364.704 |
303.316 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
68.423 |
62.146 |
50.264 |
|
(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 |
0.099 |
0.099 |
0.099 |
|
(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 |
68.522 |
62.245 |
50.363 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
77.397 |
52.425 |
40.056 |
|
(c) Trade receivables |
191.484 |
222.710 |
164.746 |
|
(d) Cash and cash
equivalents |
1.315 |
1.823 |
2.908 |
|
(e) Short-term loans and
advances |
37.877 |
25.501 |
45.243 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
308.073 |
302.459 |
252.953 |
|
|
|
|
|
|
TOTAL |
376.595 |
364.704 |
303.316 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
654.101 |
555.176 |
481.517 |
|
|
Other Income |
1.440 |
0.905 |
2.214 |
|
|
TOTAL (A) |
655.541 |
556.081 |
483.731 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
495.613 |
413.558 |
359.580 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(24.972) |
(12.368) |
(0.058) |
|
|
Employees benefits
expense |
40.647 |
24.640 |
13.835 |
|
|
Other expenses |
76.827 |
70.750 |
54.540 |
|
|
TOTAL (B) |
588.115 |
496.580 |
427.897 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
67.426 |
59.501 |
55.834 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
11.759 |
7.757 |
6.729 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.667 |
51.744 |
49.105 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
(F) |
5.169 |
4.683 |
3.879 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
50.498 |
47.061 |
45.226 |
|
|
|
|
|
|
|
Less |
TAX (H) |
4.474 |
2.079 |
1.582 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
46.024 |
44.982 |
43.644 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
11.11 |
10.86 |
10.53 |
Expected Sales (2014-2015) : Rs. 750.000 Million
The above information has been parted by Mr. Rakesh Sharma
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.04 |
8.10 |
9.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.31 |
10.72 |
11.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.41 |
12.91 |
14.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.23 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.34 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.31 |
3.55 |
2.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
41.437 |
41.437 |
41.437 |
|
Reserves & Surplus |
122.712 |
167.695 |
213.719 |
|
Net worth |
164.149 |
209.132 |
255.156 |
|
|
|
|
|
|
long-term borrowings |
34.847 |
70.338 |
47.943 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
34.847 |
70.338 |
47.943 |
|
Debt/Equity ratio |
0.212 |
0.336 |
0.188 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
481.517 |
555.176 |
654.101 |
|
|
|
15.297 |
17.819 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
481.517 |
555.176 |
654.101 |
|
Profit |
43.644 |
44.982 |
46.024 |
|
|
9.06% |
8.10% |
7.04% |
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% |
No |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
CHANGE OF REGD. ADDRESS
OF THE COMPANY:
During the year the registered office of the company has been changed from Rz-2705130, Main Jagdamba road Tughlakabad ext. New Delhi-110019 to Sheel house Rz-2705130. 2nd floor main Jagdamba Road, Tughlakabad Ext. New Delhi-19 w.e.f 2010612014 within the same premises.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Other |
1.500 |
5.850 |
|
Total |
1.500 |
5.850 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10115302 |
05/07/2013 * |
106,434,000.00 |
Indian Overseas Bank |
M82,GREATER
KAILASH-II, GREATER KAILASH-II, NEW |
B82825316 |
* Date of charge modification
FIXED ASSETS
- Land
- Factory Building
- Office Building
- Plant and machinery
- Electrical Installation
- Lab Equipment
- Packing Martial
- Furniture and Fixture
- Vehicle
- Green House
- Office Equipment
- G. G. Set
- Computer
- Cold Storage TKD
- Lift
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. 62.39 |
|
|
1 |
Rs. 91.06 |
|
Euro |
1 |
Rs. 66.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES |
|
--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.