MIRA INFORM REPORT
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Report No. : |
318420 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MUTUAL INDUSTRIES LIMITED |
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Formerly Known
As : |
MUTUAL MECAPLAST
LIMITED |
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Registered
Office : |
9, Ehara Industrial Complex, Village Waliv, Vasai (East), District
Thane - 401202, Maharashtra |
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Tel. No.: |
91-250-3217731 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.1990 |
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Com. Reg. No.: |
11-58368 |
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Capital
Investment / Paid-up Capital : |
Rs. 59.682 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1990PLC058368 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19469C |
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PAN No.: [Permanent Account No.] |
AAACM3522G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged manufacturing of injection moulded plastic articles,
moulds, dies and decorative plastic parts. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 4620000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a manufacturer of injection moulded plastic articles. It is
well-established company having fine track record. The company has also shown decent operational performance and it has
achieved nearly 11% topline growth over previous year. Further profitability
of the company has stood at 3.40% during financial year 2014. Rating also reflects established track record of the company in
manufacturing plastic injection moulding tools and components for the
automobile industry backed by extensive industry experience company’s
promoter and sound financial base of the company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of sound track record of business operations, the company can
be considered good for normal business dealings at usual trade and
conditions. |
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial paper
A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
August 2014 |
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 DENIED BY
|
Name : |
Mr. Jignish Shah |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-66895300 |
|
Date : |
20.04.2015 |
LOCATIONS
|
Registered Office/ Engineering and Toolroom : |
9, Ehara Industrial Complex, Village Waliv, Vasai (East), District
Thane - 401202, Maharashtra, India |
|
Tel. No.: |
91-250-3217731 / 3267728 / 3267729 /
3297727 / 3217726 / 30 91-22-66895300 |
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Mob. No.: |
91-8983045610 (Mr. Jinesh Jyotindra Shah) 91-982002608 (Mr. Abhay) |
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Fax No.: |
91-250-2454047 91-22-66895311 |
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E-Mail : |
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Website : |
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Corporate Office : |
601, Dev Plaza, 6th Floor, Opposite Andheri Fire Brigade,
S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
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Tel. No.: |
91-22-66895300 |
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Fax No.: |
91-250-2454047 |
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Factory 1 : |
Gut No. 5464, Garegoan Road, Malthan Phata, Shikrapur, Shirpur,
District Pune - 412210, Maharashtra, India |
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Factory 2 : |
112/113, B.U. Bhandari Industrial Estate, Sanaswadi, Shirur, District
Pune - 412210, Maharashtra, India |
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Tel. No.: |
91-2137-669600 |
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Factory 3 : |
Survery No. 206, Plot No. 2, 3 and 4, Opposite Dadra Check Post,
Village Dadra, Silvasa - 396191, Dadra and Nagar Haveli, India |
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Tel. No.: |
91-250-6134100 |
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Factory 4 : |
Plot No. 18, Sector 11, Tata Vendors Park, IIE Pantnagar, (SIDCUL),
Rudrapur (Uddham Singh Nagar) - 263153, Uttarakhand, India |
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Branch Office : |
The Peerage, 86, M. Vasanji Road, Andheri (East), Mumbai - 400093,
Maharashtra, India |
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Tel. No.: |
91-22-26834763 |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Dharmendra Kantilal Gandhi |
|
Designation : |
Managing Director |
|
Address : |
Ekdanti, 1st Floor, 19–A, Vallabh Nagar, CHSL, North South Road No. 4, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra, India |
|
Date of Birth/Age : |
18.05.1957 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.09.1990 |
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DIN No.: |
01254714 |
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|
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Name : |
Mr. Jaysinh Vallabhdas Mariwala |
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Designation : |
Director |
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Address : |
3, Sudhakunj, Tardeo Road, Mumbai - 400034, Maharashtra, India |
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Date of Birth/Age : |
09.07.1933 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
25.03.2002 |
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DIN No.: |
00182835 |
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|
|
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Name : |
Mr. Balkrishna Patwardhan |
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Designation : |
Director |
|
Address : |
3, Unmesh, N P Thakkar Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
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Date of Birth/Age : |
18.12.1941 |
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Qualification : |
Master in Economics |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
00147084 |
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Name : |
Mr. Drumil Jayantilal Gandhi |
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Designation : |
Director |
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Address : |
G-2, Ground Floor, Ruby Apartment, A, Plot No. 51, 7th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1970 |
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Qualification : |
BE electrical |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03560719 |
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Name : |
Mr. Harin Kiritkumar Gandhi |
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Designation : |
Director |
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Address : |
401, Dev Residency, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India |
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Date of Birth/Age : |
19.11.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03477195 |
KEY EXECUTIVES
|
Name : |
Mr. Jinesh Jyotindra Shah |
|
Designation : |
Company Secretary and Head of Finance Department |
|
Date of Appointment : |
02.06.2003 |
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PAN No.: |
AOWPS0599A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Dharmendra Kantilal Gandhi |
1151230 |
19.29 |
|
Mala Dharmendra Gandhi |
599230 |
10.04 |
|
Uchit Dharmendra Gandhi |
338410 |
5.67 |
|
Hemit Dharmendra Gandhi |
298410 |
5.00 |
|
Dhirajbal Kiritkumar Gandhi |
596820 |
10.00 |
|
Apurva Kiritkumar Gandhi |
596820 |
10.00 |
|
Harin Kiritkumar Gandhi |
596820 |
10.00 |
|
Kanchan Jayantilal Gandhi |
895230 |
15.00 |
|
Akash Drumil Gandhi |
895230 |
15.00 |
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Total |
5968200 |
100.00 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged manufacturing of injection moulded plastic
articles, moulds, dies and decorative plastic parts. |
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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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank, India |
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Facilities : |
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Financial
Institution : |
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Auditors : |
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|
Name : |
Kamdar Desai and
Patel Chartered Accountants |
|
Address : |
D/2/3, Nutan Jeevan Co Opeartive Housing Society, Kripa Nagar IRLA S V Road, Mumbai - 400056, Maharshtra, India |
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E-Mail : |
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Website: |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFK6984H |
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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 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,968,200 |
Equity Shares |
Rs.10/- each |
Rs.59.682
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 |
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|
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|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
59.682 |
59.682 |
59.682 |
|
(b) Reserves & Surplus |
1177.360 |
1095.390 |
1017.553 |
|
(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) |
1237.042 |
1155.072 |
1077.235 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
318.181 |
443.895 |
455.201 |
|
(b) Deferred tax liabilities
(Net) |
101.788 |
110.799 |
110.799 |
|
(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) |
419.969 |
554.694 |
566.000 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
355.753 |
359.754 |
340.216 |
|
(b) Trade payables |
625.836 |
587.022 |
599.926 |
|
(c) Other current liabilities |
129.481 |
213.433 |
209.124 |
|
(d) Short-term provisions |
164.160 |
137.692 |
112.755 |
|
Total
Current Liabilities (4) |
1275.230 |
1297.901 |
1262.021 |
|
|
|
|
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TOTAL |
2932.241 |
3007.667 |
2905.256 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1553.114 |
1558.019 |
1590.185 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
2.841 |
4.418 |
3.090 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
108.687 |
68.326 |
69.625 |
|
(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 |
1664.642 |
1630.763 |
1662.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
288.126 |
424.654 |
392.061 |
|
(c) Trade receivables |
647.432 |
604.975 |
560.172 |
|
(d) Cash and cash equivalents |
50.184 |
32.756 |
17.456 |
|
(e) Short-term loans and
advances |
268.202 |
301.066 |
260.097 |
|
(f) Other current assets |
13.655 |
13.453 |
12.570 |
|
Total
Current Assets |
1267.599 |
1376.904 |
1242.356 |
|
|
|
|
|
|
TOTAL |
2932.241 |
3007.667 |
2905.256 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2998.601 |
2716.189 |
2960.402 |
|
|
|
Other Income |
17.154 |
14.196 |
14.238 |
|
|
|
TOTAL (A) |
3015.755 |
2730.385 |
2974.640 |
|
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|
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|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1662.366 |
1562.325 |
1634.517 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
131.567 |
(44.400) |
11.532 |
|
|
|
Employees benefits expense |
227.629 |
198.053 |
154.808 |
|
|
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Other expenses |
579.382 |
606.880 |
635.011 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
1.045 |
|
|
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TOTAL (B) |
2600.944 |
2322.858 |
2436.913 |
|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
414.811 |
407.527 |
537.727 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
79.038 |
90.704 |
102.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
335.773 |
316.823 |
435.246 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.505 |
202.113 |
182.812 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
119.268 |
114.710 |
252.434 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.489 |
23.000 |
54.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
102.779 |
91.710 |
197.842 |
|
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|
|
|
|
|
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APPROPRIATIONS |
|
|
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||
|
|
|
Transfer to General Reserve |
10.500 |
11.550 |
22.100 |
|
|
|
Dividend |
17.905 |
11.936 |
17.904 |
|
|
|
Tax on Dividend |
2.905 |
1.936 |
2.904 |
|
|
BALANCE CARRIED
TO THE B/S |
31.310 |
25.422 |
42.908 |
|
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|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods |
78.704 |
14.099 |
9.458 |
|
|
TOTAL EARNINGS |
78.704 |
14.099 |
9.458 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.22 |
15.37 |
33.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.43 |
3.38 |
6.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.83 |
15.00 |
18.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.23 |
3.91 |
8.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54 |
0.70 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.06 |
0.98 |
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 |
59.682 |
59.682 |
59.682 |
|
Reserves & Surplus |
1017.553 |
1095.390 |
1177.360 |
|
Net
worth |
1077.235 |
1155.072 |
1237.042 |
|
|
|
|
|
|
long-term borrowings |
455.201 |
443.895 |
318.181 |
|
Short term borrowings |
340.216 |
359.754 |
355.753 |
|
Total
borrowings |
795.417 |
803.649 |
673.934 |
|
Debt/Equity
ratio |
0.738 |
0.696 |
0.545 |
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) |
|
Sales |
2960.402 |
2716.189 |
2998.601 |
|
|
|
(8.249) |
10.397 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2960.402 |
2716.189 |
2998.601 |
|
Profit |
197.842 |
91.710 |
102.779 |
|
|
6.68% |
3.38% |
3.43% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
3.869 |
6.143 |
|
Total |
3.869 |
6.143 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10436882 |
08/03/2014 * |
1,963,420,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg,
Worli,, Mumbai, Maharashtra - 400025, INDIA |
C05261862 |
|
2 |
10419013 |
17/02/2013 |
50,000,000.00 |
ICICI BANK LIMITED |
Landmark Building, Race Course Circle, Alkapuri, Vadodara,
Gujarat - 390007, INDIA |
B72978133 |
|
3 |
10410234 |
07/02/2013 |
380,000,000.00 |
ICICI BANK LIMITED |
Landmark Building, Race Course Circle, Alkapuri, vadodara,
Gujarat - 390005, INDIA |
B70236468 |
FINANCE
During the year, the free Cash flows for Mutual Industries Limited were 262.000 Million post spend on capex Rs. 205.800 Million. Mutual Industries Limited borrowing as on 31st March 2014 stood at Rs. 673.900 Million. (FY2012-13 Rs. 803.700 Million). Cash and Bank Balances and investments in Mutual Fund stood at Rs.158.900 Million (FY2012-13 Rs.101.100 Million).
As at the end of the financial year, The Company has sanctioned fund based working capital facilities of Rs.570.000 Million.
The Non-Fund based limits was at Rs.30.000 Lacs. The Company enjoys multiple banking arrangements. Present Working Capital Bankers of the Company are Bank of India, Standard Chartered Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, HDFC Bank and ICICI Bank. Term lending banks are Kotak Mahindra Bank, Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank.
For Mutual Industries Limited CRISIL has retained it rating as “A” stable for Long Term and A1 for Short Term. The company has received A1+ rating from ICRA for it issuance of Commercial Paper. The company will enjoy competitive rate of interest from its bankers based on these ratings.
OPERATING RESULTS AND
PROFITS
The macro operating environment remained under stress with Automotive Volumes dipping for 2nd year in a row, while India’s economic growth rate in the current financial year remained weak at 4.7%. FY 13-14 was a challenging year of the Company. Mutual Industries Limited recorded a 10% growth in turnover as compared to last year. The turnover for FY 2013-14 is at Rs.3015.755 Million. The EBIDTA and PAT percentage were at 13.75 % and 3.41 % respectively. The Company has achieved profit after tax of Rs.1127.79 Million. As against Rs.91.710 Million. In the previous year.
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipment’s
· Other Equipment’s
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. 62.92 |
|
|
1 |
Rs. 93.57 |
|
Euro |
1 |
Rs. 67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.