MIRA INFORM REPORT

 

 

Report No. :

334824

Report Date :

06.08.2015

 

IDENTIFICATION DETAILS

 

Name :

LAMINA FOUNDRIES LIMITED

 

 

Registered Office :

Nitte Village, Karkala Taluk, Udupi – 574110, Karnataka

Tel. No.:

91-8258-281930/ 281931

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.03.1981

 

 

Com. Reg. No.:

08-004151

 

 

Capital Investment / Paid-up Capital :

Rs. 30.400 Million

 

 

CIN No.:

[Company Identification No.]

U85110KA1981PLC004151

 

 

IEC No.:

0789003791

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRL00841B

 

 

PAN No.:

[Permanent Account No.]

AAACL3059P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Iron Castings.

 

 

No. of Employees :

384 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company possesses moderate operational performance and it has incurred huge losses from its operational activities.

 

Rating further constrained on account of company’s moderate financial risk profile marked by negative reserves along with huge borrowings and leverage sheet profile of the company.

 

However, trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 = BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

September 17, 2014

 

 

Rating Agency Name

CRISIL

Rating

Short term Rating = A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

September 17, 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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(CONTACT NO.: 91-824-2405211)

 

 

LOCATIONS

 

Registered Office/ Factory :

Nitte Village, Karkala Taluk, Udupi – 574110, Karnataka, India

Tel. No.:

91-8258-281930/ 281931

Fax No.:

91-8258-281933

E-Mail :

lafoundry47@hotmail.com

Website :

http://www.laminafoundries.com

 

 

Branch Office :

17-19, Baikampady Industrial, New Mangalore - 575011, Karnataka, India

Tel. No.:

91-824-2407364/ 2409591

Fax No.:

91-824-2407714

E-Mail :

foundrysales@lamina.co.in  

 

 

DIRECTORS

 

AS ON 26.09.2014

 

Name :

Mr. Gopalkrishna Shenoy

Designation :

Managing director

Address :

5-12-118/50, "Vaishalya", M G Cross Road, Kodialguthu, Mangalore - 575003, Karnataka, India

Date of Birth/Age :

28.03.1973

Qualification :

B.E.(Mechanical), M.B.A. (Marketing)

Date of Appointment :

01.11.2003

PAN No.:

AEUPS7978B

DIN No.:

00043378

 

 

Name :

Nitte Vinaya Hegde

Designation :

Director

Address :

"Sadananda", Shiv Bagh, Kadri, Mangalore - 575002, Karnataka, India

Date of Birth/Age :

02.04.1939

Qualification :

B. Sc (CBZ)

Date of Appointment :

19.03.1981

PAN No.:

AAITH2141R

DIN No.:

00043080

 

 

Name :

Tonse Ramesh Shenoy

Designation :

Director

Address :

"Vaishalya", M G Cross Road, Kodialbail (West), Mangalore - 575003, Karnataka, India

Date of Birth/Age :

13.04.1937

Qualification :

B.SC (Eng)

Date of Appointment :

19.03.1981

PAN No.:

ACDTS9244F

DIN No.:

00053932

 

 

Name :

Guru Prasad Adyanthaya

Designation :

Director

Address :

SP-3, His Grace, Martin Pais Road, Hat Hill, Mangalore - 575006, Karnataka, India

Date of Birth/Age :

10.09.1953

Qualification :

Intermediate

Date of Appointment :

19.03.1981

PAN No.:

ADJPA6325M

DIN No.:

00043142

 

 

Name :

Mr. Rajendra Madiyal

Designation :

Director

Address :

Inchara, 2nd Cross, Kadri, Shivbagh, Mangalore - 575002, Karnataka, India

Date of Birth/Age :

27.01.1951

Date of Appointment :

05.12.1988

DIN No.:

00136307

 

 

Name :

Srinivas Bantwal Baliga

Designation :

Director

Address :

Mizar Ramakrishna Pais Compound, Mannagudda, Kodialbail, Mangalore - 575003, Karnataka, India

Date of Birth/Age :

01.12.1945

Qualification :

B.E. Electrical

Date of Appointment :

05.12.1988

DIN No.:

00043194

 

 

Name :

Mr. Vishal Hegde

Designation :

Director

Address :

15-17-895, "Sadananda", Shivabagh, Kadri, Mangalore - 575002, Karnataka, India

Date of Birth/Age :

03.10.1971

Date of Appointment :

24.09.1999

DIN No.:

00043245

 

 

Name :

Navinchandra Krishnappa Thingalaya

Designation :

Director

Address :

53, Garden Manor, S.B. Road, Lady Hill, Mangalore - 575006, Karnataka, India

Date of Birth/Age :

04.11.1937

Date of Appointment :

10.06.2003

DIN No.:

00019226

 

 

Name :

Surendra Jayaram Reddy

Designation :

Director

Address :

No. 13, Langford Road, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

26.06.1937

Qualification :

Worked in Germany during 1967 - 68. Took training in Kanaxwerk, Cantorode manuft of bolts and nuts

Date of Appointment :

10.06.2003

DIN No.:

00109421

 

 

Name :

Janthakahalli Mallaradhya Nagaraj

Designation :

Director

Address :

OM, 575, 10th D Cross, WCR 2nd Stage, M Puram, Bangalore - 560086, Karnataka, India

Date of Birth/Age :

27.07.1937

Date of Appointment :

30.01.2004

DIN No.:

00238633

 

 

Name :

Raghava Mangalore

Designation :

Director

Address :

8-128/28-1, Shreyas, Soujanya Road,, Bikernakatte, Mangalore - 575005, Karnataka, India

Date of Birth/Age :

16.07.1937

Qualification :

BE.,MIE

Date of Appointment :

27.04.2009

DIN No.:

02596882

 

 

Name :

Prasanna Kumar Hegde

Designation :

Director

Address :

No.8, Eden, Vivikananda Road, Kadri Hills, P.O. Bejai, Mangalore - 575004, Karnataka, India

Date of Birth/Age :

21.06.1937

Qualification :

BE Mech, PG in Marine Engineering

Date of Appointment :

07.11.2011

DIN No.:

00019152

 

 

KEY EXECUTIVES

 

Name :

Shantheri Ganesh Baliga

Designation :

Secretary

Address :

203, Divya Paradise, Block A, Opposite IBP Petrol Pump, Kapikad, Bejai, Mangalore - 575004, Karnataka, India

Date of Birth/Age :

19.01.1974

Date of Appointment :

01.02.2002

PAN No.:

AGDPB9742K

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.09.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

 

AS ON 26.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

64.00

Directors or relatives of directors

8.00

Other top fifty shareholders

13.00

Others

15.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Iron Castings.

 

 

Products :

ITC Code No.

 

Product Descriptions

87082900

Brakedrums made of Alloy Cast Iron

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Imports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

384 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Syndicate Bank

Hampankatta Branch, Hampankatta, Mangalore - 575001, Karnataka, India

 

·         Corporation Bank

·         Vijaya Bank

·         Andhra Bank

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

15.157

15.055

Other loans and advances

0.654

0.449

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

79.857

88.693

 

 

 

Total

 

95.668

104.197

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nitin J. Shetty and Company

Chartered Accountants

Address :

D No. 15-3-120/7, Violet Complex, S C S Hospital Road, Balmatta, Mangalore – 575002, Karnataka, India

Income-tax PAN of auditor or auditor's firm :

AAHFN5195Q

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Lamina Suspension Products Limited [U27109KA1975PLC002910]

 

 

Associates :

·         General Engineering Services and Industries

·         General Springs

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,800,000

Equity Shares

Rs. 10/- each

Rs. 48.000 Million

20,000

Preference Shares

Rs. 100/- each

Rs. 2.000 Million

 

 

 

 

 

Total

 

Rs. 50.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,040,000

Equity Shares

Rs. 10/- each

Rs. 30.400 Million

 

 

 

 

 

 

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

30.400

30.400

30.400

(b) Reserves & Surplus

(7.074)

(5.935)

(11.570)

(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)

23.326

24.465

18.830

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

16.552

17.266

32.318

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

16.552

17.266

32.318

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

190.477

181.005

164.933

(b) Trade payables

60.117

60.853

60.702

(c) Other current liabilities

66.788

46.491

31.818

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

317.382

288.349

257.453

 

 

 

 

TOTAL

357.260

330.080

308.601

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

105.155

110.527

101.951

(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)

0.382

0.497

1.552

(d)  Long-term Loan and Advances

12.327

10.078

10.077

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

117.864

121.102

113.580

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

126.248

132.658

111.981

(c) Trade receivables

77.870

54.665

52.865

(d) Cash and cash equivalents

10.581

9.866

13.195

(e) Short-term loans and advances

24.697

11.789

16.980

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

239.396

208.978

195.021

 

 

 

 

TOTAL

357.260

330.080

308.601

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

477.639

494.231

516.281

 

 

Other Income

2.997

4.000

1.774

 

 

TOTAL                                     (A)

480.636

498.231

518.055

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

201.335

228.088

242.576

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

1.894

(18.522)

14.114

 

 

Employees benefits expense

58.133

57.611

63.045

 

 

Other expenses

170.220

174.899

153.534

 

 

TOTAL                                     (B)

431.582

442.076

473.269

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

49.054

56.155

44.786

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

38.751

38.519

33.390

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

10.303

17.636

11.396

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

11.329

10.946

9.941

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

(1.026)

6.690

1.455

 

 

 

 

 

Less

TAX                                                                  (H)

0.114

1.055

1.153

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(1.140)

5.635

0.302

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods on F.O.B. Basis

150.427

191.938

128.421

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(0.38)

1.85

0.10

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

Current maturities of long-term debt

28.345

15.112

6.127

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flows from (used in) Operations

23.807

44.824

29.370

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(0.24)

1.14

0.06

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

10.27

11.36

8.67

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.29)

2.03

0.47

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.04)

0.27

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

10.09

8.72

10.80

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.75

0.72

0.76

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

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

30.400

30.400

30.400

Reserves & Surplus

(11.570)

(5.935)

(7.074)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

18.830

24.465

23.326

 

 

 

 

Long-term borrowings

32.318

17.266

16.552

Short term borrowings

164.933

181.005

190.477

CURRENT MATURITIES OF LONG-TERM DEBTS

6.127

15.112

28.345

Total borrowings

203.378

213.383

235.374

Debt/Equity ratio

10.801

8.722

10.091

 

 

 

 

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

516.281

494.231

477.639

 

 

-4.271

-3.357

 

 

 

 

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

516.281

494.231

477.639

Profit/ (Loss)

0.302

5.635

(1.140)

 

0.06%

1.14%

(0.24%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10567930

24/04/2015

22,000,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, HAMPANKATTA, MANGALORE, KARNATAKA - 575001, INDIA

C52925039

2

10506911

26/03/2014

213,379,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, HAMPANKATTA, MANGALORE, KARNATAKA - 575001, INDIA

C09754631

3

10482945

25/02/2014

600,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, MANGALORE, KARNATAKA - 575001, 
INDIA

B98625213

4

10484966

15/02/2014

57,000,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, MANGALORE, KARNATAKA - 575001, 
INDIA

C00532986

5

10484959

06/02/2014

14,600,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, MANGALORE, KARNATAKA - 575001, 
INDIA

C00530535

6

10414607

12/03/2013

700,000.00

SYNDICATE BANK

HAMPANKATTA BRANCH, HAMPANKATTA, MANGALORE, KARNATAKA - 575001, INDIA

B71747950

7

10280702

30/03/2011

2,602,250.00

LAMINA LEASING ANDFINANCE LIMITED

8TH FLOOR, B WING, RAMA BHAVANCOMPLEX, KODIALBAIL, 
MANGALORE, MANGALORE, KARNATAKA - 575003, INDIA

B10580405

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Other loans and advances

0.741

1.762

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

2.576

2.519

Deposits

33.941

22.311

Loans and advances from related parties

74.103

67.482

 

 

 

Total

 

111.361

94.074

 

 

OPERATIONAL PERFORMANCE

 

The Company produced 8900 MT of rough castings during the year ended 31.03.2014 as against 10049 MT during the preceding year and sold 6388 MT of rough and machined castings during the year ended 31.03.2014 as against 7059 MT during the preceding year.

 

The Company has recorded a sales turnover of Rs 512.400 Million for the year ended 31.03.2014 as against Rs. 524.600 Million for the previous year ended 31.03.2013, resulting in a decline of 2.33% due to decline in exports. The company suffered a marginal loss of Rs. 1.025 Million for the F.Y. 2013-14 as against the pre-tax profit of Rs. 6.691 Million during the preceding year, mainly due to drop in the "other income", besides decline in sales.

 

 

FUTURE OUTLOOK

 

Though the Company's sales was marginally affected during the F.Y. 2013-14 on account of decline in exports, the Company's performance during the F.Y.2014-15 is expected to be better, more due to improvement in exports.

 

The Company is in the process of upgrading and modernizing the Plant at an investment of around Rs.90.000 Million by way of a term loan, with 1/3 contribution from the promoters as margin money. The same involves setting up of state-of the art CNC machine shop and replacement of main moulding line with the technologically superior high pressure moulding line and the work is expected to be completed before the current fiscal. This will not only result in improved quality of the product but also in the operational economy coupled with increased sales based on the anticipated orders from customers.


FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 63.82

UK Pound

1

Rs. 99.15

Euro

1

Rs. 69.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.