MIRA
INFORM REPORT
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Report No. : |
335044 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SETH CARBON AND ALLOYS PRIVATE LIMITED |
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Registered
Office : |
101, Shatrunjay Apartment, 28, |
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Tel. No.: |
91- 22-66134500 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.02.2007 |
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Com. Reg. No.: |
11-167924 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.100 Million |
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CIN No.: [Company Identification
No.] |
U27107MH2007PTC167924 |
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IEC No.: |
0307049884 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS54845A |
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PAN No.: [Permanent Account No.] |
AAKCS6084M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading and Importing of Stainless Steel. |
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No. of Employees
: |
05 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Rating factor in the company’s above average financial risk profile,
commensurate with its capital structure and debt protection metrics, though
constrained by relatively modest net worth. Management has reported decent growth in sales turnover however, net
profit margin seems to be low. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings with 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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY
|
Name : |
Mr. Sanjay |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-22-61987100 |
|
Date : |
04.08.2015 |
LOCATIONS
|
Registered Office : |
101, Shatrunjay Apartment, 28, Sindhi Lane, Nanubhai Desai Road,
Mumbai-400004,
Maharashtra, India |
|
Tel. No.: |
91-22-66134500/ 61987100 |
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Fax No.: |
91-22-23526576 |
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E-Mail : |
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Warehouse : |
Located at: · Kalamboli (Mumbai) |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Ashok Mafatlal Seth |
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Designation : |
Director |
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Address : |
304, Pratiksha Towers CHS, R. S. Nimkar Marg, Forass
Road,, Mumbai-400008, Maharashtra, India |
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Date of Birth/Age : |
11.05.1973 |
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Date of Appointment : |
17.02.2007 |
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DIN No.: |
00309706 |
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Other Directorship :
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Name : |
Mr. Vimal Prakash Kanugo |
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Designation : |
Director |
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Address : |
Tardeo Tower CHSL, 3rd Floor, Flat No-301, Tardeo Road,
Mumbai-400034, Maharashtra, India |
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Date of Birth/Age : |
11.07.1981 |
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Date of Appointment : |
17.02.2007 |
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DIN No.: |
00958980 |
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KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ashok Mafatlal Seth |
4000 |
3.71 |
|
Vimal Prakash Kanugo |
6000 |
5.57 |
|
PCK Metals Private Limited, India |
57800 |
53.62 |
|
Seth Steelage Private Limited, India |
40000 |
37.11 |
|
Total |
107800 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
90.73 |
|
Directors
or relatives of directors |
9.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Importing of Stainless Steel. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
Stainless Steel |
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Countries : |
China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Others (Traders)
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No. of Employees : |
05 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Anand
Jain and Associates Chartered Accountants |
|
Address : |
46,
Mulji Jetha Building, Princess Street, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-2200-1747 |
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Fax No.: |
91-22-2200-1652 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFL8838P |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Million |
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Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235550 |
Equity Shares |
Rs. 10/- each |
Rs. 2.356
Million |
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|
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107800 |
Equity Shares (Fully Paid up) |
Rs. 10/- each |
Rs. 1.078
Million |
|
127750 |
Equity Shares (Not Fully Paid up) |
|
Rs. 1.022
Million |
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|
Total |
|
Rs. 2.100 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 |
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|
|
|
(a) Share Capital |
2.100 |
2.100 |
2.100 |
|
(b) Reserves & Surplus |
74.295 |
69.491 |
64.993 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
76.395 |
71.591 |
67.093 |
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|
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(3) Non-Current
Liabilities |
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|
|
|
(a) Long-term borrowings |
67.525 |
43.678 |
0.000 |
|
(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) |
67.525 |
43.678 |
0.000 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
24.989 |
24.549 |
0.000 |
|
(b)
Trade payables |
327.157 |
98.140 |
280.310 |
|
(c)
Other current liabilities |
2.259 |
0.421 |
2.928 |
|
(d) Short-term
provisions |
0.044 |
0.236 |
0.429 |
|
Total Current
Liabilities (4) |
354.449 |
123.346 |
283.667 |
|
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|
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|
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TOTAL |
498.369 |
238.615 |
350.760 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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|
|
|
(i)
Tangible assets |
0.043 |
0.084 |
0.023 |
|
(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 |
0.271 |
0.491 |
0.712 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
0.314 |
0.575 |
0.735 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
35.291 |
11.291 |
19.310 |
|
(c)
Trade receivables |
388.615 |
182.469 |
232.294 |
|
(d) Cash
and cash equivalents |
26.061 |
20.896 |
0.676 |
|
(e) Short-term
loans and advances |
44.983 |
18.479 |
86.457 |
|
(f)
Other current assets |
3.105 |
4.905 |
11.288 |
|
Total
Current Assets |
498.055 |
238.040 |
350.025 |
|
|
|
|
|
|
TOTAL |
498.369 |
238.615 |
350.760 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1142.932 |
890.828 |
657.431 |
|
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|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1135.889 |
884.284 |
652.153 |
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.043 |
6.544 |
5.278 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.041 |
0.030 |
0.004 |
|
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|
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|
|
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|
|
PROFIT BEFORE
TAX |
7.002 |
6.514 |
5.274 |
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|
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|
Less |
TAX |
2.198 |
2.017 |
1.718 |
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|
PROFIT AFTER TAX |
4.804 |
4.497 |
3.556 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.88 |
21.41 |
16.93 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1550.000 |
|
|
|
|
|
Expected Sales (2015-2016): Rs. 1700.000 Million
The above information has been parted by Mr. Sanjay (Assistant Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.40 |
2.73 |
1.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.09 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21 |
0.95 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.93 |
1.23 |
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 |
2.100 |
2.100 |
2.100 |
|
Reserves & Surplus |
64.993 |
69.491 |
74.295 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
67.093 |
71.591 |
76.395 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
43.678 |
67.525 |
|
Short term borrowings |
0.000 |
24.549 |
24.989 |
|
Total
borrowings |
0.000 |
68.227 |
92.514 |
|
Debt/Equity
ratio |
0.000 |
0.953 |
1.211 |
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) |
|
Total Income |
657.431 |
890.828 |
1142.932 |
|
|
|
35.501 |
28.300 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
657.431 |
890.828 |
1142.932 |
|
Profit |
3.556 |
4.497 |
4.804 |
|
|
0.54% |
0.50% |
0.42% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
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 |
10371482 |
27/06/2012 |
100,000,000.00 |
CENTRAL BANK OF INDIA |
MUMBAI MAIN OFFICE,
DOCUMENTATION CELL, CENTRA |
B56027006 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
67.525 |
43.678 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
0.000 |
24.549 |
|
|
|
|
|
Total |
67.525 |
68.227 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 701-Mahalaxmi
Chamber, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India to the present
address w.e.f 28.12.2011
FIXED ASSETS:
Tangible Assets
·
Vehicles
Office
Equipment
Computer
Equipments
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. 63.82 |
|
|
1 |
Rs. 99.15 |
|
Euro |
1 |
Rs. 69.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.