MIRA INFORM REPORT
|
Report No. : |
335789 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE AGROVET LIMITED [w.e.f.19.11.2008] |
|
|
|
|
Formerly Known
As : |
PANTALOON FOOD PRODUCT (INDIA) LIMITED |
|
|
|
|
Registered Office
: |
Knowledge House,
Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogshwari (East), Mumbai – 400060,
Maharashtra |
|
Tel. No.: |
91-22-66442200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
13.04.2005 |
|
|
|
|
Com. Reg. No.: |
11-152599 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.365.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15100MH2005PLC152599 |
|
|
|
|
IEC No.: |
0305089781 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP20555D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP5377P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Wholesale Trade business in Agro Product like
Oil, Fruits, Vegetable, Spices etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject company was incorporated in the year 2005, is a part of the
Future Group, wholly owned subsidiary of “Future Consumer Enterprise
Limited”. It deals in sourcing, processing, grading and packaging of various
agro commodities like oils, sugar, rice, wheat, pulses, spices, dry fruits
etc. it has a satisfactory track record. In FY14, the company has posted a net loss of Rs.82.000 million on a
total income of Rs.6607.000 million. The ratings, however, are constrained
due to the low core profitability, increase in debt leading to deterioration
of capital structure and intense competition from organized and unorganized
sector players. The rating derive strength from the experienced and professionally
managed promoter group of Future consumer Enterprise Limited (FCEL) as well
as its presence across the FMCG value chain. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. In view of strong holding company, it 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities= A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
06.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
06.04.2015 |
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 DENIED
Management Non C-operative (91-22-30841300 / 61190000)
LOCATIONS
|
Registered Office : |
Knowledge House,
Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogshwari (East), Mumbai – 400060,
Maharashtra, India |
|
Tel. No.: |
91-22-66442200 / 30841300 |
|
Mobile No.: |
91-9821951410 (Mr. Dinesh Chandak) |
|
Fax No.: |
91-22-61995391 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Operating Office : |
701/702, Banking Complex - II, Plot No. 9/10, Sector 19A, Vashi, Navi
Mumbai – 400705, Maharashtra, India |
DIRECTORS
AS ON 15.09.2014
|
Name : |
Mr. Narendra Baheti |
|
Designation : |
Managing director |
|
Address : |
A-702, Govind Complex, Sector 14, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1967 |
|
Qualification : |
B.Com |
|
Experience : |
21 Years |
|
Date of Appointment : |
13.04.2005 |
|
PAN No.: |
ACGPB4873Q |
|
DIN No.: |
00057255 |
|
|
|
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
A-407/408, A-Wing, Oberoi Splendor, Jogeshwari Vikhroli Link Road, Andheri (East), Mumbai - 400060, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Qualification : |
CA, CS, B.Com |
|
Date of Appointment : |
10.02.2006 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Mr. Rajendra Rameshwar Lal Baheti |
|
Designation : |
Director |
|
Address : |
D-644, 1st Floor, Opposite D - Block Market, Saraswati Vihar, Pitampura, Delhi- 110034, India |
|
Date of Birth/Age : |
02.07.1966 |
|
Qualification : |
Graduate and CA Inter |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
ACGPB4833L |
|
DIN No.: |
01720389 |
|
|
|
|
Name : |
Mr. Sadashiv Vasudeo Nayak |
|
Designation : |
Director |
|
Address : |
No. 402, Tirupati Apartments, 18lh Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1970 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
19.09.2007 |
|
DIN No.: |
01751221 |
|
|
|
|
Name : |
Mr. Jagdish Vasudev Shenoy |
|
Designation : |
Director |
|
Address : |
Atmaram Bhavan, 250/11 Station Road, Wadala (West), Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1966 |
|
Date of Appointment : |
23.01.2014 |
|
DIN No.: |
01754643 |
|
|
|
|
Name : |
Mr. Govind Prasad Baheti |
|
Designation : |
Director |
|
Address : |
Tower, B-404-4, Mantri Sarovar HSR Layout, Opposite Agra Lake, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
08.04.1972 |
|
Qualification : |
B.Com, CFA |
|
Date of Appointment : |
29.09.2010 |
|
PAN No.: |
ADTPB8573H |
|
DIN No.: |
03054966 |
MAJOR SHAREHOLDERS
AS ON 15.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Future Consumer Enterprise Limited |
|
36499994 |
|
Future Consumer Enterprise Limited jointly with Sanjay Rathi |
|
1 |
|
Future Consumer Enterprise Limited jointly with Samir Kedia |
|
1 |
|
Future Consumer Enterprise Limited jointly with Manoj Gagvani |
|
1 |
|
Future Consumer Enterprise Limited jointly with Amit Kumar Agarwal |
|
1 |
|
Future Consumer Enterprise Limited jointly with Neeta Singh |
|
1 |
|
Future Consumer Enterprise Limited jointly with K K Rathi |
|
1 |
|
|
|
|
|
Total |
|
36500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 15.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Wholesale Trade business in Agro Product like
Oil, Fruits, Vegetable, Spices etc. |
|
|
|
|
Products : |
·
Oil ·
Fruits ·
Vegetable ·
Spices |
|
|
|
|
Brand Names : |
Not Divulged |
|
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|
Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · HDFC Bank Limited, Sandoz House, Dr. A.B. Road, Worli, Mumbai - 400018, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Corporation Bank, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
NGS and Company LLP Chartered Accountants |
|
Address : |
B/46, Pravasi Industrial Estate, V.N. Road, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
PAN No.: |
AABFS3313D |
|
|
|
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Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
|
|
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Holding company : |
· Future Retail Limited (formerly known as Pantaloon Retail (India) Limited) till November 11, 2013 · Future Consumer Enterprise Limited (Formerly Future Ventures India Limited) w.e.f. November 12, 2013 |
|
|
|
|
Fellow Subsidiaries
: |
· Future Value Retail Limited till November 11, 2013 · FSC Brand Distribution Services till November 11, 2013 · Aadhaar Wholesale Trading and Distribution Limited (formerly Aadhaar Retailing Limited) w.e.f. November 12, 2013 |
|
|
|
|
Enterprise owned or significantly
influenced by Key Management Personnel : |
· Rajendra and Company · Premium Harvest Limited |
|
|
|
|
Enterprise over which Key management
Personnel can exercise control / significant influence : |
· Future Agrovet Employees Stock Option Trust |
CAPITAL STRUCTURE
AS ON 15.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36500000 |
Equity Shares |
Rs.10/- each |
Rs.365.000 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 |
365.000 |
365.000 |
365.000 |
|
(b) Reserves & Surplus |
(87.726) |
(5.692) |
(7.848) |
|
(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) |
277.274 |
359.308 |
357.152 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.794 |
8.463 |
11.137 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
3.697 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.385 |
8.990 |
6.601 |
|
Total Non-current
Liabilities (3) |
10.179 |
21.150 |
17.738 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
924.300 |
907.070 |
1011.462 |
|
(b) Trade
payables |
249.414 |
361.156 |
439.359 |
|
(c) Other current
liabilities |
88.524 |
63.654 |
68.623 |
|
(d) Short-term
provisions |
1.673 |
1.617 |
8.857 |
|
Total Current
Liabilities (4) |
1263.911 |
1333.497 |
1528.301 |
|
|
|
|
|
|
TOTAL |
1551.364 |
1713.955 |
1903.191 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
192.842 |
209.039 |
134.411 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
19.216 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.076 |
0.090 |
0.272 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
3.098 |
|
(d) Long-term Loan and Advances |
37.591 |
57.508 |
44.547 |
|
(e) Other Non-current
assets |
1.692 |
1.662 |
1.978 |
|
Total Non-Current
Assets |
232.201 |
268.299 |
203.522 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.030 |
0.014 |
0.013 |
|
(b)
Inventories |
589.428 |
583.217 |
782.021 |
|
(c) Trade
receivables |
687.937 |
637.584 |
622.979 |
|
(d) Cash
and cash equivalents |
17.165 |
14.646 |
6.037 |
|
(e)
Short-term loans and advances |
23.846 |
206.849 |
287.278 |
|
(f) Other
current assets |
0.757 |
3.346 |
1.341 |
|
Total
Current Assets |
1319.163 |
1445.656 |
1699.669 |
|
|
|
|
|
|
TOTAL |
1551.364 |
1713.955 |
1903.191 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
6570.806 |
10146.698 |
10458.439 |
|
|
|
|
Other Income |
44.632 |
87.190 |
104.981 |
|
|
|
|
TOTAL (A) |
6615.438 |
10233.888 |
10563.420 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Stock-in-trade |
6192.528 |
9416.029 |
10029.307 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(6.211) |
198.804 |
(44.292) |
|
|
|
|
Employee Benefits Expenses |
180.483 |
206.816 |
192.000 |
|
|
|
|
Other Expenses |
201.203 |
259.758 |
235.090 |
|
|
|
|
TOTAL (B) |
6568.003 |
10081.407 |
10412.105 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47.435 |
152.481 |
151.315 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
112.461 |
125.144 |
91.461 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(65.026) |
27.337 |
59.854 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
20.705 |
17.411 |
13.550 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(85.731) |
9.926 |
46.304 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(3.697) |
7.769 |
14.598 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(82.034) |
2.157 |
31.706 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
11.675 |
129.168 |
46.066 |
|
|
|
|
Capital Goods |
0.000 |
0.000 |
6.268 |
|
|
|
TOTAL IMPORTS |
11.675 |
129.168 |
52.334 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.25) |
0.06 |
0.87 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.987 |
5.344 |
5.229 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
101.989 |
290.510 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(1.25) |
0.02 |
0.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
0.72 |
1.50 |
1.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(5.53) |
0.58 |
2.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31) |
0.03 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.34 |
2.56 |
2.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.08 |
1.11 |
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 |
365.000 |
365.000 |
365.000 |
|
Reserves & Surplus |
(7.848) |
(5.692) |
(87.726) |
|
Net
worth |
357.152 |
359.308 |
277.274 |
|
|
|
|
|
|
long-term borrowings |
11.137 |
8.463 |
0.794 |
|
Short term borrowings |
1011.462 |
907.070 |
924.300 |
|
Current Maturities of Long term debt |
5.229 |
5.344 |
0.987 |
|
Total
borrowings |
1027.828 |
920.877 |
926.081 |
|
Debt/Equity
ratio |
2.878 |
2.563 |
3.340 |
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 |
10458.439 |
10146.698 |
6570.806 |
|
|
|
(2.981) |
(35.242) |
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
|
10458.439 |
10146.698 |
6570.806 |
|
Profit |
31.706 |
2.157 |
(82.034) |
|
|
0.30% |
0.02% |
(1.25%) |
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 |
No |
|
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 |
FINANCIALS
During the year, subject has posted total income of Rs.6615.438 million as against the previous year’s total income of Rs.10233.88 million. Subject has incurred losses due to restructuring of businesses in previous year which shall also be narrowed down in coming years.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10536321 |
10/03/2015 * |
1,250,000,000.00 |
Yes Bank Limited |
Nehru
Centre, 9th Floor, Discovery of India,, Dr. |
C47758891 |
|
2 |
10443365 |
28/06/2013 |
590,000,000.00 |
Corporation Bank |
Fort, Mumbai, Maharashtra - 400001, India |
B82265760 |
|
3 |
10407765 |
09/01/2013 |
100,000,000.00 |
IDBI Bank Limited |
IDBI Tower, 12th Floor, World Trade Complex,, Cuffe Parade,, Mumbai, Maharashtra - 400005, India |
B69522654 |
|
4 |
10389400 |
02/11/2012 |
300,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli,, Mumbai, Maharashtra - 400018, India |
B63120992 |
|
5 |
10299348 |
09/01/2013 * |
750,000,000.00 |
IDBI Bank Limited |
1st Floor, Videocon Tower, E-1, Jhandewalan Extension,, New Delhi - 110055, India |
B66022922 |
|
6 |
10212522 |
27/03/2010 |
870,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A83280446 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
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.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.