MIRA INFORM REPORT
|
Report No. : |
335927 |
|
Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAGZONE LIFESTYLES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401, 4th Floor, Ackruti Star Building, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra |
|
Tel. No. : |
91-22-33212370/ 33212600/ 33212601 |
|
|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
02.12.2008 |
|
|
|
|
Com. Reg. No.: |
188558 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.134.520 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74994MH2008PTC188558 |
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AADCB6432B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of retailing Suitcases, briefcases and accessories, Ladies handbags and Footwear. |
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|
|
|
No. of Employees
: |
Information declined by the management. |
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 |
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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 moderate track. Company has incurred continuous losses from its operations which
resulted into accumulated losses, which has hampered networth position of the
company. Eventhough, company has achieved decent revenue base, it has taken
huge external borrowings in FY 14. However, 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : BB |
|
Rating Explanation |
Inadequate credit quality and very high credit risk. |
|
Date |
09.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : BB |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
09.12.2014 |
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 DENIED
Management non Co-operative
Contact No.: 91-22-33212300
LOCATIONS
|
Registered Office : |
401, 4th Floor, Ackruti Star Building, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-33212370/ 33212600/ 33212601 |
|
Fax No.: |
91-22-33212300/ 28352510 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mrs. Shobha Ramesh Tainwala |
|
Designation : |
Director |
|
Address : |
Flat No.4/5, Plot No. 9, The Shimmer Presidency CHS, Road- 8, Juhu, JVPD Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1960 |
|
Date of Appointment : |
02.12.2008 |
|
PAN No.: |
ACBPT1559L |
|
DIN No. : |
00294369 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Singhania |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Dharamraj Plaza, 3rd Floor, Old Gangapur Road, Nashik – 422005, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1965 |
|
Date of Appointment : |
02.12.2008 |
|
DIN No. : |
00830792 |
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|
|
|
Name : |
Mr. Sandeep Keshav Goenka |
|
Designation : |
Director |
|
Address : |
232/C, Grand Paradi Apartment, August Kranti Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1967 |
|
Qualification : |
B.E |
|
Date of Appointment : |
28.01.2009 |
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PAN No. : |
AACPG3487H |
|
DIN No. : |
01117386 |
|
|
|
|
Name : |
Ms. Anushree Ramesh Tainwala |
|
Designation : |
Director |
|
Address : |
Flat No.4/5, Plot No. 9, The Shimmer Presidency CHS, Road- 8, Juhu, JVPD Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1987 |
|
Date of Appointment : |
02.12.2008 |
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PAN No. : |
AEYPT4141F |
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DIN No. : |
00293802 |
|
|
|
|
Name : |
Sureshchandra Dahyalal Darji |
|
Designation : |
Director |
|
Address : |
401/402, Mahaveer Apartments, M.G. Road, Near Suncity Cinema, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1960 |
|
Date of Appointment : |
03.10.2013 |
|
DIN No. : |
02134040 |
KEY EXECUTIVES
|
Name : |
Nilam Ramniklal Ghaghada |
|
Designation : |
Secretary |
|
Address : |
26/304, Encore, A Wing, Lokhandwala Complex, Swami Samarth Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
PAN No. : |
BLDPS5672M |
|
Date of Appointment : |
01.10.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of
Shareholders |
|
No. of Shares |
|
Shobha Tainwala and Ramesh Tainwala |
|
6749900 |
|
Sandeep Goenka |
|
1000000 |
|
Mahendra Singhania |
|
100 |
|
Anushree Tainwala and Shobha Tainwala |
|
20000 |
|
Periwinkle Fashions Private Limited |
|
5274000 |
|
Ramesh Tainwala and Shobha Tainwala |
|
410000 |
|
Tainwala Holdings Private Limited |
|
100000 |
|
Tainwala Trading and Investment Company Limited |
|
80000 |
|
Samtain Sales Private Limited |
|
1390000 |
|
Praveen Tainwala |
|
100000 |
|
Shobha Tainwala and Ayush Tainwala |
|
280000 |
|
Satya Buildmart Private Limited |
|
48000 |
|
Ramesh Tainwala and Ayush Tainwala |
|
70000 |
|
Ayush Tainwala and Ramesh Tainwala |
|
20000 |
|
Total |
|
15542000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
44.34 |
|
Directors or relatives of Directors |
55.02 |
|
Other top fifty shareholders |
0.64 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of retailing Suitcases, briefcases and accessories, Ladies handbags and Footwear. |
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|
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|
Products : |
Suitcases, briefcases and accessories, Ladies handbags and
Footwear |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Anil D. Doshi and Company Chartered Accountants |
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Address : |
B-104, Gyan Deep, V Carter Road Borivali (East), Mumbai - 400066, Maharashtra, India |
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PAN No.: |
AAAPD2414F |
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Memberships : |
--- |
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Collaborators : |
--- |
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Enterprises which
are under common control with the Company : |
Samtain Sales Private Limited |
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|
|
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Associate : |
Planet Retail Holdings Private Limited |
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Enterprises over which
any person described in enterprises which are under control with the company
and associates is able to exercise significant influence: |
|
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital :
Rs.200.000 Million
Issued, Subscribed & Paid-up Capital : Rs.160.511 Million
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,542,000 |
Equity Shares |
Rs.10/- each |
Rs.155.420 Million |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,40,00,000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,34,52,000 |
Equity Shares |
Rs.10/- each |
Rs. 134.520 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 |
134.520 |
116.500 |
116.500 |
|
(b) Reserves &
Surplus |
(17.779) |
(13.553) |
74.837 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
79.700 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
116.741 |
182.647 |
191.337 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
151.900 |
36.237 |
45.481 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.896 |
2.896 |
1.980 |
|
(d) long-term provisions |
13.677 |
8.444 |
2.737 |
|
Total Non-current
Liabilities (3) |
168.473 |
47.577 |
50.198 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
52.710 |
46.848 |
52.259 |
|
(b) Trade payables |
584.770 |
477.953 |
258.432 |
|
(c) Other current
liabilities |
107.286 |
86.448 |
88.120 |
|
(d) Short-term provisions |
10.751 |
23.133 |
8.513 |
|
Total Current Liabilities
(4) |
755.517 |
634.382 |
407.324 |
|
|
|
|
|
|
TOTAL |
1040.731 |
864.606 |
648.859 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
253.524 |
245.662 |
205.801 |
|
(ii) Intangible Assets |
6.523 |
4.244 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
1.682 |
1.325 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
42.692 |
42.692 |
0.000 |
|
(c) Deferred tax assets
(net) |
96.399 |
65.094 |
26.291 |
|
(d) Long-term Loan and Advances |
157.023 |
130.293 |
111.000 |
|
(e) Other Non-current
assets |
3.530 |
1.678 |
1.711 |
|
Total Non-Current Assets |
559.691 |
491.345 |
346.128 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
290.457 |
277.363 |
172.108 |
|
(c) Trade receivables |
134.292 |
60.953 |
37.626 |
|
(d) Cash and cash
equivalents |
19.712 |
13.098 |
10.174 |
|
(e) Short-term loans and
advances |
36.522 |
21.842 |
82.823 |
|
(f) Other current assets |
0.057 |
0.005 |
0.000 |
|
Total Current Assets |
481.040 |
373.261 |
302.731 |
|
|
|
|
|
|
TOTAL |
1040.731 |
864.606 |
648.859 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1577.184 |
1237.203 |
626.068 |
|
|
Other Income |
7.763 |
3.920 |
11.378 |
|
|
TOTAL |
1584.947 |
1241.123 |
637.446 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
903.516 |
783.574 |
488.874 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.635) |
(96.557) |
(107.731) |
|
|
Employees benefits
expense |
192.936 |
156.032 |
68.046 |
|
|
Other expenses |
558.853 |
479.854 |
241.986 |
|
|
TOTAL |
1644.670 |
1322.903 |
691.175 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(59.723) |
(81.780) |
(53.729) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
11.331 |
15.033 |
11.183 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(71.054) |
(96.813) |
(64.912) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
36.557 |
30.381 |
19.239 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(107.611) |
(127.194) |
(84.151) |
|
|
|
|
|
|
|
Less |
TAX |
(31.305) |
(38.803) |
(25.574) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(76.306) |
(88.391) |
(58.577) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.897 |
0.504 |
NA |
|
|
TOTAL EARNINGS |
0.897 |
0.504 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
(5.67) |
(7.59) |
---- |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
35.938 |
39.999 |
13.827 |
|
Cash generted from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(58.071) |
48.016 |
(127.059) |
|
Net cash flows from (used in) operating activities |
(58.071) |
48.016 |
(127.097) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.84) |
(7.14) |
(9.36) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(3.79) |
(6.61) |
(8.58) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.94) |
(16.84) |
(13.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.92) |
(0.70) |
(0.44) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.06 |
0.67 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
0.59 |
0.74 |
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 |
116.500 |
116.500 |
134.520 |
|
Reserves & Surplus |
74.837 |
-13.553 |
-17.779 |
|
Share Application money
pending allotment |
0.000 |
79.700 |
0.000 |
|
Net worth |
191.337 |
182.647 |
116.741 |
|
|
|
|
|
|
long-term borrowings |
45.481 |
36.237 |
151.900 |
|
Short term borrowings |
52.259 |
46.848 |
52.710 |
|
Current Maturities of
Long Term Debt |
13.827 |
39.999 |
35.938 |
|
Total borrowings |
111.567 |
123.084 |
240.548 |
|
Debt/Equity ratio |
0.583 |
0.674 |
2.061 |
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 |
626.068 |
1237.203 |
1577.184 |
|
|
|
97.615 |
27.480 |
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 |
626.068 |
1237.203 |
1577.184 |
|
Profit/(Loss) |
(58.577) |
(88.391) |
(76.306) |
|
|
(9.36%) |
(7.14%) |
(4.84%) |
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
151.900 |
0.000 |
|
|
|
|
|
Total |
151.900 |
0.000 |
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Claims against the
Company not acknowledged as debts, comprising of: |
|
|
|
Service tax disputed by the Company relating to issue of applicability and classification [*Note -I below] |
- |
- |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
0.876 |
13.765 |
|
Service Tax (*Note -I) Pursuant to levy of service tax on renting of immovable properties given for commercial use, retrospectively with effect from 1 June 2007 by the Finance Act, 2010, the Retailers Association of which the Company is a member, has, based on a legal advice, challenged the said levy and, inter-alia, its retrospective application. The Hon’ble Supreme Court has passed an interim order dated 14th October, 2011, with regard to the levy of service tax on immovable properties rented out for commercial use including its retrospective applicability from 1st June, 2007 in compliance of which, the Company has made an aggregate deposit of Rs. 2.755 Million in respect of the liability for such service tax upto 30th September, 2011. From October 2011, the Company is accounting and paying for such service tax regularly as per directives of the Supreme Court. Pending the final disposal of the matter, the Company continues not to provide for the retrospective levy aggregating Rs.5.510 Million for the period 1st April 2010 to 30th September, 2011. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10230231 |
25/06/2015 * |
150,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARA |
C59225912 |
* Date of charge modification
OPERATIONS
During the year ended 31stMarch, 2014, the Company achieved a sales of Rs. 1577.184 Million as compared to Rs. 1237.203 Million for the previous year ended 31st March, 2013, a rise of 27.48% can be seen. The Company incurred net loss of Rs. 76.306 Million as compared to net loss of Rs.88.391 Million in the previous year ended 31st March, 2013.
COMPANY BACKGROUND
The company was incorporated on 2nd December, 2008. The Company is engaged in the business of retailing Suitcases, briefcases and accessories, Ladies handbags and Footwear through its own stores and departmental stores.
FIXED ASSETS
v
Tangible
Assets
· Buildings
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
v
Intangible
Assets
· Computer Software
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.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.