MIRA INFORM REPORT

 

 

Report No. :

336280

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

GOLD STAR CENTOQUATTRO JEWELLERY PRIVATE LIMITED

 

 

Registered Office :

G – 40, Gems and Jewellery Complex – III, Seepz, Andheri (East), Mumbai – 400096, Maharashtra

Tel. No.:

91-22-66947000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.04.2008

 

 

Com. Reg. No.:

11-181759

 

 

Capital Investment / Paid-up Capital :

Rs. 25.000 Million

 

 

CIN No.:

[Company Identification No.]

U27205MH2008PTC181759

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMG13276E

 

 

PAN No.:

[Permanent Account No.]

AADCG1446Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Exporter of Gold Jewellery and Diamond Studded Jewellery.

 

 

No. of Employees :

82 (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

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2008 having a satisfactory track record.

 

Profit of the company has declined during FY 2014. However, net worth position of the company is satisfactory. General financial position of the company is normal acceptable for business dealings.

 

Further, the rating also take into consideration favourable gap between terms are reported to be usually correct.

 

The company can be considered normal 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.

 

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

Short Term Rating = “A4+”

Rating Explanation

Minimal degree of safety and carry very high credit risk.

Date

11.06.2015

 

 

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 PARTED BY

 

Name :

Ms. Vrushali Mhatre

Designation :

Senior Manager in Finance

Contact No.:

91-22-6694700

Date :

11.08.2015

 

 

LOCATIONS

 

Registered Office / Factory  :

G – 40, Gems and Jewellery Complex – III, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India

Tel. No.:

91-22-66947000

Fax No.:

Not Divulged

E-Mail :

legal@goldstarjewellery.com

finance@goldstarjewellery.com

Website :

www.goldstarjewellery.com

 

 

DIRECTORS

 

As on 30.09.2013

 

Name :

Mr. Vikram Mohandas Advani

Designation :

Director

Address :

1/44, Manik Nivas, 91, B Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

23.05.1967

Date of Appointment :

06.07.2009

DIN No.:

00012126

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U39611MH1990PTC056881

GOLD STAR JEWELLERY PRIVATE LIMITED

Director

21/10/2003

21/10/2003

01/12/2010

Active

NO

2

U27205MH2008PTC181759

GOLD STAR CENTOQUATTRO JEWELLERY PRIVATE LIMITED

Director

06/07/2009

06/07/2009

-

Active

NO

 

 

Name :

Mr. Ashish Vinod Shah

Designation :

Director

Address :

19/2, Suvarna Nagar Society, Soni House Neso No. 2, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

04.05.1970

Date of Appointment :

06.07.2009

DIN No.:

00007729

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51398MH1991PTC063336

ROYAL STAR JEWELLERY PRIVATE LIMITED

Managing director

31/03/2005

31/03/2005

15/03/2010

Active

NO

2

U39611MH1990PTC056881

GOLD STAR JEWELLERY PRIVATE LIMITED

Managing director

01/05/2009

01/04/2005

-

Active

NO

3

U36910MH2004PTC146325

GOLD STAR JEWELLERY DESIGNS PRIVATE LIMITED

Whole-time director

30/09/2005

30/09/2005

-

Active

NO

4

U65910MH1995PTC087739

GOLD STAR CORPORATE SOLUTIONS PRIVATE LIMITED

Director

29/09/2007

31/03/2007

-

Active

NO

5

U36910MH2002PTC135049

DIAM STAR JEWELLERY (INDIA) PRIVATE LIMITED

Director

01/06/2008

01/06/2008

-

Active

NO

6

U51398MH2008PTC185197

B S DESIGNS PRIVATE LIMITED

Director

29/07/2008

29/07/2008

-

Strike off

NO

7

U27205MH2008PTC181759

GOLD STAR CENTOQUATTRO JEWELLERY PRIVATE LIMITED

Director

06/07/2009

06/07/2009

-

Active

NO

8

U72900MH2005PTC156594

MINDTECH SOLUTIONS PRIVATE LIMITED

Director

01/05/2010

01/05/2010

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Vrushali Mhatre

Designation :

Senior Manager in Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2013

 

Names of Shareholders

 

No. of Shares

Alkesh Satish Shah

 

495000

Sanjay Satish Shah

 

4997

Gypsophilis Limited, Chypre, Turkey

 

490000

Satish Ratilal Shah

 

1

Hansaben Satish Shah

 

1510001

Shweta Sanjay Shah

 

1

 

 

 

Total

 

2500000

 

 

As on 30.09.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

19.60

Other top fifty shareholders

80.40

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Exporter of Gold Jewellery and Diamond Studded Jewellery.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Dubai
  • USA
  • European Countries

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End Users and Manufacturer

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

82 (Approximately) 

 

 

Bankers :

Bank Name

Bank of India

Branch

Seepz Nid Corporate Branch, Behind Seepz Service Centre, Marol Industrial Area, Seepz, Mumbai – 400096, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-28290380/2843

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

From Bank

(Bank borrowing is secured against Fixed Deposits and Hypothecation of Stocks, Drs and Personal Guarantee by Promoters)

77.340

74.845

 

 

 

Total

77.340

74.845

 

Auditors 1:

 

Name :

B J Shah and Associates

Chartered Accountant

Address :

A-203, Modem Apartments, Garden Lane, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

PAN No.:

AAHPS5959D

 

 

Auditors 2:

 

Name :

Kashyap Shah and Associates

Chartered Accountant

Address :

Kandivali (East), Mumbai, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates Concern :
  • Gold Star Jewellery Private Limited
  • Diamstar Jewellery (India) Private Limited
  • Mindtech Solution Private Limited
  • Gold Star Corporate Solution Private Limited
  • Royal Star Jewellery Private Limited
  • Gold Star Diamond Private Limited
  • Gold Star Jewellery LLC
  • Gold Star Jewellery India Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2500000

Equity Shares

Rs.10/- each

Rs. 25.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2500000

Equity Shares

Rs.10/- each

Rs. 25.000 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

25.000

25.000

9.900

(b) Reserves & Surplus

50.346

34.487

13.486

(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)

75.346

59.487

23.386

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

136.357

104.659

51.930

(b) Deferred tax liabilities (Net)

3.627

3.210

0.000

(c) Other long term liabilities

6.728

5.843

99.776

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

146.712

113.712

151.706

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

77.340

75.502

100.649

(b) Trade payables

81.774

70.155

79.554

(c) Other current liabilities

0.494

1.037

0.454

(d) Short-term provisions

1.437

1.700

1.143

Total Current Liabilities (4)

161.045

148.394

181.800

 

 

 

 

TOTAL

383.103

321.593

356.892

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

33.370

34.480

36.249

(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

5.609

1.808

0.660

(e) Other Non-current assets

0.000

2.640

0.644

Total Non-Current Assets

38.979

38.928

37.553

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

145.206

107.604

102.622

(c) Trade receivables

163.508

136.968

190.580

(d) Cash and cash equivalents

22.653

20.016

17.925

(e) Short-term loans and advances

12.757

18.077

8.212

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

344.124

282.665

319.339

 

 

 

 

TOTAL

383.103

321.593

356.892

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

Other Income

 

 

 

 

TOTAL

607.540

667.299

531.088

 

 

 

 

 

Less

EXPENSES

589.938

641.495

525.784

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

17.602

25.803

5.304

 

 

 

 

 

Less

TAX

1.744

4.802

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

15.858

21.001

5.304

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

543.963

577.730

524.788

 

TOTAL EARNINGS

543.963

577.730

524.788

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

187.876

157.687

179.922

 

Components and Stores parts

0.000

0.025

0.056

 

Capital Goods

0.000

0.269

0.000

 

TOTAL IMPORTS

187.876

157.981

179.978

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.34

8.40

5.36

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

740.000

 

The above information has been parted by Ms. Vrushali Mhatre

 

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

(12.068)

64.513

(67.094)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.61

3.15

1.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.59

8.02

1.49

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.43

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.84

3.03

6.52

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.14

1.90

1.76

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

9.900

25.000

25.000

Reserves & Surplus

13.486

34.487

50.346

Net worth

23.386

59.487

75.346

 

 

 

 

long-term borrowings

51.930

104.659

136.357

Short term borrowings

100.649

75.502

77.340

Total borrowings

152.579

180.161

213.697

Debt/Equity ratio

6.524

3.029

2.836

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

531.088

667.299

607.540

 

 

25.648

(8.955)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

531.088

667.299

607.540

Profit

5.304

21.001

15.858

 

1.00%

3.15%

2.61%

 

 

 

 

 

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

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 four 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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

Note:

Registered office of the company has been shifted from Plot No. 8, Western Industrial Estate Cepz, Opposite Seepz Main Gate, Andheri (East), Mumbai, Maharashtra, India to the present address w.e.f.01.05.2009

 

 

CORPORATE INFORMATION

Gold Star Centoquattro Jewellery Private Limited is having Manufacturing unit in SEEPZ SEZ and a manufacturing and exporter of Gold Jewellery and Diamond Studded Jewellery.

 

PERFORMANCE

During the year under review the total income of the company has decreased from Rs. 667.299 Million, to Rs. 607.540 Million The total expenditure has decreased from Rs.641.495 Million in the previous year to Rs.589.937 Million in the current year. The profit after tax is Rs.15.858 Million which is less than the profit after tax of Rs.21.001 Million in the previous year.

 

 

OUTLOOK

The directors anticipate that the business of the company will grow in the near future. Keeping an eye on the growing business opportunities and increasing customer expectations the Company will be focusing on improvement of quality.

 

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Parties

136.357

104.659

 

 

 

SHORT TERM BORROWING

 

 

Bank Overdraft

0.000

0.657

 

 

 

Total

136.357

105.316

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10388981

02/11/2012

20,000,000.00

Bank of India

Seepz Mid Corporate Br,Behind Seepz Service Centre, Marol Industrial Area, Seepz,, Mumbai, Maharashtra - 400096, INDIA

B62955299

2

10209852

22/03/2010

80,000,000.00

BANK OF INDIA

SEEPZ BRANCH,MIDC SEEPZ, ANDHERI-WEST, MUMBAI, Maharashtra - 400096, INDIA

A82187410

 

* Date of charge modification

 

 

FIXED ASSETS

  • Plant and Machinery
  • Factory Civil Work
  • Computer
  • Electrical Fitting
  • Furniture and Fixture
  • Office Equipment
  • Factory Equipment
  • Vehicle

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.


 

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.64.17

UK Pound

1

Rs.99.85

Euro

1

Rs.70.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ART

 

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

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--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

 

--

 

 

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.