MIRA INFORM REPORT

 

 

Report No. :

336393

Report Date :

13.08.2015

 

IDENTIFICATION DETAILS

 

Name :

PREMIER INDUSTRIAL CORPORATION LIMITED

 

 

Registered Office :

5th Floor, Kailash Corporate Lounge Godrej, Hiranandani Link Road, Park Site, Vikroli [West], Mumbai – 400079, Maharashtra

Tel. No.:

91-22-61514545/ 25003802

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.08.2007

 

 

Com. Reg. No.:

11-172955

 

 

Capital Investment / Paid-up Capital :

Rs. 83.992 Million

 

 

CIN No.:

[Company Identification No.]

U27101MH2007PLC172955

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP24480B

 

 

PAN No.:

[Permanent Account No.]

AAECP3518M

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Metals, Ferro Alloys, Minerals and Chemicals in Powder Form.

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2007 having a moderate track record.

 

The rating is constrained on account of loss incurred by the company during FY 2014.

 

Further the rating also takes into consideration increased in the borrowings of the company.

 

However, trade relations are reported as 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

ICRA

Rating

Long term Fund based Limits (Downgraded from BBB-) = BB

Rating Explanation

Moderate risk of default.

Date

October 2014

 

 

Rating Agency Name

ICRA

Rating

Short term Fund based Sub-Limits (Downgraded from A3) = A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

October 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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Anand Dilip Morzaria

Designation :

Director

Contact No.:

91-9619902204

Date :

11.08.2015

 

 

LOCATIONS

 

Registered Office :

5th Floor, Kailash Corporate Lounge Godrej, Hiranandani Link Road, Park Site, Vikroli [West], Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-61514545/ 25003802

Mobile No.:

91-9619902204 (Mr. Anand Dilip Morzaria)

Fax No.:

91-22-61514555

E-Mail :

info@kammangroup.com

Website :

http://www.kammangroup.in

Location :

Owned

Locality :

Commercial

 

 

Factories :

Located at:

 

·         Rabale

·         Taloja

·         Bhiwandi

 

 

Corporate Office :

501-506, Kailash Corporate Lounge, Godrej-Hiranandani Link Road, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra, India

 

 

Branch Office :

Anupam Industrial Estate, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Arvind Chhotalal Morzaria

Designation :

Managing director

Address :

9A, Devang Apartments, 83, Garodia Nagar, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

22.02.1952

Qualification :

Graduation

Date of Appointment :

08.08.2007

PAN No.:

AEKPM9977L

DIN No.:

00762810

 

 

Name :

Mr. Subhash Chotalal Morzaria

Designation :

Whole-time director

Address :

1202A, Kukreja Palace, Vallabh Baug Extn. Lane, Ghatkopar (East), Mumbai - 400075, Maharashtra, India

Date of Birth/Age :

09.08.1958

Qualification :

Graduation

Date of Appointment :

08.08.2007

PAN No.:

AADPM9918L

DIN No.:

00762794

 

 

Name :

Mr. Dilip Chhotalal Morzaria

Designation :

Whole-time director

Address :

101, Kailas Mansion,, Derasar Lane, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

07.12.1957

Qualification :

Graduation

Date of Appointment :

08.08.2007

PAN No.:

AADPM9919M

DIN No.:

00762801

 

 

Name :

Mr. Lalit Navin Morzaria

Designation :

Whole-time director

Address :

6, Komal Apartments, 90 Feet Road,, Garodia Nagar, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

14.09.1977

Qualification :

Graduation

Date of Appointment :

08.08.2007

PAN No.:

AEXPM7771B

DIN No.:

00762815

 

 

Name :

Smeet Arvind Morzaria

Designation :

Additional director

Address :

9 A, Devang Apartments, 53, Garodia Nagar, 90 Feet Road, Ghatkopar [East], Mumbai - 400077, Maharashtra, India

Date of Appointment :

16.10.2014

PAN No.:

AJTPM0703A

DIN No.:

06979276

 

 

Name :

Meet Arvind Morzaria

Designation :

Additional director

Address :

9 A, Devang Apartments, 53, Garodia Nagar, 90 Feet Road, Ghatkopar [East], Mumbai - 400077, Maharashtra, India

Date of Appointment :

16.10.2014

PAN No.:

AJTPM0709L

DIN No.:

06979283

 

 

Name :

Mr. Anand Dilip Morzaria

Designation :

Additional director

Address :

101, New Kailash Mansion, Derasar Lane, Ghatkopar [East], Mumbai - 400077, Maharashtra, India

Date of Appointment :

16.10.2014

PAN No.:

AJQPM3544C

DIN No.:

06979270

 

 

Name :

Mr. Dilip Shantilal Mehta

Designation :

Additional director

Address :

172/2, Krushnakunj, Ground Floor, Shree Hindu CHSL, N. S. Madikar Marg, Sion, Chunnabati, Mumbai - 400022, Maharashtra, India

Date of Appointment :

16.10.2014

DIN No.:

01681356

 

 

Name :

Mr. Bharat Balkrishna Parekh

Designation :

Additional director

Address :

Rajshree, Flat No. 15, 3rd Floor,, A. N. Narkar Marg, Near Odian Cinema, Ghatkopar,, Mumbai - 400077, Maharashtra, India

Date of Appointment :

16.10.2014

DIN No.:

01858132

 

 

Name :

Kashmira Bharat Parekh

Designation :

Additional director

Address :

15, Rajshree, 3rd Floor, R.N. Narkar Marg, Near Odean Cinema, Ghatkopar [East], Mumbai - 400077, Maharashtra, India

Date of Appointment :

16.10.2014

DIN No.:

06997683

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

Arvind Chhotalal Morzaria

 

2633700

Bharti A. Morzaria

 

64469

Dilip Chhotalal Morzaria (HUF)

 

40000

Kalpana D. Morzaria

 

23069

Lalit Navin Morzaria

 

689087

Maulik S. Morzaria

 

101200

Meet Arvind Morzaria

 

193269

Nirmala N. Morzaria

 

138069

Rima D. Morzaria

 

11500

Rushina S. Morzaria

 

46069

Samarth S. Morzaria

 

101269

Smeet A. Morzaria

 

193269

Subhash C. Morzaria

 

1784550

Subhash C. Morzaria HUF

 

40000

Anand Dilip Morzaria

 

71369

Anand C Morzaria HUF

 

40000

Dilip Chhotalal Morzaria

 

2228275

Chhotalal Mathurdas Morzaria

 

69

 

 

 

Total

 

 

8399233

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Metals, Ferro Alloys, Minerals and Chemicals in Powder Form.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash, Advance Payment and Credit

 

 

Purchasing :

Cash, Advance Payment and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End Users

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

Bank Name:

Bank of Baroda

Branch:

Thane (West) Branch, Ram Maruti Road, Thane (West), Thane – 400602, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

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

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

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

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         HDFC Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

13.354

16.058

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

458.831

362.278

 

 

 

Total

 

472.185

378.336

 

Banking Relations :

--

 

 

Financial Institution :

Reliance Capital Limited

 

 

Auditors :

 

Name :

Desai Preeti

Chartered Accountants

Address :

54, Chandralok Building, Mumbai-Areey Road, Goregaon [West], Mumbai, Maharashtra, India 

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

AJLPK9907A

 

 

Cost Auditors :

 

Name :

N. Ritesh and Associates

Cost Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Company :

Dals International B.V., Netherlands

 

 

Group Companies :

·         Kamman Corporation

·         Kemstar Metals Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

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

 

 

 

 

8,399,233

Equity Shares

Rs. 10/- each

Rs. 83.992 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

83.992

83.992

83.992

(b) Reserves & Surplus

332.475

354.390

338.040

(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)

416.467

438.382

422.032

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

284.992

254.129

194.472

(b) Deferred tax liabilities (Net)

3.442

4.402

4.962

(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)

288.434

258.531

199.434

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

466.597

443.454

293.190

(b) Trade payables

159.217

171.090

267.430

(c) Other current liabilities

2.191

0.191

41.064

(d) Short-term provisions

28.757

29.883

37.248

Total Current Liabilities (4)

656.762

644.618

638.932

 

 

 

 

TOTAL

1361.663

1341.531

1260.398

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

343.376

342.862

330.866

(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

1.083

1.083

1.083

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

7.180

6.607

6.524

(e) Other Non-current assets

0.000

0.129

0.806

Total Non-Current Assets

351.639

350.681

339.279

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

426.857

422.566

388.976

(c) Trade receivables

421.806

409.743

407.935

(d) Cash and cash equivalents

26.934

56.851

40.080

(e) Short-term loans and advances

17.129

14.781

13.595

(f) Other current assets

117.298

86.909

70.533

Total Current Assets

1010.024

990.850

921.119

 

 

 

 

TOTAL

1361.663

1341.531

1260.398

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

1236.604

1128.274

1304.850

 

 

Other Income

1.800

2.068

2.622

 

 

TOTAL                                     (A)

1238.404

1130.342

1307.472

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1083.229

951.016

1157.014

 

 

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

(4.291)

(33.590)

(93.936)

 

 

Employees benefits expense

30.991

43.707

41.257

 

 

Other expenses

47.699

43.991

31.241

 

 

TOTAL                                     (B)

1157.628

1005.124

1135.576

 

 

 

 

 

 

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

80.776

125.218

171.896

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

79.849

74.318

73.306

 

 

 

 

 

 

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

0.927

50.900

98.590

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.721

26.533

25.108

 

 

 

 

 

 

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

(22.794)

24.367

73.482

 

 

 

 

 

Less

TAX                                                                  (H)

(0.959)

(0.560)

25.644

 

 

 

 

 

 

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

(21.835)

24.927

47.838

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(2.60)

1.95

5.70

 

 

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

Net Profit Margin

(PAT / Sales)

(%)

(1.77)

2.21

3.67

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

6.53

11.10

13.17

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(1.68)

1.82

5.84

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.05)

0.06

0.17

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.80

1.59

1.16

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.54

1.54

1.44

 

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

83.992

83.992

83.992

Reserves & Surplus

338.040

354.390

332.475

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

422.032

438.382

416.467

 

 

 

 

Long-term borrowings

194.472

254.129

284.992

Short term borrowings

293.190

443.454

466.597

Total borrowings

487.662

697.583

751.589

Debt/Equity ratio

1.156

1.591

1.805

 

 

 

 

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

1304.850

1128.274

1236.604

 

 

-13.532

9.601

 

 

 

 

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

1304.850

1128.274

1236.604

Profit

47.838

24.927

-21.835

 

3.67%

2.21%

-1.77%

 

 


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

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)

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 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

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

10390145

26/12/2012 *

661,000,000.00

BANK OF BARODA

THANE WEST BRANCH, RAM MARUTI ROAD, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA

B65081192

2

10476515

30/11/2010

17,000,000.00

STANDARD CHARTERED BANK

23-25, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B86946241

3

10121456

26/12/2012 *

661,000,000.00

BANK OF BARODA

THANE WEST BRANCH, RAM MARUTI ROAD, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA

B65080525

4

10178334

26/12/2012 *

531,000,000.00

BANK OF BARODA

THANE WEST BRANCH, RAM MARUTI ROAD, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA

B65081788

5

90154647

26/12/2012 *

661,000,000.00

BANK OF BARODA

THANE WEST BRANCH, RAM MARUTI ROAD, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA

B65082240

6

90152441

21/05/2001 *

985,000.00

BANK OF BARODA

THANE (W) BRANCH, ANNPURNA BHAVAN GOKHALE ROAD 
NAUPADA, THANE, MAHARASHTRA - 400602, INDIA

-

7

90152803

15/01/1999 *

495,000.00

BANK OF BARODA

THANE (W) BRANCH, ANNPURNA BHAVAN GOKHALE ROAD 
NAUPADA, THANE, MAHARASHTRA - 400602, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

271.638

238.072

SHORT TERM BORROWINGS

 

 

Loans and advances from related parties

7.766

81.175

 

 

 

Total

 

279.404

319.247

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

 

 

 

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. 64.83

UK Pound

1

Rs. 101.00

Euro

1

Rs. 71.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

MAN

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--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

 

30

 

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.