MIRA INFORM REPORT

 

 

Report No. :

352739

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

CLASSIC MARBLE COMPANY PRIVATE LIMITED (w.e.f. 03.09.2010)

 

 

Formerly Known As :

CLASSIC MARBLE IMPEX PRIVATE LIMITED

 

 

Registered Office :

15, Bhandup Village Road, Next to Ceat Tyres Factory, Subhash Nagar, Bhandup (West), Mumbai - 400078, Maharashtra

Tel. No.:

91-22-41404140/41404100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.03.2008

 

 

Com. Reg. No.:

11-180617

 

 

Capital Investment / Paid-up Capital :

Rs. 250.000 Million

 

 

CIN No.:

[Company Identification No.]

U74999MH2008PTC180617

 

 

IEC No.:

0394030478

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

MUMC15880E

 

 

PAN No.:

[Permanent Account No.]

AADCC3249H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader, Exporter and Importer of Artificial Marble, Ceramic Marbles, Granite, etc.

(Confirmed by Management)

 

 

No. of Employees :

650 (Approximately)

 

 

RATING and COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2008 and promoted by Mr. Muffatlal Shah and Mr. Popatlal Shah, it imports and processes natural marble, granite and quartz and manufactures artificial marble.

 

The rating reflects company’s established market position in the natural and artificial marble business, long-standing customer relationships, and promoters’ fund support.

 

The rating further takes into account on company’s modest year-on-year revenue growth, driven by continued focus on adding customers. The rating also factors in comfortable financial risk profile because of healthy net worth.

 

This strength is partially offset by large working capital requirement completion from the peers group and moderate debt average indicators.

 

Trade relations are reported as fair. Business is active. Payments 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term bank facilities = BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

November, 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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Nikunj

Designation :

Deputy General Manager

Contact No.:

91-22-41404140

Date :

02.12.2015

 

 

LOCATIONS

 

Registered Office :

15, Bhandup Village Road, Next to Ceat Tyres Factory, Subhash Nagar, Bhandup (West), Mumbai – 400078, Maharashtra

Tel. No.:

91-22-41404140/41404100

Fax No.:

91-22-40404141

E-Mail :

amit@classicmarble.com

nikunj@classicmarble.com

Website :

www.classicmarble.com

Area :

100000 Sq. Ft.

Location :

Owned

Locality :

Commercial

 

 

Factory 1 :

S. No. 269/1/1/1/1/2, Village Athal, P.O. Silvassa-396230, U.T. of Dadra and Nagar Haveli, India

Tel. No.:

91-260-3984000

Fax No.:

91-260-3984036

E-Mail :

info@classicmarble.com

Area :

Owned

 

 

Factory 2 :

286, Village Naroli, Near RTO Check Post, Silvassa, U.T. of Dadra and Nagar Haveli, India

 

 

Factory 3  :

130/2, Village Athal, P O Silvassa - 396230, U.T. of Dadra and Nagar Haveli, India

 

 

Factory 4 :

Survey No 90/1, Vilalge Athal, Silvassa, U.T. of Dadra and Nagar Haveli, India

 

 

DIRECTORS

 

AS ON 01.11.2014

 

Name :

Mr. Madaswamy Karuppaswamy Swamy

Designation :

Director

Address :

Flat - 183, 18th Floor, 1B, Kalpataru Estate, J. V. Link Road, Jogeshwari (East), Mumbai - 400060, Maharashtra, India

Date of Birth/Age :

53 Years

Qualification :

B.Sc.

Date of Appointment :

28.03.2008

DIN No.:

00011613

 

Name :

Mr. Amit Mafatlal Shah

Designation :

Director

Address :

22nd Road, Vandan CHS, Behind Elizabeth Hospital, Doongersi Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

41 Years

Qualification :

B.Com

Date of Appointment :

28.03.2008

PAN No.:

ABIPS0914N

DIN No.:

00007354

 

 

KEY EXECUTIVES

 

Name :

Mr. Parul Himanshu Maniar

Designation :

Secretary

Address :

A/105, Block No. 102, 2nd Road, Shree Prastha Complex, Nallasopara (West), Mumbai - 401203, Maharashtra, India

PAN No.:

ARIPM7969H

 

 

Name :

Ms.Nathalie Hoebeke

Designation :

General Manager (Export)

Qualification :

Graduate

 

 

SHAREHOLDING PATTERN

 

AS ON 01.11.2014

 

EQUITY SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Mr. Mafatlal Punamchand Shah

 

877500

Mr. Popatlal Punamchand Shah

 

877500

Mr. Subodh Popatlal Shah

 

3510000

Mr. Amit Mafatlal Shah

 

3510000

Mr. Mukesh Pratapchand Shah

 

540000

Mr. Dinesh Pratapchand Shah

 

405000

Mr. Jayesh Pratapchand Shah

 

405000

Mr. Karuppaswamy Madaswamy

 

2700000

Mr. Ramakrishanswamy

 

675000

Total

 

13500000

 

PREFERENCE SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Mrs. Deepali Amit Shah

 

169000

Mr. Jayesh Pratapchand Shah

 

19500

Mr. Karuppaswamy Madaswamy

 

130000

Mr. Mafatlal Punamchand Shah

 

42250

Mr. Popatlal Punamchand Shah

 

42250

Mrs. Monica Subodh Shah

 

169000

Mr. Ramakrishanswamy

 

32500

Mr. Mukesh Pratapchand Shah

 

26000

Mr. Dinesh Pratapchand Shah

 

19500

Shirdi Industries Limited

 

500000

Total

 

1150000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 01.11.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader, Exporter and Importer of Artificial Marble, Ceramic Marbles, Granite, etc.

(Confirmed by Management)

 

 

Products :

ITEM CODE NO.

PRODUCT DESCRIPTION
  • 6810

Articles of cement of concrete or of artificial
  • 6802

Artificially coloured Granites
  • 6907

Ceramic Tiles
  • 2516

Granite

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Products :

Finished Goods

Countries :
  • USA
  • European Countries
  • China
  • Sri Lanka

 

 

Imports :

Products :

Raw Materials

Countries :
  • Italy
  • Turkey
  • China

 

 

Terms :

 

Selling :

L/C and DP

 

 

Purchasing :

L/C and DP

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Fimar Mermer, Turkey

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 and Retailers

 

Company Name :

Reliance Industries

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

 

  • Lodha Group
  • Hiranandani Developers

 

 

No. of Employees :

650 (Approximately)

 

 

Bankers :

Banker Name :

Bank of Baroda

Branch :

Zaveri Bazar Branch, 122, Sheikh Memon Street, Trishla Building, Zaveri Bazar, Mumbai - 400002, Maharashtra, India

Person Name (With Designation) :

Not Available

Contact Number :

91-22-43407400

(Management Non-co-operative)

Name of Account Holder :

Not Available

Account Number :

Not Available

Account Since (Date/Year of Account Opening) :

Not Available

Average Balance Maintained :

Not Available

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

Not Available

Account Operation :

Not Available

Remark :

Not Available

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from banks

247.922

387.299

Loans taken for fixed assets

5.408

0.000

Other loans and advances

0.000

13.406

 

 

 

Short-Term Borrowings

 

 

Term loans from banks

1191.056

1066.235

Total

1444.386

1466.940

 

NOTE:

 

LONG TERM BORROWINGS:

 

SECURITY AND REPAYMENT TERMS:

 

Sr.

No.

31.03.2014

31.03.2013

Terms of repayment of term loan outstanding as on 31st March, 2014

1

-

3.012

-

2

428.622

539.019

Repayable in 30 equated monthly installments and last installment for the balance outstanding with final installment due on 30th April 2016. (Previous year amount includes part INR loan converted into Foreign Currency Loan (amount outstanding Rs.431.700 Million as on 31.03.2013, which was repaid and re-converted in INR Loan on 29.04.2013)

3

16.168

105.980

Repayable in 2 equated monthly installments and last installment for the balance outstanding with final installment due on 30th June 2014.

Total

444.790

648.011

 

Less :

196.868

260.712

Current portion of Long Term borrowings

 

247.922

387.299

 

 

# Term Loans are secured against the first charge on all the existing and future fixed assets and hypothecation of the current assets of the company and personal guarantee of all the directors.

 

VEHICLE LOANS :

 

Sr.

No

31.03.2014

31.03.2013

Terms of repayment of term loan outstanding as on 31st March, 2014

1

1.996

4.162

Repayable in monthly installments ending on 8th January 2015

2

0.037

0.178

Repayable in monthly installments ending on 15th June 2014

3

0.142

0.334

Repayable in monthly installments ending on 1st November 2014

4

0.221

0.484

Repayable in monthly installments ending on 1st December 2014

5

0.221

0.484

Repayable in monthly installments ending on 1st December 2014

6

0.353

0.581

Repayable in monthly installments ending on 31st July 2015

7

0.770

1.133

Repayable in monthly installments ending on 7th January 2016

8

3.049

4.591

Repayable in monthly installments ending on 10th December 2015

9

4.317

0.000

Repayable in monthly installments ending on 1st December 2018

Total

11.105

11.948

 

Less:

5.697

5.162

Current portion of borrowings

 

5.408

6.786

 

 

  • ## Secured against hypothecation of specified vehicles.
  • ** Foreign Currency loan (Buyer's Credit) are repayable on their respective due dates.
  • Short term borrowings from bank includes cash credit and foreign currency loan (buyers credit) from banks which are secured against the first charge on all the existing and future fixed assets and hypothecation of the current assets of the company and personal guarantee of all the directors.
  • + Foreign Currency loans (Buyer's Credit) are repayable on their respective due dates.

 

Auditors :

 

Name :

V.C.Shah and Company

Chartered Accountants

Address :

22, Rajgir Chambers III, Floor 12-14, Shahid Bhagat, Singh Road, Opposite Old Custom House,  Mumbai - 400001, Maharashtra,  India

PAN No.:

AADFV8088N

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Associates:

Company Name

Address

CIN No/ PAN No.

Regalia Stones Private Limited,

India

U14200MH2007PTC172407

Balaji Marbles

India

AAAFB4435C

 

Subsidiary company :
  • Classic Marble Madencilik Sanayi Ve Ticaret Limited Sirketi, Turkey

 

 

CAPITAL STRUCTURE

 

AS ON 01.11.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13,500,000

Equity Shares

Rs. 10/- each

Rs. 135.000 Million

1,150,000

Preference Shares

Rs. 100/- each

Rs. 115.000 Million

14,650,000

 

 

Rs. 250.000 Million

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13,500,000

Equity Shares

Rs. 10/- each

Rs. 135.000 Million

1,150,000

Preference Shares

Rs. 100/- each

Rs. 115.000 Million

14,650,000

 

 

Rs. 250.000 Milion

 

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

250.000

250.000

250.000

(b) Reserves and Surplus

442.019

258.734

184.009

(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)

692.019

508.734

434.009

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

563.581

710.955

1,003.469

(b) Deferred tax liabilities (Net)

307.849

308.910

303.520

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

12.051

9.885

6.810

Total Non-current Liabilities (3)

883.481

1,029.750

1,313.799

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2,313.024

2,106.003

2,241.204

(b) Trade payables

621.763

764.908

364.625

(c) Other current liabilities

938.693

1,259.467

792.795

(d) Short-term provisions

30.096

33.789

32.656

Total Current Liabilities (4)

3,903.576

4,164.167

3,431.280

 

 

 

 

TOTAL

5,479.076

5,702.651

5,179.088

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2,411.124

2,533.248

2,703.617

(ii) Intangible Assets

4.861

7.289

9.716

(iii) Capital work-in-progress

3.387

1.681

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.142

0.142

0.142

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

102.579

12.380

15.486

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2,522.093

2,554.740

2,728.961

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1,542.081

1,383.275

1,137.528

(c) Trade receivables

623.946

678.094

675.684

(d) Cash and cash equivalents

215.093

230.107

224.771

(e) Short-term loans and advances

438.362

374.055

409.908

(f) Other current assets

137.501

482.380

2.236

Total Current Assets

2,956.983

3,147.911

2,450.127

 

 

 

 

TOTAL

5,479.076

5,702.651

5,179.088

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

3720.631

3736.285

3159.211

 

Other Income

48.207

68.380

42.709

 

TOTAL SALES

3768.838

3804.665

3201.920

 

 

 

 

 

Less

TOTAL EXPENSES

3140.335

3189.806

2636.600

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

628.503

614.859

565.320

 

 

 

 

 

Less

FINANCIAL EXPENSES

356.675

363.360

409.269

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

271.828

251.499

156.051

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

141.314

144.384

144.563

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

130.514

107.115

11.488

 

 

 

 

 

Less

TAX

(37.871)

32.390

50.948

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

168.385

74.725

(39.460)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

258.734

184.009

223.469

 

 

 

 

 

 

BALANCE CARRIED TO THE BALANCE SHEET

427.119

258.734

184.009

 

 

 

 

 

 

EARNINGS / (LOSS) PER SHARE (RS.)

11.49

5.10

 (2.69)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

3950.000

 

The above information has been parted by Mr. Nikunj (Deputy General Manager).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

202.565

265.874

343.973

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

136.905

555.999

122.672

Net cash flows from (used in) operating activities

400.800

886.259

482.542

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

4.53

2.00

-1.25

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

16.89

16.46

17.89

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.38

1.88

0.22

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.19

0.21

0.03

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.16

5.54

7.48

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.76

0.76

0.71

 

 

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

250.000

250.000

250.000

Reserves and Surplus

184.009

258.734

442.019

Net worth

434.009

508.734

692.019

 

 

 

 

long-term borrowings

1003.469

710.955

563.581

Short term borrowings

2241.204

2106.003

2313.024

Current Maturities of Long term debt

343.973

265.874

202.565

Total borrowings

3588.646

3082.832

3079.170

Debt/Equity ratio

8.269

6.060

4.450

 

 

 

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

3159.211

3736.285

3720.631

 

 

18.266

(0.419)

 

 

 

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

3159.211

3736.285

3720.631

Profit

(39.460)

74.725

168.385

 

(1.25%)

2.00%

4.53%

 

 

 

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

Yes

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

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

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

 

 

UNSECURED LOAN:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long-term Borrowings

 

 

Loans and advances from directors

310.250

310.250

 

 

 

Short-Term Borrowings

 

 

Rupee term loans from banks

465.430

301.030

Loans and advances from others

656.539

738.738

Total

1432.219

1350.018

 

 

CONTINGENT LIABILITIES:

 (Rs. in millions)

PARTICULARS

31.03.2014

Letter of Credit given by the Bank on behalf of the Company.

142.196

Guarantees given by the Bank on behalf of the Company.

45.900

Arrears of Preference Dividend on 3% Cumulative Preference Share Capital.

17.250

The Company has not been able to meet export obligation in respect of one advance license in previous year, however in current year company has met all export obligation hence no contingent liability

0.000

The Custom duty amount in respect of which export obligations are pending amounts to Rs.097.800 Cr. (P.Y.Rs.128.300 Cr.) and the corresponding export obligations to be fulfilled in the event of not meeting export obligation by stipulated time in which event the custom duty saved is payable with interest as on balance sheet date is Rs 43.24 Cr. (P.Y Rs.1148.800 Cr). Exports done till 31.03.2014 under EPCG scheme are subject to final certification/redemption by the concerned authority.

 

Claims against the company not acknowledged as debts

 

I. Income tax matters in dispute under appeal #

0.000

II. Excise Matter in dispute

 

Demand

0.000

Penalty

0.000

Contingent liabilities in respect of show cause notices are considered only when converted into demands.

0.000

Total

205.346

 

 

INDEX OF CHARGE:

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10133956

05/08/2015 *

1,964,600,000.00

BANK OF BARODA

ZAVERI BAZAR BRANCH, 122, SHEIKH MENON STREET, TRISHLA BUILDING, ZAVERI BAZAR, MUMBAI, MAHARASHTRA - 400002, INDIA

C61234340

 

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

 

CMT REPORT (Corruption, Money Laundering and 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 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. 66.62

UK Pound

1

Rs. 100.34

Euro

1

Rs. 70.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KSP

 

 

Report Prepared by :

SYL

 

SCORE and RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

46

 

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 and 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.