MIRA INFORM REPORT

 

 

Report No. :

353065

Report Date :

08.12.2015

 

IDENTIFICATION DETAILS

 

Name :

AXEL POLYMERS LIMITED

 

 

Registered Office :

S. No.309, Village-Mokshi, Sankarda-Sarli Road, Taluka-Savli, Vadodara – 391 780, Gujarat

Tel. No.:

91-2667-244395

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

21.05.1992

 

 

Com. Reg. No.:

04-017678

 

 

Capital Investment / Paid-up Capital :

Rs.43.000 Million

 

 

CIN No.:

[Company Identification No.]

L25200GJ1992PLC017678

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCA2271J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing of compounds, blends and alloys of Engineering Polymers. [Registered Activity]

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 24000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 1992 and it is engages in the manufacturing and marketing of compounds, blends, and alloys of engineering, specialty and commodity polymers. It is also involved in the toll manufacturing of engineering thermoplastics

 

For the financial year ended 2015, company possesses average operational performance and achieved profit from its .operations. Due to profit company has wiped out some of its accumulated losses during the year under a review.

 

Rating remain constrained on account of company's moderate financial profile marked by weak net worth base along with moderate liquidity position and weak debt coverage indictors.

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing 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.

 

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-2667-244395)

 

 

LOCATIONS

 

Registered Office/ Factory :

S. No.309, Village-Mokshi, Sankarda-Sarli Road, Taluka-Savli, Vadodara – 391 780, Gujarat, India

Tel. No.:

91-2667-244438/ 244395

Fax No.:

91-2667-244396/ 244395/ 244438

E-Mail :

nikhil@axelindia.com

abb@axelindia.com

Website :

http://www.axelindia.com

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Aarasp Bejan Bodhanwala

Designation :

Managing director

Address :

12-Jeevanjyot Society, Lalbaug Road, Vadodara - 390004, Gujarat, India

Date of Birth/Age :

19.06.1960

Qualification :

Graduate

Date of Appointment :

01.10.2011

DIN No.:

00421362

PAN No.:

AAAAA9999A

 

 

Name :

Mr. Amitabh Gajendra Thakore

Designation :

Director

Address :

B-301, Shiromani Flats, Near Nehrunagar Circle, Satellite Road, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

23.12.1944

Qualification :

Graduate

Date of Appointment :

31.12.2005

DIN No.:

00016715

 

 

Name :

Mr. Bejan Kavasji Bodhanwala

Designation :

Whole-time Director

Address :

12-Jeevanjyot Society, Lalbaug Road, Vadodara - 390004, Gujarat, India

Date of Birth/Age :

20.05.1928

Qualification :

B. Com

Date of Appointment :

21.05.1992

DIN No.:

00421717

PAN No.:

AAAAA9999B

 

Name :

Minnie Minoo Pesponji

Designation :

Director

Address :

12-Jeevanjyot Society, Lalbaug Road, Vadodara - 390004, Gujarat, India

Date of Birth/Age :

13.01.1963

Qualification :

BDS MHA QCI

Date of Appointment :

28.02.2002

DIN No.:

00422067

 

 

Name :

Mr. Gaurav Surendrakumar Thanky

Designation :

Director

Address :

A-1202 Panchsheel Heights, Mahaveer Nagar Kandivali (West), Mumbai, 400067, Maharashtra, India

Date of Appointment :

01.06.2014

DIN No.:

02565340

 

 

Name :

Mr. Prashant Madhukar Walvekar

Designation :

Director

Address :

303, Mitasu, Plot No.135, Sector No. VI, Charkop, Kandivali (West) Mumbai, Mumbai - 400067, Maharashtra, India

Date of Appointment :

27.09.2014

DIN No.:

02773745

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholders

 

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

956500

22.24

http://www.bseindia.com/include/images/clear.gifSub Total

956500

22.24

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

956500

22.24

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

15800

0.37

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

4000

0.09

http://www.bseindia.com/include/images/clear.gifSub Total

19800

0.46

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

203987

4.74

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2493590

57.99

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

464295

10.80

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

161828

3.76

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

160785

3.74

http://www.bseindia.com/include/images/clear.gifClearing Members

1043

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

3323700

77.30

Total Public shareholding (B)

3343500

77.76

Total (A)+(B)

4300000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1)

0

0.00

http://www.bseindia.com/include/images/clear.gif(2)

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

4300000

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of compounds, blends and alloys of Engineering Polymers. [Registered Activity]

 

 

Products :
  • Compounds Blends
  • Alloys Of Engineering Polymers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

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 :

Information declined by the management 

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Alkapuri Branch, Vadodara - 390007, Gujarat, 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 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

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Rupee Term Loan

NA

2.985

SHORT TERM BORROWING

 

 

Loan repayable on demand from Banks

Cash Credit

(Secured by Hypothecation of Stock, Book-debts and Equitable Mortgage of Land and Building, Plant and Machinery and Personal Gaurantee of Directors and carries interest rate @ 14.25% p.a.)

NA

29.620

Total

NA

32.605

 

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

From Directors and Related Parties

(Terms: Repayment is not stipulated, repayble after 12 months and Rate of Interest is Rs.12%)

NA

11.965

Total

NA

11.965

 

Auditors :

 

Name :

Shah and Bhandari

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 43.000 Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

43.000

43.000

43.000

(b) Reserves & Surplus

(34.429)

(33.084)

(15.251)

(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)

8.571

9.916

27.749

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

6.259

14.950

17.200

(b) Deferred tax liabilities (Net)

35.764

12.300

4.300

(c) Other long term liabilities

0.000

0.608

0.518

(d) long-term provisions

0.808

0.000

0.000

Total Non-current Liabilities (3)

42.831

27.858

22.018

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

37.480

29.620

37.109

(b) Trade payables

62.587

24.756

27.550

(c) Other current liabilities

1.878

6.862

6.485

(d) Short-term provisions

1.298

0.693

1.447

Total Current Liabilities (4)

103.243

61.931

72.591

 

 

 

 

TOTAL

154.645

99.705

122.358

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

30.286

37.241

40.747

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.955

2.955

2.955

(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)

0.782

0.782

0.782

(d)  Long-term Loan and Advances

5.213

2.675

2.912

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

39.236

43.653

47.396

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

45.244

17.924

31.762

(c) Trade receivables

54.683

24.176

27.139

(d) Cash and cash equivalents

10.294

9.423

7.263

(e) Short-term loans and advances

5.188

2.151

6.399

(f) Other current assets

0.000

2.378

2.399

Total Current Assets

115.409

56.052

74.962

 

 

 

 

TOTAL

154.645

99.705

122.358

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

161.944

55.595

73.328

 

Other Income

0.368

0.260

1.231

 

TOTAL (A)

162.312

55.855

74.559

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

127.826

39.629

63.311

 

 

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

2.129

10.517

(9.562)

 

Employees benefits expense

6.210

6.242

6.383

 

Other expenses

11.327

4.038

6.576

 

TOTAL (B)

147.492

60.426

66.708

 

 

 

 

 

Less

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

14.820

(4.571)

7.851

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

8.753

8.720

7.182

 

 

 

 

 

 

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

6.067

(13.291)

0.669

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

4.819

4.542

4.658

 

 

 

 

 

 

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

1.248

(17.833)

(3.989)

 

 

 

 

 

Less

TAX (H)

0.000

0.000

0.000

 

 

 

 

 

 

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

1.248

(17.833)

(3.989)

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

NIL

5.138

 

Components and Stores parts

NA

NIL

0.431

 

Capital Goods

NA

NIL

0.000

 

TOTAL IMPORTS

NA

NIL

5.569

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.29

(4.15)

(0.93)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

5.406

5.406

Cash generated from operations

NA

NA

NA

Net cash generated from operations

NA

12.935

1.152

 

 

QUARTERLY RESULTS

 

Particulars

 

 

30.06.2015

(Unaudited)

30.09.2015

(Unaudited)

 

 

1st Quarter

2nd  Quarter

Net Sales

 

37.540

52.230

Total Expenditure

 

32.850

50.380

PBIDT (Excl OI)

 

4.690

1.850

Other Income

 

NA

NA

Operating Profit

 

4.690

1.850

Interest

 

1.090

2.730

Exceptional Items

 

NA

NA

PBDT

 

3.600

(0.880)

Depreciation

 

1.200

0.800

Profit Before Tax

 

2.400

(1.680)

Tax

 

NA

NA

Provisions and contingencies

 

NA

NA

Profit After Tax

 

2.400

(1.680)

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

2.400

(1.680)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.77

(32.08)

(5.44)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

9.15

(8.22)

10.71

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.83

(18.58)

(3.36)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

(1.80)

(0.14)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.10

5.04

2.15

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.12

0.91

1.03

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.6.40/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

43.000

43.000

43.000

Reserves & Surplus

(15.251)

(33.084)

(34.429)

Share Application money pending allotment

0.000

0.000

0.000

Net worth

27.749

9.916

8.571

 

 

 

 

Long-term borrowings

17.200

14.950

6.259

Short term borrowings

37.109

29.620

37.480

Total borrowings

54.309

44.570

43.739

Debt/Equity ratio

1.957

4.495

5.103

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

73.328

55.595

161.944

 

 

(24.183)

191.292

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

73.328

55.595

161.944

Profit

(3.989)

(17.833)

1.248

 

(5.44%)

(32.08%)

0.77%

 

 

 

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

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

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)

No

16

No. of employees

No

17

Details of sister concerns

No

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

No

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

 

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER ENDED 31.03.2015

 

(Rs. In Million)

Particulars

3 Months Ended

( Unaudited)

Six Months Ended

( Unaudited)

3 Months Ended

( Unaudited)

 

30.09.2015

30.09.2015

30.06.2015

 

 

 

 

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

52.175

89.609

37.434

b) Other operating income

0.055

0.161

0.105

Total income from Operations(net)

52.230

89.770

37.539

2.Expenditure

 

 

 

a) Cost of material consumed

48.205

78.064

28.764

b) Purchases of stock in trade

0.000

0.000

0.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(5.134)

6.232

0.063

d) Employees benefit expenses

1.882

2.563

1.865

e) Depreciation and amortization expenses

0.800

2.271

1.200

f) Other expenditure

5.421

7.674

2.287

Total expenses

51.174

85.267

34.053

3. Profit from operations before other income and financial costs

1.056

4.503

3.486

4. Other income

0.000

0.000

0.000

5. Profit from ordinary activities before finance costs

1.056

4.503

3.486

6. Finance costs

2.733

3.822

1.089

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

(1.677)

0.680

2.397

8. Exceptional item

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

(1.677)

0.680

2.397

10.Tax expenses

0.000

0.000

0.000

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

(1.677)

0.680

2.397

12.Extraordinary Items (net of tax expense)

--

--

--

13.Net Profit / (Loss) for the period (11 -12)

(1.677)

0.680

2.397

14.Paid-up equity share capital (Face value Rs.10/- per share)

430.00

430.00

430.00

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

25.00

25.00

25.00

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic

(0.39)

0.16

0.56

(b) Diluted

0.51

0.00

0.56

 

 

Particulars

3 Months Ended

( Unaudited)

Six Months Ended

( Unaudited)

3 Months Ended

( Unaudited)

 

30.09.2015

30.09.2015

30.06.2015

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

3343500

3343500

3617500

- Percentage of shareholding

77.76

77.76

84.13

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

--

--

--

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

--

--

--

Percentage of shares (as a % of total share capital of the company)

--

--

--

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

956500

956500

682500

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

100.00

 

 

 

 

Percentage of shares (as a % of total share capital of the company)

22.24

22.24

15.87

 

 

 

 

B. Investor Complaints

3 Months Ended

 

 

30.09.2015

 

Pending at the beginning of the quarter

Nil

 

Receiving during the quarter

Nil

 

Disposed of during the quarter

Nil

 

Remaining unreserved at the end of the quarter

Nil

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

SOURCES OF FUNDS

30.09.2015

 

( Unaudited) 

I.              EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

43.000

(b) Reserves & Surplus

(31.156)

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

11.844

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

6.259

(b) Deferred tax liabilities (Net)

55.000

(c) Other long term liabilities

0.758

(d) long-term provisions

0.000

Total Non-current Liabilities (3)

62.017

 

 

(4) Current Liabilities

 

(a) Short term borrowings

49.974

(b) Trade payables

28.862

(c) Other current liabilities

1.340

(d) Short-term provisions

0.330

Total Current Liabilities (4)

80.506

 

 

TOTAL

154.367

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

(i) Tangible assets

32.480

(ii) Intangible Assets

0.000

(iii) Capital work-in-progress

 2.955

(iv) Intangible assets under development

0.000

(b) Non-current Investments

0.000

(c) Deferred tax assets (net)

0.782

(d)  Long-term Loan and Advances

5.378

(e) Other Non-current assets

 0.000

Total Non-Current Assets

41.595

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

40.388

(c) Trade receivables

55.466

(d) Cash and cash equivalents

13.766

(e) Short-term loans and advances

3.152

(f) Other current assets

0.000

Total Current Assets

112.772

 

 

TOTAL

154.367

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90108008

19/08/2015 *

90,000,000.00

BANK OF BARODA

BANK OF BARODA, ALKAPURI BRANCH, VADODARA, GUJARA
T - 390007, INDIA

C64378045

2

90110203

31/12/2003 *

31,500,000.00

BANK OF BARODA

ALKAPURI BRANCH, BARODA, GUJARAT - 390005, INDIA

-

3

90109259

15/03/1995

42,500,000.00

BANK OF BARODA

ALKAPURI BRANCH, BARODA, GUJARAT, INDIA

-

4

90107538

03/10/2000 *

14,500,000.00

BANK OF BARODA

ALKAPURI BRANCH, R.C. DUTT ROAD, BARODA, GUJARAT
- 390005, INDIA

-

5

90109150

17/08/2015 *

90,000,000.00

BANK OF BARODA

BANK OF BARODA, ALKAPURI BRANCH, VADODARA, GUJARA
T - 390007, INDIA

C64337314

6

90107398

16/03/1995 *

14,500,000.00

BANK OF BARODA

ALKAPURI BRANCH, R.C. DUTT ROAD, BARODA, GUJARAT,
INDIA

-

 

 

FIXED ASSETS

 

·         Freehold Land

·         Building

·         Factory Building

·         Plant and Machinery

·         Electrical Installations

·         Laboratory Equipments

·         Furniture and Fixtures

·         Data Processing Machines

·         Office Equipments

·         Vehicles

 

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.66.63

UK Pound

1

Rs.100.65

Euro

1

Rs.72.40

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT/ GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

29

 

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.