MIRA INFORM REPORT
|
Report No. : |
353636 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEINZ INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
“D’ Shivsagar, 7th Floor, Worli, Dr. Annie Besant Road,
Mumbai - 400016, Maharashtra |
|
Tel. No.: |
91-22-40085555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.06.1994 |
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|
|
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Com. Reg. No.: |
11-138918 |
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Capital
Investment / Paid-up Capital : |
Rs. 104.170 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U15200MH1994PTC138918 |
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|
|
|
IEC No.: |
0394077458 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03167D |
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|
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PAN No.: [Permanent Account No.] |
AAACH0667B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Food Products like Heinz Tomato Ketchup and Strong Local Products like Complan, Glucon-D, Nycil and Sampriti Ghee. (Registered Activity) |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Heinz Italia S.R.L. (Italy)
incorporated in the year 1994. The company possesses healthy financial profile marked sound net worth
base and decent cash accruals. Rating also takes into consideration good brand name, zero debt
balance sheet and decent profitability margin. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong holding company, subject can be considered 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
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
(TEL. NO.: 91-22-40085555)
LOCATIONS
|
Registered Office : |
“D’ Shivsagar, 7th Floor, Worli, Dr. Annie Besant Road,
Mumbai - 400016, Maharashtra, India |
|
Tel. No.: |
91-22-40085550 / 40085555 |
|
Fax No.: |
91-22-40085551 / 52 |
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E-Mail : |
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Website : |
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Factory 1 : |
Aligarh Factory, Manzurgarhi, PO Box no. 1, Aligarh - 202 001, Uttar Pradesh , India |
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Tel. No.: |
91-571-2706621 |
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Factory 2 : |
D – 99, A and B, Eldeco SIDCUL Industrial Park Sitarganj., District Uddham
Singh Nagar – 262405, Uttarakhand, India |
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Branch Offices: |
Located at: · Mumbai · Delhi · Chennai · Kolkata |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Herve Le Faou |
|
Designation : |
Managing Director |
|
Address : |
Van Breestraat 84-H, 1071 ZS, Zeist, Nl, Netherlands |
|
Date of Birth/Age : |
26.05.1967 |
|
Date of Appointment : |
18.06.2014 |
|
DIN No.: |
06879018 |
|
|
|
|
Name : |
Mr. Emin Mammadov |
|
Designation : |
Director |
|
Address : |
Building 54, Apartment: 322, Molodezhnaya, Khimki, Khimki, 141407, Russian Federation |
|
Date of Appointment : |
23.09.2015 |
|
DIN No.: |
07018564 |
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|
|
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Name : |
Mr. Vitaly Borisov |
|
Designation : |
Director |
|
Address : |
Apartment 313, Building 12/2, Konakovsky St., Moscow - 125565, Russian Federation |
|
Date of Appointment : |
23.09.2015 |
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DIN No.: |
07019209 |
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|
|
|
Name : |
Mr. Iaroslav Alexandrovich Zakharov |
|
Designation : |
Director |
|
Address : |
House 18, Building- 2 , Apartment - 429, Polina Osipenko Str, Moscow - 123007, Russian Federation |
|
Date of Appointment : |
23.09.2015 |
|
DIN No.: |
07183030 |
|
|
|
|
Name : |
Niladri Deb |
|
Designation : |
Whole-Time Director |
|
Address : |
401 Mon Desir Apartment, 625 Veer Savarkar Road, Mumbai - 400028, Maharashtra, India |
|
Date of Appointment : |
23.09.2015 |
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DIN No.: |
07271416 |
|
|
|
|
Name : |
Mr. Saji Jacob Mathai |
|
Designation : |
Whole-Time Director |
|
Address : |
B-10-402, Safal Complex, Sector 19A, Nerul (East), Navi Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
23.09.2015 |
|
DIN No.: |
07275846 |
KEY EXECUTIVES
|
Name : |
Srividya Chandrasekar |
|
Designation : |
Secretary |
|
Address : |
A-1, Mulund Darshan, Mulund Colony, Mulund West, MUMBAI, 400082, Maharashtra, India |
|
Date of Appointment : |
18.10.2015 |
|
PAN No.: |
AVKPC9472H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders |
No. of Shares |
|
Heinz Italia S P
A, Italy |
10416998 |
|
H J Heinz Holding B V, Netherlands |
2 |
|
|
|
|
Total |
10417000 |
AS ON 26.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food Products like Heinz Tomato Ketchup and Strong Local Products like Complan, Glucon-D, Nycil and Sampriti Ghee. (Registered Activity) |
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Products : |
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Brand Names : |
· Complan · Glucon D · Nycil · Sampriti Ghee |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Heinz Italia S.R.L., Italy |
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Ultimate Holding Company : |
H.J. Heinz Company, USA |
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Fellow subsidiaries: |
·
H.J. Heinz Company Limited, UK ·
H.J. Heinz Company Australia Limited ·
Heinz Africa and Middle East FZE ·
H J Heinz Holding B V ·
Cairo Food Industries - Heinz Egypt ·
Pt Heinz Abc Indonesia ·
Heinz Asean Pte Limited ·
Heinz Singapore Pte Limited ·
Heinz North America ·
Heinz Sinsinpte Limited ·
Foodstar (China) Investments Co Limited ·
Heinz Pakistan Private Limited ·
Heinz (China) Investment Co Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,417,000 |
Equity Shares |
Rs. 10/- each |
Rs. 104.170
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 |
104.170 |
104.170 |
104.170 |
|
(b) Reserves & Surplus |
4184.896 |
9745.003 |
7766.204 |
|
(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) |
4289.066 |
9849.173 |
7870.374 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
3.286 |
30.602 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
574.705 |
501.728 |
398.218 |
|
Total
Non-current Liabilities (3) |
574.705 |
505.014 |
428.820 |
|
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|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
2131.254 |
1701.833 |
1643.333 |
|
(c)
Other current liabilities |
157.634 |
193.673 |
177.650 |
|
(d)
Short-term provisions |
8.048 |
10.075 |
8.991 |
|
Total
Current Liabilities (4) |
2296.936 |
1905.581 |
1829.974 |
|
|
|
|
|
|
TOTAL |
7160.707 |
12259.768 |
10129.168 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
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(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1522.308 |
1158.142 |
1152.593 |
|
(ii)
Intangible Assets |
42.584 |
111.465 |
182.448 |
|
(iii)
Capital work-in-progress |
99.067 |
224.198 |
62.179 |
|
(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) |
11.927 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
652.936 |
507.584 |
444.015 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2328.822 |
2001.389 |
1841.235 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1590.596 |
1543.109 |
1714.359 |
|
(c)
Trade receivables |
311.521 |
420.410 |
280.304 |
|
(d)
Cash and cash equivalents |
2766.979 |
8096.840 |
6125.868 |
|
(e)
Short-term loans and advances |
141.709 |
111.013 |
93.916 |
|
(f)
Other current assets |
21.080 |
87.007 |
73.486 |
|
Total
Current Assets |
4831.885 |
10258.379 |
8287.933 |
|
|
|
|
|
|
TOTAL |
7160.707 |
12259.768 |
10129.168 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
1362.889 |
1263.383 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
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|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
229.503 |
189.492 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
31.623 |
18.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1447.630 |
197.880 |
171.044 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
138.97 |
18.99 |
16.42 |
|
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 |
1996.713 |
2147.596 |
1953.078 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
14.52 |
13.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
1.91 |
1.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
5.38 |
4.53 |
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 |
104.170 |
104.170 |
104.170 |
|
Reserves & Surplus |
7766.204 |
9745.003 |
4184.896 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7870.374 |
9849.173 |
4289.066 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two 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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90356467 |
25/08/1998 |
40,000,000.00 |
CITI
BANK |
JEEVAN
VIHAR, SANSAD MARG, NEW DELHI, INDIA |
- |
COMPANY INFORMATION
The Company, headquartered in Pittsburgh, USA, is a global U.S. based food company. Heinz India Private Limited came to India in 1994 by taking over the Family Products Division of Glaxo with brands such as Complan, Glucon-D, Nycil and Sampriti. Heinz India is fully integrated into the global Heinz operations employing high standards in quality at its state-of-the-art manufacturing facility at Aligarh in the State of Uttar Pradesh and at Sitarganj in the state of Uttarakhand. Heinz India provides taste and nutrition through globally trusted products like Heinz Tomato Ketchup and strong local products like Complan, Glucon-D, Nycil and Sampriti Ghee.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Trade Marks
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
64 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.