MIRA INFORM REPORT
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Report No. : |
356264 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
XL LABORATORIES PRIVATE LIMITED
|
|
|
|
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Registered
Office : |
DSM 430-431, DLF Tower, Shivaji Marg, New Delhi – 110 015 |
|
Tel. No.: |
91-11-49321000 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
16.03.2000 |
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Com. Reg. No.: |
55-104513 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Million |
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|
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CIN No.: [Company Identification
No.] |
U24239DL2000PTC104513 |
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TIN No.: |
Not Available |
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IEC No.: |
0500051453 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELX00109E |
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PAN No.: [Permanent Account No.] |
AAACX0157E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Exporter of Pharmaceutical Products which includes Antacid,
Anti-Psychotic, Antibiotic, Anti HIV, Anti Tubercular, Nasal Congestion,
Pro-biotic, Antiviral, Anti-Fungal etc. (Confirmed by management) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 2000 and it is engaged in
manufacturing and exporting of pharmaceutical products which includes drugs,
medicines, dietary supplements and phytol-pharmaceuticals. For the financial year ended 2015, company possesses sound operational
performance and it has maintain satisfactory profitability margin at 7.40%
during a year under review. Rating continue to reflect the promoter’s extensive experience in the
pharmaceuticals sector and its diversified product portfolio. The ratings also factor in the company’s comfortable financial risk
profile, driven by efficient working capital management and healthy profit
margin. However, rating strength is partially offset by geographic
concentration and susceptibility to adverse impact of changes in regulatory
policies. Trade relations are reported as fair. Payment terms are reported to be
usually correct. The company 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
July 14, 2015 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
July 14, 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 DENIED
Management non-co-operative (91-11-49321000)
LOCATIONS
|
Registered Office : |
DSM 430-431, DLF Tower, Shivaji Marg, New Delhi – 110 015, India |
|
Tel. No.: |
91-11-49321000/ 25920680 |
|
Fax No.: |
91-11-49321024 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
|
Factory 1: |
E-1223/22, Phase-I, Extension (Ghatal) RIICO Industrial Area, Bhiwadi
– 301 019, Rajasthan, India |
|
Tel. No.: |
91-1493-513215/ 224509/ 225512 |
|
|
|
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Factory 2: |
A-141, EPIP, Neemrana - 301705, Rajasthan, India |
DIRECTORS
As on: 31.03.2015
|
Name : |
Mr. Ashok Kumar Bhargava |
|
Designation : |
Director |
|
Address : |
H-21, Kirti Nagar, New Delhi – 110 015, India |
|
Date of Birth/Age : |
10.05.1951 |
|
Date of Appointment : |
11.02.2002 |
|
DIN No.: |
00077697 |
|
|
|
|
Name : |
Mr. Rahul Bhargava |
|
Designation : |
Director |
|
Address : |
H-21, Kirti Nagar, New Delhi – 110 015, India |
|
Date of Birth/Age : |
12.07.1981 |
|
Date of Appointment : |
16.03.2002 |
|
DIN No.: |
00089795 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Rita Bhargava |
|
1137936 |
|
Rahul Bhargava |
|
145824 |
|
A.K. Bhargava |
|
1701552 |
|
A.K. Bhargava (HUF) |
|
14544 |
|
Geeta Bhargava |
|
144 |
|
Total |
|
3000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Pharmaceutical Products which includes Antacid,
Anti-Psychotic, Antibiotic, Anti HIV, Anti Tubercular, Nasal Congestion,
Pro-biotic, Antiviral, Anti-Fungal etc. (Confirmed by management) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings Loans from State Bank of India are secured against the first charge of land and Building, Plant and Machinery of factory and all present and future fixed assets situated at factory and personal guarantee of directors. Loans against vehicles are secured against the respective vehicles Short
Term Borrowings Loans from State Bank of India are secured against hypothecation of stocks and debtors and the first charge of Land and Building, Plant and Machinery of factory and all present and future fixed assets situated factory and personal guarantee of directors |
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Auditors : |
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|
Name : |
Ahmad Shukla Jain and Associates Chartered Accountants |
|
Address : |
203, 1/926, IInd Floor, Naiwala, Karol Bagh, New Delhi – 110 005,
India |
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Tel. No.: |
91-11-28752817 |
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Mobile No.: |
91-9810121215/ 9971296596 |
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E-Mail : |
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PAN No.: |
AAFFA5572Q |
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|
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 28.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 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 |
30.000 |
30.000 |
25.000 |
|
(b) Reserves & Surplus |
232.751 |
195.474 |
150.709 |
|
(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) |
262.751 |
225.474 |
175.709 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
161.044 |
90.519 |
89.578 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.122 |
0.122 |
0.121 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
161.166 |
90.641 |
89.699 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
54.931 |
21.379 |
26.985 |
|
(b) Trade
payables |
56.582 |
60.239 |
49.248 |
|
(c) Other current
liabilities |
9.464 |
48.770 |
36.829 |
|
(d) Short-term
provisions |
21.513 |
23.767 |
25.149 |
|
Total Current
Liabilities (4) |
142.490 |
154.155 |
138.211 |
|
|
|
|
|
|
TOTAL |
566.407 |
470.270 |
403.619 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
224.248 |
245.010 |
219.913 |
|
(ii)
Intangible Assets |
3.381 |
4.073 |
2.571 |
|
(iii)
Capital work-in-progress |
136.145 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
3.166 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
2.317 |
1.618 |
1.752 |
|
(d) Long-term Loan and Advances |
4.327 |
3.909 |
3.541 |
|
(e) Other Non-current
assets |
0.000 |
0.045 |
0.178 |
|
Total Non-Current
Assets |
374.084 |
255.155 |
228.455 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
40.879 |
51.135 |
39.631 |
|
(c) Trade
receivables |
25.850 |
56.456 |
46.925 |
|
(d) Cash
and cash equivalents |
65.123 |
59.477 |
43.493 |
|
(e)
Short-term loans and advances |
52.977 |
44.509 |
42.511 |
|
(f) Other
current assets |
7.494 |
3.538 |
2.604 |
|
Total
Current Assets |
192.323 |
215.115 |
175.164 |
|
|
|
|
|
|
TOTAL |
566.407 |
470.270 |
403.619 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
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||
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|
|
Income |
533.970 |
493.344 |
482.909 |
|
|
|
|
Other Income |
16.394 |
16.206 |
16.104 |
|
|
|
|
TOTAL |
550.364 |
509.550 |
499.013 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
241.680 |
247.249 |
233.567 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
20.069 |
(11.634) |
2.709 |
|
|
|
|
Employee Benefits Expenses |
98.799 |
89.096 |
84.490 |
|
|
|
|
Other Expenses |
85.202 |
73.586 |
68.909 |
|
|
|
|
TOTAL |
445.750 |
398.297 |
389.675 |
|
|
|
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||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
104.614 |
111.253 |
109.338 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
16.561 |
15.493 |
11.033 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
88.053 |
95.760 |
98.305 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
26.406 |
22.094 |
21.887 |
||
|
|
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|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
61.647 |
73.666 |
76.418 |
||
|
|
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|
|
||
|
Less |
PRIOR PERIOD
EXPENSES |
0.047 |
0.000 |
0.002 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
20.813 |
23.901 |
24.794 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
40.787 |
49.765 |
51.622 |
||
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||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.474 |
150.709 |
124.087 |
||
|
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||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
General Reserve |
0.000 |
0.000 |
20.000 |
|
|
|
|
Interim Dividend |
3.000 |
5.000 |
5.000 |
|
|
|
|
Tax on Dividend |
0.510 |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
232.751 |
195.474 |
150.709 |
||
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|
EARNINGS
IN FOREIGN CURRENCY |
456.921 |
39.177 |
454.690 |
||
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|
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||
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.6 |
16.59 |
20.65 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
18.340 |
19.810 |
|
Cash generated from operations |
81.108 |
104.769 |
NA |
|
Net Cash flows from operating activities |
59.595 |
128.536 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.64 |
10.09 |
10.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.59 |
22.55 |
22.64 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.53 |
15.74 |
19.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.33 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82 |
0.58 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.40 |
1.27 |
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 |
25.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
150.709 |
195.474 |
232.751 |
|
Net worth |
175.709 |
225.474 |
262.751 |
|
|
|
|
|
|
long-term borrowings |
89.578 |
90.519 |
161.044 |
|
Short term borrowings |
26.985 |
21.379 |
54.931 |
|
Current Maturities of Long term debt |
19.810 |
18.340 |
0.000 |
|
Total borrowings |
136.373 |
130.238 |
215.975 |
|
Debt/Equity ratio |
0.776 |
0.578 |
0.822 |
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 |
482.909 |
493.344 |
533.970 |
|
|
|
2.161 |
8.235 |
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 |
482.909 |
493.344 |
533.970 |
|
Profit |
51.622 |
49.765 |
40.787 |
|
|
10.69% |
10.09% |
7.64% |
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 |
Yes |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2015 Rs. In Million |
31.03.2014 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans from Director |
111.458 |
66.210 |
|
Total |
111.458 |
66.210 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10440885 |
05/07/2013 |
565,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 23, NAJAFGARH ROAD, NEW DELHI - 110015, INDIA |
B81046450 |
|
2 |
10025118 |
23/10/2013 * |
47,800,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 23, NAJAFGARH ROAD, NEW DELHI - 110015, INDIA |
B89710511 |
|
3 |
10034628 |
24/02/2015 * |
127,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 23, NAJAFGARH ROAD, NEW DELHI - 110015, INDIA |
C47404629 |
|
4 |
90048142 |
27/03/2006 * |
18,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, NAZAFGARH, DELHI - 110015, INDIA |
- |
* Date
of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & 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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.