MIRA INFORM REPORT
|
Report No. : |
356555 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHETAS CONTROL SYSTEMS PRIVATE LIMITED |
|
|
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Registered
Office : |
Chetas House, Plot No.1, S. No.8+9, Shree Sidhatek Cooperative Housing
Society, Sutarwadi, Pashan, Pune - 411021, Maharashtra |
|
Tel. No.: |
91-20-25871111 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
31.10.1989 |
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Com. Reg. No.: |
11-054103 |
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Capital
Investment / Paid-up Capital : |
Rs.57.471 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U72900PN1989PTC054103 |
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|
IEC No.: |
3194000888 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC00398G |
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PAN No.: [Permanent Account No.] |
AAACC7437N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and trader of Water flow meter, bulk water meter,
multi jet water meter, digital turbine meters and also is engaged in
providing turnkey solutions in water management. (Confirmed by management) |
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|
|
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Management has failed to file its financials with the government
department for the year 2015. The company has registered a downtrend in its scale of operations and
shown a sizeable decrease in sales turnover. However, it has maintained its
revenue and profit earnings along with decent profitability margin. The company has strong financial position marked by Zero debt balance
sheet profile along with favourable gap between trade payables and
receivables. Trade relation are fair.
Business is active. Payments are regular. In view of long business track, 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 |
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 BY
|
Name : |
Mr. Vishal Patil |
|
Designation : |
Account Assistant |
|
Contact No.: |
91-20-25871111 |
|
Date : |
23.12.2015 |
LOCATIONS
|
Registered Office / Factory/ Warehouse: |
Chetas House, Plot No.1, S. No.8+9, Shree Sidhatek Cooperative Housing
Society, Sutarwadi, Pashan, Pune - 411021, Maharashtra, India |
|
Tel. No.: |
91-20-25871111/ 25870370 |
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Fax No.: |
91-20- 25870371 |
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E-Mail : |
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Branch office: |
Located at
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mahesh Shivajirao Deshmukh |
|
Designation : |
Director |
|
Address : |
Swastik Cooperative Housing Society Limited,1013/14, Gokhalenagar Road,
Pune - 411016, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1966 |
|
Date of Appointment : |
31.10.1989 |
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DIN No.: |
00149912 |
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PAN No.: |
AAXPD0334P |
|
|
|
|
Name : |
Asawari Mahesh Deshmukh |
|
Designation : |
Director |
|
Address : |
5, Sunman Cooperative Housing Society Limited,
1077/A, Model Colony, Pune - 411016, Maharashtra, India |
|
Date of Birth/Age : |
08.05.1972 |
|
Date of Appointment : |
25.02.1993 |
|
DIN No.: |
00662537 |
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PAN No.: |
ACIPD7670H |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Patil |
|
Designation : |
Account Assistant |
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|
|
|
Name : |
Mr. Mahendra Patil |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Mahesh Shivajirao Deshmukh |
|
373606 |
|
Asawari Mahesh Deshmukh |
|
99000 |
|
Deshmukh S Seema |
|
9900 |
|
Matrix Partners India Investments Holding LLC, Mauritius |
|
12494 |
|
Chetas Control Systems Employees Welfare Trust, India |
|
17242 |
|
Total |
|
512242 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Matrix Partners India Investments Holding LLC, Mauritius |
|
62469 |
|
|
|
|
|
Total |
|
62469 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
2.44 |
|
Directors or relatives of Directors |
94.19 |
|
Other top fifty shareholders |
3.37 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and trader of Water flow meter, bulk water meter,
multi jet water meter, digital turbine meters and also is engaged in providing
turnkey solutions in water management. (Confirmed by management) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 the management
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Bankers : |
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Auditors : |
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Name : |
S M G and Company Chartered Accountant |
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Address : |
A-3, Ashirwad Apartments Behind Garuda Hotel Karve Road, Opposite Lagu Bandhu Motiwale Pune – 411029, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABNPG5717A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives: |
[U29299PN2003PTC017845]
[U29291MH1996PTC098521] |
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Joint venture: |
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Associate: |
[U74140PN2007PTC130931] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
518000 |
Equity Shares |
Rs.100/- each |
Rs. 51.800 Million |
|
82000 |
Preference Shares |
Rs.100/- each |
Rs. 8.200 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 60.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512242 |
Equity Shares |
Rs.100/- each |
Rs. 51.224 Million |
|
62469 |
Preference Shares |
Rs.100/- each |
Rs. 6.247 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 57.471
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 |
57.471 |
57.471 |
57.471 |
|
(b) Reserves & Surplus |
1282.364 |
1139.403 |
944.817 |
|
(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) |
1339.835 |
1196.874 |
1002.288 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
1.739 |
0.083 |
0.077 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1.739 |
0.083 |
0.077 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
275.319 |
245.245 |
217.503 |
|
(c) Other current liabilities |
9.157 |
12.704 |
50.465 |
|
(d) Short-term provisions |
95.532 |
93.451 |
92.578 |
|
Total
Current Liabilities (4) |
380.008 |
351.400 |
360.546 |
|
|
|
|
|
|
TOTAL |
1721.582 |
1548.357 |
1362.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18.416 |
17.375 |
18.270 |
|
(ii) Intangible Assets |
0.052 |
0.076 |
0.127 |
|
(iii) Capital work-in-progress |
13.482 |
13.482 |
13.482 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14.900 |
14.900 |
14.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
6.570 |
5.850 |
5.189 |
|
Total
Non-Current Assets |
53.420 |
51.683 |
51.968 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.616 |
2.617 |
2.616 |
|
(b) Inventories |
178.133 |
1.205 |
3.189 |
|
(c) Trade receivables |
310.830 |
471.467 |
475.478 |
|
(d) Cash and cash equivalents |
1019.942 |
845.233 |
691.501 |
|
(e) Short-term loans and
advances |
7.325 |
10.383 |
6.690 |
|
(f) Other current assets |
149.316 |
165.769 |
131.469 |
|
Total
Current Assets |
1668.162 |
1496.674 |
1310.943 |
|
|
|
|
|
|
TOTAL |
1721.582 |
1548.357 |
1362.911 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
SALES |
459.259 |
773.496 |
719.625 |
|
|
|
|
|
|
|
|
NET PROFIT |
286.419 |
288.041 |
285.265 |
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 flows from (used in) operations |
230.832 |
179.846 |
0.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.39 |
4.26 |
3.64 |
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 |
57.471 |
57.471 |
57.471 |
|
Reserves & Surplus |
944.817 |
1139.403 |
1282.364 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1002.288 |
1196.874 |
1339.835 |
|
|
|
|
|
|
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 |
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 |
719.625 |
773.496 |
459.259 |
|
|
|
7.486 |
(40.626) |
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 |
719.625 |
773.496 |
459.259 |
|
Net Profit |
285.265 |
288.041 |
286.419 |
|
|
39.64% |
37.24% |
62.37% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
FINANCIAL HIGHLIGHTS:
The company achieved a sales target of Rs.459.259 Million for the financial year 2013-14 and a Net profit of Rs. 286.419 Million as against sales of Rs. 773.496 Million and Net profit of Rs. 288.041 Million for the previous year. During the year 2013-14 Company has completed job orders of Rs. 177.372 Million, which were billed in the next year.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10208002 |
07/12/2010 * |
90,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T |
B03403367 |
|
2 |
90091774 |
20/07/2013 * |
250,000,000.00 |
BANK OF INDIA |
FERGUSSON ROAD BRANCH,, 1201, C/A, SHIVAJINAGAR,, |
B81862211 |
|
3 |
90090539 |
21/08/1997 |
598,000.00 |
BANK OF INDIA |
F.C ROAD BRANCH, PUNE, MAHARASHTRA - 411004, INDIA |
- |
|
4 |
90090280 |
23/03/1996 |
500,000.00 |
BANK OF INDIA |
F.R. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
- |
|
5 |
90089645 |
22/04/1991 |
100,000.00 |
BANK OF INDIA |
FERGUSSON ROAD BRANCH, 1201 FERGUSSON COLLEAGUE R |
- |
|
6 |
90089628 |
05/03/1991 |
150,000.00 |
BANK OF INDIA |
FERGUSSON ROAD BRANCH, 1201 FERGUSSON COLLEAGUE R |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
The Company has a sanctioned LC/BG limit from Punjab National Bank of Rs. 980.000 Million. As on 31st March, 2014 two BG's were outstanding amounting to Rs. 173.344 Million.
During the year the Company has invoked the Performance Bank Guarantee of M/S ARAD Technology, Israel for quality issues in the meters purchased. The Company received an amount of Rs. 18.280 Million which is yet under dispute and may be settled for a lesser amount.
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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.66.14 |
|
UK Pound |
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
49 |
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.