MIRA INFORM REPORT
|
Report No. : |
357590 |
|
Report Date : |
31.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VISHAKHA IRRIGATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House
No.2, Corporate Road, Prahladnagar, Ahmedabad-380015, Gujarat |
|
Tel. No.: |
91-79-61907373 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
13.03.2008 |
|
|
|
|
Com. Reg. No.: |
04-053240 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.16.146
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299GJ2008PTC053240 |
|
|
|
|
IEC No.: |
0807019526 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV03483E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV6706D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Manufacturing of Micro Irrigation System and
PVC and HDPE Pipe. (Registered
Activity) |
|
|
|
|
No. of
Employees: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 2008 and it is a manufacturer of
Micro Irrigation System and PVC and HDPE Pipe. For the financial year ended 2014, the company has achieved growth of
10.16% in its revenue profile but failed to maintain profit margin and
reported low margin at 0.40% during the year under review. Rating remain constrained on account of company’s moderate financial
profile marked by modest networth along with huge borrowings and weak debt
coverage indicators. Trade relations are reported as fair. Payment terms are slow but
correct. In view of aforesaid, the company can be considered for business dealings
with some caution. Note: Management of the company has not filed its financial with government
department for the year 2015 and same are not available from any sources. |
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 = B+ |
|
Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
March 10, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4 |
|
Rating Explanation |
Minimal Degree of safety and very high credit risk |
|
Date |
March 10, 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-cooperative (91-79-61907373)
LOCATIONS
|
Registered/ Head Office : |
“Vishakha House”, 2nd Floor, Ashirvad Paras Corporate House
No.2, Corporate Road, Prahladnagar, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-61907373/ 29701564/ 29701566/ 61907373 |
|
Fax No.: |
91-79-61907340/ 61907330 |
|
E-Mail : |
accounts@vishakhairrigaion.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Block No.792, Sabaspur Road, Moti Bhoyan, Taluka Kalol, District
Gandhinagar-382721, Gujarat, India |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
LOCATED AT:
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Jigish Nagindas Doshi |
|
Designation : |
Director |
|
Address : |
6, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension,
Satellite, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
17.01.1961 |
|
Date of Appointment : |
13.03.2008 |
|
Din No.: |
00380192 |
|
|
|
|
Name : |
Mr. Bhadresh Nagindas Doshi |
|
Designation : |
Director |
|
Address : |
26, Shrushti Bunglow, 132, FT Ring Road, Ashwamegh, 4B Extension, Satellite,
Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
08.02.1956 |
|
Date of Appointment : |
29.09.2008 |
|
Din No.: |
00380239 |
KEY EXECUTIVES
|
Name : |
Mr. Tapan Shah |
|
Designation : |
Company Secretary |
|
Address : |
814, Anand Mangal-3, Opposite Core House,
Near Doctor House, Ellisbridge, Ahmedabad – 380 006, |
|
Tel. No.: |
91-79-26430810/ 30081114 |
|
Fax No.: |
91-79-26430810 |
|
E-Mail : |
|
|
Website : |
MAJOR SHAREHOLDERS
AS ON 18.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Adani Agro Private Limited, |
|
807300 |
|
Jigish Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
566609 |
|
Umesh Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
120320 |
|
Bhadresh Nagindas Doshi (Nominee of Vishakha Industries, India) |
|
120370 |
|
Jigish Nagindas Doshi (Nominee of Jigish Plastics, India) |
|
1 |
|
TOTAL
|
|
1614600 |
AS ON 18.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
50.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Manufacturing of Micro Irrigation System and
PVC and HDPE Pipe. (Registered
Activity) |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Note : Long-term
Borrowings Secured by an equitable mortgage on immovable property and
hypothecation of all movable properties both present and future situated at
Block No. 792, Village Moti Bhoyan, Taluka Kalol District Gandhinagar. Term loans caries rate of interest from 13% to 13.50 % p.a. Secured loans from state bank of India repayable on quarterly
installments of Rs. 0.900 Million and loans repayable on quarterly
installments of Rs. 3.750 Million. Secured against assigned vehicle, repayment terms Rs. 0.017p.m.
Carrying interest rate 8% p.a. Short-term
borrowings Working capital demand loans Joint hypothecation of all inventories including stores and spares and
book debt and other receivable including advances both the present and future
on first charge basis ranking pari-passu inter se favouring company’s
bankers. |
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303-304, ‘Milestone’, Near Drive-in-Cinema, |
|
Tel. No.: |
91-79-27474466 |
|
Fax No.: |
91-79-27479955 |
|
PAN No: |
AASPP2756N |
|
|
|
|
Promoter : |
Adani Agro Private Limited |
|
|
|
|
Associates (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 18.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1614600 |
Equity Shares |
Rs.10/- each
|
Rs.16.146
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 |
16.146 |
16.146 |
16.146 |
|
(b) Reserves &
Surplus |
91.395 |
88.126 |
85.336 |
|
(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) |
107.541 |
104.272 |
101.482 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
196.385 |
177.096 |
159.549 |
|
(b) Deferred tax
liabilities (Net) |
4.575 |
5.039 |
5.431 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.736 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
201.696 |
182.135 |
164.980 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
229.291 |
178.581 |
171.208 |
|
(b) Trade payables |
195.829 |
173.275 |
149.967 |
|
(c) Other current
liabilities |
35.414 |
53.315 |
53.840 |
|
(d) Short-term provisions |
2.838 |
3.977 |
5.638 |
|
Total Current Liabilities
(4) |
463.372 |
409.148 |
380.653 |
|
|
|
|
|
|
TOTAL |
772.609 |
695.555 |
647.115 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
131.894 |
139.388 |
147.221 |
|
(ii) Intangible Assets |
0.346 |
0.577 |
0.458 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.020 |
0.020 |
0.020 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.145 |
12.874 |
13.862 |
|
(e) Other Non-current
assets |
6.910 |
7.194 |
6.469 |
|
Total Non-Current Assets |
153.315 |
160.053 |
168.030 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
318.037 |
262.102 |
220.296 |
|
(c) Trade receivables |
254.928 |
243.003 |
233.884 |
|
(d) Cash and cash
equivalents |
29.461 |
13.464 |
16.204 |
|
(e) Short-term loans and
advances |
15.483 |
16.607 |
8.417 |
|
(f) Other current assets |
1.385 |
0.326 |
0.284 |
|
Total Current Assets |
619.294 |
535.502 |
479.085 |
|
|
|
|
|
|
TOTAL |
772.609 |
695.555 |
647.115 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
811.544 |
736.929 |
575.322 |
|
|
Other Income |
1.780 |
1.430 |
2.090 |
|
|
TOTAL |
813.324 |
738.359 |
577.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
523.635 |
457.634 |
336.545 |
|
|
Purchases of
Stock-in-Trade |
88.099 |
72.938 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(50.855) |
(42.705) |
(0.598) |
|
|
Employees benefits
expense |
50.238 |
44.660 |
34.795 |
|
|
Exceptional Item |
0.000 |
0.000 |
1.873 |
|
|
Other expenses |
134.013 |
120.791 |
119.213 |
|
|
TOTAL |
745.130 |
653.318 |
491.828 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
68.194 |
85.041 |
85.584 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
47.185 |
62.282 |
56.111 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
21.009 |
22.759 |
29.473 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
17.056 |
18.151 |
17.255 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3.953 |
4.608 |
12.218 |
|
|
|
|
|
|
|
Less |
TAX |
0.709 |
1.819 |
1.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3.244 |
2.789 |
10.768 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
17.063 |
14.274 |
3.506 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
20.307 |
17.063 |
14.274 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
20.304 |
44.945 |
54.759 |
|
|
Components and Stores
parts |
0.000 |
0.000 |
0.000 |
|
|
Capital Goods |
1.250 |
0.977 |
4.379 |
|
|
TOTAL IMPORTS |
21.554 |
45.922 |
59.138 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
2.01 |
1.73 |
6.67 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term loans from Bank |
17.812 |
21.653 |
24.600 |
|
Vehicle loans from bank |
0.155 |
0.091 |
0.315 |
|
Total |
17.967 |
21.744 |
24.915
|
|
Cash generated
from operations |
5.670 |
(2.599) |
41.023 |
|
Net cash flows from
operating activities |
5.670 |
(2.091) |
40.562 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
0.40 |
0.38 |
1.87 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
8.40 |
11.54 |
14.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.51 |
0.66 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.13 |
3.62 |
3.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.31 |
1.26 |
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 |
16.146 |
16.146 |
16.146 |
|
Reserves & Surplus |
85.336 |
88.126 |
91.395 |
|
Net worth |
101.482 |
104.272 |
107.541 |
|
|
|
|
|
|
long-term borrowings |
159.549 |
177.096 |
196.385 |
|
Short term borrowings |
171.208 |
178.581 |
229.291 |
|
Current Maturities of
Long Term Debt |
24.915 |
21.744 |
17.967 |
|
Total borrowings |
355.672 |
377.421 |
443.643 |
|
Debt/Equity ratio |
3.505 |
3.620 |
4.125 |
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 |
575.322 |
736.929 |
811.544 |
|
|
|
28.090 |
10.125 |
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 |
575.322 |
736.929 |
811.544 |
|
Profit |
10.768 |
2.789 |
3.244 |
|
|
1.87% |
0.38% |
0.40% |
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 |
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 |
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 |
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 |
COMPANY INFORMATION (As on 31.03.2014)
Subject is a promoted by doshi family and
Adani Agro Private Limited. Subject is manufacturing of micro irrigation system
and PVC and HDPE Pipe.
The company has production infrastructure at
Moti Bhoyan, District Gandhinagar. Subject products reach across the India
through its branches.
OPERATIONS (As on 31.03.2014)
During the year the company has achieved turnover of Rs. 813.324 Million as compared to last year of Rs.738.269 Million. The profit before Depreciation and Interest stood at Rs.68.195 Million as against last year of Rs. 85.801 Million, of last year, which was due to increase in the prices of raw material. The profit before taxation stood at Rs. 3.953 Million, against last year of Rs. 4.607 Million. The Company has made net Profit after tax of Rs.3.244 Million, as against of Rs. 2.899 Million Lacs in the previous year.
The working of the company was improved but the margins are skip up due to stiff competition and increase in the raw material prices.
FUTURE PROSPECTS (As on 31.03.2014)
The directors are expecting good business in near future as the company is expanding its market reach and also, concentrating on reduction of manufacturing cost. The product and brand of the company has been well accepted in the market. The company is continuing its focus on development of new products. As part of that the company has taken up new project of manufacture of gas pipe, which is being widely used in gas connection in house and offices.
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans from related parties |
177.002 |
144.613 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans from others |
18.285 |
0.000 |
|
Total |
195.287 |
144.613 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10126244 |
10/04/2014 * |
446,900,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA, OPPOSITE V.S. HOSPITAL, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
C02867331 |
* Date of charge modification
FIXED ASSETS:
- Freehold Land
- Factory Building
- Computer
- Plant and Machinery
- Electrical Installation
- Furniture
- 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,
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 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.66.42 |
|
|
1 |
Rs.98.54 |
|
Euro |
1 |
Rs.72.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.