MIRA INFORM REPORT
|
Report No. : |
305379 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TENOVA METALS INDIA PRIVATE LIMITED (w.e.f 24.12.2013) |
|
|
|
|
Formerly Known
As : |
TENOVA MULTIFORM PRIVATE LIMITED (w.e.f 07.05.2009) SHREEJI MULTIFORM ENGINEERING PRIVATE LIMITED |
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|
|
Registered
Office : |
601, 6th Floor, Boomerang, B2 Wing, Chandivali, Andheri
(East), Mumbai – 400072, Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
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|
Date of
Incorporation : |
05.12.2008 |
|
|
|
|
Com. Reg. No.: |
11-188724 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.13.997 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28990MH2008PTC188724 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer and Exporter of Cold Rolling Mills, Galvanizing Lines, Skin
Pass Mills for Ferrous and Non Ferrous Industries. |
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|
|
|
No. of Employees
: |
170 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD (147000) |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Management of the company has failed to file its financial with the
government department for FY 2013-14. As per registrar of companies the date of balance sheet i.e. financial
failed is shown as 31st March 2014, but the documents related to
the financials for the year 2014 are not available from any sources. The rating is same, as per available information, on account of
continuous losses incurred by the company, and huge borrowings recorded. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Atul Kulkarni |
|
Designation : |
Vice President |
|
Contact No.: |
91-9167620874 |
|
Date : |
02.02.2015 |
LOCATIONS
|
Registered Office : |
601, 6th Floor, Boomerang, B2 Wing, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No. : |
91-22-61045700 / 61045850 |
|
Mobile No.: |
91-9167620874 (Mr. Atul Kulkarni) |
|
Fax No. : |
91-22-61045701 |
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E-Mail : |
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|
Website : |
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|
Factory : |
101, Narmada Laxmi Industrial Complex, 1st Pokhran Roaad, Thane – 400606, Maharashtra, India |
|
Tel. No. : |
91-22-2585 3338/3337 |
|
Fax No. : |
91-22-2585 6361 |
DIRECTORS
As on 25.11.2014
|
Name : |
Mr. Vijay Raghunath Joshi |
|
Designation : |
Managing Director |
|
Address : |
Bhagyshre, 2nd Floor, Anand Nagar, Andheri (East), Mumbai - 400069,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1954 |
|
Date of Appointment : |
14.10.2011 |
|
DIN No.: |
00208455 |
|
|
|
|
Name : |
Mr. Gope Hassanand Sajnani |
|
Designation : |
Director |
|
Address : |
18,
2nd Nav Nirman, 16th Road, Santacruz West, Mumbai –
400054, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1941 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
01828735 |
|
|
|
|
Name : |
Sergio Prati |
|
Designation : |
Nominee director |
|
Address : |
VIA
XX, Settembre, 137, Sesto San, Giovanni MI 20079, Itlay |
|
Date of Birth/Age : |
18.10.1953 |
|
Date of Appointment : |
17.04.2009 |
|
DIN No.: |
02577619 |
|
|
|
|
Name : |
Gerolamo Fasce |
|
Designation : |
Nominee director |
|
Address : |
VIA
Algeria, 4/4, Santa Margherita, Ligure, 16038, Itlay |
|
Date of Birth/Age : |
20.12.1958 |
|
Date of Appointment : |
17.04.2009 |
|
DIN No.: |
02577537 |
|
|
|
|
Name : |
Roberto Pancaldi |
|
Designation : |
Additional director |
|
Address : |
VIA Battistic, 1117, Parabiago (MI) Itlay |
|
Date of Birth/Age : |
22.04.1962 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05135022 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Kulkarni |
|
Designation : |
Vice President |
MAJOR SHAREHOLDERS
As on 25.11.2014
|
Names of Shareholders |
|
No. of Shares |
|
Tenova Spa., Italy |
|
1399723 |
|
Takraf India Private Limited, India |
|
1 |
|
Total |
|
1399724 |
Equity Share Break up (Percentage of Total Equity)
As on 25.11.2014
|
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 |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cold Rolling Mills, Galvanizing Lines,
Skin Pass Mills for Ferrous and Non Ferrous Industries. |
|
|
|
|
Brand Names : |
Not Divulged |
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|
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Strip Processing Equipment |
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Countries : |
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Imports : |
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Products : |
Motions |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
170 (Approximately) |
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Bankers : |
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Facilities : |
Note : Nature of Security for Short term borrowings Out of above, Rs. 251.257 Millions (Previous year: Rs. 230.593 Millions)
is secured by exclusive charge on current assets and Rs.405.169 Millions
(Previous year: Nil) is secured by pari passu charge on inventories and trade
receivable. Above facility is guaranteed by letter of credit from UBI Banaca,
Italy issued by holding company, Tenova SpA. |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
2 5 2 Veer Savarkar Marg,Shivaji Park, Dadar, Mumbai - 400028, Maharashtra, India |
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PAN
No. : |
AADFP9359C |
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Holding Company : |
Tenova SpA., Italy |
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Fellow Subsidiary
company : |
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Enterprises owned or
significantly influenced by key management personnel or their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,600,000 |
Equity Shares |
Rs.10/- each |
Rs. 56.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,399,724 |
Equity Shares |
Rs.10/- each |
Rs. 13.997 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
13.997 |
5.762 |
1.000 |
|
(b) Reserves & Surplus |
(65.276) |
5.811 |
(145.234) |
|
(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) |
(51.279) |
11.573 |
(144.234) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.832 |
5.055 |
1.931 |
|
Total Non-current
Liabilities (3) |
11.832 |
5.055 |
1.931 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
656.426 |
230.676 |
230.538 |
|
(b) Trade
payables |
624.064 |
122.129 |
37.152 |
|
(c) Other
current liabilities |
576.759 |
309.383 |
147.271 |
|
(d) Short-term
provisions |
1.922 |
0.672 |
1.780 |
|
Total Current Liabilities
(4) |
1859.171 |
662.860 |
416.741 |
|
|
|
|
|
|
TOTAL |
1819.724 |
679.488 |
274.438 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
67.083 |
50.616 |
17.394 |
|
(ii)
Intangible Assets |
4.627 |
5.252 |
9.725 |
|
(iii)
Capital work-in-progress |
15.662 |
0.226 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
3.950 |
1.901 |
|
(d) Long-term Loan and Advances |
129.732 |
15.043 |
14.203 |
|
(e) Other
Non-current assets |
257.958 |
29.030 |
0.000 |
|
Total Non-Current
Assets |
475.062 |
104.117 |
43.223 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
20.553 |
3.510 |
3.949 |
|
(c) Trade
receivables |
311.232 |
13.971 |
44.408 |
|
(d) Cash
and cash equivalents |
82.416 |
150.318 |
57.560 |
|
(e)
Short-term loans and advances |
223.629 |
71.723 |
43.881 |
|
(f) Other
current assets |
706.832 |
335.849 |
81.417 |
|
Total
Current Assets |
1344.662 |
575.371 |
231.215 |
|
|
|
|
|
|
TOTAL |
1819.724 |
679.488 |
274.438 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1132.569 |
305.580 |
286.112 |
|
|
|
Other Income |
17.251 |
4.878 |
6.433 |
|
|
|
TOTAL (A) |
1149.820 |
310.458 |
292.545 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
216.596 |
|
|
|
Employees benefits expense |
|
|
57.017 |
|
|
|
Other expenses |
|
|
107.624 |
|
|
|
TOTAL (B) |
1520.142 |
367.956 |
381.237 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(57.498) |
(88.692) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
|
22.249 |
31.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(370.322) |
(79.747) |
(120.023) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
18.192 |
9.846 |
9.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(388.515) |
(89.593) |
(129.653) |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
(7.230) |
(2.049) |
(2.068) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(395.744) |
(87.543) |
(127.585) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(282.73) |
(371.43) |
(1275.85) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
(34.94) |
(28.65) |
(44.59) |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
(32.70) |
(18.82) |
(31.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.54) |
(13.27) |
(47.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
7.58 |
(7.74) |
0.90 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(12.80) |
19.93 |
(1.60) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
0.87 |
0.55 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1.000 |
5.762 |
13.997 |
|
Reserves & Surplus |
(145.234) |
5.811 |
(65.276) |
|
Net worth |
(144.234) |
11.573 |
(51.279) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
230.538 |
230.676 |
656.426 |
|
Total borrowings |
230.538 |
230.676 |
656.426 |
|
Debt/Equity ratio |
(1.598) |
19.932 |
(12.801) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
286.112 |
305.580 |
1132.569 |
|
|
|
6.804 |
270.629 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
286.112 |
305.580 |
1132.569 |
|
Profit |
(127.585) |
(87.543) |
(395.744) |
|
|
(44.59%) |
(28.65%) |
(34.94%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The registered address
of the company has been shifted from NO 209, C Wing, Third Floor, Oberoi Garden
Estate, Off Chandivali Farm Road Chandivali Andheri East, Mumbai - 400072, Maharashtra, India to the present.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10308206 |
19/11/2013 * |
484,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru Centre,
Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra
- 400018, India |
B90609850 |
|
2 |
10264308 |
17/05/2014 * |
280,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru Centre,
Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra
- 400018, India |
C08864639 |
|
3 |
10100107 |
15/12/2011 * |
450,000,000.00 |
Bank of India |
Sakinaka Mid Corporate
Br., Sagar Tech Plaza, "B", Andheri-Kurla Road, Andheri (E),
Sakinaka,, Mumbai, Maharashtra -
400072, India |
B29438033 |
*Date of modification Charges
MERGER OF TWO
COMPANIES
The Directors have pleasure in reporting to the major event of the current year i.e. the two Indian subsidiaries (Transferor Company-Tenova Hypertherm Private Limited and Transferee Company- Tenova Metals India Private Limited) of Tenova SpA, Italy merged into a single company as per the Merger scheme, which was approved by the Bombay High Court order dated 27th June,2014. The Effective date of Merger was 1st April, 2013.
As a Consequence of the merger w.e.f 1st April,2013 the current year Financials presented above are for the Merged Entities, while the comparative previous year figures are of Transferee Company only.
Other changes:
During the year company changed its name from Tenova Multiform Private Limited to Tenova Metals India Private Limited. This change in name represents the company business more appropriately with that of Tenova Group Metals Division and also allow for horizontal integration within India. The company also changed its Registered Office from Thane to Mumbai.
Changes in Share
Capital consequent upon the Merger:
The Company need to allot equity shares to the Shareholders of Tenova Hypertherm Private Limited the Transferor company as per the Share Valuation report and approved Swap ratio of 183 shares of Transferee company for every 1,000 shares held by Transferor company. Accordingly 823,500 equity shares of Rs. 10 each will be issued as fully paid up shares without payment being received in cash.
Performance of the
Company (Merged):
During the year the company reported revenue of INR 1132.5 Millions (INR 730.6 Millions THYP+INR427
5 Millions TMIPL respectively) as against the previous year of 1518.1 Millions showing a net drop in the revenue of 25% over the previous year. This drop is mainly in the Furnace Business unit (40%) as a result of Customer delays/temporary holds for some projects and reduced new order bookings due to a very negative market sentiments The Strip Processing Business Unit however reported increase in the revenue of 40% over the previous year mainly on executions of projects in Vietnam.
The Net Loss After Tax during the year was INR 395.7 Millions (THYP- 2,825 & TMIPL-1,132) against the previous year loss of INR 90.0 Millions (THYP- 25 & TMIPL-875). This increase in the loss of INR 305.7 Millions was as a result of 3 loss making projects of Furnace Business Unit and in the case of Strip Processing as a result of under recovery of Overheads. The Finance cost remained at the same level in absolute amount.
During the year the Company executed important contracts for Indian Market as well as for customers in Vietnam directly and through Tenova SpA.
The company with its strengthened promotional activities and with the Technological support from Tenova SpA , managed to get new Projects in Vietnam & Bangladesh.
In the future the company will focus its activities on further improvement of the market share by adding new customers and entering new international markets for both the Business Units.
Factory Project- Lahe
I have the pleasure in announcing that with continuous follow up the Company received the Order for Non Agricultural User of land from the Office of the District Collectorate of Thane.
Industry scene and Prospects for the Company As can be seen, the previous year has been a challenging one due to a very weak market, slowing down of investments even on already made commitments and most importantly shrinking margins due to intense competition.
It is hoped that with the new Government in place market sentiments will improve and investments, particularly in the steel industry will gather momentum.
The need to be competitive as well as technologically better still remains the priority for us and towards this end it is hoped that the merger of the two earlier companies will give us an advantage. Their approach to the customers will now be as Tenova Metals, offering all the products of the Metals Division from the newly formed entity.
However, this will take same time and so the next year is also likely to be equally challenging.
FIXED ASSETS:
- Furniture and Fixture
- Vehicles
- Office Equipment
- Computers
- Tools
- Plant and Machinery
- Lease Hold Improvement
- Electrical
- Building
- Furniture
- Land
- 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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--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.