MIRA
INFORM REPORT
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Report No. : |
307731 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
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Name : |
VISEN INDUSTRIES LIMITED |
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Formerly Known
As : |
VISEN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
501, Stanford, Plot No. 554, Junction of |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
11-037350 |
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Capital Investment
/ Paid-up Capital : |
Rs.348.600 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1985PLC037350 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV10076D |
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PAN No.: [Permanent Account No.] |
AAACV1768K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Management of the company has failed to file its latest financial for
the year 2014 with the government department. As per available financial of 2013, financial position of the company
seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered normal for business dealing 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term fund based - Bank facilities: BBB+
(Withdrawn) |
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Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
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Date |
03.02.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term non fund based - Bank facilities:
A3+ (Withdrawn) |
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Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
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Date |
03.02.2014 |
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 DECLINED
MANAGEMENT NON –COOPERATIVE (91-22-66443333)
LOCATIONS
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Registered/
Corporate/ Head Office : |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu
Lane, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Tel. No.: |
91-22-66443333 |
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Fax No.: |
91-22-66443344 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory : |
Plot No. 68, 69, 88, B-Nanji Industrial Estate, Village Kharadpada, Silvassa, Dadra and Nagar Haveli-396230, India |
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Tel. No.: |
91-260-2651154/ 55/ 56 |
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Telefax No.: |
91-260-2650463 |
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DIRECTORS
AS ON 30.09.2013
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Name : |
Mr. Vijayasankaran Sivaraman Nair |
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Designation : |
Chairman and Managing Director |
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Address : |
Oberoi Crest CHS, 16th Road, Near Khar gymkhana , Khar, Mumbai-400052, Maharashtra, India |
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Date of Birth/Age : |
28.11.1955 |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.04.2012 |
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PAN No: |
AABPN2385G |
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DIN No.: |
00028395 |
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Other
Directorship:
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Name : |
Mr. Ramachandran Theruvara Pandalonda |
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Designation : |
Whole Time Director |
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Address : |
B-1202/Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai-400080 |
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Date of Birth/Age : |
15.05.1941 |
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Date of Appointment : |
01.04.2012 |
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PAN No: |
ADWPR3710M |
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DIN No.: |
00030529 |
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Other
Directorship:
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Name : |
Mr. Ashok Rao |
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Designation : |
Director |
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Address : |
3, Ishwar Bhavan, A Road, Churchgate, Mumbai, 400020, Maharashtra, India |
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Date of Birth/Age : |
13.11.1945 |
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Qualification : |
B.Com. (Hons.), FCA, ACMA (Lond.) |
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Date of Appointment : |
25.05.2005 |
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DIN No.: |
00091222 |
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Other
Directorship:
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Name : |
Mr. Nikhil |
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Designation : |
Nomiee Director |
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Address : |
11 Mohan Apartment, Yari Road, Versova, Andheri (West), Mumbai- 400061, Maharashtra, India |
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Date of Birth/Age : |
26.12.1977 |
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Date of Appointment : |
02.08.2013 |
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DIN No.: |
00932030 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Vijay Nair |
7057428 |
|
Geeta Nair |
1573620 |
|
Visen Marketing Private Limited, India |
1455600 |
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Ruchirag Investment Private Limited, India |
206480 |
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Sumitomo Corporation (Asia) PTe Limited, Singapore |
230000 |
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S Kodapully |
225000 |
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Arun Mehta |
70424 |
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Bardarayan Nair |
223600 |
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Cherry Nair |
7316 |
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Kamalakshi Amma |
220912 |
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Anish Nair |
86800 |
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Maya Nair (Raji Nair) |
4000 |
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Ragesh Nair |
8000 |
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Rajeshwari Nair |
368240 |
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Rajkumari Mehta |
75200 |
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Ruch Nair |
71316 |
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Suprabha Nair |
196000 |
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Thankappan Nair |
255232 |
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Total |
12335168 |
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Names of Preference Shareholders |
No. of Shares |
|
First Carlyle Ventures III, Mauritius |
22448980 |
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Madhava Menon Shankar Narayanan |
56123 |
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Mahesh Parasuraman |
5613 |
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Nikhil Mohta |
5613 |
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Manish Gaur |
5613 |
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Kapil Modi |
2807 |
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Total |
22524749 |
AS ON 30.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Venture Capital |
0.01 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
1.86 |
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Bodies corporate |
13.47 |
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Directors or relatives of Directors |
84.66 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
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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 |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
800 (Approximately) |
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Bankers : |
· State Bank of Patiala Atlanta 1st Floor, Jamnalal, Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India · ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India · Standard Chartered Bank Narain Manzil, 23, Barakhamba Road, Delhi - 110001, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN No.: |
AACFD4815A |
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Associates : |
·
Visen Marketing Private Limited |
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Subsidiaries : |
·
Visen Polymer FZE |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
·
Ruchirag Investment Private Limited |
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Related Party: |
·
Visen Industries Lanka (Private) Limited · Visen Overseas Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37000200 |
Equity Shares |
Rs.10/- each |
Rs.370.002 Millions |
|
230000000 |
Preference Shares |
Rs.10/- each |
Rs.230.000 Millions |
|
|
|
|
|
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Total |
|
Rs.600.002
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12335273 |
Equity Shares |
Rs.10/- each |
Rs.123.353
Millions |
|
22524749 |
Preference Shares |
Rs.10/- each |
Rs.225.247 Millions |
|
|
|
|
|
|
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Total |
|
Rs.348.600 Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
348.600 |
348.600 |
129.602 |
|
(b) Reserves & Surplus |
1,945.157 |
1,746.598 |
921.807 |
|
(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) |
2,293.757 |
2,095.198 |
1,051.409 |
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
465.375 |
512.310 |
273.965 |
|
(b) Deferred tax liabilities (Net) |
22.155 |
19.836 |
22.698 |
|
(c) Other long term liabilities |
0.680 |
3.029 |
3.030 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
488.210 |
535.175 |
299.693 |
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(4) Current Liabilities |
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|
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|
(a) Short term borrowings |
1,168.084 |
1,280.661 |
831.722 |
|
(b) Trade payables |
1,627.036 |
1,087.264 |
810.088 |
|
(c) Other current
liabilities |
140.642 |
43.088 |
154.340 |
|
(d) Short-term provisions |
28.215 |
5.275 |
13.237 |
|
Total Current Liabilities (4) |
2,963.977 |
2,416.288 |
1,809.387 |
|
|
|
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TOTAL |
5,745.944 |
5,046.661 |
3,160.489 |
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II.
ASSETS |
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|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
717.565 |
749.664 |
690.141 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
208.885 |
77.731 |
142.485 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
477.317 |
477.831 |
411.154 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
771.801 |
688.574 |
108.723 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2,175.568 |
1,993.800 |
1,352.503 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,212.507 |
982.883 |
876.973 |
|
(c) Trade receivables |
1,660.883 |
1,264.273 |
647.504 |
|
(d) Cash and cash
equivalents |
307.309 |
473.698 |
4.188 |
|
(e) Short-term loans and
advances |
351.006 |
318.733 |
277.621 |
|
(f) Other current assets |
38.671 |
13.274 |
1.700 |
|
Total Current Assets |
3,570.376 |
3,052.861 |
1,807.986 |
|
|
|
|
|
|
TOTAL |
5,745.944 |
5,046.661 |
3,160.489 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8250.779 |
6280.806 |
5049.455 |
|
|
|
Other Income |
87.102 |
17.175 |
43.489 |
|
|
|
TOTAL (A) |
8337.881 |
6297.981 |
5092.944 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4482.578 |
3915.483 |
2817.789 |
|
|
|
Purchases of stock-in-trade |
2462.529 |
1419.521 |
1125.936 |
|
|
|
Employee benefit expense |
108.210 |
93.860 |
82.891 |
|
|
|
Other expenses |
722.967 |
579.523 |
610.067 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(75.195) |
(51.741) |
(34.703) |
|
|
|
TOTAL (B) |
7701.089 |
5956.646 |
4601.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
636.792 |
341.335 |
490.964 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
224.633 |
211.389 |
118.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
412.159 |
129.946 |
372.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.578 |
78.653 |
78.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
333.581 |
51.293 |
294.744 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.088 |
6.114 |
92.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
218.493 |
45.179 |
202.209 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
818.660 |
785.006 |
582.797 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATION
|
|
|
|
|
|
|
Preference Divided |
5.631 |
-- |
-- |
|
|
|
DDT |
0.957 |
-- |
-- |
|
|
|
BALANCE CARRIED
TO THE B/S |
1030.565 |
830.185 |
785.006 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
781.834 |
698.218 |
|
|
TOTAL EARNINGS |
NA |
781.834 |
698.218 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2901.242 |
2348.148 |
|
|
|
Trading Goods |
NA |
0.000 |
1003.586 |
|
|
TOTAL IMPORTS |
NA |
2901.242 |
3351.734 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.18 |
3.16 |
15.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.65 |
0.72 |
4.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.72 |
5.43 |
9.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.59 |
1.14 |
11.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.02 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.71 |
0.86 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.26 |
1.00 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
129.602 |
348.600 |
348.600 |
|
Reserves & Surplus |
921.807 |
1746.598 |
1945.157 |
|
Net worth |
1051.409 |
2095.198 |
2293.757 |
|
|
|
|
|
|
long-term borrowings |
273.965 |
512.310 |
465.375 |
|
Short term borrowings |
831.722 |
1280.661 |
1168.084 |
|
Total borrowings |
1105.687 |
1792.971 |
1633.459 |
|
Debt/Equity ratio |
1.052 |
0.856 |
0.712 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
5,049.455 |
6,280.806 |
8,250.779 |
|
|
|
24.386 |
31.365 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
5,049.455 |
6,280.806 |
8,250.779 |
|
Profit |
202.209 |
45.179 |
218.493 |
|
|
4.00% |
0.72% |
2.65% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE
The Registered office of the company has been shifted from Premier
House, 6th Floor, 38, Central Road, MIDC, Andheri (East), Mumbai – 400 093,
Maharashtra, India to the present address w.e.f. 01.04.2012.
COMPANY BACKGROUND
Subject a leading manufacturer of polymer emulsions, centers its efforts on delivering premium products to paint, textile, adhesive and construction industries. With a clear vision of becoming the largest supplier of water based polymer emulsions, the Company has been making a persistent effort in improving its products, manufacturing sales and marketing, and supply / logistic activities.
OPERATIONS:
During the year, all the plants have been working smoothly on 3 shift basis. The overall capacity utilization was around 87%.
CHENNAI PROJECT:
Substantial progress has been made. During the year, the Administration building, Finished Goods storage, Raw Material storage, Utility building, Security room, DG room, Engineering store and Control room were substantially completed. Finished Goods and Raw Material tank fabrication work has started and is expected to complete by end of September 2013. Work has started for construction of inside road and the work for the process plant will commence in August 2013.
Company intends to have the plant to be ready by 1st quarter of financial year 2014.
UAE PROJECT:
The production trial runs are expected to commence by end of calendar year 2013 or beginning of calendar year 2014. The external pipeline work is completed and the Company is making all the efforts to complete other pending works to start commercial production by end of calendar year 2013 or beginning of calendar year 2014.
Company has received the sanction letter from Bank of India, London branch and Bank of Baroda, UAE branch to fund the balance of the project cost. Company is in the process of complying the documentation formality and expect to get the disbursement in the August, 2013.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10478372 |
22/01/2014 |
615,000,000.00 |
DBS BANK LIMITED |
FORT HOUSE, 3RD FLOOR,
221, DR. D. N ROAD, FORT, |
B96715313 |
|
2 |
10471354 |
18/12/2013 |
615,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, AXIS
HOUSE,, BOMBAY DYEING MILLS COMPO |
B93946085 |
|
3 |
10372286 |
30/07/2012 |
287,500,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, 25 BARAKAMBHA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B56301930 |
|
4 |
10361515 |
16/05/2012 |
500,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK
TOWERS, BANDRA KURLA COMPLEX, MUMBAI, |
B41992595 |
|
5 |
10345321 |
26/04/2013 * |
3,250,000,000.00 |
BANK OF INDIA |
NEW DELHI LARGE CORPORATE
BRANCH, PTI BUILDING, |
B75543710 |
|
6 |
10306276 |
19/08/2011 |
650,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MAR, MUMBAI,
MAHARASHTRA - |
B20546487 |
|
7 |
10130059 |
30/04/2012 * |
300,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, BIRLA TOWER, 25, BARAKHAMBHA |
B39935879 |
|
8 |
10105070 |
15/11/2011 * |
350,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL,
23, BARAKHAMBA ROAD, DELHI - 110001,
INDIA |
B27052943 |
|
9 |
10049807 |
06/06/2012 * |
600,000,000.00 |
STATE BANK OF PATIALA |
ATLANTA 1ST
FLOOR JAMNALAL BAJAJ MARG, NARIMAN PO |
B43390095 |
|
10 |
90216309 |
06/03/2002 |
78,000,000.00 |
BANK OF INDIA |
M.D.I. BUILDING;
1ST FLOOR, 28; S.V. ROAD; ANDHERI, MUMBAI, MAHARASHTRA - 400058, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Building
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer equipments
· Office equipment
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.62.15 |
|
|
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
57 |
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.