MIRA
INFORM REPORT
|
Report No. : |
307658 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AKASH CERAMICS PRIVATE LIMITED |
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Registered
Office : |
7, Yogi Complex, 3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.10.1995 |
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Com. Reg. No.: |
04-027954 |
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Capital
Investment / Paid-up Capital : |
Rs. 46.266 millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U26933GJ1995PTC027954 |
|
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|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA00272G |
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PAN No.: [Permanent Account No.] |
AABCA3074A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in
manufacturing and trading of ceramic and vitrified tiles. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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. The rating takes into consideration volatility in raw material prices and
its exposure to intense competition. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
CRISIL |
|
Rating |
Long term rating= BB |
|
Rating Explanation |
Inadequate Credit quality and high credit risk |
|
Date |
January 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
January 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 DENIED BY
|
Name : |
Mr. Jatin Modi |
|
Designation : |
Accountant Officer |
|
Contact No.: |
91-79-26857400 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered Office : |
7, Yogi Complex, 3rd Floor, Opposite Drive In Cinema, Ahmedabad-
380054, Gujarat, India |
|
Tel. No.: |
91-79-26857400/26857500 |
|
Fax No.: |
91-79-26857600 |
|
E-Mail : |
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|
|
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|
Factory : |
Village Rajpura, Gandhinagar- Mansa highway, taulka mansa, dist. Gandhinagar-382845,
Gujarat, India |
|
Tel. No.: |
91-2763-272170/273170 |
|
Fax No.: |
91-2763-272200 |
DIRECTORS
As on 24.05.2014
|
Name : |
Rajeshbhai Akhani |
|
Designation : |
Director |
|
Address : |
45
Sarvodaya Society, Bhuyangdev Char Rasta ,Ahmedabad 380061 Gujarat , India |
|
Date of Birth/Age : |
22.11.1965
|
|
Date of Appointment : |
01.09.1997
|
|
DIN No.: |
02482128 |
|
|
|
|
Name : |
Shri
Ratilal Akhani |
|
Designation : |
Director
|
|
Address : |
11 Sahaj Vi Lla, Near Kalhaar Exotica Science City Road Sola
Ahmedabad-380060 Gujarat, India |
|
Date of Birth/Age : |
11.11.1936
|
|
Date of Appointment : |
07.12.1995
|
|
DIN No.: |
00718914
|
|
|
|
|
Name : |
Dr.Paresh
Akhani |
|
Designation : |
Director |
|
Address : |
45
Sarvodaya Society, Bhuyangdev Char Rasta ,Ahmedabad 380061 Gujarat , India |
|
Date of Birth/Age : |
31.10.1967
|
|
Date of Appointment : |
21.12.2011
|
|
DIN No.: |
00131317
|
|
|
|
|
Name : |
Shri
Digant Akhani |
|
Designation : |
Director |
|
Address : |
41
Uganda Park Society, Memnagar, Ahmedabad-380052 Gujarat, India |
|
Date of Birth/Age : |
17.02.1972
|
|
Date of Appointment : |
17.10.2005
|
|
DIN No.: |
00725764
|
|
|
|
|
Name : |
Shri
Natvarlal Akhani |
|
Designation : |
Director |
|
Address : |
45
Sarvodaya Society, Bhuyangdev Char Rasta ,Ahmedabad 380061 Gujarat , India |
|
Date of Birth/Age : |
18.03.1941
|
|
Date of Appointment : |
01.12.2011
|
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DIN No.: |
01463245
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.05.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
82.49 |
|
Other top fifty shareholders |
17.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in
manufacturing and trading of ceramic and vitrified tiles. |
|
|
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|
Products : |
Tiles |
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Brand Names : |
Dakshinamurti |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
Ramesh Desai and Associates Chartered Accountant |
|
Address : |
305, Silver Cross Building, B/H. Petrol Pump Shivranjani Char Rasta,
Satellite Road, Gujarat, India |
|
PAN No.: |
AANPD6526F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
After As on
24.05.2014
Authorised Capital : Rs.60.000 millions
Issued, Subscribed & Paid-up Capital : Rs.49.861
millions
As on 24.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,626,600 |
Equity Shares |
Rs.10/- each |
Rs.46.266
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 |
46.266 |
46.266 |
46.266 |
|
(b) Reserves & Surplus |
242.899 |
215.279 |
222.747 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
55.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
344.165 |
261.545 |
269.013 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
522.412 |
647.518 |
549.621 |
|
(b) Deferred tax liabilities (Net) |
34.850 |
34.107 |
37.812 |
|
(c) Other long term liabilities |
1.273 |
4.147 |
3.802 |
|
(d) long-term provisions |
8.472 |
6.996 |
5.627 |
|
Total Non-current Liabilities (3) |
567.007 |
692.768 |
596.862 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
160.482 |
217.490 |
146.527 |
|
(b) Trade payables |
154.122 |
123.427 |
111.911 |
|
(c) Other current
liabilities |
167.676 |
156.359 |
120.408 |
|
(d) Short-term provisions |
1.609 |
0.017 |
1.046 |
|
Total Current Liabilities (4) |
483.889 |
497.293 |
379.892 |
|
|
|
|
|
|
TOTAL |
1395.061 |
1451.606 |
1245.767 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
749.888 |
713.904 |
727.827 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
49.021 |
136.810 |
31.947 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.063 |
0.063 |
0.063 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29.381 |
33.227 |
26.227 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
828.353 |
884.004 |
786.064 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
212.736 |
226.562 |
185.148 |
|
(c) Trade receivables |
284.595 |
277.640 |
193.527 |
|
(d) Cash and cash
equivalents |
25.443 |
24.488 |
26.823 |
|
(e) Short-term loans and
advances |
25.694 |
27.556 |
52.490 |
|
(f) Other current assets |
18.240 |
11.356 |
1.715 |
|
Total Current Assets |
566.708 |
567.602 |
459.703 |
|
|
|
|
|
|
TOTAL |
1395.061 |
1451.606 |
1245.767 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
REVENUE |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1273.044 |
1105.734 |
940.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1036.544 |
924.914 |
792.982 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
236.500 |
180.820 |
147.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
37.479 |
(11.689) |
40.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.860 |
(4.221) |
13.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
27.619 |
(7.468) |
27.110 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
141.875 |
149.343 |
122.233 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
169.494 |
141.875 |
149.343 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.97 |
(1.61) |
5.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.17 |
(0.68) |
2.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.58 |
16.35 |
15.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78 |
(0.89) |
3.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
(0.04) |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.98 |
3.31 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.14 |
1.21 |
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 |
46.266 |
46.266 |
46.266 |
|
Reserves & Surplus |
222.747 |
215.279 |
242.899 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
55.000 |
|
Net worth |
269.013 |
261.545 |
344.165 |
|
|
|
|
|
|
long-term borrowings |
549.621 |
647.518 |
522.412 |
|
Short term borrowings |
146.527 |
217.490 |
160.482 |
|
Total borrowings |
696.148 |
865.008 |
682.894 |
|
Debt/Equity ratio |
2.588 |
3.307 |
1.984 |
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) |
|
Total Revenue |
940.318 |
1105.734 |
1273.044 |
|
|
|
17.591 |
15.131 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Revenue |
940.318 |
1105.734 |
1273.044 |
|
Profit |
27.110 |
(
7.468) |
27.619 |
|
|
2.88% |
(0.68%) |
2.17% |
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 |
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 |
No |
|
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 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Intercorporate deposits |
0.000 |
1.899 |
|
Loans and advances from directors |
33.106 |
50.279 |
|
Loans and advances from others |
121.723 |
117.658 |
|
Total |
154.829 |
169.836 |
Operating Results:
During the year,
the Company has achieved total revenue of Rs.1273.044 Millions as against
Rs.1105.734 Millions in the previous year registering an increase of about 15% over
the previous year. With the improvement in volume, the Company has earned an
increased profit before interest depreciation and tax to Rs.236.500 Millions
from Rs. 180.820 Millions in the previous year up by about 31%. The profit of
the Company before tax has been Rs.37.479 Millions compared to loss before tax
of Rs. (11.689 Millions) in the previous year. The Company has good amount of
retained earnings of Rs.169.494 Millions (previous year Rs. 141.875 Millions).
The net cash inflow from operating activities as per the cash flow statement is
quite encouraging at Rs.257.000 Millions (previous year Rs.83.325 Millions)
which has immensely augmented the resources for capital expenditure and working
capital of the Company.
The overall
results are thus quite encouraging despite adversities faced during the year.
Enthused by the results, the Directors foresee good future ahead. In order to
preserve resources, the Directors do not propose any dividend.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10513406 |
09/07/2014 |
1,700,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
Gujarat - 380006, INDIA |
C15367493 |
|
2 |
10020602 |
05/10/2012 * |
990,400,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
B60247400 |
|
3 |
90112992 |
18/06/2012 * |
990,400,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA, Gujarat - |
B43408970 |
* Date of charge modification
FIXED ASSETS
·
land
·
buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
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. 63.43 |
|
|
1 |
Rs. 95.02 |
|
Euro |
1 |
Rs. 70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.