MIRA INFORM REPORT

 

 

Report No. :

307737

Report Date :

16.02.2015

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL BOILERS LIMITED 

 

 

Registered Office :

701-C, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.08.1997

 

 

Com. Reg. No.:

11-110202

 

 

Capital Investment / Paid-up Capital :

Rs. 24.507 Millions

 

 

CIN No.:

[Company Identification No.]

U28131MH1997PLC110202

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Boilers, Thermic Fluid Heaters, ESP, Autoclaves, etc.

 

 

No. of Employees :

400 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The ratings reflect IBL’s above-average financial risk profile marked by fair profitability margins and comfortable capital structure of the company.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

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

26.05.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating : A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

26.05.2014

 

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 PARTED BY

 

Name :

Mr. Pravin Patel

Designation :

Accounts Manager

Contact No.:

91-260-2432899

Date :

12.02.2015

 

 

LOCATIONS

 

Registered Office :

701-C, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India  

Tel. No.:

91-22-66602236 / 66607738

Fax No.:

91-22-24937505

E-Mail :

mumbai@indboilers.com

pravin@indboilers.com

Website :

http://www.indboilers.com

Area :

1350 sq. ft.

Location :

Owned

 

 

Corporate Office/ Factory :

227-228, Vapi Industrial Township, G.I.D.C., Vapi – 396195, Gujarat, India

Tel. No.:

91-260-2432899 / 2431549

Fax No.:

91-260-2421102/ 2431549

E-Mail :

vapi@indboilers.com

Area :

32500 sq. m.

Location :

Owned

 

 

Regional Office:

79-80, Satkar, Nehru Place, New Delhi – 110019, India

Tel. No.:

91-11-26453194 / 26417983

Fax No.:

91-11-26453197

E-Mail :

delhi@indbiolers.com

 

 

National Network:

Located at:

 

·         Kolkata

·         Chennai

·         Hyderabad

·         Ahmedabad

·         Bhilwara

·         Pali

·         Kanpur

·         Panipat

·         Chandigarh

·         Amritsar

·         Uttaranchal

·         UP (West)

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Homai Rusi Engineer

Designation :

Director

Address :

Industrial Boilers Limited, Vapi Industrial Township, Plot No. 227, G.I.D.C., Vapi – 396195, India

Date of Birth/Age :

12.11.1941

Date of Appointment :

01.03.2010

DIN No.:

00969770

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U28131MH1997PLC110202

INDUSTRIAL BOILERS LIMITED

Managing director

01/03/2010

20/08/1997

Active

NO

2

U28131MH2001PTC133905

IB TURBO PRIVATE LIMITED

Managing director

08/11/2001

08/11/2001

Active

NO

 

 

Name :

Mr. Rohinton Rusi Engineer

Designation :

Whole-time Director

Address :

Industrial Boilers Limited, Vapi Industrial Township, Plot No. 227, G.I.D.C., Vapi – 396195, India

Date of Birth/Age :

07.08.1962

Date of Appointment :

01.03.2010

DIN No.:

00970126

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U99999MH1993NPL071208

INDIAN BOILERS MANUFACTURERS ASSOCIATION.

Director

26/09/1996

26/09/1996

Active

NO

2

U28131MH1997PLC110202

INDUSTRIAL BOILERS LIMITED

Whole-time director

01/03/2010

24/10/1999

Active

NO

3

U28131MH2001PTC133905

IB TURBO PRIVATE LIMITED

Director

08/11/2001

08/11/2001

Active

NO

 

 

Name :

Mr. Cyrus Rusi Engineer

Designation :

Whole-time Director

Address :

3 SF, NRI. Complex, Greater Kailash-IV, New Delhi – 110048, India

Date of Birth/Age :

14.11.1964

Date of Appointment :

01.03.2010

DIN No.:

01684909

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U28131MH1997PLC110202

INDUSTRIAL BOILERS LIMITED

Whole-time director

01/03/2010

24/10/1999

Active

NO

2

U28131MH2001PTC133905

IB TURBO PRIVATE LIMITED

Director

08/11/2001

08/11/2001

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Pravin Patel

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

 

Rusi Naoroji Engineer

2000

Homai Engineer

1043500

Rohinton Rusi Engineer

394100

Cyrus Engineer

294100

Chandrika Chandrawandan Oza

1200

Naozar Bejon Baldawala

3200

Dilnavaz Rohinton Engineer

100500

Tanaaz Bejon Baldawala

14800

Kaenz Cyrus Engineer

100500

Ninaz Naozar Baldawala

12800

Sharmin Naozar Baldawala

9100

Rashna Naozar Baldawala

5600

Zaraan Rohinton Engineer

180700

Mehernosh Rohinton Engineer

130100

Rukshin Cyrus Engineer

38300

Yohan Cyrus Engineer

130100

Navaaz Zaraan Engineer

70000

Total

2530600

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Boilers, Thermic Fluid Heaters, ESP, Autoclaves, etc.

 

 

Products :

·         Fluidized Bed Combustion Boilers

·         Cogeneration and Power Boilers

·         Packaged Oil, Gas, Husk and Wood Fired Boilers

·         Steam Turbines

·         Incinerators With Boilers

·         Electrostatic Precipitators

·         Solar Steam Generators, etc.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Steam Boilers

Countries :

·         Srilanka

·         Australia

·         New Zealand

·         Singapore

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

Cash and Credit (30 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Since How Long Known:

Not Divulged

Maximum Limit Dealt:

Not Divulged

Experience :

Not Divulged

Remarks :

Not Divulged

 

 

Customers :

OEM’s and End Users

 

Reference:

Not Divulged

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Since How Long Known:

Not Divulged

Maximum Limit Dealt:

Not Divulged

Experience :

Not Divulged

Remarks :

Not Divulged

 

 

No. of Employees :

400 (Approximately)

 

 

Bankers :

Bank Name:

Corporation Bank

Branch:

Worli Branch, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Cash Credit: Rs. 120.000 Millions

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         The Zoroastrian Co-Operative Bank Limited, Fort Branch, Yusuf Building, Veer Nariman Road, Fort, Mumbai, Maharashtra - 400001, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term Loans

 

 

Cash Credit from Corporation Bank

(Secured by Hypothecation of Stock of Raw Material, Finished and Semi Finished Goods)

71.996

10.466

Loans from Vehicles from Corporation Bank

(Secured by Hypothecation of Vehicle)

0.493

1.413

Packing Credit Loan from Corporation Bank

(Secured against Export Receivables)

10.035

10.751

Loan from Corporation Bank (Lien FD)

(Secured by Hypothecation of Fixed Deposits)

33.203

0.000

 

 

 

Other Loans and Advances

 

 

Loan from Kotak Mahindra Finance Limited

(Secured by Hypothecation of Vehicles)

(0.012)

0.503

Loan from Tata Capital Limited

(Secured by Hypothecation of Vehicles)

0.073

0.384

Loan from Tata Motor Finance Limited

(Secured by Hypothecation of Vehicles)

0.073

0.224

Loan from Tata Capital Finance Services Limited

(Secured by Hypothecation of Vehicles)

 0.336

0.000

Loan from Daimler Finance Services India Private Limited

(Secured by Hypothecation of Vehicles)

1.935

0.000

Total

118.132

23.741

 

Finance Institutions :

Gujarat State Financial Corporation, Jal Darshan Building, Asharm Road, Ahmedabad - 380009, Gujarat, India

 

 

Auditors :

 

Name :

M. D. Desai and Company

Chartered Accountants

Address :

A/4, 111, Tree Shade Society, Jeeva Mahale Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No. :

91-22-26845612/ 26845613

E-Mail :

mddesai_67@yahoo.com

Income-tax PAN of auditor or auditor's firm :

AADPD2568B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

IP turbo Private  Limited, Noida, Uttar Pradesh, India

Address: 701-C, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Line of Business: Manufacturer of Steam Turbine.

 

Thermal Engineering Kenya Limited

Address: 701-C, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,000,000

Equity Shares

Rs.10/- each

Rs. 40.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,530,600

Equity Shares

Rs.10/- each

Rs. 25.306 Millions

 

 

 

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,000,000

Equity Shares

Rs.10/- each

Rs. 40.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,450,700

Equity Shares

Rs.10/- each

Rs. 24.507 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

24.507

24.507

23.207

(b) Reserves & Surplus

132.739

106.205

84.787

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.799

0.000

1.300

Total Shareholders’ Funds (1) + (2)

158.045

130.712

109.294

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

118.132

23.741

17.644

(b) Deferred tax liabilities (Net)

21.310

19.469

17.424

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

139.442

43.210

35.068

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

191.677

135.810

134.550

(c) Other current liabilities

143.158

215.339

197.416

(d) Short-term provisions

27.424

33.778

23.983

Total Current Liabilities (4)

362.259

384.927

355.949

 

 

 

 

TOTAL

659.746

558.849

500.311

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

191.709

183.007

156.480

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

21.598

21.565

33.982

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1.488

0.334

0.334

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

8.043

3.649

1.930

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

222.838

208.555

192.726

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

71.391

79.651

83.075

(c) Trade receivables

176.934

124.431

99.723

(d) Cash and cash equivalents

72.826

63.606

63.066

(e) Short-term loans and advances

85.818

52.774

45.545

(f) Other current assets

29.939

29.832

16.176

Total Current Assets

436.908

350.294

307.585

 

 

 

 

TOTAL

659.746

558.849

500.311

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

792.849

712.067

610.082

 

 

Other Income

5.935

5.257

4.022

 

 

TOTAL                                     (A)

798.784

717.324

614.104

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

482.452

456.432

430.789

 

 

Changes in Inventories of Finished Goods and Work-in-Progress and Stock-in-Trade

5.987

4.342

(34.717)

 

 

Employee Benefits Expense

53.491

48.413

39.599

 

 

Other Expenses

199.589

161.786

136.556

 

 

TOTAL                                     (B)

741.519

670.973

572.227

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

57.265

46.351

41.877

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5.739

3.468

6.538

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

51.526

42.883

35.339

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

10.286

9.579

7.889

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)           

41.240

33.304

27.450

 

 

 

 

 

Less

TAX                                                                  (H)

14.254

11.435

9.315

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

26.986

21.869

18.135

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

88.834

82.248

60.812

 

 

 

 

 

 

IMPORTS

0.000

7.498

7.498

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

11.01

8.92

7.81

 

Expected Sales (2014-2015): Rs. 850.000 Millions

 

The above information has been parted by Mr. Pravin Patel (Accounts Manager)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

3.40

3.07

2.97

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

7.22

6.51

6.86

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

6.48

6.20

5.89

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.25

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.75

0.18

0.16

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.21

0.91

0.86

 

 

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

23.207

24.507

24.507

Reserves & Surplus

84.787

106.205

132.739

Share Application money pending allotment

1.300

0.000

0.799

Net worth

109.294

130.712

158.045

 

 

 

 

long-term borrowings

17.644

23.741

118.132

Short term borrowings

0.000

0.000

0.000

Total borrowings

17.644

23.741

118.132

Debt/Equity ratio

0.161

0.182

0.747

 

 

 

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

610.082

712.067

792.849

 

 

16.717

11.345

 

 

 

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

610.082

712.067

792.849

Profit

18.135

21.869

26.986

 

2.97%

3.07%

3.40%

 

 

 

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

Yes

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

Yes

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

Yes

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10545126

10/01/2015

50,000,000.00

THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED

FORT BRANCH, YUSUF BUILDING, VEER NARIMAN ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C41464488

2

80027708

10/06/2013 *

120,000,000.00

CORPORATION BANK LIMITED

WORLI BRANCH, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA

B77416949

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

Guarantees given by the Bankers on behalf of the company previous year

2.856

10.264

Claims against company in respect of late deliveries/ performances, etc. not acknowledged as debts

Amount Not Ascertainable

Amount Not Ascertainable

 

 

FIXED ASSETS

 

·         Land

·         Factory Buildings

·         Godown

·         Office Premises

·         Staff Quarters

·         Machinery

·         Electrical Fittings

·         Furniture and Fixtures

·         Office Equipment

·         Air Cooler

·         Vehicles

·         Computer and Printer

·         Xerox Machine

·         Fax Machine

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.62.14

UK Pound

1

Rs.95.78

Euro

1

Rs.62.14

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MRI

 

 

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

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

 

43

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.