MIRA INFORM REPORT
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Report No. : |
304245 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARBOLINE (INDIA) PRIVATE LIMITED |
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Formerly Known
As : |
CDC CARBOLINE (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Plot No. 356 and 357, SIDCO industrial estate, Ambattur, Plot No. 356
and 357, Chennai – 600098, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.08.1986 |
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Com. Reg. No.: |
18-013250 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.900 Millions |
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CIN No.: [Company Identification
No.] |
U24222TN1986PTC013250 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Distribution and Sale of all type of Corrosion Resistant
Protective Coatings, Tank Linings, Floor Coatings, Water Proofing Coatings,
Roof Coating and Fireproofing Material. |
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|
|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company is continuously incurring losses which has resulted into
fully erosion of net worth. However, Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Not Available |
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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.
LOCATIONS
|
Registered Office : |
Plot No. 356 and 357, SIDCO industrial estate, Ambattur, Plot No. 356 and
357, Chennai – 600098, Tamil Nadu, India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sandeep Sarda |
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Designation : |
Managing Director |
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Address : |
Flat No. 13 Sarat Banerjee Road, Kolkata – 700029, West Bengal, India |
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Date of Birth/Age : |
03.06.1963 |
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Date of Appointment : |
01.10.2013 |
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DIN No.: |
00677670 |
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Other Directorship:
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Name : |
Mr. Richard Maurice Wilson |
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Designation : |
Director |
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Address : |
2067, Kingspointe Dr, Chesterfield, 63005, United States Of America |
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Date of Appointment : |
31.05.2002 |
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DIN No.: |
02275415 |
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Name : |
Mr. David Jon Wolf |
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Designation : |
Director |
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Address : |
#3, Princeton, University City MO. 63130, United States Of America |
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Date of Appointment : |
17.02.2012 |
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DIN No.: |
03348254 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Carboline International INC, |
392000 |
80.00 |
|
Carboline Company |
98000 |
20.00 |
|
Total |
490000 |
100.00 |
%20PRIVATE%20LIMITED%20-%20304245%2017-Feb-2015_files/image012.gif)
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Distribution and Sale of all type of Corrosion Resistant
Protective Coatings, Tank Linings, Floor Coatings, Water Proofing Coatings,
Roof Coating and Fireproofing Material. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note : Canara Bank (Term Loan @
l6% interest). Loan had been availed for Rs 3.157 Millions and repayable in 3l
equal instalments Rs.0.100 Millions and Rs. 0.057 Millions at the end of the
32nd Month. The balance outstanding as on March 3l, 2014 is NIL. The External Commercial
Borrowing (ECB) has been availed from Carboline Company USA, denominated in
USD for the purpose of purchase of capital equipment’s. The aggregate limit
for ECB being USD 170,000, the Company has drawdown USD 77.091 as at March
31, 2014. The loan carries interest of 6 months LIROR plus 3%, payable at the
end of each financial year. The repayment of the loan will be made in 4
annual instalments from the last date of disbursal of loan. The Company has accrued
interest of USD 3,448 on the principal amount at the rate of 3.32%.The INR
equivalent of the same is Rs. 0.218 Millions. The Company has not repaid the
interest due for the current financial year. 'Cash credit of Rs 0.031
Millions is secured by an exclusive charge by way of hypothecation of stocks
and book debts. It i's also collaterally secured (exclusive charge)b y a first
charge on Plant and Machinery and Furniture and fittings and a first charge
by way of equitable mortgage of factory land and building at Ambattur and are
also secured by way of a Corporate Guarantee of M/s. Carboline International
corporation Overdraft of Rs 34.990 Millions and Buyers Credit of Rs. 15.914
Millions secured by corporate guarantee of RPM International LNC. Term Loan has been
obtained from Bank of America in two tranches of Rs 15 crores and Rs.70.000
Millions each .Interest is payable at 12.257% per annum. The Company has
repaid the entire loans ubsequen1t0 the Balance Sheet date. |
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Auditors : |
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Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
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Tel No.: |
91-44-66548100 |
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Fax No.: |
91-44-22540120 |
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Address : |
6th & 7th Flr, "A" Block, Tidel
Park (Module 601,701 & 702), No.4 Rajiv Gandhi Salai, Taramani, Chennai –
600113, Tamil Nadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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Companies under Common Control : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
490000 |
Equity Shares |
Rs.10/- each |
Rs.4.900
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
4.900 |
4.900 |
4.900 |
|
(b) Reserves &
Surplus |
(16.216) |
8.855 |
77.320 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
(11.316) |
13.755 |
82.220 |
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(3) Non-Current
Liabilities |
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|
(a) long-term borrowings |
10.260 |
0.000 |
0.487 |
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(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 |
2.756 |
3.184 |
2.866 |
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Total Non-current
Liabilities (3) |
13.016 |
3.184 |
3.353 |
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(4) Current Liabilities |
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|
|
|
(a) Short term borrowings |
302.400 |
146.746 |
20.964 |
|
(b) Trade payables |
226.624 |
315.314 |
258.500 |
|
(c) Other current
liabilities |
45.736 |
46.438 |
44.720 |
|
(d) Short-term provisions |
1.148 |
2.654 |
4.058 |
|
Total Current Liabilities
(4) |
575.908 |
511.152 |
328.242 |
|
|
|
|
|
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TOTAL |
577.608 |
528.091 |
413.815 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
24.995 |
21.781 |
24.588 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.368 |
14.243 |
6.521 |
|
(e) Other Non-current
assets |
60.458 |
60.283 |
9.220 |
|
Total Non-Current Assets |
105.821 |
96.307 |
40.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
76.856 |
46.256 |
36.064 |
|
(c) Trade receivables |
359.652 |
363.558 |
311.911 |
|
(d) Cash and cash
equivalents |
13.360 |
20.766 |
14.617 |
|
(e) Short-term loans and
advances |
21.785 |
0.216 |
0.172 |
|
(f) Other current assets |
0.134 |
0.988 |
10.722 |
|
Total Current Assets |
471.787 |
431.784 |
373.486 |
|
|
|
|
|
|
TOTAL |
577.608 |
528.091 |
413.815 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL TURNOVER |
676.352 |
580.791 |
585.985 |
|
|
|
|
|
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|
Less |
TOTAL EXPENSES |
676.352 |
580.791 |
585.985 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(25.071) |
(68.464) |
(15.331) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
13.356 |
|
|
|
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|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(25.071) |
(68.464) |
(28.687) |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
0.000 |
|
|
Consumables Goods |
35.113 |
10.160 |
26.234 |
|
|
Capital Goods |
2.576 |
0.000 |
1.338 |
|
|
TOTAL IMPORTS |
37.689 |
10.160 |
27.572 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(51.17) |
(139.72) |
(58.54) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Turnover) |
(%) |
(3.71) |
(11.79) |
(4.90) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/ Total Turnover) |
(%) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.000 |
(12.96) |
(3.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.22 |
(4.98) |
(0.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(27.63) |
10.67 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.84 |
1.14 |
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 |
4.900 |
4.900 |
4.900 |
|
Reserves & Surplus |
77.320 |
8.855 |
(16.216) |
|
Net worth |
82.220 |
13.755 |
(11.316) |
|
|
|
|
|
|
long-term borrowings |
0.487 |
0.000 |
10.260 |
|
Short term borrowings |
20.964 |
146.746 |
302.400 |
|
Total borrowings |
21.451 |
146.746 |
312.660 |
|
Debt/Equity ratio |
0.261 |
10.669 |
(27.630) |
%20PRIVATE%20LIMITED%20-%20304245%2017-Feb-2015_files/image013.gif)
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 Turnover |
585.985 |
580.791 |
676.352 |
|
|
|
(0.886) |
16.454 |
%20PRIVATE%20LIMITED%20-%20304245%2017-Feb-2015_files/image014.gif)
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 Turnover |
585.985 |
580.791 |
676.352 |
|
Profit |
(28.687) |
(68.464) |
(25.071) |
|
|
(4.90)% |
(11.79)% |
(3.71)% |
%20PRIVATE%20LIMITED%20-%20304245%2017-Feb-2015_files/image015.gif)
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90307825 |
05/09/2000 * |
400,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, IND |
- |
|
2 |
90304983 |
18/04/2007 * |
125,282,000.00 |
Canara Bank |
Mount Road Branch, 781-785, Anna Salai,
Chennai, |
- |
|
3 |
90304959 |
10/10/1995 |
1,670,000.00 |
CANARA BANK |
MOUNT ROAD, MADRAS, Tamil Nadu - 600002,
INDIA |
- |
|
4 |
90306333 |
07/08/1995 |
3,000,000.00 |
CANARA BANK |
MOUNT ROAD, MADRAS, Tamil Nadu - 600002,
INDIA |
- |
|
5 |
90306299 |
01/03/1995 |
3,000,000.00 |
CANARA BANK |
MOUNT ROAD, MADRAS, Tamil Nadu - 600002,
INDIA |
- |
|
6 |
90304845 |
05/05/1997 * |
1,300,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
|
7 |
90304750 |
03/11/1993 |
1,400,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
|
8 |
90304733 |
11/08/1993 |
350,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
|
9 |
90305971 |
03/05/1990 |
1,625,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
|
10 |
90307223 |
26/03/1990 |
500,000.00 |
CANARA BANK |
787, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Electrical Fittings
- Furniture and Fittings
- Vehicles
- Office Equipment’s
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.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RCH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
--- |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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.