MIRA INFORM REPORT
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Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
W R GRACE AND CO (INDIA) PRIVATE LIMITED |
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Registered
Office : |
17, Commerce Centre, Paud Road, Opposite Krishna General Hospital,
Kothrud, Pune-411038, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.07.1995 |
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Com. Reg. No.: |
11-144874 |
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Capital
Investment / Paid-up Capital : |
Rs. 12.146 Millions |
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CIN No.: [Company Identification
No.] |
U51909PN1995PTC144874 |
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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
: |
The Company is engaged in manufacturing of cement additives and
concrete admixture products, and trading of specialty products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 Behavior : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has resulted in
to fully erosion of net worth. However, Business is active. Payment terms are reported to be slow. The company can be considered for business 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
|
Name |
Mr. Srinivasan Vijayabaskar |
|
Contact No. |
91-9840814538 |
|
Date |
31.12.2014 |
LOCATIONS
|
Registered Office : |
17, Commerce Centre, Paud Road, Opposite Krishna General Hospital,
Kothrud, Pune-411038, Maharashtra, India
|
|
Tel. No.: |
91-20-66449900 |
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Fax No.: |
91-20-25441740 |
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E-Mail : |
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Website : |
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Overseas Office : |
Located At:
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DIRECTORS
As on: 27.09.2013
|
Name : |
Mr. Narayan Ram |
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Designation : |
Director |
|
Address : |
Flat No.5, Door 714 Chebiam, 2nd Main, R A Puram, Chennai –
600028, Tamilnadu, India |
|
Date of Birth/Age : |
13.05.1953 |
|
Date of Appointment : |
03.06.2005 |
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DIN No.: |
00268864 |
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Name : |
Pei Pei Tay |
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Designation : |
Director |
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Address : |
33, Dairy Farm Road, #04-01, Singapore-679051 |
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Date of Birth/Age : |
02.03.1970 |
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Date of Appointment : |
08.12.2011 |
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DIN No.: |
05136931 |
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Name : |
Mr. Hsiao Peng Jaime Goh |
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Designation : |
Director |
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Address : |
16, Westwood Crescent, Singapore-648744 |
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Date of Birth/Age : |
07.10.1977 |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
06374810 |
KEY EXECUTIVE
|
Name : |
Mr. Devesh Tudekar |
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Designation : |
Company Secretary |
|
Address : |
A – 5, Snahal Classique, Bhawkar Bhavan Lane, Shivaji Nagar, Pune –
411005, Maharashtra, India |
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Date of Birth/Age : |
13.05.1953 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
W R Grace and Co Connecticut USA |
1214650 |
|
Watter Street Corporation, |
1 |
|
TOTAL
|
1214651 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 |
%20PRIVATE%20LIMITED%20-%20301327_MIRA%2001-Jan-2015_files/image013.gif)
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in manufacturing of cement additives and
concrete admixture products, and trading of specialty products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Mutha Towers, 5th Floor, Suit No.8, Airport Road,
Pune-411006, Maharashtra, India |
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PAN No.: |
AAEFP5579P |
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Memberships : |
Not Available |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1214651 |
Equity Shares |
Rs.10/- each |
Rs.12.146
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12.147 |
12.147 |
4.283 |
|
(b) Reserves & Surplus |
(75.253) |
(7.601) |
(234.952) |
|
(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) |
(63.106) |
4.546 |
(230.669) |
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|
|
|
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
45.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
7.749 |
8.043 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
52.749 |
8.043 |
0.000 |
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|
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(4) Current
Liabilities |
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|
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|
(a) Short
term borrowings |
226.159 |
148.341 |
379.890 |
|
(b) Trade
payables |
126.270 |
117.629 |
84.395 |
|
(c) Other
current liabilities |
14.811 |
18.182 |
17.691 |
|
(d) Short-term
provisions |
3.453 |
1.557 |
0.271 |
|
Total Current
Liabilities (4) |
370.693 |
285.709 |
482.247 |
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TOTAL |
360.336 |
298.298 |
251.578 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
80.447 |
91.048 |
102.314 |
|
(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 |
25.874 |
20.026 |
19.682 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
106.321 |
111.074 |
121.996 |
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
81.190 |
47.982 |
45.480 |
|
(c) Trade
receivables |
162.837 |
126.093 |
74.441 |
|
(d) Cash
and cash equivalents |
0.000 |
0.000 |
0.000 |
|
(e) Short-term
loans and advances |
9.988 |
13.149 |
9.661 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
254.015 |
187.224 |
129.582 |
|
|
|
|
|
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TOTAL |
360.336 |
298.298 |
251.578 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
501.613 |
483.774 |
333.029 |
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Other Income |
0.211 |
0.209 |
23.708 |
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TOTAL |
501.824 |
483.983 |
356.737 |
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Less |
EXPENSES TOTAL |
569.475 |
530.271 |
431.093 |
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PROFIT BEFORE
TAX |
(67.651) |
(46.288) |
(74.356) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX |
(67.651) |
(46.288) |
(74.356) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(281.240) |
(234.952) |
(160.596) |
|
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BALANCE CARRIED
TO THE B/S |
(348.891) |
(281.240) |
(234.952) |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
Export Earnings |
4.934 |
0.000 |
8.569 |
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TOTAL EARNINGS |
4.934 |
0.000 |
8.569 |
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IMPORTS |
|
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Raw Materials |
242.079 |
184.796 |
164.720 |
|
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Stores & Spares |
0.078 |
0.011 |
0.310 |
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TOTAL IMPORTS |
242.157 |
184.807 |
165.030 |
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|
Earnings Per
Share (Rs.) |
(55.69) |
(38.11) |
(173.59) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(13.49) |
(9.57) |
(22.33) |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(18.77) |
(15.52) |
(29.56) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
1.07 |
(10.18) |
0.32 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
(4.30) |
32.63 |
(1.65) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.66 |
0.27 |
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 |
4.283 |
12.147 |
12.147 |
|
Reserves & Surplus |
(234.952) |
(7.601) |
(75.253) |
|
Net worth |
(230.669) |
4.546 |
(63.106) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
45.000 |
|
Short term borrowings |
379.890 |
148.341 |
226.159 |
|
Total borrowings |
379.890 |
148.341 |
271.159 |
|
Debt/Equity ratio |
(1.647) |
32.631 |
(4.297) |
%20PRIVATE%20LIMITED%20-%20301327_MIRA%2001-Jan-2015_files/image015.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) |
|
Sales |
333.029 |
483.774 |
501.613 |
|
|
|
45.265 |
3.687 |
%20PRIVATE%20LIMITED%20-%20301327_MIRA%2001-Jan-2015_files/image017.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) |
|
Sales |
333.029 |
483.774 |
501.613 |
|
Profit |
(74.356) |
(46.288) |
(67.651) |
|
|
(22.33%) |
(9.57%) |
(13.49%) |
%20PRIVATE%20LIMITED%20-%20301327_MIRA%2001-Jan-2015_files/image019.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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
|
Particular |
Rs.
In Millions 31.03.2014 |
Rs.
In Millions 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loan from related parties |
45.000 |
0.000 |
|
Short Term
Borrowings |
|
|
|
Working Capital
Loan Repayable on Demand |
|
|
|
From bank |
226.159 |
103.341 |
|
From related Parties |
0.000 |
45.000 |
|
|
|
|
|
TOTAL |
271.159 |
148.341 |
NOTE
Registered office has been shifted from 406, Ground Floor, Ahad Chambers
7th Block, Koramangala, Bangalore – 560095, Karnataka, India to the present
address w.e.f. 14.09.2012
SHIFTING OF
REGISTERED OFFICE FROM ONE STATE TO ANOTHER:
The Company had filed a petition with the Company Law Board for shifting
of registered office from the State of Karnataka to the State of Maharashtra .The
order of the Board was received on 21.08.2012 but approval of Form 18 filed for
shifting is yet to be received.
GENERAL
INFORMATION ABOUT THE COMPANY
The Company,
registered under the Companies Act 1956, was incorporated in the year 1995. The
Company is engaged in manufacturing of cement additives and concrete admixture
products, and trading of specialty products. Cement additive is a liquid
product in the nature of chemicals used in cement manufacturing process which
increases the productivity as well the performance of the cement. Concrete
Admixture Products are used in construction industry.
Apart from
manufacturing, it also carries on trading of specialty building material (i.e.
preformed Sheets). Though the specialty chemical trading business forms a part
of the chemical industry, the product traded in is primarily a specialty
construction product which is used in water proofing activity
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Electrical
Installations
- Vehicles
- Data
Processing Equipments
INDEX OF
CHARGES: NO CHARGES EXIST FOR
COMPANY
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.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.