MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA
FEEDS PRIVATE LIMITED |
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Registered
Office : |
M-2, Gupta Tower, Azadpur Commercial Complex, Delhi-110033 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.12.1992 |
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Com. Reg. No.: |
55-051402 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.010 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1992PTC051402 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM09296A / DELM03678D |
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PAN No.: [Permanent Account No.] |
AAACM1220B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and suppliers of poultry feed. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory trade. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually. The company can be considered normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November 26, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = “A3+” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
November 26, 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. Pankaj |
|
Designation : |
Sales and Marketing |
|
Contact No.: |
91-9711333608 |
|
Date : |
01.01.2015 |
LOCATIONS
|
Registered Office : |
M-2, |
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Tel. No.: |
91-11-27671311/27672813/27677995 |
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Fax No.: |
91-11-27672794 |
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E-Mail : |
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Factory 1: |
E-17, Ram Nagar, Industrial Area, UPSIDC, Chandauli, Uttar Pradesh. |
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Factory 2: |
Ferozepur Banger Sonepat and Industrial Area, |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Kamal Deep Jain |
|
Designation : |
Director |
|
Address : |
302 Savera Apartments, Sector 13, Rohini, Delhi -110085, India. |
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Date of Birth/Age : |
06.02.1970 |
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PAN No.: |
AAAPJ2139D |
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Date of Appointment : |
17.12.1992 |
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Din No.: |
01629501 |
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|
Name : |
Mr. Vikas Jain |
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Designation : |
Director |
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Address : |
604 Savera Apartments, Sector 13, Rohini, Delhi -110085, India. |
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Date of Birth/Age : |
20.07.1974 |
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PAN No.: |
ABNPJ6323K |
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Date of Appointment : |
17.12.1992 |
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Din No.: |
01655090 |
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|
Name : |
Mr. Ankur Jain |
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Designation : |
Director |
|
Address : |
304 Savera Apartments, Sector 13, Rohini, Delhi -110085, India |
|
Date of Birth/Age : |
17.05.1984 |
|
PAN No.: |
AFRPJ2647G |
|
Date of Appointment : |
02.03.2007 |
|
Din No.: |
01629554 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj |
|
Designation : |
Sales and Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Gurukripa Holdings Private Limited |
|
159000 |
|
Jai Balasur Trading Private Limited |
|
20470 |
|
Karnal Holdings Private Limited |
|
79000 |
|
Mrs. Ayushi Jain |
|
44000 |
|
Satkar Holdings Private Limited |
|
79000 |
|
Mr. Ankur Jain |
|
180000 |
|
Mrs Kamal Deep Jain |
|
281610 |
|
Sh. Vikas Jain |
|
195170 |
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Mrs. Aditi Jain |
|
30100 |
|
Mrs. Mukta Jain |
|
40000 |
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Mrs. Pushpa Jain |
|
1500 |
|
Mrs. Sangeet Jain |
|
60000 |
|
Mrs. Trishla Jain |
|
71000 |
|
Sapphire Tracom Private Limited |
|
110000 |
|
Jai Ambe Folils Limited |
|
68750 |
|
Europas Capital Market Limited |
|
54000 |
|
Infolance Software Service Limited |
|
65000 |
|
Total |
|
1538600 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
41.00 |
|
Directors or relatives of Directors |
59.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and suppliers of poultry feed. |
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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 Divulged |
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Imports : |
Not Divulged |
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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 : |
Information denied by management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
SC Verma and Associates Chartered Accountant |
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Address : |
B-208, RG Complex Pharganj, New Delhi – 110055, India |
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PAN No.: |
AAJFS7555H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1538600 |
Equity Shares |
Rs.10/- each |
Rs. 15.386
Millions |
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1501000 |
Equity Shares |
Rs.10/- each |
Rs. 15.010
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 |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
15.010 |
13.240 |
12.408 |
|
(b) Reserves & Surplus |
485.576 |
275.428 |
168.075 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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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) |
500.586 |
288.668 |
180.483 |
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
99.231 |
104.170 |
52.133 |
|
(b) Deferred tax liabilities (Net) |
13.711 |
9.311 |
5.095 |
|
(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) |
112.942 |
113.481 |
57.228 |
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(4)
Current Liabilities |
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(a) Short term
borrowings |
327.078 |
192.585 |
120.224 |
|
(b) Trade
payables |
168.359 |
135.682 |
110.148 |
|
(c) Other
current liabilities |
16.105 |
16.759 |
0.996 |
|
(d) Short-term
provisions |
26.782 |
14.572 |
10.452 |
|
Total Current
Liabilities (4) |
538.324 |
359.598 |
241.820 |
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|
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TOTAL |
1151.852 |
761.747 |
479.531 |
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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 |
281.723 |
220.297 |
126.922 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
7.963 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.234 |
13.940 |
10.423 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
2.720 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
296.957 |
236.957 |
145.308 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
578.843 |
314.962 |
199.563 |
|
(c) Trade
receivables |
142.030 |
101.653 |
100.489 |
|
(d) Cash
and cash equivalents |
80.579 |
69.129 |
19.113 |
|
(e) Short-term
loans and advances |
53.443 |
39.046 |
15.058 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
854.895 |
524.790 |
334.223 |
|
|
|
|
|
|
TOTAL |
1151.852 |
761.747 |
479.531 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
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|
|
|
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Gross Turnover |
4732.813 |
3428.213 |
2490.727 |
|
|
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Other Income |
4.032 |
2.163 |
1.429 |
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EXPENSES |
NA |
NA |
Na |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
107.802 |
76.358 |
52.358 |
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DEPRECIATION/
INTEREST |
59.871 |
38.932 |
25.323 |
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|
PROFIT/ (LOSS)
BEFORE TAX |
47.931 |
37.426 |
27.035 |
|
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|
|
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|
TAX |
16.846 |
12.442 |
9.519 |
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PROFIT/ (LOSS)
AFTER TAX |
31.085 |
24.984 |
17.516 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.20 |
16.24 |
11.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/ Gross Turnover) |
(%) |
0.66 |
0.72 |
0.76 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Gross Turnover) |
(%) |
2.28 |
2.24 |
2.05 |
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22 |
5.00 |
5.86 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
1.03 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.46 |
1.38 |
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 |
12.408 |
13.240 |
15.010 |
|
Reserves & Surplus |
168.075 |
275.428 |
485.576 |
|
Net
worth |
180.483 |
288.668 |
500.586 |
|
|
|
|
|
|
long-term borrowings |
52.133 |
104.170 |
99.231 |
|
Short term borrowings |
120.224 |
192.585 |
327.078 |
|
Total
borrowings |
172.357 |
296.755 |
426.309 |
|
Debt/Equity
ratio |
0.955 |
1.028 |
0.852 |
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) |
|
Gross Turnover |
2490.727 |
3428.213 |
4732.813 |
|
|
|
37.639 |
38.055 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Gross Turnover |
2490.727 |
3428.213 |
4732.813 |
|
Profit |
18.884 |
24.625 |
31.085 |
|
|
0.76% |
0.72% |
0.66% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
1.203 |
1.189 |
0.000 |
|
|
|
|
|
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loans and advances from related parties |
22.655 |
11.845 |
|
Other loans and advances |
0.600 |
0.600 |
|
Total |
23.255 |
12.445 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10490390 |
30/09/2014 * |
300,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C34751594 |
|
2 |
10505427 |
09/04/2014 * |
8,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C09815945 |
|
3 |
10365954 |
08/04/2014 * |
90,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C08081507 |
|
4 |
10365996 |
09/04/2014 * |
270,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA |
C09821950 |
* Date of charge modification
FUTURE PROSPECTS
The Company registered overall turnover growth of 38% at 4732.28 million
for the financial year ended on 31 st March, 2014 compared to 3428.21 million
in the previous year. The Operating margin for the current year was 2.01%
compared to 1.94% for the last year. Net Profit after taxation is also up by
39% at 34.85 million compared to 24.98 million for the previous year. In spite
of global financial and economic crises and depressed economic scenario at
domestic level in 2013-14 the Company has done very well in terms of Sales
turnover. The Director inform that during the year the Company has started
Commercial Production at Jammu. This plant is established by the Company in
partnership. The Commercial production of Muzaffarpur (Bihar) unit is expected
soon.
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Boiler
- Electric Installation
- Office Equipments
- Computer
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 records 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.63.28 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.