MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SILVEX EXPORTS PRIVATE LIMITED |
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Registered
Office : |
809-809, Corporate Centre, Nirmal Life Style, L. B. S. Marg, Mulund (West), Mumbai – 400080, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.05.1996 |
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Com. Reg. No.: |
11-099904 |
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Capital
Investment / Paid-up Capital : |
Rs.9.069 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1996PTC099904 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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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
: |
Trading of Industrial Batteries. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Management of the company has failed to file its financial of after
2012 with government department. Mr. Kaushik, Senior Manager in accounts and finance denied to provide
any information to us. As per financials of 2012 there is a dip in profit of the company. However, trade relations are fair. Business is active. Payment terms
are unknown. The company can be considered for business dealing with some caution. |
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
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 BY
|
Name : |
Mr. Kaushik |
|
Designation : |
Senior Manager in Accounts and Finance |
|
Contact No.: |
91-22-25676869 |
|
Date : |
02.01.2014 |
LOCATIONS
|
Registered Office : |
809-809, Corporate Centre, Nirmal Life Style, L. B. S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25679526 / 25676869 |
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Fax No.: |
91-22-25904459 |
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E-Mail : |
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Website : |
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Head Office : |
Located At Mumbai, Maharashtra, India |
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Branch Offices : |
Located At
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DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vivek Vidhyadhar Gurjar |
|
Designation : |
Managing Director |
|
Address : |
501, Shobha Suman, Madan Malviya Road, Opposite Telephone Exchange,
Mulund West, Mumbai - 400080, Maharashtra, India |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
30.05.1996 |
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DIN No.: |
00280668 |
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|
Name : |
Mr. Unneetha Vivek Gurjar |
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Designation : |
Whole Time Director |
|
Address : |
501, Shobha Suman, Madan Malviya Road, Opposite Telephone Exchange, Mulund
West, Mumbai - 400080, Maharashtra, India |
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Date of Birth/Age : |
22.02.1965 |
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Date of Appointment : |
30.05.1996 |
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DIN No.: |
00280662 |
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Name : |
Mr. Yash Vivek Gurjar |
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Designation : |
Additional Director |
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Address : |
501, Shobha Suman, Madan Malviya Road, Opposite Telephone Exchange,
Mulund West, Mumbai - 400080, Maharashtra, India |
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Date of Appointment : |
01.01.2013 |
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DIN No.: |
06522875 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushik |
|
Designation : |
Senior Manager in Accounts and Finance |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Vivek Vidhyadhar Gurjar |
281700 |
28.26 |
|
Unneetha Vivek Gurjar |
568200 |
57.00 |
|
Vivek Vidhyadhar Gurjar (HUF) |
139500 |
13.99 |
|
Vidhyadhar Gurjar |
7500 |
0.75 |
|
Total |
996900 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Industrial Batteries. |
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Products : |
Industrial Batteries |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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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 : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinayak B. Joshi and Company Chartered Accountants |
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Address : |
65/D, Khadilkar Road, Opposite Narayanwadi, Girgaum, Mumbai – 400004,
Maharashtra, India |
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E-Mail : |
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PAN No.: |
AADPJ4857H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Company in which KMP / Relatives of KMP can exercise significant
influences : |
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
996900 |
Equity Shares |
Rs.10/- each |
Rs.9.969 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
|
9.969 |
9.969 |
|
(b) Reserves & Surplus |
|
32.937 |
29.429 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
42.906 |
39.398 |
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(3)
Non-Current Liabilities |
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|
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(a) long-term borrowings |
|
0.400 |
0.400 |
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(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
|
0.400 |
0.400 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
|
46.633 |
45.545 |
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(b) Trade
payables |
|
78.945 |
56.305 |
|
(c) Other
current liabilities |
|
5.574 |
6.894 |
|
(d) Short-term
provisions |
|
3.586 |
6.256 |
|
Total Current
Liabilities (4) |
|
134.738 |
115.000 |
|
|
|
|
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TOTAL |
|
178.044 |
154.798 |
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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 |
|
2.932 |
3.029 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
0.581 |
0.527 |
|
(e) Other
Non-current assets |
|
3.050 |
3.203 |
|
Total Non-Current
Assets |
|
6.564 |
6.760 |
|
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(2)
Current assets |
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|
|
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(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
49.730 |
27.760 |
|
(c) Trade
receivables |
|
106.076 |
93.990 |
|
(d) Cash
and cash equivalents |
|
4.598 |
11.581 |
|
(e) Short-term
loans and advances |
|
0.677 |
0.702 |
|
(f) Other
current assets |
|
10.399 |
14.005 |
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Total
Current Assets |
|
171.480 |
148.038 |
|
|
|
|
|
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TOTAL |
|
178.044 |
154.798 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9.969 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
24.741 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
34.710 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
25.834 |
|
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2] Unsecured Loans |
|
|
1.950 |
|
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TOTAL BORROWING |
|
|
27.784 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
62.494 |
|
|
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|
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|
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APPLICATION OF FUNDS |
|
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|
|
|
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|
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|
FIXED ASSETS [Net Block] |
|
|
3.004 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
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|
INVESTMENT |
|
|
10.184 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
30.692 |
|
|
Sundry Debtors |
|
|
91.760 |
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|
Cash & Bank Balances |
|
|
1.251 |
|
|
Other Current Assets |
|
|
0.581 |
|
|
Loans & Advances |
|
|
12.655 |
|
Total
Current Assets |
|
|
136.939 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
87.635 |
|
|
Net Current Assets |
|
|
49.304 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.002 |
|
|
|
|
|
|
|
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TOTAL |
|
|
62.494 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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INCOME |
NA |
NA |
NA |
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|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.692 |
7.262 |
8.418 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.617 |
0.557 |
0.475 |
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX |
5.075 |
6.705 |
7.943 |
|
|
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|
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|
Less |
TAX |
1.568 |
2.017 |
2.383 |
|
|
|
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|
|
PROFIT/(LOSS)
AFTER TAX |
3.507 |
4.688 |
5.560 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.429 |
24.741 |
19.422 |
|
|
|
|
|
|
|
Less |
PRIOR YEAR
ADJUSTMENT |
0.000 |
0.000 |
0.241 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
32.936 |
29.429 |
24.741 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.52 |
4.70 |
NA
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.85 |
4.33 |
5.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.17 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.10 |
1.17 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.29 |
1.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Share Capital |
9.969 |
9.969 |
9.969 |
|
Reserves & Surplus |
24.741 |
29.429 |
32.937 |
|
Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
34.710 |
39.398 |
42.906 |
|
|
|
|
|
|
Long Term borrowings |
25.834 |
0.400 |
0.400 |
|
Short Term borrowings |
1.950 |
45.545 |
46.633 |
|
Total
borrowings |
27.784 |
45.945 |
47.033 |
|
Debt/Equity
ratio |
0.800 |
1.166 |
1.096 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
Yes |
|
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 |
No |
|
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 LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.400 |
0.400 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances (specify nature) |
|
|
|
Working Capital Loan from Citi Bank |
35.000 |
0.000 |
|
Cash Credit A/c with State Bank of India (Against Hypothecation of Stock, Book Debts, Equitable Mortgage of office & Personal Guarantee of Director. |
0.000 |
0.306 |
|
Cash Credit A/c with State Bank of India (Against pari pasu second charge of Hypothecation of Stock, Book Debts, Equitable Mortgage of office & Personal Guaranteed of Directors) |
9.643 |
34.239 |
|
Directors and Shareholders (Mr. Vivek V. Gurjar) |
1.990 |
5.000 |
|
Total |
47.033 |
39.945 |
CORPORATE
INFORMATION
The company is engaged in the trading of industrial batteries in places all over India. The batteries are either imported or purchased indigenously and sold on wholesale basis for the end user to be used as alternative power solution. The company has it's head office at Mumbai while the branch offices are at Bangalore, Chennai, Indore and Hyderabad in India.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10178423 |
29/10/2013 * |
90,000,000.00 |
Citibank N. A. |
First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, Bkc, Bandra (East), Mumbai, Maharashtra - 400051, India |
B92129469 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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 |
|
30 |
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.