MIRA INFORM REPORT
|
Report No. : |
303246 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI STRIPS AND FERRO ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Clover Center, Office No. D-544, 5th Floor, 7, Moledina
Road, Pune Camp, Pune – 411001, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.04.2008 |
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Com. Reg. No.: |
11-131771 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U27101PN2008PTC131771 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM37577B |
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PAN No.: [Permanent Account No.] |
AAFCM5488A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Steel and Ferro Alloys. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 management has failed to file its financial with government
department for the year 2014. As per available financial of 2013, the rating is constrained on
account of company’s moderate financial risk profile and low profitability
margins of the company. However, trade relations are fair. Business is active. Payment terms
are reported to be slow. The company can be considered for business dealing with great 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating=C |
|
Rating Explanation |
Poor credit quality and limited prospects of
recovery. |
|
Date |
24.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
24.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Balaji Badve |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9527473046 |
|
|
|
|
Name : |
Mr. Jeegnesh Turakia |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9960027273 |
|
Date : |
13.01.2015 |
LOCATIONS
|
Registered Office : |
Clover Center, Office No. D-544, 5th Floor, 7, Moledina Road,
Pune Camp, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-40069395 |
|
Mobile No.: |
91-9527473046 (Mr. Balaji Badve) 91-9960027273 (Mr. Jeegnesh Turakia) |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Area : |
750 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office: |
307, 3rd Floor, Maker Chamber V, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22804180 |
|
Area : |
1500 sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Yogesh S Saraswate |
|
Designation : |
Director |
|
Address : |
1652/19,
Janmohammad Street, Camp (West), Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1974 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No. : |
01969787 |
|
|
|
|
Name : |
Kshitij Shah Navinchandra |
|
Designation : |
Director |
|
Address : |
Suyog Residency Flat No. 502, Near Adventist Hospital Sa Lisbury Park,
Gultekdi, Pune, Maharashtra, India |
|
Date of Birth/Age : |
15.11.1975 |
|
Date of Appointment : |
14.03.2014 |
|
DIN No. : |
03066501 |
KEY EXECUTIVES
|
Name : |
Mr. Balaji Badve |
|
Designation : |
Account Manager (In Pune) |
|
|
|
|
Name : |
Mr. Jeegnesh Turakia |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Yogesh S Saraswate |
3210000 |
64.20 |
|
Shailesh Shashikant Saraswate |
1790000 |
35.80 |
|
|
|
|
|
Total |
5000000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Steel and Ferro Alloys. |
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Products : |
Steel and Ferro Alloys |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Ferry Alloys Steel |
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Countries : |
·
Dubai ·
South Africa |
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Imports : |
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Products : |
Scrap |
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Countries : |
Dubai |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
· State Bank of Patiala, Bhavani Shankar Road Branch, Bhavani Shankar Road, Dadar West, Mumbai - 400025, Maharashtra, India · State Bank of Bikaner And Jaipur, D N Road, Mumbai - 400001, Maharashtra, India · Canara Bank, Camp Branch, M. G. Road, Pune - 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dagdulal K. Jain and Company Chartered Accountants |
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Address : |
ST-1, F-20, 1st Floor, Flower Vally Complex, C.H.S.L. Eastern Express High-Way, Thane (West), Thane – 400601, Maharashtra, India |
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PAN
No. : |
AACPJ7738J |
|
|
|
|
Associates : |
Omicron Steel Trades Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
50.000 |
50.000 |
14.100 |
|
(b) Reserves & Surplus |
128.523 |
58.971 |
21.383 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
180.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
358.523 |
108.971 |
35.483 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
98.814 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.225 |
0.071 |
0.067 |
|
(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) |
99.039 |
0.071 |
0.067 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
61.843 |
3.316 |
105.109 |
|
(b) Trade
payables |
894.528 |
258.431 |
196.918 |
|
(c) Other
current liabilities |
34.658 |
61.675 |
12.215 |
|
(d) Short-term
provisions |
47.656 |
31.604 |
10.468 |
|
Total Current
Liabilities (4) |
1038.685 |
355.026 |
324.710 |
|
|
|
|
|
|
TOTAL |
1496.247 |
464.068 |
360.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
60.909 |
65.537 |
20.363 |
|
(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 |
0.035 |
0.035 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.219 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
67.163 |
65.572 |
20.363 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
28.590 |
48.357 |
43.656 |
|
(c) Trade
receivables |
1132.193 |
237.695 |
173.188 |
|
(d) Cash
and cash equivalents |
126.410 |
6.959 |
21.804 |
|
(e) Short-term
loans and advances |
127.721 |
105.478 |
101.235 |
|
(f) Other
current assets |
14.170 |
0.007 |
0.014 |
|
Total
Current Assets |
1429.084 |
398.496 |
339.897 |
|
|
|
|
|
|
TOTAL |
1496.247 |
464.068 |
360.260 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
7689.500 |
8077.000 |
6848.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
7589.791 |
8022.282 |
6819.585 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
99.709 |
54.718 |
28.706 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
30.156 |
17.130 |
8.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
69.553 |
37.588 |
19.768 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.91 |
7.52 |
3.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.90 |
0.47 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.66 |
11.79 |
7.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.50 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45 |
0.03 |
2.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.12 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
14.100 |
50.000 |
50.000 |
|
Reserves & Surplus |
21.383 |
58.971 |
128.523 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
180.000 |
|
Net
worth |
35.483 |
108.971 |
358.523 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
98.814 |
|
Short term borrowings |
105.109 |
3.316 |
61.843 |
|
Total
borrowings |
105.109 |
3.316 |
160.657 |
|
Debt/Equity
ratio |
2.962 |
0.030 |
0.448 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
6848.291 |
8077.000 |
7689.500 |
|
|
|
17.942 |
(4.798) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6848.291 |
8077.000 |
7689.500 |
|
Profit |
19.768 |
37.588 |
69.553 |
|
|
0.29% |
0.47% |
0.90% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITIES OF LONG TERM DEBT IS NOT AVAILBLE
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
Yes |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
MARUTI STRIPS & FERRO ALLOYS
PVT.LTD. |
DIRECTORS |
MCA |
DEFAULT IN FILING ANNUAL
RETURNS (SECTION 159) |
PROSECUTION UNDER SECTION 220(3) & SECTION 162 OF
COMPANIES ACT: PENALTY IMPOSED RS.5000 |
CONVICTED |
NOTE:
The Registered Office of the company has been shifted from 1652/19, Jan
Mohammad Street, Camp (West), Pune – 411001, Maharashtra, India to the present
address w.e.f. 21.11.2008.
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate borrowing |
29.742 |
2.446 |
|
|
|
|
|
Total |
29.742 |
2.446 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10411337 |
16/02/2013 |
150,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI,
MAHARASHTRA - 400023, INDIA |
B70622857 |
|
2 |
10396110 |
05/12/2012 |
300,000,000.00 |
STATE BANK OF
PATIALA |
BHAVANI SHANKAR
ROAD BRANCH, BHAVANI SHANKAR ROAD, DADAR WEST, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B65565319 |
|
3 |
10426242 |
15/10/2012 |
450,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
D N ROAD,
MUMBAI, MAHARASHTRA - 400001, INDIA |
B65928285 |
|
4 |
10345326 |
15/03/2012 |
30,780,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B36192482 |
|
5 |
10294306 |
11/05/2011 |
180,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, ALLAHABAD BANK BUILDING, , SECOND FLOOR, 37, MUMBAI SAMACHAR
MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B15861040 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
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 records 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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.