MIRA
INFORM REPORT
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Report No. : |
303449 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VESTRO SOLVENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 290, 291 and 292, SY No. 170/Part, Dhoolapally,
Adjacent To IDA, Jeedimela, Quthbullapur,
Mandal, R. R. District, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.12.2001 |
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Com. Reg. No.: |
01-038165 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
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CIN No.: [Company Identification
No.] |
U24231TG2001PTC038165 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV01931G |
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PAN No.: [Permanent Account No.] |
AABCV5324J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Chemicals, Solvent and Acids. |
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No. of Employees
: |
Not Available |
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 |
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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 track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office/Factory : |
Plot No. 290, 291 and 292, SY No. 170/Part, Dhoolapally,
Adjacent To IDA, Jeedimela, Quthbullapur,
Mandal, R. R. District, Hyderabad – 500055, Telengana |
|
Tel. No.: |
91-40-23191833/23191844/20004000/65641855 |
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Fax No.: |
91-40-23098637 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. RamaSubba Reddy Nandigala |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 507, Prime Rose, PNR House, Nagarjuna
Dream Land, Kompally Hyderabad – 500014, Telangana, India |
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Date of Birth/Age : |
01.08.1959 |
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Date of Appointment : |
06.12.2001 |
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DIN: |
00511523 |
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Name : |
Mr. Venkata Lakshmi
Nandigala |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 507, Prime Rose, PNR House, Nagarjuna
Dream Land, Kompally Hyderabad – 500014, Telangana, India |
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Date of Birth/Age : |
24.05.1969 |
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Date of Appointment : |
06.12.2001 |
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DIN: |
00511459 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Mr. RamaSubba Reddy Nandigala |
60000 |
60.00 |
|
Mr. Venkata Lakshmi
Nandigala |
12000 |
12.00 |
|
Mr. Venkata Sai Harish Nandigala |
12000 |
12.00 |
|
Mr. Venkata Sai Kiran Nandigala |
12000 |
12.00 |
|
Mr. Malla Reddy Nandigala
|
2000 |
2.00 |
|
Mr. Pereshwara Reddy Nandigala
|
2000 |
2.00 |
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|
|
|
Total |
100000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Chemicals, Solvents and Acids. |
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Products : |
·
Chemicals ·
Solvents and Acid |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank, Lower Parel (West), Mumbai –
400013, |
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Facilities : |
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FINANCE INSTITUTE: |
Citicorp Finance (India) Limited, 1-10-72, 4th Ashoka Janardhan Chambers, Begumpet, Main Road, Hyderabad, Telangana - 500016, IndIa |
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Auditors : |
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Name : |
Venu and Vinay Chartered Accountants |
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Address : |
No 8-2-268/1/16/B, Basheer Villa,Sriniketan Colony, Road No.3, Banjara Hills, Hyderabad – 500034, Telangana, India |
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Tel. No.: |
91-40-23606181/40062934/32996404 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFV7589C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates: |
·
Kruthi Packaging
Industries ·
Varahala Chit Funds |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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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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|
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|
(1)Shareholders' Funds |
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(a) Share Capital |
1.000 |
1.000 |
1.000 |
|
(b) Reserves & Surplus |
67.345 |
57.648 |
45.838 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
68.345 |
58.648 |
46.838 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
11.087 |
10.507 |
27.868 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.096 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.343 |
1.193 |
0.000 |
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Total Non-current Liabilities (3) |
14.526 |
11.700 |
27.868 |
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(4) Current Liabilities |
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(a) Short term borrowings |
21.831 |
23.932 |
13.531 |
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(b) Trade payables |
176.150 |
131.603 |
116.610 |
|
(c) Other current
liabilities |
36.264 |
44.616 |
20.782 |
|
(d) Short-term provisions |
7.054 |
6.643 |
0.000 |
|
Total Current Liabilities (4) |
241.299 |
206.794 |
150.923 |
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TOTAL |
324.170 |
277.142 |
225.629 |
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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 |
55.063 |
62.616 |
54.384 |
|
(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) |
0.294 |
0.756 |
1.126 |
|
(d) Long-term Loan and Advances |
7.043 |
5.459 |
4.795 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
62.400 |
68.831 |
60.305 |
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(2) Current assets |
|
|
|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10.107 |
9.359 |
8.022 |
|
(c) Trade receivables |
240.277 |
188.674 |
152.027 |
|
(d) Cash and cash
equivalents |
1.010 |
0.373 |
0.517 |
|
(e) Short-term loans and
advances |
8.751 |
8.446 |
3.744 |
|
(f) Other current assets |
1.625 |
1.459 |
1.014 |
|
Total Current Assets |
261.770 |
208.311 |
165.324 |
|
|
|
|
|
|
TOTAL |
324.170 |
277.142 |
225.629 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
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TOTAL INCOME
|
917.319 |
725.613 |
525.303 |
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Less |
EXPENSES |
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|
|
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TOTAL |
899.840 |
706.789 |
516.933 |
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PROFIT BEFORE
TAX |
17.479 |
18.824 |
8.370 |
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Less |
TAX |
7.782 |
7.014 |
2.946 |
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PROFIT AFTER TAX
|
9.697 |
11.810 |
5.424 |
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|
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|
Earnings Per
Share (Rs.) |
96.97 |
118.10 |
54.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.40 |
6.81 |
3.73 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.32 |
0.18 |
|
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|
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|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.59 |
0.88 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.01 |
1.10 |
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 |
1.000 |
1.000 |
1.000 |
|
Reserves & Surplus |
45.838 |
57.648 |
67.345 |
|
Net worth |
46.838 |
58.648 |
68.345 |
|
|
|
|
|
|
long-term borrowings |
27.868 |
10.507 |
11.087 |
|
Short term borrowings |
13.531 |
23.932 |
21.831 |
|
Total borrowings |
41.399 |
34.439 |
32.918 |
|
Debt/Equity ratio |
0.884 |
0.587 |
0.482 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
525.303 |
725.613 |
917.319 |
|
|
|
38.132 |
26.420 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
525.303 |
725.613 |
917.319 |
|
Profit |
5.424 |
11.810 |
9.697 |
|
|
1.03% |
1.63% |
1.06% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Long-term
Borrowings |
|
|
|
Loan from Related Parties |
0.404 |
2.701 |
|
Total |
0.404 |
2.701 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Income Tax Demand |
0.838 |
|
Total |
0.838 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10449398 |
12/09/2013 |
10,000,000.00 |
Hdfc Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
B85139160 |
|
2 |
10437440 |
20/06/2013 |
14,046,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
B79867883 |
|
3 |
10341021 |
11/02/2012 |
10,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
B34512129 |
|
4 |
10299320 |
11/07/2011 |
3,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
B17720079 |
|
5 |
10175642 |
23/07/2009 |
5,502,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
A69607638 |
|
6 |
10159591 |
24/04/2009 |
1,185,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
A63004360 |
|
7 |
10159594 |
24/04/2009 |
2,358,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
A63004766 |
|
8 |
10047213 |
22/11/2013 * |
90,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
B90334665 |
|
9 |
10046411 |
30/06/2008 * |
18,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel W,
Mumbai, Maharashtra - 400013, India |
A43928472 |
|
10 |
10033769 |
28/12/2006 |
2,240,000.00 |
Citicorp Finance (India) Limited |
1-10-72, 4th Ashoka Janardhan
Chambers, Begumpet Main Road, Hyderabad, Telangana - 500016, India |
A09645672 |
* Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Office Equipment
· Transport Vehicle
· 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 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.61.76 |
|
|
1 |
Rs.94.01 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
YES |
|
--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.