MIRA INFORM REPORT
|
Report No. : |
305051 |
|
Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEENA CIRCUITS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
99/1, Village Vadadala, Jarod Savli Road, Savli – 391520, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.03.1996 |
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Com. Reg. No.: |
04-029081 |
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Capital
Investment / Paid-up Capital : |
Rs.86.151 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31102GJ1996PTC029081 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMMO3461D |
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PAN No.: [Permanent Account No.] |
AABCM3160D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Printed Circuits Boards. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 155800 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 not filed its latest financial i.e. 2014
with the government department. As per available financial of 2013, the company seems to be have incurred
some accumulated losses. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings 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.
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Manan Trivedi |
|
Designation : |
Admin Assistant |
|
Contact No.: |
91-266-7257791 |
LOCATIONS
|
Registered Office/ Factory/ Head Office : |
99/1, Village Vadadala, Jarod Savli Road, Savli – 391520, Gujarat,
India |
|
Tel. No.: |
91-2667-251791/ 251792 / 251793 / 251794 |
|
Fax No.: |
91-2667-251795 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Bhagvan Hirdas Patel |
|
Designation : |
Director |
|
Address : |
206, Kalasagar, Jodhpur Char Rasta, Behind Ratnamani Tower, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
10.12.1942 |
|
Date of Appointment : |
01.04.1996 |
|
PAN No.: |
BGXPP9872M |
|
DIN No.: |
01887332 |
|
|
|
|
Name : |
Mr. Amritlal Prahladbhai Naik |
|
Designation : |
Director |
|
Address : |
8, Jagat Park Society, Near Railway Station, Ghatlodiya, Ahmedabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
19.12.1942 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
ABCPN3820G |
|
DIN No.: |
00818057 |
|
|
|
|
Name : |
Mr. Nanjibhai Mohanlal Patel |
|
Designation : |
Director |
|
Address : |
7, Kunvarika Society, Bus Station Road, Patan, Mehasana – 384265, Gujarat, India |
|
Date of Birth/Age : |
01.06.1948 |
|
Date of Appointment : |
01.04.1996 |
|
PAN No.: |
ACDPP8403F |
|
DIN No.: |
01986291 |
KEY EXECUTIVES
|
Name : |
Mr. Manan Trivedi |
|
Designation : |
Admin Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Chirag A. Naik |
|
10 |
|
Vipul A. Naik |
|
10 |
|
Bhagwandas Patel |
|
12000 |
|
Bhagwandas Patel |
|
21000 |
|
Bhagwandas Patel |
|
10000 |
|
Vipul A. Naik |
|
130 |
|
Chirag A. Naik |
|
80 |
|
Vipul A. Naik |
|
1120 |
|
Bhagwandas Patel |
|
344000 |
|
Bhagwandas Patel |
|
1875777 |
|
Meena Infosystem Private Limited |
|
500000 |
|
Bhagwandas Patel |
|
1160730 |
|
Bhagwandas Patel |
|
1075000 |
|
Bhagwandas Patel |
|
615248 |
|
Bhagwandas Patel |
|
362160 |
|
Total |
|
5977265 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Bhagwandas Patel |
|
2637798 |
|
|
|
|
|
Total |
|
2637798 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
8.37 |
|
Directors or relatives of directors |
|
91.63 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Printed Circuits Boards. |
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Products : |
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Exports : |
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Products : |
Printed Circuits Boards |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 : |
250 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Manubhai and Company Chartered Accountants |
|
Address : |
2nd Floor, 'B' Wing, Premium House, Near Gandhigram Rly Station, Navarangpura, Ahmedabad – 380009, Gujarat, India |
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PAN No.: |
AAFFM2086H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
CIN No.: U72200GJ1999PTC035713
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.90.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5977265 |
Equity Shares |
Rs.10/- each |
Rs.59.773 Millions |
|
2637798 |
Preference Shares |
Rs.10/- each |
Rs.26.378
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.86.151 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
86.151 |
86.151 |
86.151 |
|
(b) Reserves & Surplus |
(47.199) |
(57.346) |
(36.356) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
38.952 |
28.805 |
49.795 |
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
84.762 |
75.750 |
84.798 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.487 |
2.181 |
1.878 |
|
Total Non-current
Liabilities (3) |
87.249 |
77.931 |
86.676 |
|
|
|
|
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
38.915 |
30.453 |
27.766 |
|
(b) Trade payables |
71.945 |
49.263 |
33.587 |
|
(c) Other current liabilities |
14.140 |
9.315 |
1.304 |
|
(d) Short-term provisions |
3.160 |
3.460 |
3.006 |
|
Total Current
Liabilities (4) |
128.160 |
92.491 |
65.663 |
|
|
|
|
|
|
TOTAL |
254.361 |
199.227 |
202.134 |
|
|
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|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
98.613 |
98.064 |
108.821 |
|
(ii) Intangible Assets |
0.031 |
0.051 |
0.332 |
|
(iii) Capital work-in-progress |
17.956 |
19.619 |
18.611 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
3.926 |
3.926 |
3.926 |
|
Total Non-Current
Assets |
120.526 |
121.660 |
131.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
78.401 |
43.405 |
43.802 |
|
(c) Trade receivables |
42.108 |
22.528 |
15.501 |
|
(d) Cash and cash equivalents |
6.000 |
4.174 |
6.446 |
|
(e) Short-term loans and advances |
7.118 |
7.358 |
4.666 |
|
(f) Other current assets |
0.208 |
0.102 |
0.029 |
|
Total Current
Assets |
133.835 |
77.567 |
70.444 |
|
|
|
|
|
|
TOTAL |
254.361 |
199.227 |
202.134 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
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|
Income |
|
|
|
|
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|
Other Income |
|
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|
|
|
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TOTAL |
NA |
NA |
265.596 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
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|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
264.336
(Including Depreciation) |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.178 |
(20.990) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.032 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
10.146 |
(20.990) |
1.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
10.146 |
(20.990) |
1.256 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(57.775) |
(36.356) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(47.629) |
(57.346) |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.18 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29 |
(11.69) |
0.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
(0.73) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.18 |
3.69 |
2.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
0.84 |
1.07 |
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 |
86.151 |
86.151 |
86.151 |
|
Reserves & Surplus |
(36.356) |
(57.346) |
(47.199) |
|
Net
worth |
49.795 |
28.805 |
38.952 |
|
|
|
|
|
|
long-term borrowings |
84.798 |
75.750 |
84.762 |
|
Short term borrowings |
27.766 |
30.453 |
38.915 |
|
Total
borrowings |
112.564 |
106.203 |
123.677 |
|
Debt/Equity
ratio |
2.261 |
3.687 |
3.175 |
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 |
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 |
No |
change of address:
The Registered office of the company has been shifted from 8, Jagat park Society, Near Railway Station,
Ghatlodia, Ahmedabad – 380054, Gujarat, India to 99/1, Village Vadadala, Jarod
Savli Road, Savli, Vadodara - 391520, Gujarat with effect from 01.04.2008
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
35.501 |
28.809 |
|
Loans and advances from others |
49.084 |
46.544 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
0.000 |
0.022 |
|
|
|
|
|
Total |
84.585 |
75.375 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90099991 |
20/12/2013 * |
92,500,000.00 |
ALLAHABAD BANK |
S P NAGAR BRANCH, ACME CENTRE, SHRIMALI SOCIETY, |
B92856079 |
* Date of charge modification
FIXED ASSISTS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Factory Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
Intangible Assets
- Computer Software
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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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 |
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 |
|
27 |
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.