MIRA INFORM REPORT
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Report No. : |
305099 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DEVKIRAN PAPER MILLS PRIVATE LIMITED (w.e.f. 16.12.1988) |
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Formerly Known
As : |
SOUTH INDIA SACKS PRIVATE LIMITED |
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Registered
Office : |
"Sri Maruthi Nilaya", Hunsur Road, K.R. Nagar, Mysore –
571602, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.04.1985 |
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Com. Reg. No.: |
08-006879 |
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Capital
Investment / Paid-up Capital : |
Rs. 47.840 Millions |
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CIN No.: [Company Identification
No.] |
U02520KA1985PTC006879 |
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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
: |
Manufacturer of Paper. |
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No. of Employees
: |
110 (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 |
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Maximum Credit Limit : |
USD 218000 |
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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 failed to file its latest financial for
the year 2014 with the government department. As per available financial of 2013, reserves of the company seems to
be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B” |
|
Rating Explanation |
Have high risk of default |
|
Date |
30.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
30.06.2014 |
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 : |
Sreenivasa Hanumanthaiah Setty |
|
Designation : |
Whole-time Director |
|
Contact No.: |
91-80-23108417 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered Office : |
"Sri Maruthi Nilaya", Hunsur Road, K.R. Nagar, Mysore –
571602, Karnataka, India |
|
Tel. No. : |
Not Available |
|
Mobile No. : |
91-9901453424 (Mr. R. H. Bhaskar) |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
No. 24, Gudimavu, Kumbalgodu Post, Bangalore – 560014, Karnataka,
India |
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Tel. No. : |
91-80-28437288/ 527 |
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Fax No. : |
91-80-28437688 |
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E-Mail : |
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Sales Office : |
C/O Shreyas Inc., No. 919, 1st Floor, 2nd Cross,
5th Main, MC Layout, Vijaynagar, Bangalore – 560040, Karnataka,
India |
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Tel./ Fax: |
91-80-23108417 |
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E-Mail: |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Bhaskara Setty Hanumantha Setty Raja |
|
Designation : |
Whole-time director |
|
Address : |
No. 66, 1st Floor, Widia Layout, 5th Cross, 2nd Main, Viiavanagar, Bangalore - 560040, Karnataka, India |
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Date of Birth/Age : |
12.09.1959 |
|
Date of Appointment : |
30.04.1985 |
|
DIN No. : |
01194773 |
|
|
|
|
Name : |
Mr. Sreenivasa Hanumanthaiah Setty |
|
Designation : |
Whole-time Director |
|
Address : |
No. 190, 5th Cross, GKW Layout, Vijayanagar, Bangalore – 560040, Karnataka, India |
|
Date of Birth/Age : |
05.05.1949 |
|
Date of Appointment : |
30.04.1985 |
|
DIN No. : |
02440190 |
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|
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Name : |
Mr. Ramanujasetty Hanumathasetty Raja |
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Designation : |
Whole-time director |
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Address : |
No.17/284, Sri Maruthi Nilaya, Hunsur Road, K.R. Nagar, Mysore – 571602, Karnataka, India |
|
Date of Birth/Age : |
15.05.1938 |
|
Date of Appointment : |
30.04.1985 |
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DIN No. : |
02899460 |
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|
|
|
Name : |
Mr. Ramakrishnasetty Hanumanthasetty Raja |
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Designation : |
Whole-time director |
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Address : |
No 1143/65-A, F 10, 1st Floor, Sarvajanika Hostel, Back Side, 4th Main, 1st Cross, Vidyaranyapuram, Mysore – 570008, Karnataka, India |
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Date of Birth/Age : |
24.08.1952 |
|
Date of Appointment : |
30.04.1985 |
|
DIN No. : |
02899519 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Paper. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Papers |
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Countries : |
· Srilanka · Brazil |
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Imports : |
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Products : |
Raw Material |
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Countries : |
US |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
31.03.2011 |
|
Licensed Capacity |
Tons |
3000 PA |
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Installed Capacity |
Tons |
2500 PA |
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Actual Production |
Kgs |
3792316 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
110 (Approximately) |
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Bankers : |
·
State Bank of India, Commercial Branch,
Rajajinagar Industrial Estate, Bangalore - 560044, Karnataka, India |
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Facilities : |
Note LONG TERM
BORROWINGS Term loan
from Banks Nature of Security
and Terms of Repayment: Nature of Security i. Primary Charge: a) Hypothecation over Plant and Machinery acquired out of Term loan b) Hypothecation over 5tock,Receivables and other current assets b) Hypothecation of existing Machinery, Furniture, Fixtures and other assets ii. Collaterals : · Equitable Mortgages of Factory land and building at Gudimavu Village, Kumbalgodu Post, Bangalore · Equitable Mortgage of Immovable properties belonging to Directors and Share Holders at K R Nagar iii. Guarantees: · Personal guarantee of Directors and shareholders of the Company 2. Terms of
Repayment a. Term Loan - Rs. 97.500 Millions: Repayable in 60 monthly installments commencing from Feb 2010. Last Installment due to Jan 2015. Rate of Interest 12.02 % p.a. as at year end. Outstanding balance as at 31st March is Rs.82.500 Millions b. Term Loan - Rs. 37.500 Millions: Repayable in 75 monthly installments commencing from Nov 2011. Last installment due In Jan 2018. Rate of interest 14.75 % p.a. as at year end. Outstanding balance as at 31st March is Rs.30.038 Millions c. Term Loan - Rs. 40.000 Millions: Repayable in 48 monthly installments of 1 lakh each, 12 monthly instalments of 5 lakhs each, 12 monthly instalments of 10 lacs each, 11 monthly instalments of 14 lacs each and last instalment of 18 lacs commencing from April 2012. Last installment due in Apr 2020. Rate of interest 16.00 % p.a, as at year end. Outstanding balance as at 31st March is Rs.31.539 Millions. Loan against
Keyman Insurance Policy – From LIC of India LIC of India is having a lien on the Keyman Insurance Policy taken by the Company SHORT TERM BORROWINGS Nature of Security i. Primary Charge: a) Hypothecation over Stock. Receivables and assignment of Bills b) Hypothecation over assets acquired out of Term Loan ii. Collaterals : Equitable Mortgages of Factory land and building at Gudimavu Village, Kumbalgodu Post, Bangalore Equitable Mortgage of Immovable properties belonging to Directors and Share Holders at K R Nagar iii. Guarantees: Personal guarantee of Directors and shareholders of the Company |
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Auditors : |
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Name : |
B S Ravikumar and Associates Chartered Accountants |
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Address : |
No.73, 2nd Floor, Sri Madhvesha Complex, Malai Mahadeshwara Road, Nazarbad, Mysore – 570010, Karnataka, India |
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Tel. No. : |
91-821-4277000 |
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Fax No. : |
91-821-4277010 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFB1008N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Entities over which key management personnel and their relatives are
able to exercise significant influence : |
· Shreyas Incorporation · Associated Paper and Straw Boards |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
490,000 |
Equity Shares |
Rs.100/- each |
Rs. 49.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
478,398 |
Equity Shares |
Rs.100/- each |
Rs. 47.840 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 |
47.840 |
5.941 |
5.941 |
|
(b) Reserves & Surplus |
28.546 |
39.107 |
36.910 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
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|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
76.386 |
45.048 |
42.851 |
|
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
111.073 |
172.431 |
153.885 |
|
(b) Deferred tax liabilities (Net) |
2.713 |
2.644 |
0.180 |
|
(c) Other long term
liabilities |
45.298 |
10.787 |
2.614 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
159.084 |
185.862 |
156.679 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
54.961 |
54.990 |
11.928 |
|
(b) Trade
payables |
25.422 |
21.128 |
12.268 |
|
(c) Other
current liabilities |
52.507 |
34.570 |
6.317 |
|
(d) Short-term
provisions |
3.833 |
4.768 |
3.920 |
|
Total Current
Liabilities (4) |
136.723 |
115.456 |
34.433 |
|
|
|
|
|
|
TOTAL |
372.193 |
346.366 |
233.963 |
|
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II.
ASSETS |
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|
|
|
(1) Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
278.383 |
201.865 |
5.695 |
|
(ii)
Intangible Assets |
0.002 |
0.007 |
0.007 |
|
(iii)
Capital work-in-progress |
0.000 |
77.148 |
203.825 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.206 |
4.062 |
2.140 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
282.595 |
283.086 |
211.671 |
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
56.496 |
37.656 |
3.512 |
|
(c) Trade
receivables |
18.554 |
16.026 |
9.934 |
|
(d) Cash
and cash equivalents |
5.298 |
3.958 |
2.274 |
|
(e) Short-term
loans and advances |
4.745 |
5.640 |
6.572 |
|
(f) Other
current assets |
4.505 |
0.000 |
0.000 |
|
Total
Current Assets |
89.598 |
63.280 |
22.292 |
|
|
|
|
|
|
TOTAL |
372.193 |
346.366 |
233.963 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
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|
|
|
|
|
|
|
126.400 |
|
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Other Income |
|
NA |
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TOTAL |
|
NA |
84.878 |
|
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|
Less |
EXPENSES |
|
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|
|
|
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TOTAL |
NA |
NA |
81.704 |
|
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|
PROFIT/
(LOSS) BEFORE TAX |
|
NA |
3.174 |
|
|
|
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|
|
|
|
Less |
TAX |
|
NA |
0.345 |
|
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|
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|
PROFIT/
(LOSS) AFTER TAX |
0.088 |
2.197 |
2.829 |
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IMPORTS |
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Paper |
|
|
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|
Felts |
0.133 |
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TOTAL IMPORTS |
3.005 |
8.4567 |
0.000 |
|
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|
Earnings /
(Loss) Per Share (Rs.) |
0.18 |
36.98 |
140.68 |
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Particulars |
31.03.2014 |
|
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|
Sales Turnover (Approximately) |
360.000 |
|
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|
Expected Sales (2014-2015): Rs. 600.000 Millions
The above information has been parted by Mr. Sreenivasa Hanumanthaiah
Setty (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA
|
1.74 |
10.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.17 |
5.05 |
3.87 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.55 |
0.65 |
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 |
5.941 |
5.941 |
47.840 |
|
Reserves & Surplus |
36.910 |
39.107 |
28.546 |
|
Net
worth |
42.851 |
45.048 |
76.386 |
|
|
|
|
|
|
long-term borrowings |
153.885 |
172.431 |
111.073 |
|
Short term borrowings |
11.928 |
54.990 |
54.961 |
|
Total
borrowings |
165.813 |
227.421 |
166.034 |
|
Debt/Equity
ratio |
3.870 |
5.048 |
2.174 |
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
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10501439 |
16/04/2014 |
287,400,000.00 |
LAKSHMI VILAS BANK LIMITED |
NO.125, INFANTRY ROAD, NEAR MEDINOVA HOSPITAL, BANGALORE, KARNATAKA - 560001, INDIA |
C03529047 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Directors |
0.140 |
40.817 |
|
From Shareholders and Relatives |
10.285 |
4.944 |
|
Total |
10.425 |
45.761 |
|
Note Unsecured
Borrowings - loans from Directors, their relatives and Shareholders: Loans from the Directors. Their relatives and shareholders carry an interest rate between 8% to 18%. All the loans are repayable after 12 months. |
||
CONTINGENT
LIABILITIES (AS ON 31.03.2013)
Different amount of Customs Duty in respect of machinery imported under EPCG Scheme Rs. 9.120 Millions (P.Y. Rs. 9.120 Millions.).
FIXED ASSETS
Tangible Assets
· Freehold Land
· Building
· Plant and Machinery
· Power Plant
· Office Equipment
· Furniture and Fixtures
· Vehicles
· Computers
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.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
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 |
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 |
|
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.