MIRA INFORM REPORT
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Report No. : |
330561 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPECIALITY INDUSTRIAL POLYMERS AND COATINGS PRIVATE LIMITED |
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Registered
Office : |
Unit No.20, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Tel. No.: |
91-22-26859354 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.07.2004 |
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Com. Reg. No.: |
11-147509 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 million |
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|
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CIN No.: [Company Identification
No.] |
U24220MH2004PTC147509 |
|
|
|
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IEC No.: |
0301047821 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS48655F |
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PAN No.: [Permanent Account No.] |
AAICS6396M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Polymer Emulsion. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 309000 |
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|
Status : |
Satisfactory |
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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 satisfactory track record. Profitability of the company seems to be low during 2014. However, the rating takes into consideration extensive experience of
SIPCPL’s promoters and the company’s established position in the polymers
industry. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CRISIL |
|
Rating |
Long-Term Rating: BB+ |
|
Rating Explanation |
Have inadequate credit quality and carry
high credit risk |
|
Date |
30.03.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-Term Rating: A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
30.03.2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Ms. Archana Kadam |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-26859354 |
LOCATIONS
|
Registered Office : |
Unit No.20, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400
063, Maharashtra, India |
|
Tel. No. : |
91-22-26859354/ 26851640/ 26861536 |
|
Fax No. : |
91-22-26861536 Ext 11 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
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Factory 1 : |
Plot No.W-224-A, M.I.D.C. Taloja, District Raigad – 410 206,
Maharashtra, India |
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Factory 2 : |
L-29, Additional
M.I.D.C., Mahad, District
Raigad – 402 309, Maharashtra, India |
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Factory 3 : |
A-165, Eldeco
SIDCUL Industrial Park,
Sitarganj, District Udhamsingh Nagar
– 262 405, Uttarakhand, India |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Ashok Parshuram Bhogan |
|
Designation : |
Managing Director |
|
Address : |
Flat No.50/423, Unnat Nagar-II, S.V. Road, Goregaon (West), Mumbai –
400 062, Maharashtra, India |
|
Date of Birth/Age : |
19.10.1957 |
|
Qualification : |
M.Sc., M.M.M. |
|
Date of Appointment : |
15.07.2004 |
|
DIN No.: |
01201948 |
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PAN No.: |
AAGPB8726Q |
|
|
|
|
Name : |
Mrs. Sandhya
Ashok Bhogan |
|
Designation : |
Director |
|
Address : |
Nirzar, 50/423, Unnat Nagar II, S.V. Road, Goregaon (West), Mumbai –
400 062, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1958 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
15.07.2004 |
|
DIN No.: |
01201971 |
|
PAN No.: |
AAPPB3542D |
KEY EXECUTIVES
|
Name : |
Ms. Archana Kadam |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ashok Parshuram Bhogan |
4848485 |
96.97 |
|
Sandhya
Ashok Bhogan |
151515 |
3.03 |
|
Total |
5000000 |
100.00 |
AS ON 27.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Polymer Emulsion. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Polymer Emulsion |
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Countries : |
·
Dubai ·
Sri Lanka ·
Bangladesh ·
Kenya |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Singapore ·
China ·
Japan ·
Korea |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
40 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, Gokuldham, Goregaon (East),
Mumbai, Maharashtra, India ·
ICICI Bank Limited ·
Saraswat Co-Operative Bank Limited ·
Standard Chartered Bank · State Bank of India, Mahad Branch · State Bank of India, Sitarganj Branch ·
State Bank of India, Taloja |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
Dilip Phadke and Company Chartered Accountants |
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Address : |
A-2, Jai Goverdhan Society, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India |
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PAN
No. : |
AABPP3584D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
Chemcoat Enterprises [Proprietorship of Mr. Ashok
Bhogan (Managing Director)] |
CAPITAL STRUCTURE
AS ON 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
58.157 |
57.045 |
54.585 |
|
(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) |
108.157 |
107.045 |
104.585 |
|
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
54.266 |
16.691 |
29.195 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.345 |
|
(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) |
54.266 |
16.691 |
29.540 |
|
|
|
|
|
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
154.795 |
193.469 |
174.256 |
|
(b) Trade payables |
229.985 |
212.871 |
215.885 |
|
(c) Other current liabilities |
2.934 |
4.275 |
6.516 |
|
(d) Short-term provisions |
2.714 |
2.304 |
2.064 |
|
Total Current Liabilities (4) |
390.428 |
412.919 |
398.721 |
|
|
|
|
|
|
TOTAL |
552.851 |
536.655 |
532.846 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107.771 |
126.824 |
144.838 |
|
(ii) Intangible Assets |
13.252 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
1.010 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.757 |
0.884 |
0.000 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.962 |
1.443 |
1.925 |
|
Total Non-Current Assets |
122.767 |
130.186 |
146.788 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
117.508 |
104.088 |
80.976 |
|
(c) Trade receivables |
186.707 |
212.656 |
205.277 |
|
(d) Cash and cash equivalents |
26.164 |
9.428 |
35.134 |
|
(e) Short-term loans and advances |
6.376 |
5.612 |
6.113 |
|
(f) Other current assets |
93.329 |
74.685 |
58.558 |
|
Total Current Assets |
430.084 |
406.469 |
386.058 |
|
|
|
|
|
|
TOTAL |
552.851 |
536.655 |
532.846 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1128.898 |
952.844 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1059.348 |
1128.898 |
952.844 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1057.386 |
1127.657 |
950.266 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE EXCEPTIONAL ITEMS & TAX |
1.962 |
1.241 |
2.578 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
(0.142) |
(0.009) |
(0.345) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1.820 |
1.232 |
2.233 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.708 |
(1.228) |
1.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1.112 |
2.460 |
0.779 |
|
|
|
|
|
|
|
|
|
|
VALUE OF THE
IMPORTS CALCULATED ON CIF BASIS |
|
|
|
|
|
|
|
Raw Materials |
241.789 |
230.886 |
318.754 |
|
|
TOTAL IMPORTS |
241.789 |
230.886 |
318.754 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.22 |
0.50 |
0.16 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1000.000 |
|
|
|
|
|
The above information has been parted by Ms. Archana Kadam (Accounts Manager).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(3.270) |
(18.790) |
97.678 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
0.10 |
0.22 |
0.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.33 |
0.23 |
0.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.93 |
1.96 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
0.98 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
54.585 |
57.045 |
58.157 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
104.585 |
107.045 |
108.157 |
|
|
|
|
|
|
Long-term borrowings |
29.195 |
16.691 |
54.266 |
|
Short term borrowings |
174.256 |
193.469 |
154.795 |
|
Total borrowings |
203.451 |
210.160 |
209.061 |
|
Debt/Equity ratio |
1.945 |
1.963 |
1.933 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
952.844 |
1128.898 |
1059.348 |
|
|
|
18.477 |
(6.161) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
952.844 |
1128.898 |
1059.348 |
|
Profit |
0.779 |
2.460 |
1.112 |
|
|
0.08% |
0.22% |
0.10% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered office of the company has been shifted from A/201,
Sabarmati Apartment, Sahakar Gram, Ashok Nagar, X Road No.3, Kandivali (East),
Mumbai – 400 101, Maharashtra, India to the present address w.e.f. 01.04.2006.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advance from directors |
0.000 |
1.500 |
|
Other loan and advances |
0.000 |
2.159 |
|
Total |
0.000 |
3.659 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10117521 |
22/03/2014 * |
347,800,000.00 |
STATE BANK OF INDIA |
GOREGAON (EAST), MUMBAI -
400063, MAHARASHTRA, INDIA |
C02337376 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer Equipments
·
Office Equipments
Intangible Assets
·
Know-how
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
UK Pound |
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
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 |
|
42 |
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.