MIRA INFORM REPORT

 

 

Report No. :

331865

Report Date :

14.07.2015

 

IDENTIFICATION DETAILS

 

Name :

KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED (w. e. f. 23.12.2004)

 

 

Formerly Known As :

THAKKARSONS AUTO ANCILLARY (INDIA) LIMITED

 

 

Registered Office :

B-1/1, Mayur Ma Krupa Cooperative Housing Society Limited, Opposite Gohale School, Simpoli Road, Borivali (West), Mumbai – 400092, Maharashtra

Tel. No.:

91-22-40957000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

26.09.1994

 

 

Com. Reg. No.:

11-081463

 

 

Capital Investment / Paid-up Capital :

Rs. 83.576 Million

 

 

CIN No.:

[Company Identification No.]

U34300MH1994PLC081463

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT08932A

 

 

PAN No.:

[Permanent Account No.]

AAACT3895R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer for automotive products, precision tubes, chassis frames, chassis components and body components / assemblies.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject was established in the year 1994 and it is a manufacturer of automobiles products. Subject is an established company having satisfactory track record.

 

Management has failed to file its financial record with government department for the year 2014.

 

As per the financial record of 2013, company possesses sound operational risk profile and it has maintained profitability margins at 1.40%.

 

Rating also takes into consideration company's healthy financial risk profile marked by adequate net worth base and sound debt protection metrics of the company.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

In view of established track record of business operations along extensive industry experience of its promoters, the company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

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 31-03-2013.

 

INFORMATION DECLINED

                                            

MANAGEMENT NON CO-OPERATIVE (91-22-40957000)

 

LOCATIONS

 

Registered Office :

B-1/1, Mayur Ma Krupa chs Limited, opposite Gokhale School, Shimpoli Road, Borivli (West), Mumbai – 400092, Maharashtra, India

Tel. No.:

91-22-65704441 / 55704411

Fax No.:

91-22-28991854

E-Mail :

company.secretary@kltgroup.net

borivliw.mumbaisouth@bankofindia.co.in

Website :

www.kltauto.com

Location:

Owned

 

 

Corporate Office:

B / 601, elegant Business park, MIDC Road No. 2, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Tel. No.:

91-22-4095 7000

Fax No.:

91-22-4095 7100

E-Mail :

enquiry@kltgroup.net

contact@premiumtubes.com

company.secretary@kltgroup.net

Website :

www.kltauto.com

www.premiumtubes.com

 

 

Factory Office 1:

Plot No. 1, S No. 45/4 and 46/1 and 3, Mehta Industrial Estate and Plot Nos. 8-10, 17-23, S No.34/2 and 35/2, Zorabin Industrial Estate, Palghar Manor Road, Vevoor, Taluka Palghar, District Thane, Maharashtra, India

 

 

Factory Office 2:

Village Shelavli, Palghar Manor Road, Vevoor, Taluka Palghar, District Thane, Maharashtra, India

 

 

Factory Office 3:

Gat No. 400 and 415, Village Urse, Taluka Maval, District Pune, Maharashtra, India

 

 

Factory Office 4:

Plot No. 2014, Halol Industrial Estate, Village Chandrapura, Taluka Halol, District Panchmahal, Gujarat, India

 

 

Regional Offices :

 

Hosur

L-1 Electrical Industrial Estate, Hour Main Road, Near Old Bus Stand, Hosur-635109

 

Pune

Gate No-415, Village–Urse, Taluka–Maval,  District–Pune-410506, Maharashtra, India 

 

Noida

206, Ocean Plaza, Sector–18,  Noida–201301, Uttar Pradesh, India

Tel No: 91-120–3065550

Fax No: 91-120–2513983

 

 

DIRECTORS

 

AS ON 30.12.2013

 

Name :

Mr. Bhavin Kishore Thakkar

Designation :

Managing Director

Address :

14th Floor, Vasukamal Towers CHS, Devidas Extension Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

26.06.1964

Qualification :

BE

Date of Appointment :

26.09.1994

PAN No.:

AAAPT8279Q

Din No.:

00001780

 

 

Name :

Mr. Jubin Kishore Thakkar

Designation :

Joint Manager Director

Address :

14th Floor, Raghunath Tower CHS, Limited, Devidas Extension Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

12.09.1970

Qualification :

CA

Date of Appointment :

26.06.1994

PAN No.:

AACPT3129P

Din No.:

00001822

 

 

Name :

Mrs. Sushila Kishor Thakkar

Designation :

Director

Address :

14th Floor, Vasukamal Towers CHS, Devidas Extension Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

21.07.1939

Qualification :

BA

Date of Appointment :

15.12.2004

PAN No.:

AADPT0748D

Din No.:

00001782

 

 

Name :

Mr. Devang Kishore Thakkar

Designation :

Director

Address :

601 / 302, Siddharth Arcade, L T Road, Borivali – 400092, Maharashtra, India

Date of Birth/Age :

01.09.1966

Date of Appointment :

15.12.2004

PAN No.:

AAAPT8278R

Din No.:

00001785

 

 

Name :

Mr. Arun Parasmal Nahar

Designation :

Director    

Address :

Alpna 55/2 Ganeshkind Road, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

10.03.1960

Date of Appointment :

28.09.2007

Din No.:

00191355

 

 

Name :

Utpal Hemendra Sheth

Designation :

Director

Address :

B-27, Kum Kum Apartments, S.V. Road, Near Nanavati Hospital, Vile Parle, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

20.06.1971

Date of Appointment :

25.09.2010

Din No.:

00081012

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.12.2013

 

SHAREHOLDING DETAIL FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.12.2013

 

Category

Percentage

Bodies corporate

50.78

Directors or relatives of Directors

41.16

Other top fifty shareholders

8.06

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer for automotive products, precision tubes, chassis frames, chassis components and body components / assemblies.

 

 

Products :

Item Code No.

Product Description

87089900

Parts and accessories of the motor Vehicles

73069011

M.S. Tubes and Pipes

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • Bank of India and 3 Others, Borivali (West) Br. , Mangal Kunj, S V Road , Borivali (West), Mumbai - 400092, Maharashtra, India
  • Corporation Bank, 104 Bharat House, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India

 

Banker Name

ICICI Bank Limited

Branch Address

ICICI Towers, NBCC Palace, New Delhi - 110003, Delhi, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWING

 

 

Rupee term loans from banks

979.858

1425.467

Term loans from others

111.283

54.090

SHORT TERM BORROWING

 

 

Working capital loans from banks

1976.805

2156.363

Total

3067.946

3635.920

 

Auditors :

 

Name :

Surya Associates

Chartered Accountants 

Address :

103, Deepika 37, Gokhale Road, Kandivali West, Mumbai – 400067, Maharashtra, India

Tel. No.:

91-22-28064924

Mobile No.:

91-9820077823

Fax No.:

91-22-28092236

E-Mail :

surya@bom5.vsnl.net.in

PAN N Income-tax PAN of auditor or auditor's firm :

AARFS6853Q

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary company:
  • AVMY Steel Science Limited
  • KLT Automotive and Tubular Products (Thiland) Company Limited
  • KLT Automotive and Tubular Products (South Africa) Pty Company Limited
  • KLT Automotive FZC
  • Thakkarsons Metal Processors Private Limited, India [U99999MH1996PTC102829]

 

 

Enterprises which are owned,

or have significant influence of or are partners with Key management personnel and their relatives (AS ON 31.03.2013):
  • Colour Roof (India) Limited, India [U27200MH2000PLC126598]
  • Thakkarsons Roll Forming Private Limited, India [U27107MH1990PTC054868]
  • Metcraft Steel Private Limited, India [U27100MH2011PTC220698]
  • Metform Corporation
  • Kish Realty Private Limited, India [U70100MH2005PTC152990]
  • CRIL Pre-Finish Metal FZC

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9000000

Equity Shares

Rs.10/- each

Rs. 90.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8857602

Equity Shares

Rs.10/- each

Rs. 88.576 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

88.576

83.576

83.576

(b) Reserves & Surplus

1892.585

1721.816

1495.769

(c) Money received against share warrants

0.000

107.500

10.750

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

1981.161

1912.892

1590.095

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1292.877

1668.850

1052.178

(b) Deferred tax liabilities (Net)

274.071

280.656

251.295

(c) Other long term liabilities

398.602

345.787

234.865

(d) long-term provisions

11.950

6.629

4.319

Total Non-current Liabilities (3)

1977.500

2301.922

1542.657

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2423.073

2530.072

1938.004

(b) Trade payables

1694.921

1131.058

1673.901

(c) Other current liabilities

1282.802

1117.687

741.217

(d) Short-term provisions

3.994

49.367

62.210

Total Current Liabilities (4)

5404.790

4828.184

4415.332

 

 

 

 

TOTAL

9363.451

9042.998

7548.084

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4151.510

2856.573

2737.609

(ii) Intangible Assets

10.898

5.234

0.000

(iii) Capital work-in-progress

54.278

1251.211

215.233

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

238.552

255.612

191.271

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

72.548

103.871

164.191

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4527.786

4472.501

3308.304

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.200

0.200

0.200

(b) Inventories

2088.050

1659.272

1894.672

(c) Trade receivables

1341.302

1347.162

1185.773

(d) Cash and cash equivalents

88.437

225.081

223.112

(e) Short-term loans and advances

1314.044

1328.400

923.059

(f) Other current assets

3.632

10.382

12.964

Total Current Assets

4835.665

4570.497

4239.780

 

 

 

 

TOTAL

9363.451

9042.998

7548.084

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Income

4875.513

5410.976

4868.148

 

Other Income

59.506

78.025

13.749

 

TOTAL (A)

4935.019

5489.001

4881.897

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2869.564

3247.913

3067.341

 

Purchases of Stock-in-Trade

112.969

163.638

154.383

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(88.939)

8.986

(30.466)

 

Employees benefits expense

220.686

168.609

126.886

 

Other expenses

838.150

858.825

733.313

 

Extraordinary items

0.000

0.000

(206.767)

 

TOTAL (B)

3952.430

4447.971

3844.690

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

982.589

1041.030

1037.207

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

703.737

547.487

458.013

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

278.852

493.543

579.194

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

216.294

200.714

185.103

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

62.558

292.829

394.091

 

 

 

 

 

Less

TAX (H)

(5.711)

42.499

63.216

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

68.269

250.330

330.875

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

687.032

415.521

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Interim Dividend

 NA

20.894

20.894

 

Tax on Interim Dividend

 NA

3.390

3.470

 

General Reserve

 NA

35.000

35.000

 

Balance Carried to the B/S

NA

878.078

687.032

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export of Goods

NA

259.472

657.115

 

Export of Services

NA

209.224

0.000

 

Dividend Received

NA

47.191

0.000

 

TOTAL EARNINGS

NA

515.887

657.115

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

107.85

254.106

 

Stores & Spares

NA

0.034

0.537

 

Capital Goods

NA

412.207

150.809

 

TOTAL IMPORTS

NA

520.091

405.452

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

Basic

7.93

29.95

39.59

Diluted

7.71

28.26

37.35

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

545.774

491.803

279.252

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

1313.065

325.827

376.017

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

1.40

4.63

6.80

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

20.15

19.24

21.31

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.69

3.89

5.52

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.15

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.15

2.45

2.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.89

0.95

0.96

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

83.576

83.576

88.576

Reserves & Surplus

1495.769

1721.816

1892.585

Money received against share warrants

0.000

107.500

10.750

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1579.345

1912.892

1991.911

 

 

 

 

long-term borrowings

1052.178

1668.850

1292.877

Short term borrowings

1938.004

2530.072

2423.073

Current maturities of long-term debts

279.252

491.803

545.774

Total borrowings

3269.434

4690.725

4261.724

Debt/Equity ratio

2.070

2.452

2.140

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

4868.148

5410.976

4875.513

 

 

11.151

-9.896

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

4868.148

5410.976

4875.513

Profit

330.875

250.330

68.269

 

6.80%

4.63%

1.40%

 

 

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

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three 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

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

CASE DETAILS

BENCH:-BOMBAY

 

Lodging No.:-

CRRL/39/2014

Filing Date:-

28/02/2014

Reg. No.:-

CRR/39/2014

Reg. Date:-

28/02/2014

 

 

Main Matter

 

Lodging No.:-

SL/2859/2010

Reg No.:-

S/255/2011

 

 

Petitioner:-

VENUS TRADING CORPORATION AND PRIME STEEL

 

Respondent:-KLT AUTOMOTIVE AND TUBULAR PRODUCTS LTD. AND ANR

 

 

Petn.Adv.:-

-(0)

 

Resp.Adv.:-

-(0)

 

 

District:-

MUMBAI

 

 

Bench:-

SINGLE

Status:-

Transferred

 

Transfer Date:-

04/03/2014

Remark:-

The said Court Receiver Report is transferred to Bombay City Civil Court.

 

 

REVIEW OF OPERATIONS (AS ON 31.03.2013)

 

The income for the year is Rs. 5397.100 Million and for the previous year’s Rs.5838.800 Million, while profit after tax for the year 2012-13 at Rs. 68.200 Million as compared to Rs. 250.300 Million in the previous year.

 

UNSECURED LOAN

 

(Rs. In Million)

SECURED LOAN

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWING

 

 

Loans and advances from directors

69.895

50.000

Deferred sales tax loan

131.841

139.293

SHORT TERM BORROWING

 

 

Loans repayable on demand from others

0.335

25.731

Rupee term loans from banks

445.933

347.978

Total

648.004

563.002

 

 

CONTINGENT LIABILITIES (AS ON 31.03.2013):

 

a. Custom duty on capital goods imported under Export Promotion Capital Goods (EPCG) scheme, against which export obligation is to be fulfilled: Rs.162.999 Million (Previous Year Rs.170.002 Million).

 

b. Guarantees furnished by Company’s bankers on behalf of the Company Rs.0.600 Million (Previous year Rs. 7.104 Million)

 

c. Bills discounted with banks Rs. 205.147 Million (Previous year Rs. 505.755 Million)

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment

 

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, 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.63.47

UK Pound

1

Rs.98.47

Euro

1

Rs.70.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

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

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

43

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.