MIRA INFORM REPORT

 

 

Report No. :

332345

Report Date :

16.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SPARE-AGE SEALS LIMITED (w.e.f. 05.01.2007)

 

 

Formerly Known As :

SPARE-AGE (INDIA) LIMITED (w.e.f. 24.08.2006)

 

SPARE-AGE (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Flat No 8, 1st Floor, Shyam Kripa CHS Limited, Plot No. 427, 15th Road, Khar (West), Mumbai – 400052, Maharashtra

Tel. No.:

91-22-25800972 (10 lines )

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.04.1967

 

 

Com. Reg. No.:

11-013711

 

 

Capital Investment / Paid-up Capital :

Rs. 49.560 Million

 

 

CIN No.:

[Company Identification No.]

U32109MH1967PLC013711

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Hydraulic seals, Pneumatic Seals, Rotary Seals and “O” Rings.

 

 

No. of Employees :

250 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 1967. It has a satisfactory track.

 

For the financial year ended 2014, the company has reported good functioning in its operations and has achieved fine top line growth of 11.78% along with profitability margin of 5.74%.

 

Further, rating reflects company’s established track record of business backed by decent networth position along with good gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payment terms are usually correct.

 

In view of long history of business track record, company can be considered normal 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

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.

 

 

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 :

Mr. Pradip Kumar

Designation :

Account Manager

Contact No.:

91-22-22225555

 

 

LOCATIONS

 

Registered Office :

Flat No 8, 1st Floor, Shyam Kripa CHS Limited, Plot No. 427, 15th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Tel. No.:

91-22-25823991

Fax No.:

Not Available

E-Mail :

kalpesh@spareage.com

Website :

http://www.spareage.com

 

 

Factory / Corporate Office :

Oil Seal House, Plot No.A-403, Road No. 28, Wagle Industrial Estate, Thane - 400604, Maharashtra, India

Tel. No.:

91-22-25800972 (10 lines )

Fax No.:

91-22-25823991, 25827480

 

 

Branch Office :

Located at:

 

 

 

Overseas Office :

Located at:

 

  • USA
  • Belgium
  • Germany
  • Italy
  • South Africa

 

 

DIRECTORS

 

AS ON: 27.08.2014

 

Name :

Mr. Ushpal Singh Kartar Singh Sabharwal

Designation :

Director

Address :

1302, Ocean View, Union Park, Pali Hill, Khar (W), Mumbai - 400052, Maharashtra, India

Date of Birth/Age :

07.03.1943

Date of Appointment :

04.04.1967

DIN No.:

00148806

 

 

Name :

Mr. Jagmeet Singh Sabharwal

Designation :

Managing Director

Address :

1302, Ocean View, Union Park, Pali Hill, Khar (W), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

21.07.1972

Date of Appointment :

01.04.1999

DIN No.:

00270607

 

 

Name :

Mr. Rajiv Singh

Designation :

Director

Address :

401, 4th Floor, Goswami Towers, Jai Hind Society, 11th Ns Road, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

07.03.1973

Date of Appointment :

24.09.2013

DIN No.:

01689209

 

 

Name :

Mrs. Sheetal Jagmeet Singh Sabharwal

Designation :

Additional Director

Address :

803, 8th Floor, Quantum Park, Union Park, Olive, Restaurant, Khar West, Mumbai - 400052, Maharashtra, India

Date of Appointment :

13.11.2014

DIN No.:

07016723

 

 

KEY EXECUTIVES

 

Name :

Mr. Pradip Kumar

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 27.08.2014

 

Names of Shareholders

 

 

No. of Shares

Ushapal Singh Sabharwal and Rajpal Kaur Sabharwal

 

34500

Kundan Kaur Sabharwal

 

600

Jagmeet Singh Sabharwal and Sheetal Jagmeet Singh Sabharwal

 

220299

Dilprit Singh Sabharwal and Shwetambara Dilprit Singh Sabharwal

 

130200

Jagmeet Singh Sabharwal (HUF)

 

15000

Sheetal Jagmeet Singh Sabharwal and Jagmeet Singh Sabharwal

 

20000

Dilprit Singh Sabharwal (HUF)

 

15000

Shwetambara Dilprit Singh Sabharwal and Dilprit Singh Sabharwal

 

20000

Rajpal Kaur Sabharwal and Ushpal Singh Sabharwal

 

20000

Ushpal Singh Sabharrwal (HUF)

 

20000

Rajiv Singh

 

1

Total

 

495600

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 27.08.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Hydraulic seals, Pneumatic Seals, Rotary Seals and “O” Rings.

 

 

Products :
  • Hydraulic seals
  • Pneumatic Seals
  • Rotary Seals and “O” Rings

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

US

 

 

Imports :

 

Products :

Raw Material

Countries :

China

Japan

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Varin Enterprises  - Mumbai

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 :

Wholesalers and Retailers

 

Reference :

Ceat Limited – Mumbai

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 :

250  (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Waghle Industrial Estate, Thane, Maharashtra, 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

 

 

Bank Name

Punjab  National Bank

Branch

Dilwara Fuilding, Mumbai, Nariman Point, Maharashtra, 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 :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Punjab and Sind Bank, IBD Branch

 

 

Term Loans1 [Secured by Khopol Building]

73.223

0.000

Term Loans2 [Secured by Plant and Machinery]

4.623

18.339

Term Loans-3 [Secured by Plant and Machinery]

17.999

24.271

Term Loans-4 [Secured by Building

13.064

17.628

Term Loans - 5[Secured by Plant and Machinery]

4.738

0.000

ICICI Bank

[Secured by Car]

0.000

0.292

Kotak Mahindra Bank

[Secured by Car]

0.000

0.166

Axis Bank

[Secured by Car]

0.149

0.552

P&S Ertiga

[Secured by Car]

0.633

0.772

Kotaka Mahindra

[Secured by Car]

0.758

1.135

ICICI Bank

[Secured by Car]

4.905

0.000

ICICI Bank – Mercedez Benmz

[Secured by Car]

5.111

0.000

PNB Bank -Audi

[Secured by Car]

5.849

0.000

Short-term borrowings

 

 

Punjab and Sind Bank – Cash Credit

[Secured by first charge by way of hypothecation of all stock, book debt and collateral security by way of second charge of fixed asset]

159.889

166.075

Total

290.941

229.230

 

Auditors :

 

Name :

S.S. Chaudhary and Company

Chartered Accountants

Address :

203, Kusum Kunj, Nivetia Road Malad (East), Mumbai – 400097, Maharashtra, India

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

ACTPC9727D

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs.100/- each

Rs.50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

495,600

Equity Shares

Rs.100/- each

Rs.49.560 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

49.560

49.560

49.560

(b) Reserves & Surplus

148.563

101.577

64.038

(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)

198.123

151.137

113.598

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

131.052

63.155

165.953

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

87.827

119.965

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

218.879

183.120

165.953

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

159.889

166.075

166.297

(b) Trade payables

64.144

46.774

50.502

(c) Other current liabilities

157.161

153.579

4.781

(d) Short-term provisions

29.271

26.018

20.171

Total Current Liabilities (4)

410.465

392.446

241.751

 

 

 

 

TOTAL

827.467

726.703

521.302

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

260.607

225.978

193.666

(ii) Intangible Assets

1.533

2.137

1.144

(iii) Capital work-in-progress

124.853

56.001

34.409

(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

33.798

33.067

2.287

Total Non-Current Assets

420.791

317.183

231.506

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

180.723

183.172

132.502

(c) Trade receivables

152.803

123.765

127.724

(d) Cash and cash equivalents

44.431

25.738

5.867

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

28.719

76.845

23.703

Total Current Assets

406.676

409.520

289.796

 

 

 

 

TOTAL

827.467

726.703

521.302

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

819.156

732.813

624.088

 

Other Income

9.194

6.676

6.264

 

TOTAL

828.350

739.489

630.352

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

338.964

351.806

290.127

 

Purchases of Stock-in-Trade

0.000

0.000

0.000

 

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

0.868

(59.904)

(22.429)

 

Employees benefits expense

69.214

64.234

48.927

 

Other expenses

273.368

253.858

201.551

 

TOTAL

682.414

609.994

518.176

 

 

 

 

 

 

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

145.936

129.495

112.176

 

 

 

 

 

Less

FINANCIAL EXPENSES

42.581

41.604

34.338

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

103.355

87.891

77.838

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

33.153

31.652

24.788

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

70.202

56.239

53.050

 

 

 

 

 

Less

TAX

23.216

18.700

15.800

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

46.986

37.539

37.250

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

349.400

 289.700

NA

 

TOTAL EARNINGS

349.400

289.700

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

94.81

75.74

-- 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

800.000

 

 

Expected Sales ( 2015-2016 ) : Rs.1000.000 Million

 

The above information has been parted by Mr. Pradip Kumar.

 

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

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

5.74

5.12

5.97

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

17.82

17.67

17.97

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.99

8.39

10.90

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.35

0.37

0.47

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.47

1.52

2.92

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.99

1.04

1.20

 

 

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

49.560

49.560

49.560

Reserves & Surplus

64.038

101.577

148.563

Share Application money pending allotment

0.000

0.000

0.000

Net worth

113.598

151.137

198.123

 

 

 

 

long-term borrowings

165.953

63.155

131.052

Short term borrowings

166.297

166.075

159.889

Total borrowings

332.250

229.230

290.941

Debt/Equity ratio

2.925

1.517

1.468

 

 

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)

Sales

624.088

732.813

819.156

 

 

17.421

11.782

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

624.088

732.813

819.156

Profit

37.250

37.539

46.986

 

5.97%

5.12%

5.74%

 

 

 

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

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

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)

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

--

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

Yes

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

---

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10485234

25/02/2014

6,000,000.00

PUNJAB NATIONAL BANK

BANDRA LINKING ROAD BRANCH, PLOT NO.237,, BABA HO 
USE, 27TH ROAD, BANDRA (WEST),, MUMBAI, MAHARASHTR 
A - 400050, INDIA

C00614552

2

10423760

12/04/2013

21,300,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, M.K. ROAD, DIL 
WARA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, 
INDIA

B74441072

3

10423904

12/04/2013

116,700,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, M.K. ROAD, DIL 
WARA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, 
INDIA

B74441783

4

10330672

22/12/2011

21,800,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, MK ROAD, DILWA 
RA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, I 
NDIA

B30185151

5

10330678

22/12/2011

30,000,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, MK ROAD, DILWA 
RA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, I 
NDIA

B30186241

6

10324650

14/12/2011

5,000,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, MK ROAD, DILWA 
RA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, I 
NDIA

B28380277

7

10173123

12/04/2013 *

360,900,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, M.K. ROAD, DIL 
WARA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, 
INDIA

B74442955

8

10165644

22/06/2009

46,558,000.00

PUNJAB & SIND BANK

DILWARA BLDG. 8 M. K. ROAD, NARIMAN POINT, MUMBAI 
, MAHARASHTRA - 400021, INDIA

A65068140

9

10154738

12/04/2013 *

160,000,000.00

PUNJAB & SIND BANK

INTERNATIONAL BANKING DIVISION, 8, M.K. ROAD, DIL 
WARA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, 
INDIA

B74442393

 

* Date of charge modification

 

NOTE

 

The registered office of the company has been shifted from 1302 Ocean View Union Park, Khar (West), Mumbai 400052, Maharashtra, India to the present address.

 

 

FIXED ASSETS

 

  • Land
  • Factory Building
  • Plant and Machinery
  • Electric Installation
  • Dies and Tools
  • Air Conditioners
  • Office Equipment
  • Vehicle
  • Furniture and Fixture
  • Software Development

 

 

 

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 records 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.63.83

UK Pound

1

Rs.99.13

Euro

1

Rs.69.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

TRS

 

 

Report Prepared by :

SNT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

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

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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.