MIRA INFORM REPORT
|
Report No. : |
332667 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
POLYGEL INDUSTRIES PRIVATE LIMITED (w.e.f. 20.05.2009) |
|
|
|
|
Formerly Known
As : |
POLYGEL TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 28.02.2000) KHUKRI POLYTEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
207, New Bake House (New), 2nd
Floor, MCC Lane, Fort, Mumbai – 400023, Maharashtra |
|
Tel No.: |
91-22-65752647 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.08.1994 |
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Com. Reg. No.: |
11-080074 |
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Capital
Investment / Paid-up Capital : |
Rs.539.435 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U17120MH1994PTC080074 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15162A |
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|
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PAN No.: [Permanent Account No.] |
AAACK4105F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and selling of reputed brands of Adhesives, Construction Chemicals and Specialty Chemicals. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 1200000 |
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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. The rating is constrained on account of some accumulated losses
incurred by the company. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Suresh Mistry |
|
Designation : |
General manager in Accounts and Finance |
|
Contact No.: |
91-22-39536215 |
|
Date : |
16.07.2015 |
LOCATIONS
|
Registered Office : |
207, New Bake House (New), 2nd
Floor, MCC Lane, Fort, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-65752647/ 22824031 / 22832529 / 39536215 |
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Fax No.: |
91-22-2283 1520 |
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E-Mail : |
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Website : |
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Head Office : |
L-1-205, The Great Eastern Galleria, Plot No. 20-Sector-4,
Nerul (West), Plot No. 20, Sector-4,
Navi Mumbai- 400 706, |
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Tel. No.: |
91-22-39536200 |
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Fax No.: |
91-22-39536299 |
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Factory 1 : |
Plot No. 15, Sector – 2, 11E, Pantnagar, Rudrapur – 263153, |
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Factory 2 : |
Survey No. 358/1P, Village Dadra, |
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Tel. No.: |
91-260-3291204 / 1718 |
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Fax No.: |
91-260-2668551 |
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Factory 3 : |
Plot No. 17 and 18, Old MIDC Area Seoni, |
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Marketing Office : |
Sidhpura Industrial Estate, Gala No. 25, Off. |
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Tel. No.: |
91-22-28710451-53 |
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Fax No.: |
91-22-28710450 |
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|
|
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Branch Office : |
Located at: · Ahmedabad ·
·
·
· Kolkata ·
·
Pune |
DIRECTORS
As on 09.09.2014
|
Name : |
Capt. Vijaykumar Maharajkrishan Raichand |
|
Designation : |
Chairman |
|
Address : |
11-A, Dolphin, |
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Date of Birth/Age : |
05.11.1940 |
|
Date of Appointment : |
14.08.1994 |
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DIN No.: |
00195251 |
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Name : |
Mr. Luv Nandkishore Shah |
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Designation : |
Managing director |
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Address : |
302-A, Royal Manor, Juction of |
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Date of Birth/Age : |
14.06.1973 |
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Pan No.: |
AAHPS6430P |
|
Date of Appointment : |
02.12.1996 |
|
DIN No.: |
00616738 |
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|
|
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Name : |
Mr. Anil Sayaji Phatangare |
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Designation : |
Director |
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Address : |
203, Golden Tower CHS Limited, |
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Date of Birth/Age : |
22.03.1971 |
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Date of Appointment : |
03.06.2015 |
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DIN No.: |
00609866 |
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|
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Name : |
Mr. Ranjeev Bhatia |
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Designation : |
Nominee Director |
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Address : |
II Peridot, 22 A Perry, Cross Road, Bandra, Mumbai-400 050, Maharashtra, India |
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Date of Birth/Age : |
27.02.1972 |
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Date of Appointment : |
30.06.2008 |
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DIN No.: |
01928633 |
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|
|
|
Name : |
Mr. Prem Raj Mehta |
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Designation : |
Director |
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Address : |
S-3, Pemino, |
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Date of Birth/Age : |
16.10.1944 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
00005622 |
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|
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Name : |
Mr. Nandkishore Ramgopal Shah |
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Designation : |
Whole-Time Director |
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Address : |
305-B, Arena, Lokhandwala Complex, Andheri (West), Mumbai -400053,
Maharashtra, India |
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Date of Birth/Age : |
04.06.1943 |
|
Date of Appointment : |
01.08.2013 |
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DIN No.: |
00463849 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Mistry |
|
Designation : |
General Manager in Accounts and Finance |
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|
|
|
Name : |
Mr. Girish Madhukar Nachane |
|
Designation : |
Secretary |
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Address : |
601, Dilip Kunj, Opposite Lion Garden LBS Road, Kurla, Mumbai –
400070, Maharashtra, India |
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Date of Birth/Age : |
26.04.1953 |
|
Date of Appointment : |
22.2.20017 |
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PAN No.: |
AADPN4696G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
8.00 |
|
Directors or relatives of Directors |
25.00 |
|
Other top fifty shareholders |
16.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of reputed brands of Adhesives,
Construction Chemicals and Specialty Chemicals. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Kirtane and Pandit Chartered Accountants |
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Address : |
H/16, Saraswat Colony, |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFK3469M |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53943473 |
Equity Shares |
Rs.10/- each |
Rs.539.435 Million |
|
|
|
|
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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 |
539.435 |
539.435 |
539.435 |
|
(b) Reserves & Surplus |
(111.583) |
(97.287) |
(26.224) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
427.852 |
442.148 |
513.211 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
58.184 |
46.369 |
47.734 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.067 |
|
Total
Non-current Liabilities (3) |
58.184 |
46.369 |
47.801 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
188.269 |
178.907 |
143.940 |
|
(b) Trade payables |
131.920 |
121.481 |
212.446 |
|
(c) Other current liabilities |
82.813 |
92.620 |
49.508 |
|
(d) Short-term provisions |
1.510 |
0.868 |
0.358 |
|
Total
Current Liabilities (4) |
404.512 |
393.876 |
406.252 |
|
|
|
|
|
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TOTAL |
890.548 |
882.393 |
967.264 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
173.737 |
185.497 |
196.968 |
|
(ii) Intangible Assets |
136.159 |
152.541 |
162.761 |
|
(iii) Capital work-in-progress |
126.820 |
126.820 |
106.202 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.200 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.019 |
7.710 |
17.264 |
|
(e) Other Non-current assets |
2.879 |
2.833 |
2.036 |
|
Total
Non-Current Assets |
442.814 |
475.501 |
485.331 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
183.472 |
137.289 |
146.442 |
|
(c) Trade receivables |
191.475 |
195.937 |
261.631 |
|
(d) Cash and cash equivalents |
3.603 |
0.539 |
6.750 |
|
(e) Short-term loans and
advances |
69.184 |
73.127 |
67.110 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
447.734 |
406.892 |
481.933 |
|
|
|
|
|
|
TOTAL |
890.548 |
882.393 |
967.264 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
871.793 |
907.705 |
1032.190 |
|
|
Other Income |
1.952 |
3.533 |
6.337 |
|
|
TOTAL |
873.745 |
911.238 |
1038.527 |
|
|
|
|
|
|
|
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EXPENSES
|
823.897 |
924.536 |
1069.472 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
49.848 |
(13.298) |
(30.945) |
|
|
|
|
||
|
|
FINANCIAL
EXPENSES |
28.035 |
26.351 |
16.404 |
|
|
|
|
||
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.813 |
(39.649) |
(47.349) |
|
|
|
|
||
|
|
DEPRECIATION/
AMORTISATION |
28.275 |
31.413 |
25.173 |
|
|
|
|
||
|
|
PROFIT/
(LOSS) BEFORE TAX |
(14.297) |
(71.063) |
(72.522) |
|
|
|
|
||
|
|
TAX |
0.000 |
0.000 |
1.325 |
|
|
|
|
||
|
|
PROFIT/
(LOSS) AFTER TAX |
(14.297) |
(71.063) |
(73.848) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
307.209 |
254.374 |
361.254 |
|
|
TOTAL
EARNINGS |
307.209 |
254.374 |
361.254 |
|
|
|
|
|
|
|
|
IMPORT OF RAW
MATERIAL |
26.136 |
130.032 |
138.673 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.27) |
(7.76) |
(8.18) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
13.009 |
23.822 |
18.375
|
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
20.028 |
4.993 |
8.233 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.64) |
(7.83) |
(7.15) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.72 |
(1.47) |
(3.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.87) |
(9.41) |
(8.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
(0.16) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61 |
0.56 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.03 |
1.19 |
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 |
539.435 |
539.435 |
539.435 |
|
Reserves & Surplus |
(26.224) |
(97.287) |
(111.583) |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
513.211 |
442.148 |
427.852 |
|
|
|
|
|
|
long-term borrowings |
47.734 |
46.369 |
58.184 |
|
Short term borrowings |
143.940 |
178.907 |
188.269 |
|
Current maturities of
long-term debts |
18.375 |
23.822 |
13.009 |
|
Total
borrowings |
210.049 |
249.098 |
259.462 |
|
Debt/Equity
ratio |
0.409 |
0.563 |
0.606 |
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 |
1032.190 |
907.705 |
871.793 |
|
|
|
(12.060) |
(3.956) |
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 |
1032.190 |
907.705 |
871.793 |
|
Profit |
(73.848) |
(71.063) |
(14.297) |
|
|
(7.15%) |
(7.83%) |
(1.64%) |
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 |
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) |
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 |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The Registered Address of the company has been
shifted from, 203, Coral Classic, 20th Road, Chembur East, Mumbai - 400071,
Maharashtra, India to the present address w.e.f. 10.05.2006
FUTURE OUTLOOK
The Titanates Business will add a minimum of Rs. 1200.000 Million of new Business in the next 24 months for the company as a result of the capacity addition and consolidation of the industry globally and on account of the go ahead received from the Mumbai High Court for commencing the operations at the new plant.
The company is already the third largest payer in Adhesives in India (Industrial and Retail Adhesives) in a short span of 5 years. The Business is expected to grow at min. 8-10% per annum, due to industry growth, expansion of the distribution network and revenues from new products coming in.
The Construction Chemicals Business (especially the RMC – Admixture business) is expected to grow at a min. rate of 10-15% per annum due to approvals received from new customers and changes made to the product portfolio. The Construction Chemicals (Retail and Projects Business) is expected to grow at a min. 8-10% per annum due to industry growth, expansion of the distribution network and revenues coming in from new products.
CORPORATE
INFORMATION:
Subject is a private Limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing and selling of reputed brands of Adhesives, Construction Chemicals and Specialty Chemicals. The company caters to both domestic and international markets.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10537935 |
23/03/2015 * |
27,500,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR,
METROPOLITAN BUILDING, BANDRA-KURLA, C |
C48608772 |
|
2 |
10531942 |
09/03/2015 * |
7,500,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH,, YUSUF
BUILDING, GROUND FLOOR, V. N. |
C49190093 |
|
3 |
10338321 |
15/02/2012 |
20,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH,, YUSUF
BUILDING, GROUND FLOOR, V. N. |
B33299876 |
|
4 |
10328223 |
09/03/2015 * |
47,500,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH,, YUSUF
BUILDING, GROUND FLOOR, V. N. |
C49191265 |
|
5 |
10286864 |
13/12/2011 * |
40,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
FORT BRANCH,, YUSUF
BUILDING, GROUND FLOOR, V. N. |
B29496031 |
|
6 |
80035857 |
09/03/2012 * |
157,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY
DYEING MILLS COMP., GROUND FLR, |
B37958121 |
|
7 |
80010434 |
09/03/2015 * |
202,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY
DYEING MILLS COMP., GROUND FLR, |
C49085459 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Vehicles
Intangible assets
- Goodwill
- Patents
- 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,
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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.