MIRA INFORM REPORT
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Report No. : |
332340 |
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Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MAHARANI INNOVATIVE PAINTS PRIVATE LIMITED |
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Registered
Office : |
TA-3/146-C, Tughlakabad Extension, New Delhi -110019 |
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Tel. No.: |
91-129-4054013 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.10.2013 |
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Com. Reg. No.: |
55-258813 |
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Capital
Investment / Paid-up Capital : |
Rs. 90.000 Million |
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CIN No.: [Company Identification
No.] |
U24231DL2013PTC258813 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM23312C |
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PAN No.: [Permanent Account No.] |
AAICM8818K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures Industrial Paints including Liquid Industrial Paints, Industrial
Powder Coatings, General Industry Paints Thinners and other allied products
of Paints. |
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|
|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
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 300000 |
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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 a subsidiary of “MAHARANI PAINTS PRIVATE LIMITED” it is a
relatively new company having moderate track record. As Claimed by Mr. Aman, Accountant subject has taken over the paint
business from is holding company w. e. f. 1st April 2014 and
Started it business operations and it is expected to achieve turnover of Rs.
120 from its first year business operations which is not verified. As per financial record of 2014, company has incurred huge pre
operating expenses which resulted into accumulated losses recorded by the
company. However, rating weakness partially offset by strong track record of
its promoters in paint segment backed by strong financial as well as
managerial support that company receives from its holding company. Trade relations are reported fair. Business is active. Payments are
reported to be slow but correct. In view of strong holding company support, the company can be
considering for business dealing 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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
02.05.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
02.05.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
LOCATIONS
|
Registered Office : |
TA-3/146-C, Tughlakabad Extension, New Delhi -110019, India |
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Tel. No.: |
91-129-4054013 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website: |
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Factory: |
Located at:
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DIRECTORS
AS ON: 10.09.2014
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Name : |
Mr. Bal Dev Raj Bhatia |
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Designation : |
Director |
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Address : |
House No 1319, Sector 15, Faridabad, Haryana, India |
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Date of Birth/Age : |
18-3-1953 |
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Date of Appointment : |
07.10.2013 |
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PAN No.: |
AHWPB6602J |
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DIN No.: |
00047573 |
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Other
Directorship:
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Name : |
Mr. Raj Kumar Bhatia |
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Designation : |
Director |
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Address : |
House No. 1043, Sector 15, Faridabad, Haryana, India |
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Date of Birth/Age : |
6-9-1958 |
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Date of Appointment : |
07.10.2013 |
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PAN No.: |
AEIPB0117P |
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DIN No.: |
00047622 |
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Other
Directorship:
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Name : |
Mr. Vipin Bhatia |
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Designation : |
Director |
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Address : |
House No. 1254, Sector 15 , Faridabad, Haryana, India |
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Date of Birth/Age : |
22-10-1961 |
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Date of Appointment : |
07.10.2013 |
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PAN No.: |
AGGPB9479C |
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DIN No.: |
00047654 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Mayuri Gupta |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 10.09.2014
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Names of Shareholders |
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No. of Shares |
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B.R Bhatia |
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1 |
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R.K. Bhatia |
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1 |
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Vipin Bhatia |
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1 |
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Maharani Paints Private Limited |
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8999997 |
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Total |
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9000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 10.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures Industrial Paints including Liquid Industrial Paints, Industrial
Powder Coatings, General Industry Paints Thinners and other allied products
of Paints. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
M L G Associates Chartered Accountants |
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Address : |
House No. 63, Sector 15, Faridabad, Haryana, India |
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PAN No.: |
AAGFM1817M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
MAHARANI PAINTS PRIVATE LIMITED (AAACM6316Q) |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
9000000 |
Equity Shares |
Rs.10/- each |
Rs. 90.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
9000000 |
Equity Shares |
Rs.10/- each |
Rs. 90.000
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
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|
31.03.2014 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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90.000 |
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(b) Reserves &
Surplus |
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|
(0.108) |
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(c) Money received
against share warrants |
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|
0.000 |
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(2) Share Application
money pending allotment |
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|
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
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89.892 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
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|
0.000 |
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(b) Deferred tax
liabilities (Net) |
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0.000 |
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(c) Other long term
liabilities |
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|
0.000 |
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(d) long-term provisions |
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|
0.000 |
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Total Non-current
Liabilities (3) |
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0.000 |
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(4) Current Liabilities |
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(a) Short term borrowings |
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|
0.000 |
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(b) Trade payables |
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|
0.000 |
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(c) Other current
liabilities |
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|
0.277 |
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(d) Short-term provisions |
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|
0.000 |
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Total Current Liabilities
(4) |
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|
0.277 |
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TOTAL |
|
|
90.169 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
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|
0.000 |
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(ii) Intangible Assets |
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|
0.000 |
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(iii) Capital
work-in-progress |
|
|
0.439 |
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(iv) Intangible assets
under development |
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|
0.000 |
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(b) Non-current
Investments |
|
|
0.000 |
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(c) Deferred tax assets
(net) |
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|
0.000 |
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(d) Long-term Loan and Advances |
|
|
47.500 |
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(e) Other Non-current
assets |
|
|
0.000 |
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Total Non-Current Assets |
|
|
47.939 |
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(2) Current assets |
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|
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(a) Current investments |
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|
0.000 |
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(b) Inventories |
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|
0.000 |
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(c) Trade receivables |
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|
0.000 |
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(d) Cash and cash
equivalents |
|
|
0.188 |
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(e) Short-term loans and
advances |
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|
41.343 |
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(f) Other current assets |
|
|
0.699 |
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Total Current Assets |
|
|
42.230 |
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TOTAL |
|
|
90.169 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
|
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GROSS
REVENUE |
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NA |
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PROFIT BEFORE TAX (PBT) |
|
|
(0.108) |
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TAX EXPENSE |
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|
NA |
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PROFIT
AFTER TAX |
|
|
(0.108) |
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EARNING
PER SHARE |
|
|
(0.01) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2014 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net Cash Flow from (used in) Operations |
|
|
(41.872) |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(0.12) |
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Return on Investment (ROI) (PBT/Networth) |
|
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|
0.00 |
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Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
|
152.45 |
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 |
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 |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last One 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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF
OPERATION:
The company is a wholly owned subsidiary of M/s Maharani Paints India Private Limited. This is the year of incorporation of the company. The company is in development stage and commercial business yet to start as on 31.03.14. The company has entered into Memorandum of Understanding dated 21.03.14, for takeover of the Paints business of Maharani Paints Private Limited (its Holding Company) w.e.f.1.4.2014. The Directors are continuously looking for avenues for future growth of the Company.
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10494756 |
21/04/2014 |
70,000,000.00 |
Citi Bank N.A. |
JEEVAN BHARTI
BUILDING, 4TH FLOOR, 124 CONNAUGHT |
C04553277 |
|
2 |
10496948 |
01/04/2014 |
255,600,000.00 |
State Bank of India |
COMMERCIAL BRANCH GURGAON, 6TH FLOOR, PALM COURT MAHARANA PARTAP CHOWK GURGAON, HARYANA, HARYANA - 122001, INDIA |
C05217195 |
|
3 |
10496949 |
01/04/2014 |
255,600,000.00 |
State Bank of India |
COMMERCIAL BRANCH GURGAON, 6TH FLOOR,PALM COURT MAHARANA PARTAP CHOWK GURGAON, HARYANA, HARYANA - 122001, INDIA |
C05219027 |
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. 63.89 |
|
UK Pound |
1 |
Rs. 99.10 |
|
Euro |
1 |
Rs. 70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.