MIRA
INFORM REPORT
|
Report No. : |
334247 |
|
Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
I-TECH PLAST INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
32, Kamani Chamber 2nd Floor, Kamani Marg, Ballard Estate,
Mumbai – 400001, |
|
Tel. No.: |
91-278-2541300/301/302 |
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|
|
|
Country : |
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|
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
12.08.2003 |
|
|
|
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Com. Reg. No.: |
11-141712 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 49.999 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH2003PTC141712 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Injection Molded Parts. |
|
|
|
|
No. of Employees
: |
175 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated during the year 2003.
It has a satisfactory track record. For, the financial year 2014, the company possesses healthy
operational activity. It has achieved good top line growth marked by steady
growth in sales turnover along with profitability margin of 5.7%. Further, the company has healthy financial risk profile marked by its
decent net worth position and favorable gap between trade payable and
receivables. Trade relations are reported as fair. Business is active. Payment
terms are reported as slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
EPC/ FBD = BB- |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Bank Guarantee = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
March 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.
INFORMATION PARTED BY
|
Name : |
Mr. Bhavesh Padia |
|
Designation : |
Quality Assurance Manager |
|
Contact No.: |
91-9879210912 |
|
Date : |
29.07.2015 |
LOCATIONS
|
Registered Office : |
32, Kamani Chamber 2nd Floor, Kamani Marg, Ballard Estate,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-278-2541300/301/302 |
|
Mobile No.: |
91-9879580074 (Mr. Daksh) 91-9879210912 (Mr. Bhavesh Padia) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Paiky, Plot No. 2, Shanapara, Khodiyar, Bhavnagar – 364002, Gujarat,
India |
|
|
|
|
Branch Office: |
Devi Bhuvan, Victoria Park Road, Bhavnagar – 364002, Gujarat, India |
|
Tel. No.: |
91-278-2541301 |
DIRECTORS
AS ON 19.09.2014
|
Name : |
Mr. Chintan Ashwin Parekh |
|
Designation : |
Director |
|
Address : |
Devi Bhuvan, Victoria Park Road, Bhavnagar – 364002, Gujarat, India |
|
Date of Birth/Age : |
29.04.1973 |
|
Date of Appointment : |
12.08.2003 |
|
DIN No.: |
00299251 |
|
|
|
|
Name : |
Me. Ashwin Mohanlal Parekh |
|
Designation : |
Director |
|
Address : |
Devi Bhuvan, Victoria Park Road, Bhavnagar – 364002, Gujarat, India |
|
Date of Birth/Age : |
12.07.1939 |
|
Date of Appointment : |
22.02.2008 |
|
DIN No.: |
00295001 |
|
|
|
|
Name : |
Siddhartha Labhshankar Dave |
|
Designation : |
Additional Director |
|
Address : |
177,Acharyakul Society, Behind Government Press Quarters, Chitra, Bhavnagar – 364004, Gujarat, India |
|
Date of Appointment : |
14.07.2014 |
|
DIN No.: |
02801183 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavesh Padia |
|
Designation : |
Quality Assurance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holdings |
|
Industrial Jewels Private limited, India |
38889000 |
77.78 |
|
Meccanica R.P.C., SRI Italy |
10910000 |
21.82 |
|
Sonali Chintan Parekh |
100000 |
0.20 |
|
Chintan A. Parekh |
100000 |
0.20 |
|
|
|
|
|
Total |
49999000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 19.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plastic Injection Molded Parts. |
|
|
|
|
Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
|
Countries : |
·
European Countries ·
China |
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|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Taiwan ·
Korea ·
Germany ·
China ·
Italy |
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|
|
|
Terms : |
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|
Selling : |
Cash, L/C and Credit |
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|
|
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
End Users
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No. of Employees : |
175 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Sanghavi and Company Chartered Accountants |
|
Address : |
Bulbul, 1st floor, Crescent Road, Bhavnagar – 364001,
Gujarat, India |
|
Tel. No.: |
91-278-2423434 / 6151 |
|
Fax No.: |
91-278-2423434 / 6151 |
|
E-Mail : |
|
|
PAN No.: |
AAQFS2682A |
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|
|
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Memberships : |
-- |
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|
|
|
Collaborators : |
-- |
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|
|
|
Associates : |
·
Industrial Jewels Private Limited ·
Meccanica RPC SLR, Italy |
CAPITAL STRUCTURE
AS ON 19.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999000 |
Equity Shares |
Rs.10/- each |
Rs. 49.999
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 |
49.999 |
49.999 |
35.000 |
|
(b) Reserves & Surplus |
15.628 |
3.963 |
0.994 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
5.461 |
|
Total
Shareholders’ Funds (1) + (2) |
65.627 |
53.962 |
41.455 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
32.783 |
5.813 |
0.674 |
|
(b) Deferred tax liabilities (Net) |
3.825 |
0.616 |
0.016 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.366 |
0.140 |
0.000 |
|
Total Non-current Liabilities (3) |
36.974 |
6.569 |
0.690 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
29.473 |
22.153 |
8.557 |
|
(b) Trade payables |
46.651 |
14.026 |
5.906 |
|
(c) Other current
liabilities |
12.036 |
15.563 |
12.604 |
|
(d) Short-term provisions |
1.273 |
1.085 |
0.363 |
|
Total Current Liabilities (4) |
89.433 |
52.827 |
27.430 |
|
|
|
|
|
|
TOTAL |
192.034 |
113.358 |
69.575 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
85.560 |
58.479 |
33.406 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.138 |
0.138 |
4.274 |
|
(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 |
3.024 |
1.152 |
0.914 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
88.722 |
59.769 |
38.594 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
22.616 |
18.758 |
12.932 |
|
(c) Trade receivables |
57.506 |
27.726 |
14.952 |
|
(d) Cash and cash
equivalents |
11.872 |
3.758 |
1.160 |
|
(e) Short-term loans and
advances |
11.318 |
3.347 |
1.937 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
103.312 |
53.589 |
30.981 |
|
|
|
|
|
|
TOTAL |
192.034 |
113.358 |
69.575 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
201.825 |
138.879 |
|
|
|
|
Other Income |
0.966 |
0.152 |
|
|
|
|
TOTAL |
202.791 |
139.031 |
57.075 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
115.936 |
89.220 |
|
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
0.292 |
(3.702) |
|
|
|
|
Employees benefits expense |
3.567 |
3.522 |
|
|
|
|
Other expenses |
55.215 |
38.088 |
|
|
|
|
TOTAL |
175.010 |
127.128 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
27.781 |
11.903 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.609 |
3.493 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.172 |
8.410 |
4.648 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.549 |
3.887 |
3.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.623 |
4.523 |
1.444 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.959 |
1.554 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.664 |
2.969 |
1.444 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
84.837 |
(85.561) |
38.738 |
|
|
TOTAL EARNINGS |
84.837 |
(85.561) |
38.738 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
34.367 |
35.470 |
18.876 |
|
|
|
Capital Goods |
2.754 |
38.952 |
0.081 |
|
|
TOTAL IMPORTS |
37.121 |
74.422 |
18.957 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.33 |
0.67 |
0.29 |
|
Expected Sales (2014-15): Rs. 330.000 Million
The above information has been parted by Mr. Bhavesh Padia (Quality
Assurance Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.168 |
3.168 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.78 |
2.14 |
2.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.76 |
8.57 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.70 |
3.99 |
2.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.08 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.95 |
0.52 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.01 |
1.13 |
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 |
35.000 |
49.999 |
49.999 |
|
Reserves & Surplus |
0.994 |
3.963 |
15.628 |
|
Share Application money
pending allotment |
5.461 |
0.000 |
0.000 |
|
Net
worth |
41.455 |
53.962 |
65.627 |
|
|
|
|
|
|
long-term borrowings |
0.674 |
5.813 |
32.783 |
|
Short term borrowings |
8.557 |
22.153 |
29.473 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
9.231 |
27.966 |
62.256 |
|
Debt/Equity
ratio |
0.223 |
0.518 |
0.949 |
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 |
57.075 |
138.879 |
201.825 |
|
|
|
143.327 |
45.324 |
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 |
57.075 |
138.879 |
201.825 |
|
Profit |
1.444 |
2.969 |
11.664 |
|
|
2.53% |
2.14% |
5.78% |
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 |
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate loan |
15.825 |
0.704 |
|
|
|
|
|
Total |
15.825 |
0.704 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10304056 |
18/02/2014 * |
66,000,000.00 |
STATE BANK OF INDIA |
Darbargadh Branch, Darbargadh, Bhavnagar, Gujarat - 364001, INDIA |
B97051601 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Dies and Moulds
·
Plant and Equipment
·
Furniture and Fixture
·
Office Equipments
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. 99.71 |
|
Euro |
1 |
Rs. 70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.