MIRA
INFORM REPORT
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Report No. : |
325180 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
K MOHAN AND COMPANY (EXPORTS) PRIVATE LIMITED |
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Formerly Known
As : |
KARNATAKA CLOTHING PRIVATE LIMITED |
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Registered
Office : |
B-1, 62/5, |
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Tel. No.: |
91-80-41967110 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.04.2004 |
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Com. Reg. No.: |
08-033743 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Million |
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CIN No.: [Company Identification
No.] |
U18101KA2004PTC033743 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK04518D |
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PAN No.: [Permanent Account No.] |
AAACL9811H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Ready-made Garments. |
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No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. The rating takes into considered strong track record in the ready-made
garments industry and its global clientele. However, trade relations are fair. Business is active. Payment terms
are reported to be usually 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Have moderate degree of safety and moderate
credit risk. |
|
Date |
December 11, 2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
December 11, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. D.K. Chander |
|
Designation : |
Deputy General Manager in Accounts |
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Contact No.: |
91-80-25736001 |
LOCATIONS
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Registered / Corporate Office : |
B-1, 62/5, Begur Road, Bommanahalli, Bangalore – 560068, Karnataka, India |
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Tel. No.: |
91-80-41967110/ 111/ 25736001 |
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Fax No.: |
91-80-2573 6025 |
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E-Mail : |
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Website : |
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Factory : |
6 factories in Bangalore |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Raju Mohandas Mahtaney |
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Designation : |
Whole-time director |
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Address : |
B2, Epsilon, Yemlur Main Road, Off Airport Road, Bangalore - 560037, Karnataka, India |
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Date of Birth/Age : |
05.09.1950 |
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Date of Appointment : |
06.032009 |
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PAN No.: |
AADPM2313B |
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DIN No.: |
00152718 |
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Other Directorship :
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Name : |
Mrs. Pooja Raju Mahtaney |
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Designation : |
Whole-time director |
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Address : |
B2, Epsilon, Yemlur Main Road, Off Airport Road, Bangalore - 560037, Karnataka, India |
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Date of Birth/Age : |
11.03.1957 |
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Date of Appointment : |
06.03.2009 |
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PAN No.: |
AAHPM3042R |
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DIN No.: |
00152968 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Someswara Rao Nishtala |
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Designation : |
Secretary |
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Address : |
101, Phase 1, Golden Park Apartments, Kodichikkanahalli, Bangalore - 560076, Karnataka, India |
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Date of Birth/Age : |
25.07.1954 |
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Date of Appointment : |
09.03.2006 |
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PAN No.: |
AAPPR9496Q |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
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No. of Shares |
|
Raju Mohandas Mahtaney |
|
2470 |
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Pooja Raju Mahtaney |
|
4992500 |
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Gitanjali Raju Mahtaney |
|
5005000 |
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Trinova Holdings Private Limited, India |
|
10 |
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Growsafe Securities Private Limited, India |
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10 |
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K Mohan and Company Exports (India) Private Limited, India |
|
10 |
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Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors
or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ready-made Garments. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Ready-made Garments |
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Countries : |
· US UK Canada Netherlands |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Taiwan Singapore |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
7000 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point,
Mumbai - 400021, Maharashtra, India ·
The Hongkong and Shanghai Banking
Corporation Limited 7 M G Road, Bangalore - 560001, Karnataka, India ·
State Bank of India Overseas Branch, LHO Compound, St. Mark's Road,
Bangalore - 560001, Karnataka, India |
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Facilities : |
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Financial Institution : |
· Religare Finvest Limited D3, P3B, District Centre, Saket, New Delhi - 110017, Delhi, India |
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Auditors : |
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Name : |
Prakash and Thiagarajan Chartered Accountants |
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Income-tax
PAN of auditor or auditor's firm : |
AADFP0006C |
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Other Related
Party : |
Aambind
Private Limited [U52321TN1987PTC014511] |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Rodman Technologies Private Limited
[U18101KA1996PTC042444] Primus Retail Private Limited [U65999KA1995PTC019281] Trinova Holdings Private Limited Firefly Holdings Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
352.828 |
328.573 |
334.076 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
452.828 |
428.573 |
434.076 |
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(3) Non-Current
Liabilities |
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|
|
|
(a) long-term borrowings |
282.863 |
298.745 |
311.313 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
407.643 |
|
(d) long-term provisions |
16.086 |
21.940 |
0.000 |
|
Total Non-current Liabilities (3) |
298.949 |
320.685 |
718.956 |
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(4) Current Liabilities |
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(a) Short term borrowings |
451.336 |
766.957 |
566.890 |
|
(b) Trade payables |
421.328 |
475.604 |
0.000 |
|
(c) Other current
liabilities |
28.460 |
29.151 |
32.764 |
|
(d) Short-term provisions |
37.915 |
27.678 |
28.695 |
|
Total Current Liabilities (4) |
939.039 |
1299.390 |
628.349 |
|
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TOTAL |
1690.816 |
2048.648 |
1781.381 |
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
293.126 |
299.678 |
330.078 |
|
(ii) Intangible Assets |
4.757 |
3.381 |
1.383 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
2.499 |
|
(b) Non-current Investments |
1.409 |
1.409 |
21.909 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
94.724 |
91.786 |
111.189 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
394.016 |
396.254 |
467.058 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
76.102 |
76.103 |
|
(b) Inventories |
554.289 |
752.832 |
654.391 |
|
(c) Trade receivables |
437.921 |
510.953 |
304.814 |
|
(d) Cash and cash
equivalents |
120.772 |
183.121 |
182.838 |
|
(e) Short-term loans and
advances |
33.416 |
35.548 |
22.384 |
|
(f) Other current assets |
150.402 |
93.838 |
73.793 |
|
Total Current Assets |
1296.800 |
1652.394 |
1314.323 |
|
|
|
|
|
|
TOTAL |
1690.816 |
2048.648 |
1781.381 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
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|
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Turnover |
NA |
3830.300 |
4043.000 |
|
|
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Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA
|
NA
|
NA
|
|
|
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|
|
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|
Less |
EXPENSES |
|
|
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TOTAL |
|
NA
|
NA
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(Including
Depreciation Expenses) |
30.400 |
(194.600) |
|
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|
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|
Less |
DEPRECIATION/
AMORTISATION |
|
44.700 |
49.600 |
|
|
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|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
(14.300) |
(244.200) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
(8.800) |
6.300 |
|
|
|
|
|
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|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
24.255 |
(5.500) |
(250.500) |
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
268.400 |
273.900 |
524.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
292.655 |
268.400 |
273.900 |
|
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|
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|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3703.100 |
3421.100 |
3680.300 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2.43 |
(0.55) |
(25.05) |
|
%20PRIVATE%20LIMITED%20-%20325180%2002-Jun-2015_files/image001.gif){kind=small}
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
15.700 |
13.828 |
14.398 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
NA
|
(0.70) |
(13.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.03) |
(0.56) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.66 |
2.52 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.27 |
2.09 |
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 |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
334.076 |
328.573 |
352.828 |
|
Net
worth |
434.076 |
428.573 |
452.828 |
|
|
|
|
|
|
long-term borrowings |
311.313 |
298.745 |
282.863 |
|
Short term borrowings |
566.890 |
766.957 |
451.336 |
|
Current Maturities of Long term debt |
14.398 |
13.828 |
15.700 |
|
Total
borrowings |
892.601 |
1079.530 |
749.899 |
|
Debt/Equity
ratio |
2.056 |
2.519 |
1.656 |
%20PRIVATE%20LIMITED%20-%20325180%2002-Jun-2015_files/image003.gif)
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 two 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 |
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 LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
32.863 |
0.000 |
|
Loans and advances from related parties |
250.000 |
250.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
451.336 |
766.957 |
|
|
|
|
|
Total |
734.199 |
1016.957 |
INDEX OF CHARGES
|
S.No. |
Charge Id |
Date Of Charge Creation/Modification |
Charge Amount Secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10478004 |
18/03/2015 * |
250,000,000.00 |
Indian Overseas
Bank |
Bommanahalli
Branch, Begur Road, Bangalore, Karnataka - 560068, India |
C49349665 |
|
2 |
10431747 |
12/05/2014 * |
380,000,000.00 |
Kotak Mahindra
Bank Limited |
27bkc, C 27, G
Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India |
C24509283 |
* Date of charge modification
FIXED ASSETS:
·
Land
Buildings
Plant and
equipment
Factory
equipments
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.