MIRA INFORM REPORT
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Report No. : |
325903 |
|
Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KARUNYA MARINE EXPORTS PRIVATE LIMITED |
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|
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Registered
Office : |
12/22, Jai Prabha Housing Society, 80 Ft Road, Mandvi, Ratnagiri – 415
612, Maharashtra |
|
Tel. No.: |
91-2352-232254 |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
13.12.2005 |
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|
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Com. Reg. No.: |
25-021671 |
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Capital
Investment / Paid-up Capital : |
Rs.5.100
million |
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|
|
|
CIN No.: [Company Identification
No.] |
U51219PN2005PTC021671 |
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|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
KLPK01621E |
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PAN No.: [Permanent Account No.] |
AACCK7083Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Supplier of Seafood Products. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 191100 |
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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. The company is performing well. The rating also reflects company’s sound financial risk profile marked
by healthy networth and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
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. Kurian A. Abraham |
|
Designation : |
Director |
|
Contact No.: |
91-9422052620 |
|
Date : |
04.06.2015 |
LOCATIONS
|
Registered Office : |
12/22, Jai Prabha Housing Society, 80 Ft Road, Mandvi, Ratnagiri – 415
612, Maharashtra, India |
|
Tel. No.: |
91-2352-232254/ 232454/ 232864 |
|
|
91-9422052620 (Mr. Kurian A. Abraham) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Warehouse : |
Survey No.42, Hissa No.1 and 2, Rahatagar, Peth Killa, Ratnagiri – 415
612, Maharashtra, India |
|
Tel. No.: |
91-2352-232791/ 232792/ 232793 |
|
Fax No.: |
91-2352-232910 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Kurian
Abraham Abraham |
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Designation : |
Director |
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Address : |
648/V/4,
Abraham House, Greenland-A, Sahakar Nagar, Nachane Road, Ratnagiri – 415 612,
Maharashtra, India |
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Date of Birth/Age : |
29.08.1974 |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
00344824 |
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Other
Directorship:
|
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|
Name : |
Mr. Valiakalayil
Abraham |
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Designation : |
Director |
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|
Address : |
648/V/4,
Abraham House, Greenland-A, Sahakar Nagar, Nachane Road, Ratnagiri – 415 612,
Maharashtra, India |
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|
Date of Birth/Age : |
03.10.1937 |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
00344897 |
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Other
Directorship:
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Name : |
Mrs. Sarah Abraham |
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Designation : |
Director |
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|
Address : |
648/V/4,
Abraham House, Greenland-A, Sahakar Nagar, Nachane Road, Ratnagiri – 415 612,
Maharashtra, India |
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Date of Birth/Age : |
30.06.1948 |
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Date of Appointment : |
13.12.2005 |
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DIN No.: |
00344995 |
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Other Directorship:
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Name : |
Mrs. Ann Kurian Abraham |
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Designation : |
Director |
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|
Address : |
648/V/4,
Abraham House, Greenland-A, Sahakar Nagar, Nachane Road, Ratnagiri – 415 612,
Maharashtra, India |
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Date of Birth/Age : |
17.05.1978 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
03644423 |
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Other
Directorship:
|
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KEY EXECUTIVES
|
Name : |
Shailesh Indapurkar and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
Radha Ramkrishna Society,
Flat No.5, 1st Floor, 1626, Sadashiv Peth, Gopal Gayan Samaj Road,
Pune – 411 030, Maharashtra, India |
|
Tel. No.: |
91-20- 24338629 |
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Mobile : |
91-9881257930 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Valiakalayil V. Abraham |
102000 |
20.00 |
|
Sarah V. Abraham |
102000 |
20.00 |
|
Kurian V. Abraham |
279000 |
54.71 |
|
V. Roy V. Abraham |
2000 |
0.39 |
|
Ann K. Abraham |
25000 |
4.90 |
|
Total |
510000 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Supplier of Seafood Products. |
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Products : |
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Brand Names : |
“KARUNYA” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
A.H. Patwardhan and Company Chartered Accountants |
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Address : |
796, Annapurna Nivas, Maruti Mandir, Shivajinagar, Ratnagiri – 415
612, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAUPP7346Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Partnership Firms in which directors of the company are partners : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
510000 |
Equity Shares |
Rs.10/- each |
Rs.5.100
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 |
5.100 |
5.100 |
5.100 |
|
(b) Reserves & Surplus |
61.805 |
48.604 |
37.172 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
66.905 |
53.704 |
42.272 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.066 |
0.083 |
0.133 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.066 |
0.083 |
0.133 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
37.584 |
33.420 |
0.000 |
|
(b) Trade payables |
29.638 |
31.324 |
31.678 |
|
(c) Other current liabilities |
2.155 |
1.131 |
1.179 |
|
(d) Short-term provisions |
19.052 |
14.750 |
12.007 |
|
Total Current Liabilities (4) |
88.429 |
80.625 |
44.864 |
|
|
|
|
|
|
TOTAL |
155.400 |
134.412 |
87.269 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
25.610 |
27.731 |
30.568 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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 |
7.479 |
6.513 |
5.435 |
|
(e) Other Non-current assets |
0.603 |
0.276 |
0.345 |
|
Total Non-Current Assets |
33.692 |
34.520 |
36.348 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
35.553 |
41.398 |
29.788 |
|
(c) Trade receivables |
35.441 |
35.205 |
7.777 |
|
(d) Cash and cash equivalents |
50.400 |
22.967 |
12.355 |
|
(e) Short-term loans and advances |
0.314 |
0.322 |
1.001 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
121.708 |
99.892 |
50.921 |
|
|
|
|
|
|
TOTAL |
155.400 |
134.412 |
87.269 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
488.576 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
488.576 |
419.289 |
311.691 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
461.931 |
395.702 |
290.759 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
26.645 |
23.587 |
20.932 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.248 |
2.138 |
1.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.397 |
21.449 |
19.189 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.441 |
3.868 |
4.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
19.956 |
17.581 |
14.817 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.489 |
5.741 |
4.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
13.467 |
11.840 |
9.996 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
440.234 |
345.008 |
277.549 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
26.41 |
23.22 |
19.60 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
2.76 |
2.82 |
3.21 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/ Total Income) |
(%) |
5.45 |
5.63 |
6.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.84 |
13.08 |
16.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.33 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56 |
0.62 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.24 |
1.14 |
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 |
5.100 |
5.100 |
5.100 |
|
Reserves & Surplus |
37.172 |
48.604 |
61.805 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
42.272 |
53.704 |
66.905 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
33.420 |
37.584 |
|
Total borrowings |
0.000 |
33.420 |
37.584 |
|
Debt/Equity ratio |
0.000 |
0.622 |
0.562 |
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) |
|
Total Income |
311.691 |
419.289 |
488.576 |
|
|
|
34.521 |
16.525 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
311.691 |
419.289 |
488.576 |
|
Profit |
9.996 |
11.840 |
13.467 |
|
|
3.21% |
2.82% |
2.76% |
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) |
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 |
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10104438 |
28/03/2013 * |
50,000,000.00 |
THE FEDERAL BANK LIMITED |
DYS PLAZA,GROUND FLOOR, MARUTI MANDIR, RATNAGIRI, MAHARASHTRA - 415639, INDIA |
B72755127 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Machinery
· Plant and Machinery – Others
· Computers
· Furniture and Fixtures
· Two Wheelers
· Office Equipment
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.64.18 |
|
UK Pound |
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
6 |
|
--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 |
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 |
|
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.