MIRA INFORM REPORT

 

 

Report No. :

328227

Report Date :

26.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ROOFIT INDUSTRIES LIMITED w.e.f.18.02.1982

 

 

Formerly Known As :

RATNAGIRI ASBESTOS PRIVATE LIMITED

 

 

Registered Office :

501, Sangli Building, 5th Floor, 296, Perin Nariman Street, Mumbai – 400001, Maharashtra

Tel. No.:

91-22-22662656/ 22660503/ 22664333

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.02.1982

 

 

Com. Reg. No.:

11-026369

 

 

Capital Investment / Paid-up Capital :

Rs.279.437 Million

 

 

CIN No.:

[Company Identification No.]

U99999MH1982PLC026369

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR18846C

 

 

PAN No.:

[Permanent Account No.]

AAACR8978F

 

 

Legal Form :

Closely held public (The Shares of the Subject Company are not Traded in BSE INSE in Last 30 days)

 

 

Line of Business :

Manufacturing and Marketing of Asbestos Cement Sheets and Accessories, Cement and Asbestos Cement Pressure Pipes.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

--

 

 

Litigation :

Exist

 

 

Comments :

Subject was established in the year 1982 having poor track record.

 

Management has not filed its latest financial record with government department and financial for the year 2009-2010 only available from the source.

 

As per the previous record of 2010, company was decaled as sick unit and registered case with board for Industrial and Financial Reconstruction but same case Dismissed as Non Maintainable.

 

Moreover, the subject company found with RBI defaulter and it has defaulted hefty amount with Bank of India. The South Indian Bank Limited, Unit Trust of India Limited and UCO Bank.

 

Site visit also conducted at the address which you have provided but our executive has not found company at the address which you have provided.

 

At the premises our executive found commercial premises but door of the premises was locked. After inquiring at premises our executive found that premises was locked from many year and no company was located with the name of “ROOFIT INDUSTRIES LIMITED”.

 

As per our executive observation location seems to be commercial. It was 5 storey building and name board of the subject company was not sighted at the premises.

 

No other information could be made available from any source.

 

Due to unavailability of alternate contact number and address our executive was unable to contact the subject company.

 

As per the status in the registrar of companies business appears to be active.

 

In view of poor track record along with absence of adequate information, the company can not considered for business dealings.

 

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

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 DENIED BY

 

Management Non co-operative.

 

 

LOCATIONS

 

Registered Office :

501, Sangli Building, 5th Floor, 296, Perin Nariman Street, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22662656/ 22660503/ 22664333

Fax No.:

91-22-22665804

E-Mail :

roofit@bom5.vsnl.net.in

rbifr2@gmail.com

Website :

http://www.roofitindia.com

Area :

Down Market

Location :

Easy

Locality:

Commercial

 

 

Head Office :

New Bharat Building, Ghorupdeo Cross Lane No., Off Rambhau Bhogle Marg, Byculla (East), Mumbai – 400033, Maharashtra, India

Tel No.:

91-22-23700827/ 23700826

Fax No.:

91-22-23700826

Email :

roofitho@gmail.com

 

 

Plant Locations :

·         B-15, MIDC, Mirjole, Ratnagiri – 415369, Maharashtra, India

 

·         Plot No. 379, Village Abitghar, Tal. Wada, Dist. Thane – 421 363, Maharashtra, India

 

·         B-42 Sipcot Industrial Complex, Gummidipoondi – 601201, Tamilnadu, India

 

·         E-25 MIDC, Chikalthana, Aurangabad – 431210, Maharashtra, India

Tel No.:91-242-2481679

 

·         Aurangabad, Maharashtra, India

 

·         Silvassa, Gujarat, India

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. Vinod Gurbux Motwani

Designation :

Director

Address :

201, Salisbury Park, Pali Mala Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

10.08.1958

Date of Appointment :

29.12.1987

 

 

Name :

Mr. Kishore Gurbux Motwani

Designation :

Director

Address :

Salisbury Park, Plot-906, Flat-203, 2nd Floor, Pali Mala Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

10.02.1959

Date of Appointment :

29.12.1987

 

 

Name :

Mr. Gurbux Gyanchand Motwani

Designation :

Director

Address :

39, Mysore Colony, Anik Village, Chembur, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

21.11.1932

Date of Appointment :

25.06.2008

 

 

MAJOR SHAREHOLDERS

 

As on 31.03.2010

 

Category

Percentage

Government Companies

0.74

Public Financial Companies

0.08

Nationalised or Other Banks

25.45

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

0.82

Bodies corporate

33.06

Directors or relatives of Directors

3.61

Other top fifty shareholders

4.69

Others

31.55

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Asbestos Cement Sheets and Accessories, Cement and Asbestos Cement Pressure Pipes.

 

 

Products :

Item Code No. (ITC Code)

681110

Product Description

AC Sheets

 

 

Item Code No. (ITC Code)

681130

Product Description

AC Pipes

 

 

Item Code No. (ITC Code)

252329.01

Product Description

Ordinary Portland Cement

 

 

Item Code No. (ITC Code)

3920.41

Product Description

PVC Sheet

 

 

Item Code No. (ITC Code)

NA

Product Description

Premix Plaster

 

 

Brand Names :

“Roofit”

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS NOT AVAILABLE  (As on 31.03.2010)

 

 

Particulars

Unit

Installed Capacity

 

 

 

 

Asbestos Cement Sheets and Accessories

Tonnes

240000

Asbestos Cement Pipes and Accessories

Tonnes

20000

Cement

Tonnes

60000

Dry Mix Products

Tonnes

435000

PVC Sheets

Tonnes

3600

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Industrial Development Bank of India

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         State Bank of India

·         Bombay Mercantile Co-operative Bank Limited

·         Punjab National Bank

·         Dhanlakshmi Bank

·         Canara Bank

·         Corporation Bank

·         UCO Bank

·         Catholic Syrian Bank Limited

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

Industrial Development Bank of India

 

 

-Rupee Term Loans

344.361

344.361

-Foreign Currency Loan

12.443

12.443

 

 

 

Industrial investment Bank of India

15.000

15.000

 

 

 

Industrial Credit and Investment Corporation of India Limited

92.300

92.300

 

 

 

Unit Trust of India - 18% Non Convertible Debentures

10.000

10.000

 

 

 

Unit Trust of India - 16% Nan Convertible Debentures

50.000

50.000

 

 

 

State Bank of India

22.500

22.500

 

 

 

Bombay Mercantile Co-operative Bank Limited

21.875

21.875

 

 

 

Cash Credit from Banks against Hypothecation of Stock and Book Debts

2154.740

2154.740

 

 

 

Packing Credit Facility from Banks

51.421

51.421

 

 

 

Project Loans (Against Hypothecation of Dry Mix Plant at Kurkumbh and Chennai)

(From Punjab National Bank, Bombay Mercantile Bank, 1181, Dhanlakshmi Bank, Canara Bank and Corporation Bank]

285.143

285.143

 

 

 

UCO Bank - Corporate Loan

100.000

100.000

 

 

 

Life Insurance Corporation of India - 12.75% - NCDs

100.000

100.000

 

 

 

Hire Purchases and Equipment Finance Loan from Catholic Syrian Bank Limited and Others

41.157

41.157

 

 

 

Interest Accrued on Secured Loans

1021.808

1021.808

 

 

 

Total

4322.748

4322.748

 

NOTE:

 

1. Loans taken from Industrial Development Bank of India, Industrial Credit and investments Corporation of India Limited, Industrial Investment Bank of lndia, State Bank of India, and Bombay Mercantile Bank Limited, is secured by first charge by way of hypothecation of all the company's immovable properties (except properties at Kurkumb and Chennai Drynix Plant) both present and future and also a first charge by way of hypothecation of all company's movable properties (Save and Except Book Debts) including movable machinery, machinery spares, tools and accessories present and future, subject to prior charges created/ to be created in favour of companies bankers on the company’s stock of raw mated, semi-finished and finished goods, consumables stores and such other movables as may be agreed. It is also guaranteed by Mr. Suresh G Motwani, Mr. Vinod G Motwani and Mr. Kishore G Motwani Director of the company.

 

2. Hire Purchases Loans are secured by the assets acquired on hire purchase.

 

3. Non convertible Debentures from Unit Trust of India and Life Insurance Corporation of India are secured by a legal/ English mortgage over all the immovable properties of the company, whether situated, including plant and machinery, spares, tools and accessories both present and future and a floating charge on all the other movable assets of the company subject to prior charges, if any, created in favour of the Company's Bankers for securing its working capital requirements.

 

4. During the year ended 31st March 2005 the term loan from ICICl was reduced to the extent of adjustment of group concern liabilities of Rs.16.400 Millions by lCICl in respect of the year 2002. Prepayment Premium of Rs.2.000 Millions paid in 2002 was reversed in the same year on account of adjustments and credited to financial charges account during that year. However this is subject to confirmation / reconciliation.

 

 

 

 

Financial Institution:
  • National Agricultural Co-operative Marketing Federation of India Limited, Gultekdi, Market Yard, Pune – 411037, Maharashtra, India
  • International Asset Reconstruction Company Private Limited, 709, 7th Floor, Ansal Bhavan, 16, Kasturba Gandhi Marg, New Delhi – 110001, India

 

 

Auditors :

 

Name :

Nitish Nigam and Company

Chartered Accountants

Address :

105, Narayan Bhavan, 1st Floor, 82/86, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

ABAPN6561A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Relatives of key management personnel and their enterprises:

(As on 31.03.2010)
  • Sun Earth Ceramics Limited
  • Nestler Limited
  • VIVITA Limited
  • Motwani Enterprises Private Limited
  • S Wud Products Limited
  • Henex Dairy and Foods Products Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

35000000

Equity Shares

Rs.10/- each

Rs.350.000 Million

2500000

Preference Shares

Rs.100/-each

Rs.250.000 Million

 

                                                                Total

 

Rs.600.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15989440

Equity Shares

Rs.10/- each

Rs.159.894 Million

 

Share Forfeiture A/c

(*100000 Preference share of Rs.100/- each have been redeemed upto 2/3 of their nominal value)

 

Rs.0.010 Million

1262000

Preference Shares

Rs.100/- each

Rs.119.533 Million

 

Total

 

Rs.279.437Million

 

 

NOTE:

 

(Of the above 2,00,000 Equity Shares are allotted to M/s Sun Earth Ceramics as Part consideration for transfer of pipe division on conversion of Zero Coupon Fully Convertible Bonds of Rs.150/- each in the previous year.)

 

Out of the above:

 

A] 79,94,720 Equity Shares of Rs.10/- each were allotted as fully paid Bonus shares by capitalisation of General Reserves and Share Premium account in 2000-01.

 

B] 23,99,400 Equity Shares of Rs.10/- were doted as fully paid up Bonus Shares during the year 1994-95 by capitalisation of General Reserves and Share Premium account.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

279.437

279.437

279.437

2] Share Application Money

0.0000

0.000

0.000

3] Reserves & Surplus

294.934

294.934

294.934

4] (Accumulated Losses)

(4580.898)

(4364.352)

(4042.107)

NETWORTH

(4006.527)

(3789.981)

(3467.736)

LOAN FUNDS

 

 

 

1] Secured Loans

4322.748

4322.748

4345.294

2] Unsecured Loans

1438.009

1438.009

1480.960

TOTAL BORROWING

5760.757

5760.757

5826.254

DEFERRED TAX LIABILITIES

125.043

142.461

162.548

 

 

 

 

TOTAL

1879.273

2113.237

2521.066

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1014.717

1110.070

1204.497

Capital work-in-progress

410.087

409.636

409.637

 

 

 

 

INVESTMENT

6.851

6.851

6.851

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
59.267
104.776

61.365

 

Sundry Debtors
991.358
1239.417

1444.305

 

Cash & Bank Balances
10.940
7.108

32.999

 

Other Current Assets
33.536
53.399

93.864

 

Loans & Advances
407.897
400.358

429.442

Total Current Assets
1502.998
1805.058

2061.975

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Current Liabilities
1055.380
1218.378

1161.894

 

Provisions
0.000
0.000

0.000

Total Current Liabilities
1055.380
1218.378

1161.894

Net Current Assets
447.618
586.680

900.081

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1879.273

2113.237

2521.066

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

Income

681.910

546.995

614.139

 

Other Income

9.865

11.094

31.543

 

 Increase / (Decrease in Stock)

(28.074)

38.254

(13.639)

 

TOTAL

663.701

596.343

632.043

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Material

499.608

524.935

525.110

 

Expenses

297.617

304.202

240.786

 

TOTAL

797.225

829.137

765.896

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(133.524)

(232.794)

(133.853)

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.398

10.723

19.934

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(134.922)

(243.517)

(153.787)

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

99.041

98.815

98.447

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(233.963)

(342.332)

(252.234)

 

 

 

 

 

Less

TAX

(17.417)

(20.087)

(25.628)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(216.546)

(322.245)

(226.606)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(4364.351)

(4042.106)

(3815.500)

 

 

 

 

 

 

Balance Carried to the B/S

(4580.897)

(4364.351)

(4042.106)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.10) 

 (20)

 (14)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Net Profit Margin

(PAT / Sales)

(%)

(31.76)
(57.74)

(35.10)

 

 

 
 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

(19.58)
(62.58)

(41.07)

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(15.57)
(11.74)

(7.72)

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.06)
0.09

0.07

 

 
 
 

 

Debt Equity Ratio

(Total Debt /Networth)

 
(1.44)
(1.84)

(2.02)

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.42
1.48

1.77

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

13.03.2008

13.03.2009

31.03.2010

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

279.437

297.437

297.437

Reserves & Surplus

294.934

294.934

294.934

Net worth

574.371

592.371

592.371

long-term borrowings

4345.294

4322.748

4322.748

Short term borrowings

1480.960

1438.009

1438.009

Total borrowings

5826.254

5760.757

5760.757

Debt/Equity ratio

10.144

9.725

9.725

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2008

31.03.2009

31.03.2010

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

614.139

546.995

681.910

 

 

(10.933)

24.665

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2008

13.03.2009

31.03.2010

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

614.139

546.995

681.910

Profit

(226.606)

(322.245)

(216.546)

 

(36.90%)

(58.91%)

(31.76%)

 

 

 

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

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

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

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

Case Details

Bench:-Bombay

 

 

Presentation Date:-22/06/2015

 

Lodging No.:- CHSL/1116/2015   Filing Date:- 22/06/2015

Main Matter

Lodging No.:- SSL/3113/2002                                     Reg No.:- SS/3233/2002

 

 

Petitioner:- INFRASTRUCTURE LEASING AND FINANCIAL Respondent:- ROOFIT INDUSTRIES LTD.AND STEWART

 

District:- MUMBAI                                                        Res.Adv.:- RMG LAW ASSOCIATES (293)                 

 

Bench:-      SINGLE

Status:-      Pre-Admission                                             Category:- CHAMBER SUMMONS.

Next Date:-24/06/2015                                                   Stage:-

Coram:-     HON’BLE SHRI JUSTICE K.R. SRIRAM

 

 

Act:- Code of Civil Procedure 1908

 

 

 

OPERATIONS : (As on 31.03.2010)

 

The above results reflects critical situation under which the Company continues to operate even during the financial year. The Company has suffered a loss of Rs. 3216.600 Million during the financial year. However, during the year the company was able to reduce the losses due to increase in turnover.

 

The Company’s factories at Ratnagiri and Silvassa remained closed and only factories at Gummidpoondi, Abitghar, Aurangabad, Chennai (Dry Mix Unit) and Pune (Dry Mix Unit) wre working during the year under licensing arrangements or business conducting basis.

 

The Company has field a new reference before the BIFR which along with the carlier reference in pending in appeal before AAIFR. The directors nsiderd the case favorable view that once the BIFR/AAIFR considers the case favorably by ordering a Scheme for determining the measures shall be adopted with respect to revival of the Company’s operations to optimum level.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Interest Free sales Tax Loan

84.970

84.970

Deposits

422.358

422.358

Other Unsecured Loans

769.766

769.766

Interests Accrued on Unsecured Loans

160.915

160.915

 

1438.009

1438.009

 

 

 

FIXED ASSETS

 

Tangible Assets

 

 

·         Leasehold Land

·         Freehold Land

·         Factory Building

·         Office Building

·         Tube and Well

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computers

·         Factory Equipments

·         Vehicles

 

 

 

 

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.63.61

UK Pound

1

Rs.99.79

Euro

1

Rs.71.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUD

 

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.