MIRA INFORM REPORT

 

 

Report No. :

312822

Report Date :

19.03.2015 

 

IDENTIFICATION DETAILS

 

Name :

ETC AGRO PROCESSING (INDIA) PRIVATE LIMITED

 

 

Registered Office :

4th Floor, Pharma Search House, 72/73, Worli Hill Estate, Dr. B. G. Kher Road, Worli, Mumbai – 400 018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

21.05.2008

 

 

Com. Reg. No.:

11-182460

 

 

Capital Investment / Paid-up Capital :

Rs.12.579 million

 

 

CIN No.:

[Company Identification No.]

U51200MH2008PTC182460

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCE6163B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing and wholesale trading of grains, glucose biscuits, cereals, oilseeds, pulses, spices, legumes and other agricultural products.

 

 

No. of Employees :

Information declined by the Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 891000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company jointly promoted by Mr. Vijay Doshi and Africa-based ETC Export Trading Co. having moderate track.

 

Management has filed “Form 20B” depicting annual return for FY 14, whereas failed to file any other documents pertaining to the same year, with the statutory authorities.

 

As per available, the company has reported working capital intensive operations stemmed by a loss from its operations during FY 13. 

 

However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct.

 

In view of experienced promoters, the company can be considered for business dealings with caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

CRISIL

Rating

Long Term Rating: BB-

Rating Explanation

Moderate risk of default regarding servicing of financial obligations.

Date

30.04.2014

 

 

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 DECLINED

 

Management non-cooperative

 

(Tel. No.: 91-22-66221500)

 

LOCATIONS

 

Registered Office/ Head Office :

4th Floor, Pharma Search House, 72/73, Worli Hill Estate, Dr. B. G. Kher Road, Worli, Mumbai – 400 018, Maharashtra, India

Tel. No. :

91-22-66221500

Fax No. :

91-22-66221515

E-Mail :

etggrouproc@gmail.com

contact@etcargo.in

Website :

http://www.etgworld.com

 

 

Manufacturing Plant :

Located at:

 

·         Mehamdabad (Gujarat)

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mrs. Mala Vijaykumar Doshi

Designation :

Director

Address :

21/B, Paradise Apartment, 44, Neapeansea Road, Mumbai – 400 036, Maharashtra, India

Date of Appointment :

21.05.2008

DIN No. :

00008954

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U99999MH1989PLC051568

CORONATION AGRO INDUSTRIES LIMITED

Director

02/05/1989

02/05/1989

-

Active

NO

2

U51900MH1990PTC056990

GREENFIELD IMPEX PRIVATE LIMITED

Director

22/06/1990

22/06/1990

-

Active

NO

3

U01549MH2007PTC167688

ETC COMMODITIES (INDIA) PRIVATE LIMITED

Director

21/07/2007

21/07/2007

-

Active

NO

4

U51200MH2008PTC182460

ETC AGRO PROCESSING (INDIA) PRIVATE LIMITED

Director

21/05/2008

21/05/2008

-

Active

NO

5

U51101MH2011PTC213208

ETG AGRO PRIVATE LIMITED

Director

09/02/2011

09/02/2011

-

Active

NO

6

U51909MH2011PTC222755

ETG COMMODITIES PRIVATE LIMITED

Director

05/10/2011

05/10/2011

-

Active

NO

 

 

Name :

Mr. Vijaykumar Bhupatrai Doshi

Designation :

Managing Director

Address :

21/B, Paradise Apartment, 44, Neapeansea Road, Mumbai – 400 036, Maharashtra, India

Date of Appointment :

05.10.2012

DIN No. :

00039884

PAN No.:

AAHPD2175L

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U99999MH1989PLC051568

CORONATION AGRO INDUSTRIES LIMITED

Director

02/05/1989

02/05/1989

-

Active

NO

2

U51900MH1990PTC056990

GREENFIELD IMPEX PRIVATE LIMITED

Director

22/06/1990

22/06/1990

-

Active

NO

3

U01549MH2007PTC167688

ETC COMMODITIES (INDIA) PRIVATE LIMITED

Director

08/02/2007

08/02/2007

-

Active

NO

4

U51200MH2008PTC182460

ETC AGRO PROCESSING (INDIA) PRIVATE LIMITED

Managing director

05/10/2012

21/05/2008

-

Active

NO

5

U51101MH2011PTC213208

ETG AGRO PRIVATE LIMITED

Managing director

01/10/2012

09/02/2011

-

Active

NO

6

U51909MH2011PTC222755

ETG COMMODITIES PRIVATE LIMITED

Director

05/10/2011

05/10/2011

-

Active

NO

 

 

Name :

Mr. Ketan Kumar Vinubhai Patel

Designation :

Director

Address :

Property-6486/032/001, Block/ Plot-119, Uganda AV, Dar ES Salaam, Kinondoni, Tanzania, Z99999999999, United Republic of Tanzania

Date of Appointment :

01.10.2010

DIN No. :

03047408

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51900MH1990PTC056990

GREENFIELD IMPEX PRIVATE LIMITED

Director

01/10/2010

01/10/2010

-

Active

NO

2

U51200MH2008PTC182460

ETC AGRO PROCESSING (INDIA) PRIVATE LIMITED

Director

01/10/2010

01/10/2010

-

Active

NO

 

 

Name :

Mr. Maheshkumar Raojibhai Patel

Designation :

Director

Address :

Property-A08300-17, Block-63228, Plot-1505, Street: Msasani Dar ES Salaam, Tanzania, Msasani, Tanzania, Z99999999999, United Republic of Tanzania

Date of Appointment :

01.10.2010

DIN No. :

03047448

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51900MH1990PTC056990

GREENFIELD IMPEX PRIVATE LIMITED

Director

01/10/2010

01/10/2010

-

Active

NO

2

U51200MH2008PTC182460

ETC AGRO PROCESSING (INDIA) PRIVATE LIMITED

Director

01/10/2010

01/10/2010

-

Active

NO

3

U13209MH2013PTC246543

INDO-AFRICA RESOURCES PRIVATE LIMITED

Director

16/08/2013

16/08/2013

23/12/2014

Active

NO

 

 

Name :

Mr. Ashish Kirtibhai Ajmera

Designation :

Additional Director

Address :

E-41, Satellite Centre, Opposite - Management Enclave, Vastrapur, Ahmedabad – 380 015, Gujarat, India

Date of Appointment :

01.10.2010

DIN No. :

03391553

PAN No.:

ACMPA2807K

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Percentage of holding

Mala Vijaykumar Doshi

66739

(5639 equity shares are partly paid for Re.1/-)

4.87

Vijaykumar Bhupatrai Doshi

66737

(5637 equity shares are partly paid for Re.1/-)

4.87

Vijay Bhupatrai Doshi (HUF)

66739

(5639 equity shares are partly paid for Re.1/-)

4.87

Hemir Vijaykumar Doshi

66738

(5638 equity shares are partly paid for Re.1/-)

4.87

Meera Hemir Doshi

66739

(5639 equity shares are partly paid for Re.1/-)

4.87

ETC Commodities India Private Limited, India

214643

(16916 equity shares are partly paid for Re.1/-)

15.66

ETC Group, Mauritius

822362

60.00

Total

1370697

100.01

 

 

AS ON 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

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

60.00

Bodies corporate

15.66

Directors or relatives of Directors

24.34

Total

100.00

 

                 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing and wholesale trading of grains, glucose biscuits, cereals, oilseeds, pulses, spices, legumes and other agricultural products.

 

 

Products :

Item Code No. (ITC Code)

 

Product Description

99611112

Wheat

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the Management.

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Everest Building, Ground Floor, Tardeo Road, Mumbai – 400 034, Maharashtra, India

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

 

Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad – 380 006, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

1. Equitable Mortgage of land and building and Plant and machinery at Mehemdabad

2. Equitable mortgage of land and Building at Wada standing in the name of Greenfield Impex Private Limited

3. Corporate guarantee of Greenfield Impex Private Limited

35.333

91.741

Loans taken for vehicles (Car Loan)

0.000

0.279

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

i. Cash Credit and overdraft facility from bank carries interest ranging between 12.5% to 13.5% p.a. ii. Equitable mortgage of land and building and plant and machinery at Mehemdabad.

iii. Equitable mortgage of land and building at Wada standing in the name of Greenfeild Impex Private Limited.

iv. Corporate guarantee of Greenfield Impex Private Limited

25.845

44.417

Total

61.178

136.437

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.S.R. and Company

Chartered Accountants

Address :

1st Floor, Lodha Excellus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India

PAN No.:

AAAFB9852F

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

ETC Group, Mauritius

 

 

Subsidiary Company :

Greenfield Impex Private Limited, India (CIN No.: U51900MH1990PTC056990)

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :
  • Coronation Agro Industries Limited, India (CIN No.: U99999MH1989PLC051568)
  • ETC Commodities (India) Private Limited, India (CIN No.: U01549MH2007PTC167688)
  • ETG Agro Private Limited, India (CIN No.: U51101MH2011PTC213208)
  • Vijay B. Doshi HUF, India

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1600000

Equity Shares

Rs.10/- each

Rs.16.000 million

400000

Preference Shares

Rs.10/- each

Rs.4.000 million

 

Total

 

Rs.20.000 million

 

 

 

 

 

Issued & Subscribed Capital :

No. of Shares

Type

Value

Amount

1370697

Equity Shares

Rs.10/- each

Rs.13.707 million

 

 

 

 

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

1325589

Equity Shares

Rs.10/- each

Rs.13.256 million

45108

Equity Shares (Partly paid for Re.1/-)

Re.1/- each

Rs.0.045 million

 

 

 

Rs.13.301 million

 

 

 

 

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1600000

Equity Shares

Rs.10/- each

Rs.16.000 million

400000

Preference Shares

Rs.10/- each

Rs.4.000 million

 

Total

 

Rs.20.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1257927

Equity Shares

Rs.10/- each

Rs.12.579 million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

12.579

12.579

9.400

(b) Reserves & Surplus

299.249

321.468

168.486

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.102

0.000

Total Shareholders’ Funds (1) + (2)

311.828

334.149

177.886

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

429.443

92.020

141.949

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

0.718

0.258

0.000

Total Non-current Liabilities (3)

430.161

92.278

141.949

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

226.248

113.247

86.359

(b) Trade payables

156.466

18.593

8.077

(c) Other current liabilities

131.733

72.343

69.730

(d) Short-term provisions

0.000

0.000

0.383

Total Current Liabilities (4)

514.447

204.183

164.549

 

 

 

 

TOTAL

1256.436

630.610

484.384

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

351.447

380.578

308.400

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

493.133

34.326

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

109.692

109.692

109.692

(c) Deferred tax assets (net)

0.000

4.457

9.934

(d)  Long-term Loan and Advances

92.156

21.734

5.589

(e) Other Non-current assets

0.000

0.000

0.224

Total Non-Current Assets

1046.428

550.787

433.839

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

120.103

6.502

8.377

(c) Trade receivables

32.091

43.930

24.088

(d) Cash and cash equivalents

43.606

9.467

10.536

(e) Short-term loans and advances

14.208

19.924

7.544

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

210.008

79.823

50.545

 

 

 

 

TOTAL

1256.436

630.610

484.384

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operations

1761.437

1074.585

744.579

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(17.762)

17.647

(9.101)

 

 

 

 

 

Less

TAX                                                                 

4.457

9.079

(2.201)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(22.219)

8.568

(6.900)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(17.66)

6.81

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT/Sales)

(%)

(1.26)

0.80

(0.93)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(2.72)

3.66

(2.50)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.06)

0.05

(0.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.10

0.61

1.28

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.41

0.39

0.31

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(INR in Million)

(INR in Million)

(INR in Million)

Share Capital

9.400

12.579

12.579

Reserves & Surplus

168.486

321.468

299.249

Share Application money pending allotment

0.000

0.102

0.000

Net worth

177.886

334.149

311.828

 

 

 

 

Long Term borrowings

141.949

92.020

429.443

Short Term borrowings

86.359

113.247

226.248

Total borrowings

228.308

205.267

655.691

Debt/Equity ratio

1.283

0.614

2.103

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(INR in Million)

(INR in Million)

(INR in Million)

Revenue from operations

744.579

1074.585

1761.437

 

 

44.321

63.918

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(INR in Million)

(INR in Million)

(INR in Million)

Revenue from operations

744.579

1074.585

1761.437

Profit

(6.900)

8.568

(22.219)

 

(0.93%)

0.80%

(1.26%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

-----

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

NOTE:

 

The registered address of the company has been shifted from 19-B, Everest, 3rd Floor, Tardeo Road, Mumbai – 400 034, Maharashtra to the present address w.e.f. 24.11.2011.

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Loans and advances from others

394.110

0.000

SHORT TERM BORROWINGS

 

 

Loans and advances from others

200.403

68.830

Total

594.513

68.830

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10461834

12/11/2013

800,000,000.00

RABOBANK INTERNATIONAL

2/F, FORBES BUILDING, CHARANJIT RAI MARG, FORT, MUMBAI, MAHARASHTRA -400001, INDIA

B90164252

2

10455693

10/11/2014 *

1,510,000,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

C32857856

3

10152165

15/05/2013 *

348,200,000.00

BANK OF BARODA

EVEREST BUILDING, GROUND FLOOR, TARDEO RAOD, MUMBAI, MAHARASHTRA - 400034, INDIA

B84192186

 

* Date of charge modification

 

 

FIXED ASSETS

 

·         Land

·         Buildings

·         Plant and Equipments

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer 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 records 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 records 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.62.67

UK Pound

1

Rs.92.46

Euro

1

Rs.66.34                                               

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

-- PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

33

 

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.