MIRA INFORM REPORT
|
Report No. : |
319801 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MJK ENGINEERS AND CONSTRUCTIONS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
19/9, Manickavasaga Nagar, 1st Street, Kavundampalayam, Coimbatore – 641030, Tamilnadu |
|
Tel. No.: |
91-422-2454603 / 4384603 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
05.09.2008 |
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|
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Com. Reg. No.: |
18-014739 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Million |
|
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|
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CIN No.: [Company Identification
No.] |
U29299TZ2008PTC014739 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of constructions work of wind mill and substation
electrical engineer. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000 |
|
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s small scales of
business operation and low reserve of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some
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 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ramasubramanian |
|
Designation : |
Head Operation |
|
Contact No.: |
91-9442222703 |
|
Date : |
29.04.2015 |
LOCATIONS
|
Registered Office : |
19/9, Manickavasaga Nagar, 1st Street, Kavundampalayam,
Coimbatore – 641030, Tamilnadu, India |
|
Tel. No.: |
91-422-2454603 / 4384603 |
|
Mobile No.: |
91-9442222703 (Mr. Ramasubramanian) |
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Fax No.: |
91-422-4382420 |
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E-Mail : |
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Administrative Office : |
30, K S Arunachalam Street, K K Pudur, Behind Sahibabad Temple, Coimbatore - 641038, Tamilnadu, India |
DIRECTORS
AS ON: 30.09.2014
|
Name : |
Mr. Mani Manimurthi |
|
Designation : |
Managing Director |
|
Address : |
Old-9, New-19, Manickavasaga St., Kavundampalayam, Coimbatore – 641030, Tamilnadu, India |
|
Date of Birth/Age : |
24.06.1966 |
|
Date of Appointment : |
05.09.2008 |
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DIN No.: |
02271347 |
|
|
|
|
Name : |
Mrs. Ramachandran Jayabharathi |
|
Designation : |
Director |
|
Address : |
Chinnaiyan Ramachandran 31, SKV Nagar, KK Pudur, Coimbatore – 641038, Tamilnadu, India |
|
Date of Birth/Age : |
15.08.1969 |
|
Date of Appointment : |
05.09.2008 |
|
DIN No.: |
02242116 |
KEY EXECUTIVES
|
Name : |
Mr. Ramasubramanian |
|
Designation : |
Head Operation |
|
|
|
|
Name : |
R. Mahalingam and Associates |
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Designation : |
Company Secretaries |
|
Address : |
No.3, 1st Floor, RKN Complex, Raja Annamalai Road, Near SBI
Saibaba Colony Branch, Coimbatore
- 641011, Tamilnadu, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Mani Manimurthi |
257501 |
51.50 |
|
Ramachandran Jayabharathi |
242499 |
48.50 |
|
|
|
|
|
Total |
500000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 30.09.2014
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of constructions work of wind mill and substation
electrical engineer. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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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 : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailer
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No. of Employees : |
20 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : LONG TERM
BORROWINGS Working capital term loans from Canara Bank is secured by first charge
on book debts. Total outstanding as on 31.03.2014 Rs. 2.300Million). Term loan
is payable in 48 installments starting from March 2014. Last installment is
due on Feb 2018. Two directors have given personal guarantee and both of them given
personal assets as security for the loan from Canara Bank and no guarantee
commission has been paid to any directors in this connection. SHORT TERM
BORROWINGS Working capital term loans from Canara Bank is secured by first charge
on book debts and collateral security on residential properties of the
director of the company. Total outstanding as on 31.03.2014 is Rs.12.713. Two directors have given personal guarantee for the loan from Canara
Bank and no guarantee commission has been paid to any directors in this
connection. |
|
Auditors : |
|
|
Name : |
Mohan and Venkataraman Chartered Accountants |
|
Address : |
9, Bharathi Park Road, Saibaba Mission, Coimbatore – 641011,
Tamilnadu, India |
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Tel. No.: |
91-422-2432101/ 2442101 |
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Email: |
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PAN No.: |
AAIFM1349P |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
5.000 |
5.000 |
5.000 |
|
(b) Reserves & Surplus |
2.083 |
1.401 |
1.384 |
|
(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) |
7.083 |
6.401 |
6.384 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.018 |
2.457 |
0.078 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.031 |
0.015 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2.049 |
2.472 |
0.078 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12.713 |
8.999 |
19.910 |
|
(b) Trade payables |
34.877 |
22.092 |
27.929 |
|
(c) Other current liabilities |
5.383 |
2.376 |
3.037 |
|
(d) Short-term provisions |
0.331 |
0.196 |
0.143 |
|
Total
Current Liabilities (4) |
53.304 |
33.663 |
51.019 |
|
|
|
|
|
|
TOTAL |
62.436 |
42.536 |
57.481 |
|
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|
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II.
ASSETS |
|
|
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|
(1) Non-current assets |
|
|
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|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.355 |
0.910 |
0.000 |
|
(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 |
0.030 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.057 |
0.085 |
0.113 |
|
Total
Non-Current Assets |
1.442 |
0.995 |
0.113 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2.797 |
1.532 |
1.727 |
|
(c) Trade receivables |
51.612 |
38.060 |
39.611 |
|
(d) Cash and cash equivalents |
3.511 |
0.937 |
14.594 |
|
(e) Short-term loans and
advances |
3.074 |
1.012 |
1.436 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
60.994 |
41.541 |
57.368 |
|
|
|
|
|
|
TOTAL |
62.436 |
42.536 |
57.481 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
35.340 |
27.531 |
53.638 |
|
|
Other Income |
0.115 |
0.278 |
0.097 |
|
|
TOTAL (A) |
35.455 |
27.809 |
53.735 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
17.910 |
12.195 |
NA |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
NA |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1.265) |
0.195 |
NA |
|
|
Employees benefits
expense |
2.743 |
2.007 |
NA |
|
|
Other expenses |
12.812 |
10.480 |
NA |
|
|
TOTAL (B) |
32.200 |
24.877 |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3.255 |
2.932 |
NA |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
2.192 |
2.131 |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
1.063 |
0.801 |
NA |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.101 |
0.056 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
0.962 |
0.745 |
NA |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.280 |
0.728 |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
0.682 |
0.017 |
1.384 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.36 |
0.03 |
2.77 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.93 |
0.06 |
2.58 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.21 |
10.65 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.54 |
1.75 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.12 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.08 |
1.79 |
3.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.23 |
1.12 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
1.384 |
1.401 |
2.083 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6.384 |
6.401 |
7.083 |
|
|
|
|
|
|
long-term borrowings |
0.078 |
2.457 |
2.018 |
|
Short term borrowings |
19.910 |
8.999 |
12.713 |
|
Total borrowings |
19.988 |
11.456 |
14.731 |
|
Debt/Equity ratio |
3.131 |
1.790 |
2.080 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
53.638 |
27.531 |
35.340 |
|
|
|
(48.673) |
28.364 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
53.638 |
27.531 |
35.340 |
|
Profit |
1.384 |
0.017 |
0.682 |
|
|
2.58% |
0.06% |
1.93% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from related parties |
0.078 |
0.078 |
|
|
|
|
|
Total |
0.078 |
0.078 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10315072 |
06/03/2013 * |
20,000,000.00 |
CANARA BANK |
SME BRANCH, 121, MAY FLOWER COMPLEX, II FLOOR, 10 |
B74166786 |
* Date of charge modification
FIXED ASSETS
- Furniture and Fixture
- Electrical Fittings
- Office Equipment
- Vehicle
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.63.20 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.