MIRA INFORM REPORT
|
Report No. : |
320424 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHAGWATI FERRO METAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No 601-A, 6th Floor, Western Edge-I, Kanakia Spaces, Dattapada Road,
Off W.E Highway, Borivali (East), Mumbai – 400066, Maharashtra |
|
Tel. No.: |
91-22-40354444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.06.2003 |
|
|
|
|
Com. Reg. No.: |
11-140750 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 199.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2003PTC140750 |
|
|
|
|
IEC No.: |
0305038061 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB1835D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of TMT Bars, M S Billets, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1580000 |
|
|
|
|
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. Sales turnover of the company has declined which has resulted into dip
in profit of the company during 2014. However, general financial position of the company seems to be sound
and healthy. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
ICRA |
|
Rating |
Long term fund based limits = BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non-fund based limits = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
September 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.
LOCATIONS
|
Registered/ Head Office : |
Unit No 601-A, 6th Floor, Western Edge-I, Kanakia Spaces, Dattapada Road,
Off W.E Highway, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Tel. No.: |
91-22-40354444 |
|
Fax No.: |
91-22-40967121 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
D-101, M.I.D.C. Malegoan, Sinnar, District Nasik – 422113, Maharashtra, India |
|
|
|
|
Factory 2 : |
Plot No. 144/1/2/1/1, Athal Industrial Estate, Luhari Road, Athal, Silvassa – 396230, Dadra and Nagar Haveli (UT), India |
|
|
|
|
Factory 3 : |
G-7/G8, MIDC., Malegaon, Sinnar, District Nashik – 422113, Maharashtra, India |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Mahendra Kumar Agarwal |
|
Designation : |
Managing director |
|
Address : |
1203/1204 Gardenia, B Wing, Vasant Valley Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1954 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
ABTPA8760H |
|
DIN No.: |
00061653 |
|
|
|
|
Name : |
Mr. Amit Burakia |
|
Designation : |
Whole-time director |
|
Address : |
1203/1204 Gardenia, B Wing, Vasant Valley Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1976 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
ABUPA6908N |
|
DIN No.: |
00061620 |
|
|
|
|
Name : |
Anuj Agarwal |
|
Designation : |
Whole-time director |
|
Address : |
B-1203, Gardenia, Vasant Valley, Film City Road, Dindoshi, Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1986 |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
AGJPA6234D |
|
DIN No.: |
03107489 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahendra Kumar Agarwal |
|
7500 |
|
Bimla Devi Agarwal |
|
62500 |
|
Amit Burakia |
|
57500 |
|
Anuj Agarwal |
|
2500 |
|
Swati Agarwal |
|
467500 |
|
Amberin Agarwal (Nee: Ranjana Agarwal) |
|
2500 |
|
Mahendra Kumar Agarwal and Sons HUF |
|
50000 |
|
Amberin Trades Private Limited, India |
|
9625000 |
|
Burakia Trades Private Limited, India |
|
9675000 |
|
|
|
|
|
Total |
|
19950000 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
96.74 |
|
Directors
or relatives of directors |
3.01 |
|
Other
top fifty shareholders |
0.25 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of TMT Bars, M S Billets, etc. |
|
|
|
|
Brand Names : |
-- |
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|
Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Union Bank of India Goregaon (East) Branch,172/73, Shri Sadan,
Shantaben Estate, Goregaon (East) Branch, Mumbai - 400063, Maharashtra, India · State Bank of India · HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
K M Garg And Company Chartered Accountants |
|
Address : |
603, 604, Unique Tower, Off S V Road, Near Kamat Club, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFK4654J |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Mr. Rajesh Shah Cost Accountant |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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|
|
Associates : |
·
Amberin Trades Private Limited
[U51420MH2003PTC140790] ·
Bhagwati Steel Cast Private Limited
[U27101MH1984PTC170753] · Burakia Trades Private Limited [U51420MH2003PTC140767] |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
Bhagwati
Steel Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,950,000 |
Equity Shares |
Rs. 10/- each |
Rs. 199.500 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 |
199.500 |
199.500 |
149.500 |
|
(b) Reserves & Surplus |
354.238 |
339.429 |
283.719 |
|
(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) |
553.738 |
538.929 |
433.219 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
247.236 |
325.630 |
474.529 |
|
(b) Deferred tax liabilities (Net) |
31.738 |
29.174 |
19.808 |
|
(c)
Other long term liabilities |
20.500 |
4.500 |
192.447 |
|
(d)
long-term provisions |
0.554 |
0.470 |
0.203 |
|
Total
Non-current Liabilities (3) |
300.028 |
359.774 |
686.987 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
525.309 |
481.763 |
459.508 |
|
(b)
Trade payables |
259.078 |
149.339 |
0.000 |
|
(c)
Other current liabilities |
159.049 |
196.567 |
87.715 |
|
(d)
Short-term provisions |
4.140 |
16.273 |
0.239 |
|
Total
Current Liabilities (4) |
947.576 |
843.942 |
547.462 |
|
|
|
|
|
|
TOTAL |
1801.342 |
1742.645 |
1667.668 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
640.156 |
683.446 |
703.010 |
|
(ii)
Intangible Assets |
0.124 |
0.144 |
0.167 |
|
(iii)
Capital work-in-progress |
16.936 |
16.936 |
7.137 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2.210 |
4.020 |
2.820 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.655 |
8.004 |
8.112 |
|
(e)
Other Non-current assets |
0.420 |
0.630 |
0.879 |
|
Total
Non-Current Assets |
663.501 |
713.180 |
722.125 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
537.386 |
497.449 |
425.423 |
|
(c)
Trade receivables |
311.132 |
267.805 |
240.828 |
|
(d)
Cash and cash equivalents |
53.302 |
85.847 |
69.656 |
|
(e)
Short-term loans and advances |
197.316 |
143.646 |
203.908 |
|
(f)
Other current assets |
38.705 |
34.718 |
5.728 |
|
Total
Current Assets |
1137.841 |
1029.465 |
945.543 |
|
|
|
|
|
|
TOTAL |
1801.342 |
1742.645 |
1667.668 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
5016.200 |
6198.900 |
3156.058 |
|
|
|
Other Income |
6.200 |
13.300 |
14.996 |
|
|
|
TOTAL (A) |
5022.400 |
6212.200 |
3171.054 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
4784.800 |
5913.300 |
3032.632 |
|
|
|
Administrative Expenses |
14.500 |
12.500 |
4.994 |
|
|
|
Selling Expenses |
28.800 |
37.300 |
7.367 |
|
|
|
TOTAL (B) |
4828.100 |
5963.100 |
3044.993 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
194.300 |
249.100 |
126.061 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.700 |
116.500 |
32.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
78.600 |
132.600 |
93.403 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.900 |
52.400 |
24.606 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.700 |
80.200 |
68.797 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.900 |
24.500 |
18.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.800 |
55.700 |
50.344 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.74 |
2.90 |
3.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.30 |
0.90 |
1.60 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.87 |
4.02 |
3.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16 |
4.66 |
4.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.40 |
1.50 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.22 |
1.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
149.500 |
199.500 |
199.500 |
|
Reserves & Surplus |
283.719 |
339.429 |
354.238 |
|
Net
worth |
433.219 |
538.929 |
553.738 |
|
|
|
|
|
|
Long-term borrowings |
474.529 |
325.630 |
247.236 |
|
Short term borrowings |
459.508 |
481.763 |
525.309 |
|
Total
borrowings |
934.037 |
807.393 |
772.545 |
|
Debt/Equity ratio |
2.156 |
1.498 |
1.395 |
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 |
3156.058 |
6198.900 |
5016.200 |
|
|
|
96.413 |
(19.079) |
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 |
3156.058 |
6198.900 |
5016.200 |
|
Profit |
50.344 |
55.700 |
14.800 |
|
|
1.60% |
0.90% |
0.30% |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10279516 |
21/03/2011 |
410,000,000.00 |
UNION BANK OF
INDIA |
GOREGAON (EAST)
BRANCH, 172/73, SHREE SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI,
MAHARASHTRA |
B10375269 |
|
2 |
10134275 |
20/06/2013 * |
1,256,000,000.00 |
UNION BANK OF
INDIA |
172/73, SHRI
SADAN, SHANTABEN ESTATE, GOREGAON (EAST), MUMBAI, MAHARASHTRA - 400063, INDIA |
B79247599 |
|
3 |
10140127 |
04/04/2015 * |
1,256,000,000.00 |
UNION BANK OF
INDIA |
SHRI SADAN,
SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA |
C51372142 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
54.150 |
45.700 |
|
|
|
|
|
Total |
54.150 |
45.700 |
CHANGE OF ADDRESS:
COMPANY'S
PERFORMANCE
A. EXPANSION PLAN
AND MEGA PROJECT STATUS:
The Company had applied to Government of Maharashtra in the year 2010
for Mega Project Status under PSI 2007 for its plant located at Sinnar. The
said application is pending with GOM and awaits clearance. Therefore future
expansion programme will be undertaken on approval of Mega status and
incentives being granted by GOM for such large projects.
The Company has adequate infrastructure to cater to the expansion /
diversification / forward and backward integration requirements alongside the
existing MS Billets manufacturing unit at Sinnar, ensuring a fast schedule of
implementation in line with various techno-economic factors.
B. INCOME:
As the members are aware, the economy of the country particularly in
infrastructure, construction and steel sectors has witnessed downfall in the
year 2013-2014, resulting in sharp drop in turnover to Rs. 5016.200 Million in
the FY 2013-14 as against Rs. 6198.900 Million in previous year 2012-13 which
showed decrease by 19% approx. However, inspite of adverse market conditions,
the company's both the plants continued to perform at optimum levels which have
been significantly better than other similar units in Maharashtra.
C. PROFIT:
The Profit before Tax (PBT) for the year 2013-2014 was down to Rs.
20.700 Million as compared to Rs. 80.200 Million in FY 2012-2013, due to
adverse operations and market conditions. After providing for taxation, the
Profit after Tax (PAT) during FY 2013-2014 has reduced to Rs. 14.800 Million as
compared to Rs. 55.700 Million during FY 2012-2013.
D. OPERATIONS:
The Company has two manufacturing units: one is situated at Silvassa
(Union Territory of Dadra and Nagar Haveli) engaged in manufacturing of TMT
Bars with a capacity of 96,000 MTPA and the other one situated at Sinnar, Nasik
(Maharashtra) engaged in manufacturing of M S Billets, having installed
capacity of 1,50,000 MTPA. Both the units have continued to operate during the
year at optimum levels inspite of current sector scenario. The Directors are
hopeful of continuing uptrend in the performance in coming years where the
Company may venture into forward integration project for manufacture of TMT
Bars at its Sinnar unit based on direct hot rolling of M.S. Billets, in view of
existing CCM facility, thereby saving on reheating costs, subject to receipt of
MEGA approvals from GOM as already stated.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Know-how
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. 64.05 |
|
|
1 |
Rs. 99.04 |
|
Euro |
1 |
Rs. 71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
43 |
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.