MIRA INFORM REPORT
|
Report No. : |
323330 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HONEST
ENTERPRISE LIMITED |
|
|
|
|
Registered
Office : |
118, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar Road,
Vadodara – 390004, Gujarat |
|
Tel. No.: |
91-265-2424057 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.08.1999 |
|
|
|
|
Com. Reg. No.: |
04-036414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.23.854 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27209GJ1999PLC036414 |
|
|
|
|
IEC No.: |
3499003651 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDH00137E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH7237D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Stainless Steel Products |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The management has reported a better increase in its turnover but the net
profitability is low during FY2014. It has fair liquidity profile marked by
favourable gap between trade receivables and payables. However, the rating is
constrained due its working capital intensive operations and presence in
highly fragmented metal trading business. Trade relations are fair. Business is active. Payment terms are slow
but correct. In view of experienced promoter’s, subject can be considered for
business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = “BB-“ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
07.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
07.10.2014 |
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 PARTED BY
|
Name : |
Mr. Raj |
|
Designation : |
Export –Import Head |
|
Contact No.: |
91-265-2424057 |
|
Date : |
19.05.2015 |
LOCATIONS
|
Registered Office : |
118, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar Road,
Vadodara – 390004, Gujarat, India |
|
Tel. No. : |
91-265-2424057 / 2434057 |
|
Mobile No. : |
91-9376218378 (Mr. Raj) |
|
Fax No. : |
91-265-2422960 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Administrative Office : |
Shop No. 25, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar Road,
Vadodara - 390004, Gujarat, India |
|
Tel. No.: |
91-265-2424057 / 2434057 |
|
Fax No.: |
91-265-2422960 |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
17, Rangwala Building, 58 Islampur Street, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-67496128 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Laxmichand Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
01.05.1952 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AALPV8414E |
|
DIN No.: |
00030104 |
|
|
|
|
Name : |
Mrs. Samudevi Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
16.03.1957 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AAXPV0373Q |
|
DIN No.: |
00557332 |
|
|
|
|
Name : |
Mrs. Usha Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
27.04.1978 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AAZPV0672L |
|
DIN No.: |
00557210 |
|
|
|
|
Name : |
Mr. Hitesh Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
13.09.1977 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AALPV8408L |
|
DIN No.: |
00030133 |
|
|
|
|
Name : |
Mr. Pravin Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
29.10.1972 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AALPV8415F |
|
DIN No.: |
00557050 |
|
|
|
|
Name : |
Mrs. Indu Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, |
|
Date of Birth/Age : |
27.10.1972 |
|
Date of Appointment : |
12.08.1999 |
|
PAN No.: |
AALPV8416G |
|
DIN No.: |
00557114 |
KEY EXECUTIVES
|
Name : |
Mr. Raj |
|
Designation : |
Export –Import Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Laxmichand Vaghela |
319340 |
13.39 |
|
Samudevi Vaghela |
425100 |
17.82 |
|
Usha Vaghela |
274100 |
11.49 |
|
Hitesh Vaghela |
323500 |
13.56 |
|
Dipti Vaghela |
5400 |
0.23 |
|
Pravin Vaghela |
237930 |
9.97 |
|
Indu Vaghela |
245900 |
10.31 |
|
Laxmichand Vaghela (HUF) |
144100 |
6.04 |
|
Hitesh L Vaghela (HUF) |
410000 |
17.19 |
|
|
|
|
|
Total |
2385370 |
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 : |
Trader of Stainless Steel Products |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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|
Products : |
Raw Material |
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|
Countries : |
¨ China ¨ Italy ¨ Turkey |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Maloo Bhat and Company Chartered Accountants |
|
Address : |
FF – 11, Dev Commercial Center, VNear Nathubhai Centre, Gotri Road, Vadodara – 390007, Gujarat, India |
|
PAN
No. : |
AFIPM1864P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives |
¨ Laxmiraj Distributors Private Limited DIN No.: U51100GJ2005PTC045537 |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5800000 |
Equity Shares |
Rs.10/- each |
Rs.58.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2385370 |
Equity Shares |
Rs.10/- each |
Rs.23.854 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 |
23.854 |
23.854 |
15.400 |
|
(b) Reserves & Surplus |
127.810 |
119.410 |
75.396 |
|
(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) |
151.664 |
143.264 |
90.796 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
50.013 |
40.195 |
29.311 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
50.013 |
40.195 |
29.311 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
126.556 |
57.734 |
132.179 |
|
(b) Trade payables |
113.931 |
161.486 |
110.207 |
|
(c) Other current liabilities |
31.257 |
10.431 |
5.891 |
|
(d) Short-term provisions |
0.637 |
1.257 |
0.304 |
|
Total
Current Liabilities (4) |
272.381 |
230.908 |
248.581 |
|
|
|
|
|
|
TOTAL |
474.058 |
414.367 |
368.688 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5.575 |
4.477 |
5.268 |
|
(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) |
0.078 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.913 |
4.406 |
4.394 |
|
(e) Other Non-current assets |
7.721 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
18.287 |
8.883 |
9.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
72.899 |
101.571 |
48.948 |
|
(c) Trade receivables |
294.736 |
225.510 |
256.706 |
|
(d) Cash and cash equivalents |
23.134 |
21.355 |
14.181 |
|
(e) Short-term loans and
advances |
48.366 |
47.268 |
25.740 |
|
(f) Other current assets |
16.636 |
9.780 |
13.451 |
|
Total
Current Assets |
455.771 |
405.484 |
359.026 |
|
|
|
|
|
|
TOTAL |
474.058 |
414.367 |
368.688 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1919.269 |
1435.507 |
1121.55 |
|
|
Other Income |
3.960 |
8.013 |
10.614 |
|
|
TOTAL
(A) |
1923.229 |
1443.520 |
1132.164 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of Stock-in-Trade |
1826.594 |
1445.281 |
1133.464 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
28.673 |
(52.624) |
(47.665) |
|
|
Employees benefits expense |
9.037 |
8.500 |
6.863 |
|
|
Other expenses |
14.087 |
16.337 |
19.611 |
|
|
TOTAL
(B) |
1878.391 |
1417.494 |
1112.273 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
44.838 |
26.026 |
19.891 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.853 |
16.42 |
18.385 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.985 |
9.606 |
1.506 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.264 |
0.763 |
1.222 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
12.721 |
8.843 |
0.284 |
|
|
|
|
|
|
|
Less |
TAX (H) |
4.322 |
2.363 |
-0.341 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
8.399 |
6.480 |
0.625 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
21.876 |
15.396 |
14.771 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
30.275 |
21.876 |
15.396 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
105.740 |
236.202 |
236.203 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.52 |
2.72 |
0.26 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
The above information has been parted by Mr. Raj
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.44 |
0.45 |
0.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
2.34 |
1.81 |
1.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.68 |
2.13 |
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.06 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.16 |
0.68 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.76 |
1.44 |
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 |
15.400 |
23.854 |
23.854 |
|
Reserves & Surplus |
75.396 |
119.410 |
127.810 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
90.796 |
143.264 |
151.664 |
|
|
|
|
|
|
long-term borrowings |
29.311 |
40.195 |
50.013 |
|
Short term borrowings |
132.179 |
57.734 |
126.556 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
161.490 |
97.929 |
176.569 |
|
Debt/Equity
ratio |
1.779 |
0.684 |
1.164 |
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 |
1121.550 |
1435.507 |
1919.269 |
|
|
|
27.993 |
33.700 |
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 |
1121.550 |
1435.507 |
1919.269 |
|
Profit |
0.625 |
6.480 |
8.399 |
|
|
0.06% |
0.45% |
0.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four 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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Shop No. 24 and 25 Meghdoot Apartments near apsara Cinema Pratapnagar, Vadodara – 390004, Gujarat India to the present address w.e.f. 01.04.2010
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loan and advances from related parties |
50.013 |
40.195 |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Other Loans and advances |
1.000 |
1.000 |
|
|
|
|
|
Total |
51.013 |
41.195 |
PROSPECTS:
The directors are optimistic about Company's future. The outlook for the steel industry is upbeat. There has been general buoyancy in the steel industry, both in the international and the domestic markets. The same is expected to continue during the year. Further company is making all out efforts to increase the Export sales by exploring newer market and increasing its cliental base in more and more countries.
AMALGAMATION:
Vaghela Metals Private Limited is amalgamated with the Company as per the order received from Honourable
High Court of Gujarat.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444085 |
13/08/2013 |
48,000,000.00 |
State Bank of India |
Natubhai Circle branch, Natubhai Circle, Gotri Road, Vadodara, Gujarat
- 390021, INDIA |
B82589524 |
|
2 |
10444059 |
08/08/2013 |
48,000,000.00 |
State Bank of India |
Natubhai Circle Branch, Natubhai Circle, Gotri Road, Vadodara, Gujarat
- 390021, INDIA |
B82574872 |
|
3 |
10189439 |
15/12/2011 * |
215,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B27584176 |
|
4 |
10093665 |
26/02/2008 |
850,000.00 |
GE CAPITAL TRANSPORTATION FINANCIAL SERVICES LIMITED |
AIFACS BUILDING, 1, RAFI MARG, NEW DELHI - 110001, INDIA |
A34633610 |
* Date of charge modification
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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.63.86 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
34 |
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.