MIRA
INFORM REPORT
|
Report No. : |
347778 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAISAL TRADING LIMITED |
|
|
|
|
Liaison Office : |
Jeevan Sahakar, 5th Floor, |
|
Tel. No.: |
91-22-26397062 |
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Country : |
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|
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
04.09.1998 |
|
|
|
|
Head
Office account: |
Rs. 0.244 Million |
|
|
|
|
FCRN : |
F03646 |
|
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
|
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|
|
Legal Form : |
Liaison office |
|
|
|
|
Line of Business
: |
Subject undertakes solely liaison work on behalf for its head office
and does not undertakes any other business activities. The liaison office
provides a communication channel between the parent company head office and
parties in |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Liaison Office |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject was incorporated in India on 4th September 1998 as a liaison office of a foreign based company headquartered in Ireland. Subject undertakes solely liaison work on behalf for its head office
and does not undertakes any other business activities. The liaison office
provides a communication channel between the parent company head office and
parties in India and promotes export/import from/to India for the parent
company head office. Management has denied to provide any information about the subject to us. Payment terms are unknown. The subject can be considered for business dealings on safe and secured 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Ratnakar |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-26397062 |
|
Date : |
02.11.2015 |
LOCATIONS
|
Registered Office / Head Office: |
Suite 2, The Avenue Beacon Court Sandford, Dublin – 18, Republic of
Ireland |
|
Tel. No.: |
+353-1-2948400 |
|
Fax No.: |
+353-1-2948410/2948420 |
|
E-Mail : |
|
|
|
|
|
Liaison Office : |
Jeevan Sahakar, 5th Floor, Homji Street, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22660922/22662934/22661352 |
|
Fax No.: |
91-22-22662755 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Raizun Hatim Patheria |
|
Designation : |
Director |
|
Address : |
8, West Minster Lawns, Fox Rock, Dublin 8, Republic of Ireland |
|
|
|
|
Name : |
Mr. Salim Hatim Patheria |
|
Designation : |
Director |
|
Address : |
8, West Minster Lawns, Fox Rock, Dublin 8, Republic of Ireland |
|
Date of Birth/Age : |
28.07.1963 |
|
PAN No.: |
AAAPP97046 |
KEY EXECUTIVES
|
Name : |
Mr. Parizad Baria |
|
Designation : |
Chief Representative |
|
Address : |
Silverene, 34/35, Malcolm Baug, Jogeshwari (West), Mumbai – 400102,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1963 |
|
PAN No: |
AACPB2251N |
|
|
|
|
Name : |
Mr. Ratnakar |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject undertakes solely liaison work on behalf for its head office
and does not undertakes any other business activities. The liaison office
provides a communication channel between the parent company head office and
parties in India and promotes export/import from/to India for the parent
company head office. |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
|
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Auditors : |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
HEAD OFFICE ACCOUNT |
31.03.2015 |
|
|
|
|
Balance at the beginning of the year |
0.511 |
|
Add: Remittance received of the year |
0 |
|
Details of remittance received during the
year |
0 |
|
FIRC FI/2 0517126 Dt July 30,2014 |
0.332 |
|
FIRC FI/2 0517128 Dt. September 01, 2014 |
0.336 |
|
FIRC FI/2 0517129 Dt November 26, 2014 |
0.737 |
|
FIRC FI/2 0517134 Dt December 26, 2014 |
0.351 |
|
|
|
|
Total |
2.267 |
|
|
|
|
Less: Expenses incurred on behalf of HO |
0.000 |
|
|
|
|
Total |
2.267 |
|
|
|
|
Less: Loss for the year transferred form balance
in the statement of Profit and loss |
2.023 |
|
|
|
|
TOTAL |
0.244 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2015 |
31.03.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Head Office account |
|
0.244 |
0.511 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.244 |
0.511 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
0.244 |
0.511 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
0.090 |
0.181 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.221 |
0.420 |
|
|
Other Current Assets |
|
0.020 |
0.024 |
|
|
Loans & Advances |
|
0.048 |
0.000 |
|
Total
Current Assets |
|
0.289
|
0.444
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.135
|
0.114
|
|
|
Net Current Assets |
|
0.154 |
0.330 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.244 |
0.511 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
TOTAL
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES INCURRED |
|
2.023 |
5.017 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
|
(2.023) |
(5.017) |
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
AND EXTRAORDINARY ITEMS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(2.023) |
(5.017) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(2.023) |
(5.017) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flows from (used in) operations |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(612.57) |
(738.44) |
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(6.13) |
(7.38) |
|
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|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.00 |
0.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Head Office Account |
0.511 |
0.244 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
0.511 |
0.244 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND AND
PRINCIPLE ACTIVITIES
Subject is a company registered in Ireland. The company has been granted
approval from the reserves bank of India vide re No. EC-CO FID(1)/704/10.1.05.02/4707
(Activity) 98-99 dated September 4, 1998 to set up a liaison office in India at
Mumbai. The liaison office of the
company undertakes solely liaison work on behalf for its head office and does
not undertakes any other business activities. The liaison office provides a
communication channel between the parent company head office and parties in
India and promotes export/import from/to India for the parent company head
office.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
UK Pound |
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
11 |
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.