MIRA INFORM REPORT

 

 

Report No. :

349179

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SKM STEELS LIMITED

 

 

Registered Office :

30, C P 2nd Floor, Tank Road, Mumbai-400004, Maharashtra

Tel. No.:

91-22-66181111

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.12.1994

 

 

Com. Reg. No.:

11-083403

 

 

Capital Investment / Paid-up Capital :

Rs. 48.592 Million

 

 

CIN No.:

[Company Identification No.]

U27100MH1994PLC083403

 

 

IEC No.:

0396003591

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCS7801F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metal and Manufacturer of Stainless Steel Products.

 

 

No. of Employees :

Information declined by the Management

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is the flagship company of “SKM Group”, it is an established company having satisfactory track record.

 

Rating take strength on SKM’s established position in the steel trading industry supported by its promoters’ extensive industry experience and its established relations with customers, and the company’s efficient working capital management.

 

These rating strengths are partially offset by SKM’s average financial risk profile marked by its healthy net worth, moderate net worth ratio and average debt protection metrics.

 

Rating further constrained on company’s exposure to intense competiton in steel trading business resulting in its low profitability margins.

 

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

 

In view of long standing experience of the promoters, the subject 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities=BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

May, 2015

 

 

Rating Agency Name

CRISIL

Rating

Short Term Bank Facilities=A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

May, 2015

 

 

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

 

MANAGEMENT NON CO-OPERATIVE

 

(Contact No: 91-22-66276800)

 

 

LOCATIONS

 

Registered Office :

30, C P 2nd Floor, Tank Road, Mumbai-400004, Maharashtra, India

Tel. No.:

91-22-66181111/ 40716600

Fax No.:

91-22-66181122/ 23805392

E-Mail :

info@skmsteels.com

sales.ss@skmsteels.com

purchase.ss@skmsteels.com

Website :

http://www.skmsteels.com

 

 

Export Division :

66, C.P. Tank Road, Mumbai-400004, Maharashtra, India

Tel. No.:

91-22-66272727

Fax No.:

91-22-66570103

E-Mail :

export@skmsteelsltd.com

sales@skmsteelsltd.com

 

 

Head Office :

SKM House, 12, Khetwadi 6th Lane, Mumbai-400004, Maharashtra, India

 

 

Factory 1 :

Plot No. 2803, GIDC Phase III, Umbergaon, District Valsad - 396171, Gujarat, India

 

 

Factory 2 :

Dhruv Logistic Park, Plot B1-B-7, Near MIDC, Taloja Koyanavele, Panvel, Raigad, India

 

 

Marketing Division :

Sandhurst Building, 3rd Floor, Opera House, 524, S.V.P. Road, Mumbai, Maharashtra, India

 

 

Branch Offices :

Located at:

 

·         13, Mooker Nalla , Muthu Street, Chennai – 600001, Tamilnadu, India

·         311, Apollo Tower, M.G. Road, Indore, Madhya Pradesh, India

·         202, Ashwarath, Opposite Fortune Landmark, Usmanpura, Ashram Road, Ahmedabad – 380013, Gujarat, India

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Paankaj Dahyalal Shah

Designation :

Whole-Time Director

Address :

Flat No. 605, Deccan Vikas, Kothachiwadi, V.P.Road, Mumbai- 400004, Maharashtra, India

Date of Birth/Age :

19.02.1973

Date of Appointment :

01.12.1994

PAN No.:

AAEPS7087D

DIN No.:

00078997

 

 

Name :

Mr. Chirag Shantilal Shah

Designation :

Director

Address :

704, Gokul Apt., 7th Floor, Khetwadi, 14, Back Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

19.03.1977

Date of Appointment :

01.07.2000

PAN No.:

AAGPS8472C

DIN No.:

00081637

 

 

Name :

Mr. Kalpesh Haribhai Chowdhary

Designation :

Director

Address :

Makharia House, 1st Floor, 327, SVP Road, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

06.11.1971

Date of Appointment :

29.09.2011

PAN No.:

AABPC9287C

DIN No.:

00084800

 

 

Name :

Mr. Kirtilal Moolchand Shah

Designation :

Managing director

Address :

FLT 1001, 10th Floor, Garden View, 8 J. M. Mehta Marg, Malabarhill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.03.1949

Date of Appointment :

01.12.1994

PAN No.:

AAHPS8248K

DIN No.:

00105703

 

 

Name :

Mr. Amit Kirtilal Shah

Designation :

Director

Address :

1001 Garden View, Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

03.08.1980

Date of Appointment :

11.06.2001

PAN No.:

ALTPS7632L

DIN No.:

00105932

 

 

Name :

Mr. Ramanugrah Singh

Designation :

Director

Address :

B/34, Abhishek Apts, 2nd Cross Road, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

02.01.1946

Date of Appointment :

27.11.1995

DIN No.:

00369580

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

 

No. of Shares

 

Shah Kirtilal Moolchand and Shah Veenaben Kirtilal

 

470941

Shah Amit Kirtilal and Shah Veenaben Kirtilal

 

473541

SKM Constructions Private Limited, India 

 

400000

Shah Veenaben Kirtilal and Shah Kirtilal Moolchand

 

474916

Sapan Chemicals Limited, India (Earlier known as Suryadeep Salt and Chemicals Limited)

 

12000

Kailash Ficom Limited, India

 

18000

Zen Shaving Limited, India

 

4000

Tribhuvan Housing Limited, India

 

10000

Shah Kirtilal Moolchand HUF

 

483541

Shah Ruchita Amit and Shah Amit Kirtilal

 

480221

Shah Amit Kirtilal HUF

 

491916

Chowdhary Anju Kalpesh

 

405718

Shah Sejal Chirag and Shah Chirag Shantilal

 

394368

SKM Capital and Holding Private Limited, India

 

15000

Shree Parul Developers Private Limited, India

 

110000

Megha Bhavesh Shah

 

125000

Juvenile Capfin Private Limited, India

 

490000

Total

 

4859162

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

2.57

Bodies corporate

21.80

Directors or relatives of directors

75.63

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metal and Manufacturer of Stainless Steel Products.

 

 

Products :

ITC Code No.

 

Product Descriptions

72210012

S.S.Wire, Wire Rods, Round Bar

71131130

Diamond Jewellery

84101390

Power

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Information declined by the Management

 

 

Bankers :

Bank Name:

Bank of India

Branch:

Large Corporate Branch, Free Press Buiding, 9th Floor, Free Press Journal Marg, Nariman Point, Mumbai-400021, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

·         State Bank of India

Gresham House, Ground Floor, Sir P. M. Road, Fort , Mumbai-400021, Maharashtra, India

 

·         Federal Bank Limited

Federal Towersp B No 103, Alwaye, Eranakulam- 683101, Kerala, India

 

·         DBS Bank Limited

DLF Capitol Point, Ground Floor and First Floor, Baba Kharak Singh Marg, Connaught Place, New Delhi, Delhi - 110001, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term loans

114.913

102.857

 

 

 

Term loans from banks

59.042

47.546

Term loans from others

(Secured against mortgage of Office Premises at Panchshil Plaza)

55.871

55.311

 

114.913

102.857

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

2508.714

2946.946

Loans repayable on demand from

others

356.213

146.694

Total

 

2979.840

3196.497

 

Banking Relations :

--

 

 

Financial Institution :

Tata Capital Financial Services Limited

 

 

Auditors :

 

Name :

M. C. Doshi and Company

Chartered Accountants

Address :

219, Plaza Panchshil B Wing, Hughes RD, Next to Dharam Palace, Mumbai-400007, Maharashtra, India

Tel. No.:

91-22-40042032/40052033

Fax No.:

91-22-23634876

E-Mail :

rmd@mcdoshi.com

Income-tax PAN of auditor or auditor's firm :

AAUFM8321L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Company:

Mahima Infrastructures Private Limited, India (U45200MP2007PTC019444)

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

·         Shree Steel Depot

·         Bharat Steel Yard, India

·         Heavy Metal And Tubes Limited, India (U25200GJ1990PLC014554)

·         Maitri Metals Private Limited, India (U51909MH2009PTC189603)

·         SKM Enterprises Private Limited, India (U24110MH1984PTC031790)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16500000

Equity Shares

Rs. 10/- each

Rs. 165.000 Million

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4859162

Equity Shares

Rs. 10/- each

Rs. 48.592 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

48.592

48.592

47.638

(b) Reserves & Surplus

1596.778

1502.912

1389.728

(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)

1645.370

1551.504

1437.366

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

114.913

102.857

144.237

(b) Deferred tax liabilities (Net)

18.252

13.067

8.215

(c) Other long term liabilities

31.961

32.899

22.159

(d) long-term provisions

7.477

8.471

6.771

Total Non-current Liabilities (3)

172.603

157.294

181.382

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3248.306

3376.836

2633.024

(b) Trade payables

343.225

320.530

82.400

(c) Other current liabilities

126.518

69.391

88.513

(d) Short-term provisions

14.896

4.508

7.793

Total Current Liabilities (4)

3732.945

3771.265

2811.730

 

 

 

 

TOTAL

5550.918

5480.063

4430.478

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

701.787

595.121

184.421

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

40.319

108.478

283.322

(iv) Intangible assets under development

0.000

0.909

0.736

(b) Non-current Investments

14.714

14.714

19.764

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

164.221

159.356

159.883

(e) Other Non-current assets

5.251

5.251

5.251

Total Non-Current Assets

926.292

883.829

653.377

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

933.778

1231.724

959.791

(c) Trade receivables

3285.826

3029.902

2499.798

(d) Cash and cash equivalents

62.222

77.834

120.814

(e) Short-term loans and advances

340.038

255.704

196.265

(f) Other current assets

2.762

1.070

0.433

Total Current Assets

4624.626

4596.234

3777.101

 

 

 

 

TOTAL

5550.918

5480.063

4430.478

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

15860.572

14813.053

15069.828

 

 

Other Income

109.664

90.675

106.223

 

 

TOTAL                                     (A)

15970.236

14903.728

15176.051

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1922.028

2133.665

2150.082

 

 

Purchases of Stock-in-Trade

12018.282

11589.006

11135.041

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

391.510

(316.143)

475.793

 

 

Employees benefits expense

75.883

65.710

53.135

 

 

Other expenses

873.232

862.562

710.020

 

 

Prior period Expense

0.000

0.000

54.863

 

 

Exception item

(1.291)

(0.636)

4.508

 

 

TOTAL                                     (B)

15279.644

14334.164

14583.442

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

690.592

569.564

592.609

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

460.254

384.649

419.432

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

230.338

184.915

173.177

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

55.047

31.624

18.199

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

175.291

153.291

154.978

 

 

 

 

 

Less

TAX                                                                  (H)

81.425

65.632

53.023

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

93.866

87.659

101.955

 

 

 

 

 

 

Earnings Per Share (Rs.)

19.32

18.04

21.4

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

66.678

44.465

58.284

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.59

0.59

0.68

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

4.35

3.85

3.93

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.19

2.86

3.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.10

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.08

2.27

1.97

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.24

1.22

1.34

 

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

47.638

48.592

48.592

Reserves & Surplus

1389.728

1502.912

1596.778

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1437.366

1551.504

1645.370

 

 

 

 

Long-term borrowings

144.237

102.857

114.913

Short term borrowings

2633.024

3376.836

3248.306

CURRENT MATURITIES OF LONG-TERM DEBTS

58.284

44.465

66.678

Total borrowings

2835.545

3524.158

3429.897

Debt/Equity ratio

1.973

2.271

2.085

 

 

 

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

15069.828

14813.053

15860.572

 

 

(1.704)

7.072

 

 

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

15069.828

14813.053

15860.572

Profit

101.955

87.659

93.866

 

0.68%

0.59%

0.59%

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

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

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 three 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10556716

24/03/2015

100,000,000.00

DBS BANK LIMITED

DLF CAPITOL POINT, GROUND FLOOR AND FIRST FLOOR, BA
BA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI,
DELHI - 110001, INDIA

C47582366

2

10541551

02/01/2015

30,000,000.00

THE FEDERAL BANK LIMITED

FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM- 683101, KER
ALA, INDIA

C39739107

3

10541392

01/01/2015

500,000,000.00

STATE BANK OF INDIA

GRESHAM HOUSE, GROUND FLOOR, SIR P. M. ROAD, FORT
, MUMBAI-400021, MAHARASHTRA, INDIA

C39642806

4

10511862

21/11/2013

20,000,000.00

BANK OF INDIA

LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH
FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, M
UMBAI-400021, MAHARASHTRA , INDIA

B96181896

5

10434284

18/06/2013 *

75,000,000.00

COMMONWEALTH BANK OF AUSTRALIA

MUMBAI BRANCH, LEVEL 2,, HOECHST HOUSE, NARIMAN P
OINT, MUMBAI-400021, MAHARASHTRA, INDIA

B78773272

6

10406046

03/07/2014 *

350,000,000.00

TATA CAPITAL FINANCIL SERVICS LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI-400001,
MAHARASHTRA, INDIA

C18615518

7

10387084

12/10/2012

250,000,000.00

STANDARD CHARTERED BANK

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

B62231139

8

10348025

25/03/2012

100,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ
ARAT - 390015, INDIA

B37096682

9

10300041

29/03/2012 *

100,000,000.00

COMMONWEALTH BANK OF AUSTRALIA

LEVEL 2, HOECHST HOUSE,, NARIMAN POINT,, MUMBAI-400021,
MAHARASHTRA, INDIA

B37540309

10

10294191

29/06/2011

60,000,000.00

EDELWEISS FINANCE ANDINVESTMENS LIMITED

2ND FLOOR, MB TOWERS, PLOT NO 5,, ROAD NO 2, BANJ
ARA HILLS, HYDERABAD-500034, ANDHRA PRADESH, INDIA

B15816846

 

 

* Date of charge modification

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Loans and advances from directors

281.975

224.850

Loans and advances from others

90.960

51.350

Other loans and advances

10.444

6.996

Total

383.379

283.196

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Other equipments, etc

 

 

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.  65.79

UK Pound

1

       Rs.  99.95

Euro

1

Rs.  71.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

IND

 

 

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

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--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

 

--

 

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.