MIRA INFORM REPORT

 

Report No. :

349592.2

Report Date :

17.11.2015

 

IDENTIFICATION DETAILS

 

Name :

DOLPHIN MARINE FOODS AND PROCESSORS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Plot No. M-13, MIDC Taloja, Panvel, Raigad - 410208, Maharashtra

Tel. No.:

91-22-27401179

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

12.12.1996

 

 

Com. Reg. No.:

11-104461

 

 

Capital Investment / Paid-up Capital :

Rs. 20.000 Million

 

 

CIN No.:

[Company Identification No.]

U05005MH1996PTC104461

 

 

IEC No.:

0306000601

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACD5502H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Processor and Exporter of Seafood.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING and COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. It was incorporated in the year 1996 and is engaged in processing and export of seafood.

 

As per Registrar of Companies, the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any source.

 

However, as per available financials of the year 2014, the company’s sales turnover has increased against its previous year records but it failed to maintain profitability of the company.

 

Further, rating remain constrained on account of company’s moderate financial risk profile marked by small net worth base and huge borrowings taken during the year 2014 which may act as threat to its liquidity profile of the company.

 

However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of aforesaid, the company 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.

 

 

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

ICRA

Rating

Long term bank facilities = B

Rating Explanation

Risk-prone-credit-quality and carries very high credit risk

Date

December, 2014

 

Rating Agency Name

ICRA

Rating

Short term bank facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

December, 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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. S. D. Bargir

Designation :

Executive Director

Contact No.:

91-9004206999

Date :

10.11.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No. M-13, MIDC Taloja, Panvel, Raigad – 410208, Maharashtra, India 

Tel. No.:

91-22-27401179

Mobile No.:

91-9004206999 (Mr. S. D. Bargir)

Fax No.:

91-79-27411311

E-Mail :

dolphinmarinefood@gmail.com

 

 

DIRECTORS

 

AS ON 26.08.2014

 

Name :

Rosario Luka Dsouza

Designation :

Director

Address :

Flat No 301, Tpwer No 6,Seabreeze Co-Operative Housing Society Scy, Palm Beach Road, Nerul Sector 16, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

05.03.1967

Date of Appointment :

12.02.1998

DIN No.:

00591864

 

 

Name :

Maria Rosario Dsouza

Designation :

Director

Address :

301, Tower No 6, Sea Breeze Co-Operative Housing Society, Sector 16, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

12.09.1972

Date of Appointment :

26.07.2007

DIN No.:

02014066

 

 

Name :

Mr. Peter Mathais Dsouza

Designation :

Director

Address :

Azad Nagari Zo. No. 73, 1/2, Lala Nigam Road, Colaba - 5, Mumbai - 400005, Maharashtra, India

Date of Appointment :

30.09.2010

DIN No.:

03075591

 

 

Name :

Mr. Rakesh Rosario Dsouza

Designation :

Director

Address :

Sea Breeze Co-Operative Housing Society Limited, Tower No.6, Flat No. 301, Plot No.16, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

09.09.1994

Date of Appointment :

23.09.2013

DIN No.:

06553291

 

 

Name :

Mr. S. D. Bargir

Designation :

Executive Director

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.08.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Valeriah Luka Dsouza

3200

1.60

Maria Rosario Dsouza

14400

7.20

Rosario Dsouza

182400

91.20

Total

200000

100.00

 

 

 

AS ON 26.08.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Processor and Exporter of Seafood.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         China

·         Middle East Countries

·         African Countries

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash, Cheque and Credit (30/ 60/ 90 Days)

 

 

Purchasing :

Cash, Cheque and Credit (30/ 60/ 90 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Shell Fishers Company Wll

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 :

Others

 

Reference:

Samudra Frozen Food

Name of the Person (Designation):

Mr. Ganeshan (Proprietor)

Contact Number:

91-9820589308

Since how long known:

3 Years

Maximum limit dealt:

Not Divulged

Experience:

Product quality = Good

Delivery Behaviour = Good

Overall = Good

Remark

As claimed by Mr. Ganeshan (Proprietor) that he is satisfied with subject company

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

Bank Name:

Union Bank of India

Branch:

Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-22-22674938 (Ringing)

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

 

·         HDFC Bank Limited

·         ICICI Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term loans

 

 

from banks - Union Bank of India

(Secured by hypothecation of Factory Bldg. ,Plant and Machinery  Terms of Repayment - Monthly Installments of Rs. 15 lakhs and Past

Installment falling due on 15th March, 20 16.

36.857

54.010

Other Loans and Advances

 

 

from banks - ICICI Bank

(Secured by hypothecation of Vehicle ) Terms of Repayment - Equated Monthly Installment and Last installment falling due on 15th June, 2014.

0.048

0.239

from banks - HDFC Bank

(Secured by hypothecation f "Vehicle- Eicher ) Terns sf Repayment - Equated Monthly Installments and Last installment falling due on 1st June, 20 15.

0.598

1.013

from banks - HDFC Bank

(Secured by hypothecation of Motor Cycle ) Terns of Repayment - Equated Monthly installments and Last installment falling due on 5th November, 20 15.

0.027

0.039

from banks - Union Bank of India

(Secured by hypothecation of Vehicle - Duster ) Terms sf Repayment - Equated Monthly Installments and Last Installment failing due on 15th December, 2015.

0.713

1.031

 

 

 

SHORT TERM BORROWINGS

 

 

from banks - union bank of india - packing credit facility

(secured by hypothecation of inventories and book debt of the company)

87.813

56.212

From bank – Union Bank of India – Cash Credit

21.011

20.000

From – Union Bank of India – L/C Discounting Facility

2.239

0.000

 

43.810

51.911

Total

149.306

132.544

 

Auditors :

 

Name :

Prakash Shetty and Company

Chartered Accountants

Address :

1C, Vijaya Bhavan, Road No.7, Prabhat Colony, Santacruz (East), Mumbai - 400055, Maharashtra-, India

Tel. No.:

91-22-26124881/ 4882/ 4883

Mobile No.:

91-9120134853

E-Mail :

Shettypk23@hotmail.com

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

AAOPS4519C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

·         Rakesh Fisheries

·         Peter Sea Foods

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital: NOT AVAILABLE

 

Issued, Subscribed and Paid-up Capital: Rs. 20.000 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200,000

Equity Shares

Rs. 100/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200,000

Equity Shares

Rs. 100/- each

Rs. 20.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

12.940

(b) Reserves and Surplus

1.087

14.228

11.444

(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)

21.087

34.228

24.384

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

65.486

82.053

108.243

(b) Deferred tax liabilities (Net)

4.094

0.000

0.000

(c) Other long term liabilities

0.000

5.000

8.500

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

69.580

87.053

116.743

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

110.982

111.063

76.212

(b) Trade payables

75.249

46.299

38.430

(c) Other current liabilities

0.707

0.026

0.026

(d) Short-term provisions

2.626

1.968

2.655

Total Current Liabilities (4)

189.564

159.356

117.323

 

 

 

 

TOTAL

280.231

280.637

258.450

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

87.648

111.643

126.251

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.676

1.676

1.192

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

89.324

113.319

127.443

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

150.403

118.072

95.185

(c) Trade receivables

25.138

37.282

31.245

(d) Cash and cash equivalents

1.260

0.280

0.753

(e) Short-term loans and advances

8.366

6.074

2.263

(f) Other current assets

5.740

5.610

1.561

Total Current Assets

190.907

167.318

131.007

 

 

 

 

TOTAL

280.231

280.637

258.450

 

 

PROFIT and LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

317.480

363.981

272.439

 

 

Other Income

8.114

10.372

12.583

 

 

TOTAL SALES                       

325.594

374.353

285.022

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

235.368

281.049

200.920

 

Purchases of Stock-in-Trade

(32.331)

(22.887)

(17.575)

 

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

53.968

50.692

48.840

 

Employees benefits expense

10.685

10.719

6.561

 

Other expenses

20.793

17.187

11.742

 

TOTAL EXPENSES

288.483

336.760

250.488

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

37.111

37.593

34.534

 

 

 

 

 

Less

FINANCIAL EXPENSES

19.691

17.389

14.160

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

17.420

20.204

20.374

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

29.184

15.758

17.551

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(11.764)

4.446

2.823

 

 

 

 

 

Less

TAX

1.250

1.662

1.329

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(13.014)

2.784

1.494

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NA

269.751

203.695

 

 

 

 

 

 

Earnings Per Share (Rs.)

NA

13.92

11.14

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

Net Profit Margin
(PAT / Sales)

(%)

(4.10)

0.76

0.55

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

11.69

10.33

12.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.20)

1.58

1.09

 

 

 

 

 

Return on Investment (ROI) (PBT/Networth)

 

(0.56)

0.13

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

8.37

5.64

7.56

 

 

 

 

 

Current Ratio (Current Asset/Current Liability)

 

1.01

1.05

1.12

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

12.940

20.000

20.000

Reserves and Surplus

11.444

14.228

1.087

Net worth

24.384

34.228

21.087

 

 

 

 

Long-term borrowings

108.243

82.053

65.486

Short term borrowings

76.212

111.063

110.982

Total borrowings

184.455

193.116

176.468

Debt/Equity ratio

7.565

5.642

8.369

 

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

272.439

363.981

317.480

 

 

33.601

(12.776)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

272.439

363.981

317.480

Profit/ Loss

1.494

2.784

(13.014)

 

0.55%

0.76%

(4.10%)

 

 

 

 

 

 

 

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

Yes

19

Major customers

Yes

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

No

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10586297

03/08/2015

15,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

C61842639

2

10429288

13/05/2013

15,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B76383710

3

10397728

21/12/2012

1,100,000.00

UNION BANK OF INDIA

RETAIL MART BRANCH, MUMBAI SAMACHAR MARG, 66/80,M 
UMBAI SAMACHAR MARG,FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B66143991

4

10313581

24/01/2012 *

20,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B32454902

5

10233304

05/07/2010

89,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

A90810896

6

10233312

30/06/2010

149,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

A90810979

7

10235717

13/09/2013 *

90,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B85995314

8

10131054

27/10/2008

20,000,000.00

UNION BANK OF INDIA

RETAIL MART - MUMBAI SAMACHAR MARG BRANCH,, 66/80 
MUMBAI SAMACHAR MARG, FORT,, MUMBAI - 400023, MAHARASHTRA , INDIA

A51148187

9

10131239

07/02/2014 *

157,000,000.00

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC 
HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B98189509

10

80049493

28/11/2000

2,800,000.00

CORPORATION BANK

6, RAMBHAU SALGOAONKAR MARG, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

 

 

Directors Loan

 

 

Rosario Dsouza

41.904

49.255

Peter D'souza

0.350

0.450

Terms of Repayment - No tern fixed for repayment

 

 

Other Loans and Advances

 

 

Others

1.556

2.206

Total

 

43.810

51.911

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the Company has been shifted from Shop No C-203, 2nd Floor, Nerul Railway Station Complex, Nerul (East) Navi Mumbai – 400706, Maharashtra, India to the present address w.e.f. 20.01.2012.


OPERATIONS

 

The turnover of the company from its main activities for the year 2013-2014 has been Rs. 374.352 Million. The turnover has grown by 31% from the last year. The availability of fish from sea water was not continues. Besides there was rise in the input cost of raw material, packing material and labour charges. In spite of this, the company could post sales of Rs. 3774.400 Million and cash profit of Rs. 18.543 Million and net profit of Rs. 2.785 Million. As indicated in the last report, the company is intending to carry out activities with fish/fish variety as available from “capture” and “culture” sources. As the culture fish is available on continuous basis, the company wishes to do export of “Vannamie/Scampi” which will help to boost turnover. The expected turnover for 2014-2015 is 600.000 Million, and barring unforeseen circumstances the company is confident of achieving this targeted turnover. The company is regular in repayment of term loan and entire term loan shall be repaid by 31.03.2016. This will result in improving cash and also reduce interest cost.

 

CMT REPORT (Corruption, Money Laundering and 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 records 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. 66.17

UK Pound

1

Rs. 100.66

Euro

1

Rs. 70.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

SYL

 

 

SCORE and RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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 and 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.