MIRA INFORM REPORT
|
Report No. : |
350000 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARCVAC FORGE CAST LIMITED (w.e.f. 27.02.2007) |
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|
|
|
Formerly Known
As : |
ARCVAC
FORGE CAST PRIVATE LIMITED |
|
|
|
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Registered
Office : |
N.H.-2, Panchghara, Hooghly – 712306, West Bengal |
|
Tel. No.: |
91-33-26598000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.07.2003 |
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Com. Reg. No.: |
21-096561 |
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Capital Investment
/ Paid-up Capital : |
Rs.47.727 Million |
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CIN No.: [Company Identification
No.] |
U27109WB2003PLC096561 |
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|
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IEC No.: |
0205018211 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA06690F |
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PAN No.: [Permanent Account No.] |
AAECA8396E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and exporter of iron and steel. |
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No. of Employees
: |
150 (Approximately) |
RATING & 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 |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2003 which is a part of the
Kolkata-based Smithy group, promoted by two brothers, Mr. Raj Kumar Chhajer and
Mr. Binod Chhajer. The company is engaged in manufacturer and exporter of
iron and steel. For the financial year ended 2014, company possesses moderate
operational performance and it has incurred losses from its operation during
the year under a review. Rating remain constrained on account of company’s profitability
susceptible to volatility in raw material prices, working capital intensive
nature of business, customer concentration risk, low capacity utilization,
weak financial profile with tight liquidity position. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing 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 |
CARE |
|
Rating |
Long term bank facilities= BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
08.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term and facilities= A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
08.01.2015 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shekar |
|
Designation : |
Account Executive |
|
Contact No.: |
91-33-26002101 |
|
Date : |
17.11.2015 |
LOCATIONS
|
Registered Office/ Factory : |
N.H.-2, Panchghara, Hooghly – 712306, West Bengal, India |
|
Tel. No.: |
91-33-26598000 |
|
Fax No.: |
91-33-26598002 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Binod Chhajer |
|
Designation : |
Director |
|
Address : |
13 Chapel Road, Hastings, Kolkata – 700022, West Bengal, India |
|
Date of Birth/Age : |
23.01.1961 |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ACKPC0494J |
|
DIN No.: |
00028959 |
|
|
|
|
Name : |
Mr. Raj Kumar Chhajer |
|
Designation : |
Director |
|
Address : |
6, Burwan Road, Konark Garden, Block No A, Kolkata – 700027, West
Bengal, India |
|
Date of Birth/Age : |
30.06.1955 |
|
Date of Appointment : |
11.07.2003 |
|
DIN No.: |
00028972 |
|
PAN No.: |
ACIPC6387J |
|
|
|
|
Name : |
Mr. Manik Chand Nahata |
|
Designation : |
Director |
|
Address : |
59 Kalicharan Ghose Road, Flat No. 402, Kolkata – 700050, West Bengal,
India |
|
Date of Birth/Age : |
21.07.1954 |
|
Date of Appointment : |
23.09.20098 |
|
PAN No.: |
ABJPN9043Q |
|
DIN No.: |
02647911 |
KEY EXECUTIVES
|
Name : |
Mr. Shekar |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS
AS ON 29.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
96.58 |
|
Directors or relatives of Directors |
3.42 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of iron and steel. |
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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 : |
France |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· State Bank of India, Commercial Branch, N. S. Road, 8, N. S. Road, Kolkata – 700001, West Bengal, India · State Bank of India (Lead Bank), Mid Corporate Loan Administration, 7th Floor, "Samriddhi Bhawan", 'E' Block, 1, Strand Road, Kolkata – 700001, West Bengal, India |
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Facilities : |
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Auditors : |
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Name : |
R L Mundhra and Company Chartered Accountants |
|
Address : |
745/859, Marshal
House, 33/1 Netaji Subhas Road, Kolkata – 700001, West Bengal, India |
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PAN No.: |
AAEFR0104N |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
· Vikrant Forge Limited · Integrated Forge Limited |
CAPITAL STRUCTURE
AFTER 29.09.2014
Authorised Capital: Rs.51.000 Million
Issued, Subscribed & Paid-up Capital: Rs.50.067
Million
AS ON 29.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4835167 |
Equity Shares |
Rs.10/- each |
Rs.48.352 Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4772667 |
Equity Shares |
Rs.10/- each |
Rs.47.727 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 |
47.727 |
47.052 |
42.441 |
|
(b) Reserves & Surplus |
845.157 |
873.824 |
876.666 |
|
(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) |
892.884 |
920.876 |
919.107 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
899.850 |
899.868 |
653.162 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
135.776 |
135.729 |
50.850 |
|
(d) long-term
provisions |
0.414 |
0.272 |
0.146 |
|
Total Non-current
Liabilities (3) |
1036.040 |
1035.869 |
704.158 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
297.624 |
293.712 |
298.106 |
|
(b) Trade
payables |
371.798 |
342.159 |
402.179 |
|
(c) Other
current liabilities |
113.286 |
97.133 |
272.611 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
782.708 |
733.004 |
972.896 |
|
|
|
|
|
|
TOTAL |
2711.632 |
2689.749 |
2596.161 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1673.322 |
1293.928 |
1367.308 |
|
(ii)
Intangible Assets |
0.448 |
0.027 |
0.199 |
|
(iii)
Capital work-in-progress |
1.676 |
340.018 |
18.397 |
|
(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) |
3.707 |
6.366 |
-37.754 |
|
(d) Long-term Loan and Advances |
38.026 |
38.445 |
145.146 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1717.179 |
1678.784 |
1493.296 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
412.739 |
437.679 |
483.216 |
|
(c) Trade
receivables |
367.992 |
358.206 |
461.026 |
|
(d) Cash
and cash equivalents |
43.510 |
54.807 |
59.435 |
|
(e)
Short-term loans and advances |
170.212 |
160.273 |
99.188 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
994.453 |
1010.965 |
1102.865 |
|
|
|
|
|
|
TOTAL |
2711.632 |
2689.749 |
2596.161 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1457.302 |
1130.519 |
1689.547 |
|
|
|
Other Income |
35.274 |
25.647 |
25.208 |
|
|
|
TOTAL (A) |
1492.576 |
1156.166 |
1714.755 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
795.727 |
612.706 |
968.530 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
16.038 |
76.485 |
61.123 |
|
|
|
Employee Benefits Expenses |
62.107 |
50.318 |
59.726 |
|
|
|
Other Expenses |
438.520 |
330.450 |
367.883 |
|
|
|
TOTAL (B) |
1312.392 |
1069.959 |
1457.262 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
180.184 |
86.207 |
257.493 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
136.648 |
146.292 |
175.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
43.536 |
(60.085) |
81.952 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
80.784 |
74.082 |
73.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(37.248) |
(134.167) |
8.235 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.243 |
(43.721) |
2.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(41.491) |
(90.446) |
6.063 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.72) |
(20.88) |
1.53 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
65.373 |
13.560 |
136.147 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
225.000 |
124.063 |
255.290 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(2.85) |
(8.00) |
0.36 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.36 |
7.63 |
15.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(1.38) |
(5.73) |
0.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.15) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.41 |
1.31 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.38 |
1.13 |
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 |
42.441 |
47.052 |
47.727 |
|
Reserves & Surplus |
876.666 |
873.824 |
845.157 |
|
Net
worth |
919.107 |
920.876 |
892.884 |
|
|
|
|
|
|
long-term borrowings |
653.162 |
899.868 |
899.850 |
|
Short term borrowings |
298.106 |
293.712 |
297.624 |
|
Current Maturities of Long term debt |
136.147 |
13.560 |
65.373 |
|
Total
borrowings |
1087.415 |
1207.140 |
1262.847 |
|
Debt/Equity
ratio |
1.183 |
1.311 |
1.414 |
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 |
1689.547 |
1130.519 |
1457.302 |
|
|
|
(33.087) |
28.906 |
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
|
1689.547 |
1130.519 |
1457.302 |
|
Profit |
6.063 |
(90.446) |
(41.491) |
|
|
0.36% |
(8.00%) |
(2.85%) |
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 |
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) |
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 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
During the year, subject achieved Gross Sales of Rs.1634.500 million as compared to Rs.1265.700 million in the previous year. Subject has reported a Net Loss after tax of Rs.41.500 million as compared to Net Loss of Rs.90.400 million in the previous year.
The slowdown in the domestic market continued uninterruptedly, as was in the year gone by. Due to very low demand, high rate of interest and tight liquidity position, the automobile sector also got impacted this year. This further aggravated the situation as the demand further went down. Subject has been able to increase the market share in the other sectors and is continuously striving to get a foot hold in the automobile market.
The cost of inputs and raw material continued to rise and because of sluggish market the said increase could not be passed on to the customer which affected the Company in terms of volumes and the margins which lead to the present difficult financial position.
REVIEW OF OPERATIONS:
The business environment which started deteriorating rapidly from second half of FY 2011-12 onwards due to worsening macro-economic scenario continued creating immense pressure on margins. Fierce competition from domestic as well as foreign companies further weakened the company's performance resulting in pressure on the margins as well as order booking.
Subject’s business is directly related to the capital goods industry, which is undergoing a negative growth since the current slowdown started. Many large projects have been put on hold, which has increased the company's inventories coupled with pressure on payment realization as well as new order bookings.
BUSINESS OUTLOOK:
Due to worsening global and domestic macro-economic scenario the future seems to be uncertain and unless the Indian economy revives and starts growing-up again, the performance of the company will continue to remain under pressure. During the slowdown period of 2008 we could maintain our performance level because the power and mining sectors continued to be robust, but since middle of last financial year, even power and mining sectors have been badly affected.
On the positive side, the company has been able to position itself as the most preferred vendor for forging quality ingots and forgings for the leading consumers in India, but at the moment, even they are also not having orders, hence, the performance of the company gets tied up with their performance.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Rupee term loans from others |
106.501 |
134.501 |
|
|
|
|
|
Total |
106.501 |
134.501 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10534929 |
21/11/2014 |
628,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA |
C35966035 |
|
2 |
10425759 |
30/03/2013 |
117,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
20-B, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75146092 |
|
3 |
10422528 |
23/03/2013 |
115,800,000.00 |
STATE BANK OF HYDERABAD |
PARK STREET BRANCH, PODDAR POINT (1ST FLOOR),, 113, PARK STREET,, KOLKATA, WEST BENGAL - 700016, INDIA |
B73971095 |
|
4 |
10349436 |
31/03/2014 * |
875,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA |
C03611712 |
|
5 |
10089228 |
07/02/2008 |
1,140,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
MID
CORPORATE LOAN ADMINISTRATION, 7TH FLOOR, "SAMRIDDHI BHAWAN", E
BLOCK, 1, STRAND ROAD, KOLKATA, |
A32865123 |
|
6 |
80022097 |
21/03/2013 * |
1,019,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B73226128 |
|
7 |
80022098 |
13/07/2015 * |
1,481,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JEEVANDEEP, 1,MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA |
C58937145 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--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 & 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.