MIRA INFORM REPORT
|
Report No. : |
350417 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
CE-7015, 7th Floor, Tower C, G Block, Bharat Diamond
Bourse, BKC, Bandra - (East), Mumbai – 400051, Maharashtra |
|
Tel No.: |
91-22-66615600/ 23634565 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.04.2007 |
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|
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Com. Reg. No.: |
11-169724 |
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Capital
Investment / Paid-up Capital : |
Rs.1183.551 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52393MH2007PTC169724 |
|
|
|
|
IEC No.: |
0388013419 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM31691C |
|
|
|
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PAN No.: [Permanent Account No.] |
AAFCM0246E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Diamonds. |
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|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was established as a partnership firm in 1960, MBL is engaged in the processing and export of cut and polished diamonds (CPDs). It was converted into a private limited company in 2007. MBL manufactures wide range of polished diamonds ranging from 2 cents to 10-carat size and in various shapes including rounds, princess, marquise, taper and baguette shapes. For the financial year ended 2014, company has reported 22.81% sales turnover growth as compared to previous sales turnover and it has maintained average profitability margins at 1.02% during the year under a review. Rating continue to derive strength from the experience, resourcefulness and established track record of the promoters in the Gems and Jewellery (G&J) industry, integrated nature of operations, strong marketing network and diversified clientele base across geographies. Rating strength is partially offset by volatile profitability margins arising out of volatility in the prices of diamonds/foreign exchange rates, working capital-intensive nature of operations leading to leveraged capital structure and highly competitive nature of the industry. Trader relations are reported as fair. Payments are reported to be usually correct. In view of aforesaid, the company can be considered good
for normal 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.
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 A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 25, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
March 25, 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
|
Name : |
Mr. Jignesh P Mangukia |
|
Designation : |
Vice President Finance |
|
Contact No.: |
91-22-66615600 |
|
Date : |
21.11.2015 |
LOCATIONS
|
Registered Office : |
CE-7015, 7th Floor, Tower C, G Block, Bharat Diamond
Bourse, BKC, Bandra - (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66615600/ 23634565 |
|
Fax No.: |
91-22-66615661 |
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E-Mail : |
|
|
Website : |
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Location: |
Owned |
|
Locality: |
Commercial |
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|
|
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Head Office / Sales Office : |
Tower C, Central Wing, CE 7011-15, (8th floor) G Block, Bharat
Diamond Bourse, BKC, Bandra (E), Mumbai 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66156000 |
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Fax No.: |
91-22-66615633 |
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|
|
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Factory: |
B1/ F1, Mukam Post Jamalpur, Gandevi Road, Behind Koushalya Park,
Navsari – 396445, Gujarat, India |
DIRECTORS
AS ON 25.09.2014
|
Name : |
Mr. Saunak Jitendra Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
F-171, Patit Hall Menka 66, Nepeansea Road, Mumbai – 40006,
Maharashtra, India |
|
Date of Birth/Age : |
22.08.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.04.2007 |
|
DIN No.: |
00256316 |
|
|
|
|
Name : |
Ms. Milan Kavin Parikh |
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Designation : |
Whole Time Director |
|
Address : |
15-A, Next to Khatau Condominium, J. Mehta Marg, Mumbai-400006, Maharashtra,
India |
|
Date of Birth/Age : |
06.07.1963 |
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Qualification : |
B.Com |
|
Date of Appointment : |
05.04.2007 |
|
PAN No.: |
AADPP0814G |
|
DIN No.: |
00256411 |
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|
|
|
Name : |
Mr. Hiten Bagmal Parikh |
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Designation : |
Whole Time Director |
|
Address : |
41, Laxmi Vilas, 8 Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
03.09.1956 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
05.04.2007 |
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PAN No.: |
AABPP5876A |
|
DIN No.: |
00292585 |
|
|
|
|
Name : |
Mr. Raj Hiten Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
41-Laxmi Vilas, 87 Nepeansea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
21.12.1981 |
|
Date of Appointment : |
05.04.2007 |
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PAN No.: |
AGFPP6664E |
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DIN No.: |
00921828 |
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|
|
|
Name : |
Mr. Rishi Hiten Parikh |
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Designation : |
Director |
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Address : |
41-Laxmi Vilas, 87 Nepeansea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
22.10.1987 |
|
Date of Appointment : |
15.10.2012 |
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PAN No.: |
AAIPP6682M |
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DIN No.: |
06405194 |
KEY EXECUTIVES
|
Name : |
Mr. Jignesh P Mangukia |
|
Designation : |
Vice President Finance |
MAJOR SHAREHOLDERS
AS ON 25.09.2014
(SHAREHOLDERS DETAILS FILE ATTACHED)
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2014
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
4.50 |
|
Directors or relatives of Directors |
71.49 |
|
Other top fifty shareholders |
24.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Diamonds. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Polished Diamonds |
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Countries : |
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Imports : |
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Products : |
Rough Diamond |
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Countries : |
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Terms : |
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Selling : |
Cash, L\C and Credit |
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Purchasing : |
Cash, L\C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Sampat Mehta and Associates Chartered Accountants |
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Address : |
B-501 / 502 11, Sarvoday, Western express S Highway Bandra - East, Mumbai 400051, Maharashtra, India |
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E-Mail : |
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Website : |
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PAN
No. : |
AAAFS1266J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Company
: |
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Enterprises
significantly influenced by key management personnel : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Million |
|
155000000 |
Preference Shares |
Rs.10/- each |
Rs.1550.000 Million |
|
25000000 |
Unclassified Shares |
Rs.10/- each |
Rs.250.000 Million |
|
|
Total |
|
Rs.2500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63357071 |
Equity Shares |
Rs.10/- each |
Rs.633.571 Million |
|
54998100 |
Preference Shares |
Rs.10/- each |
Rs.549.981 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1183.551
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 |
1183.551 |
1183.552 |
1183.552 |
|
(b) Reserves & Surplus |
1667.036 |
1443.807 |
1346.078 |
|
(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) |
2850.587 |
2627.359 |
2529.630 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2294.651 |
2386.400 |
767.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1639.859 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2294.651 |
2386.400 |
2406.859 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
7424.176 |
5927.670 |
5788.855 |
|
(b) Trade payables |
3694.726 |
4349.234 |
2977.650 |
|
(c) Other current
liabilities |
100.684 |
72.081 |
43.863 |
|
(d) Short-term provisions |
1.173 |
1.293 |
1.130 |
|
Total Current Liabilities
(4) |
11220.759 |
10350.278 |
8811.498 |
|
|
|
|
|
|
TOTAL |
16365.997 |
15364.037 |
13747.987 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1764.006 |
1856.07 |
1563.312 |
|
(ii) Intangible Assets |
3.257 |
2.189 |
2.598 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
396.632 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
146.409 |
148.962 |
157.159 |
|
(c) Deferred tax assets (net) |
(34.364) |
306.49 |
338.821 |
|
(d) Long-term Loan and Advances |
15.986 |
15.676 |
20.014 |
|
(e) Other Non-current
assets |
453.188 |
423.543 |
393.516 |
|
Total Non-Current Assets |
2348.482 |
2752.930 |
2872.052 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.327 |
0.738 |
5.615 |
|
(b) Inventories |
6658.979 |
6120.832 |
5536.551 |
|
(c) Trade receivables |
6794.564 |
5928.773 |
4939.897 |
|
(d) Cash and cash
equivalents |
434.370 |
447.808 |
236.555 |
|
(e) Short-term loans
and advances |
125.376 |
110.517 |
156.935 |
|
(f) Other current
assets |
3.899 |
2.439 |
0.382 |
|
Total Current Assets |
14017.515 |
12611.107 |
10875.935 |
|
|
|
|
|
|
TOTAL |
16365.997 |
15364.037 |
13747.987 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25819.197 |
21029.090 |
|
|
|
|
Other Income |
22.089 |
12.827 |
|
|
|
|
TOTAL (A) |
25841.286 |
21041.917 |
20544.353 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
13657.051 |
11373.845 |
|
|
|
|
Purchases of Stock-in-Trade |
7799.801 |
6418.572 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(290.646) |
(703.034) |
|
|
|
|
Employees benefits expense |
177.063 |
163.721 |
|
|
|
|
Other expenses |
2786.449 |
2735.404 |
|
|
|
|
TOTAL (B) |
24129.718 |
19988.508 |
20363.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1711.568 |
1053.409 |
181.133 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
993.695 |
796.785 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
717.873 |
256.624 |
181.133 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.359 |
101.013 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
618.514 |
155.611 |
181.133 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
354.453 |
28.360 |
152.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
264.061 |
127.251 |
28.475 |
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
6697.795 |
11232.574 |
NA |
|
|
|
Components and Stores parts |
0.180 |
0.708 |
NA |
|
|
|
Capital Goods |
0.000 |
8.127 |
NA |
|
|
|
TOTAL
IMPORTS |
6697.975 |
11241.409 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.17 |
2.01 |
0.24 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
26500.000 |
|
|
|
|
|
Expected Sales (2015-2016): Rs.25000.000 Million
The above information has been parted by Mr. Jignesh Mangukia (Vice
President Finance).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(835.328) |
599.101 |
(587.247) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.02 |
0.61 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.63 |
5.01 |
0.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.81 |
1.04 |
1.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.06 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.41 |
2.54 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.22 |
1.23 |
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 |
1183.552 |
1183.552 |
1183.551 |
|
Reserves & Surplus |
1346.078 |
1443.807 |
1667.036 |
|
Net worth |
2529.630 |
2627.359 |
2850.587 |
|
|
|
|
|
|
long-term borrowings |
767.000 |
741.000 |
2294.651 |
|
Short term borrowings |
5788.855 |
5927.670 |
7424.176 |
|
Total borrowings |
6555.855 |
6668.670 |
9718.827 |
|
Debt/Equity ratio |
2.592 |
2.538 |
3.409 |
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 |
20544.353 |
21029.09 |
25819.197 |
|
|
|
2.359 |
22.778 |
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 |
20544.353 |
21029.09 |
25819.197 |
|
Profit |
28.475 |
127.251 |
264.061 |
|
|
0.14% |
0.61% |
1.02% |
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from 611, Panchratna, Mama Parmanand Marg,
Opera House, Mumbai- 400004, Maharashtra India to the present address w.e.f. 25.04.2013
DIAMOND INDUSTRY –
INDIA
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
Excerpts from Times of India dated 30th October 2010 is as
under –
Gem and Jewellery Export Promotion Council in its statistical data has shown
the export of polished diamonds to have increase by 28 % in February 2013.
Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India
exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM BORROWINGS |
|
|
|
Fully convertible debentures banks |
2161.100 |
741.100 |
|
Loans and advances from related parties |
133.551 |
1645.300 |
|
Total |
2294.651 |
2386.400 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Computer equipments
Intangible assets
- Computer software
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.66.38 |
|
UK Pound |
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
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 |
|
48 |
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.