MIRA INFORM REPORT
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Report No. : |
351784 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RADIANT HEAT EXCHANGER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S Block, Plot No. 116/2, MIDC, Bhosri, Pune – 411 026, Maharashtra |
|
Tel. No.: |
91-20-40718000/ 66142842/ 2040718026 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.01.2006 |
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Com. Reg. No.: |
25-021850 |
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Capital
Investment / Paid-up Capital : |
Rs. 21.901 Million |
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CIN No.: [Company Identification
No.] |
U29299PN2006PTC021850 |
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IEC No.: |
3107018465 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNER09036G |
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PAN No.: [Permanent Account No.] |
AADCR2138N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacturing of heat exchangers |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 2006 and it is engaged in the
manufacturing of heat exchangers. For the financial year ended 2014, the company possesses moderate
operational performance and it has incurred huge loss from its operational
activities during the year under a review. However, rating takes into consideration companies above average
financial profile supported by favorable gap between trade payables to its
receivables along with adequate cash reserves and average debt coverage
indictors. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. In view of aforesaid, the company 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil Sadavarte |
|
Designation : |
Account Manager |
|
Contact No.: |
91-20-40718000 |
|
Date : |
25.11.2015 |
LOCATIONS
|
Registered Office/Factory 1 : |
S Block, Plot No. 116/2, MIDC, Bhosri, Pune – 411 026, |
|
Tel. No.: |
91-20-40718000/ 66142842/ 2040718026 |
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Fax No.: |
91-20-40718016 |
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E-Mail : |
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|
Website : |
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Area : |
3004 Sq. Meter |
|
|
|
|
Factory 2 : |
Gut No. 628 and 629 at PO Kuruli, Taluka Khed, Chakan, Pune – 410501,
Maharashtra, India |
|
Area : |
6000 Sq. Meter |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mrs. Shibani Kishore Rajapurkar |
|
Designation : |
Additional Director |
|
Address : |
11, Rajyog, Adwait Nagar, |
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Date of Birth/Age : |
03.11.1959 |
|
Date of Appointment : |
23.07.2007 |
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DIN: |
01717414 |
|
|
|
|
Name : |
Mr. Kishore Kamlakar Rajapurkar |
|
Designation : |
Managing Director |
|
Address : |
11, Rajyog, Adwait Nagar, |
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Date of Birth/Age : |
28.10.1952 |
|
Date of Appointment: |
16.01.2006 |
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DIN: |
01798096 |
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|
|
|
Name : |
Mr. Rohan Kishore Rajapurkar |
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Designation : |
Directors |
|
Address : |
11, Rajyog, Adwait Nagar, |
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Date of Birth/Age : |
16.01.1983 |
|
Date of Appointment: |
16.01.2006 |
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DIN: |
01670460 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Sadavarte |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Mr. Sridhar G. Mudaliar |
|
Designation : |
Company Secretary |
|
Address : |
22-A, Hanuman Nagar, Off: Senapati Bapat Road, Model Colony, Pune –
411016, Maharashtra, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Kishore Kamlakar Rajapurkar |
1716000 |
|
Rohan Kishore Rajapurkar |
250000 |
|
Shibani Kishore Rajapurkar |
124100 |
|
Janki Kishore Rajapurkar |
100000 |
|
Total |
2190100 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of heat exchangers |
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Products : |
Heat exchangers |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
L B Laddha and Company Chartered Accountants |
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Address : |
Flat No. 7 & 8, Second Floor, Sukhwani Chambers, Station Road
Pimpri, Pune- 411018, Maharashtra, India |
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Tel. No.: |
91-20-27426966/ 27420547 |
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Email: |
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Pan: |
AABFL8847M |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on: 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2190100 |
Equity Shares |
Rs.10/- each |
Rs. 21.901 Million |
|
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|
|
|
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 |
21.901 |
21.901 |
21.901 |
|
(b) Reserves & Surplus |
19.457 |
21.708 |
18.945 |
|
(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) |
41.358 |
43.609 |
40.846 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
29.020 |
22.480 |
39.207 |
|
(b) Deferred tax liabilities (Net) |
3.158 |
3.376 |
2.430 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
32.178 |
25.856 |
41.637 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
13.009 |
14.367 |
9.149 |
|
(b) Trade
payables |
10.284 |
11.186 |
7.844 |
|
(c) Other
current liabilities |
36.266 |
27.509 |
30.710 |
|
(d) Short-term
provisions |
2.917 |
2.607 |
2.518 |
|
Total Current
Liabilities (4) |
62.476 |
55.669 |
50.221 |
|
|
|
|
|
|
TOTAL |
136.012 |
125.134 |
132.704 |
|
|
|
|
|
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
|
|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
64.394 |
66.572 |
70.355 |
|
(ii)
Intangible Assets |
0.978 |
0.615 |
0.892 |
|
(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 |
0.572 |
0.572 |
0.568 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
2.250 |
|
Total Non-Current
Assets |
65.944 |
67.759 |
74.065 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
5.907 |
21.693 |
|
(b)
Inventories |
24.344 |
8.981 |
22.301 |
|
(c) Trade
receivables |
10.168 |
22.561 |
7.863 |
|
(d) Cash
and cash equivalents |
21.041 |
9.038 |
0.437 |
|
(e)
Short-term loans and advances |
5.432 |
5.918 |
5.348 |
|
(f) deposited |
7.010 |
3.000 |
0.000 |
|
(g) Other current assets |
2.073 |
1.970 |
0.997 |
|
Total
Current Assets |
70.068 |
57.375 |
58.639 |
|
|
|
|
|
|
TOTAL |
136.012 |
125.134 |
132.704 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
136.684 |
122.655 |
122.624 |
|
|
|
Other Income |
0.901 |
1.933 |
NA |
|
|
|
TOTAL |
137.585 |
124.588 |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
140.028 |
120.786 |
12.153 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
|
4.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(2.443) |
3.802 |
7.870 |
|
|
|
|
|
|
|
|
|
|
TAX |
(0.217) |
1.039 |
2.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(2.251) |
2.763 |
4.993 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
25.850 |
20.952 |
0.000 |
|
|
TOTAL EARNINGS |
25.850 |
20.952 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
22.778 |
15.707 |
13.468 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.03) |
1.26 |
2.28 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
24.496 |
19.053 |
14.110 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.65) |
2.25 |
4.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.80) |
3.04 |
5.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
0.09 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.61 |
1.28 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.03 |
1.17 |
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 |
21.901 |
21.901 |
21.901 |
|
Reserves & Surplus |
18.945 |
21.708 |
19.457 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
40.846 |
43.609 |
41.358 |
|
|
|
|
|
|
long-term borrowings |
39.207 |
22.480 |
29.020 |
|
Short term borrowings |
9.149 |
14.367 |
13.009 |
|
Current Maturities of
Long Term Debt |
14.110 |
19.053 |
24.496 |
|
Total borrowings |
62.466 |
55.900 |
66.525 |
|
Debt/Equity ratio |
1.529 |
1.282 |
1.609 |
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) |
|
Income |
122.624 |
122.655 |
136.684 |
|
|
|
0.025 |
11.438 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Income |
122.624 |
122.655 |
136.684 |
|
Profit (Loss) |
4.993 |
2.763 |
(2.251) |
|
|
4.07% |
2.25% |
(1.65%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE:
During the year the company has earned the revenue of Rs. 136.684 Million as compared to the previous year’s revenue of Rs. 122.655 Million and has incurred a loss of Rs. 2.251 Million as compared to previous year’s profit of Rs. 2.763 Million. The company is taking steps for and hopes to achieve a sizable turnover as well as profit in the year to come.
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10587758 |
26/08/2015 |
19,300,000.00 |
Small Industries Development Bank of India |
JEEVAN
SHRI BUILDING, GROUND FLOOR, S NO 1109, PLOT NO. 488, NEAR PUNE CENTRAL MALL,
SHIVAJINAGAR, PUNE - 411016, MAHARASHTRA, INDIA |
C62460555 |
|
2 |
10566034 |
26/08/2015 * |
10,000,000.00 |
Small Industries Development Bank of India |
JEEVAN
SHRI BUILDING, GROUND FLOOR, S NO 1109, PLOT NO. 488, NEAR PUNE CENTRAL MALL,
SHIVAJINAGAR, PUNE - 411016, MAHARASHTRA, INDIA |
C62461397 |
|
3 |
10249360 |
24/03/2014 * |
36,500,000.00 |
Small Industries Development Bank of India |
JEEVAN
SHRI BUILDING, GROUND FLOOR, S NO 1109, PLOT NO. 488, NEAR PUNE CENTRAL MALL,
SHIVAJINAGAR, PUNE - 411016, MAHARASHTRA, INDIA |
C03998200 |
|
4 |
10236278 |
28/02/2015 * |
45,000,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,NEAR KALASAGAR HOTEL, OLD PUNE MUMBAI HIGHWAY, KASARWADI,
PIMPRI, PUNE - 411034, MAHARASHTRA, INDIA |
C47427695 |
* Date
of charge modification
FIXED ASSETS:
- Land
- Building
- Electrical Installation
- Plant and Machinery
- Dies and Moulds
- Air Conditioning
- Office Equipments
- Computer
- Fire Fighting Equipment
- Furniture and Fixtures
- Vehicles
- Software
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
6 |
|
--PROFITABILITY |
1~10 |
- |
|
--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 |
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 |
|
41 |
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.