MIRA INFORM REPORT

 

 

Report No. :

352465

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

OVERSEAS POLYMERS PRIVATE LIMITED (w.e.f. 20.02.2001)

 

 

Formerly Known As :

VINMAR POLYMERS PRIVATE LIMITED

 

 

Registered Office :

901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra

Tel No.:

91-22-33051900

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.08.1995

 

 

Com. Reg. No.:

11-091368

 

 

Capital Investment / Paid-up Capital :

Rs.30.640 Million

 

 

CIN No.:

[Company Identification No.]

U25209MH1995PTC091368

 

 

IEC No.:

0395038286

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMV04824B

 

 

PAN No.:

[Permanent Account No.]

AAACV1895M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer and Trader of Polymers, Specialty Polymers, Master Batch, chemicals, Drum chemicals and Rubbers.

 

 

No. of Employees :

120  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3700000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was established in the year 1995 and it is an importer and trader of polymers, specialty polymers, master batch, chemicals, drum chemicals and rubbers.

 

For the financial year ended 2014, company has reported 25.96% sales turnover growth as compared to previous sales turnover  and it has maintained decent profitability margins at 8.63% during the year under a review.

 

Rating takes into consideration company’s satisfactory financial profile supported by its comfortable liquidity position along with sound networth base and fair debt protection indicators.

 

Rating strength is partially offset by risk associated with trading nature of business along with susceptibility to fluctuation in commodity prices as well as forex movement imparting volatility to profitability and intense competition and cyclical nature of the sector.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities = A-

Rating Explanation

Have adequate degree of safety and carry low credit risk

Date

10.12.2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities = A2+

Rating Explanation

Have strong degree of safety and carry low credit risk.

Date

10.12.2014

 

 

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. Anish Purohit

Designation :

Assistant Manager – finance

Contact No.:

91-8879448377

 

 

LOCATIONS

 

Registered Office/ Factory :

901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-33051900

Mobile No.:

91-8879448377 (Mr. Anish Purohit)

Fax No.:

91-22-33051900/ 28200022

E-Mail :

 goberoi@vimar.com

sshah@vinmar.com

apurohit@vinmar.com

Website :

http://www.vinmar.com

Area :

12,500 Sq. ft.

Location :

Rented

Locality :

Industrial

 

 

Corporate  Office :

Vinmar Houston, 396 W. Greens Road, Suite 300 Houston, Texas, USA. 77067

Tel. No.:

713 775 - 1300/ 1399/ 1390

 

 

Branch Office 1:

7-4-42(4), 1st Floor, Chettivanipalem, Autonagar, Gajuwaka, Visakhapatnam – 530012, Andhra Pradesh, India

 

 

Branch Office 2:

A-41, Vinmar House, A-41, M.I.D.C Road No.2, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel No.:

91-22-66921201/ 67141905

Fax No.:

91-22-28365847

 

 

Warehouse :

Behind Maya Shree Compound, Godown No 6B, Sur 194, Hissa 3, Purna, Bhiwandi, Thane, Maharashtra, India

 

 

Administrative Office :

Office No.15, 2nd Floor, Neelam Complex, Plot No.298, Ward No.12/B, Gandhidham – 370201, Gujarat, India

Tel No.:

91-2836-226097

 

 

Branch Office :

Also located at:

 

  • Delhi
  • Mumbai (Andheri)
  • Andhra Pradesh
  • Chennai
  • Ahmedabad
  • Pune
  • Surat
  • Hyderabad

 

 

 

 

DIRECTORS

 

As on 20.09.2014

 

Name :

Mr. Himanshu Kantilal Sanghvi

Designation :

Director

Address :

403 and 405, Ashish, Bapubhai Vashi Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India.

Date of Birth/Age :

30.12.1966

Qualification :

B.Com

Date of Appointment :

03.08.1995

PAN No.:

AABPS7888M

DIN No.:

00362709

 

 

Name :

Mr. Ranjit Purshotamdas Isher

Designation :

Director

Address :

32, Dhawalgiri Off Film City Road, Megh Malhar Complex, Dindoshi, Goregaon (East) Mumbai 400063, Maharashtra, India

Date of Birth/Age :

15.01.1969

Date of Appointment :

30.09.2010

DIN No.:

00881262

 

 

Name :

Mr. Surendra Lavti

Designation :

Executive Director

Date of Birth/Age :

55 Years

Qualification :

CA

Experience :

30 years

Date of Appointment :

01.08.2011

DIN No.:

05148250

 

 

KEY EXECUTIVES

 

Name :

Mr. Anish Purohit

Designation :

Assistance Finance Manager

 

 

Name :

Mr. Sunil Shah

Designation :

Finance Head 

 

 

Name :

Mr. Nilesh Gunventilal Shah

Designation :

Company Secretary

 

 

Name :

Mr. B. Trivedi 

Designation :

Export Import Executive  

 

 

Name :

Mr. Piyush Gala

Designation :

Business Head PVC and Rubber

Date of Birth/Age :

39 Years

Qualification :

B.E. (Chemicals)

Date of Appointment :

01.07.2011

 

 

Name :

Mr. Kalpesh Dalal

Designation :

Business Head PE and PP

Date of Birth/Age :

38 years

Qualification :

B. Tech Polymers, MBA – Marketing

Date of Appointment :

01.12.2006

 

 

MAJOR SHAREHOLDERS

 

As on 20.09.2014

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Himanshu Kantilal Sanghvi

 

14500

Vaishali Himanshu Sanghvi

 

 14500

Vinmar Offshore Finance Limited – British Westindies

 

2871000

APG Chemie (India) Private Limited – India 

 

20850

APG Capital Market Limited – India 

 

143150

 

 

 

Total

 

3064000

 

 

As on 20.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

 

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

93.70

Bodies corporate

5.35

Directors or relatives of Directors

0.95

 

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Importer and Trader of Polymers, Specialty Polymers, Master Batch, chemicals, Drum chemicals and Rubbers.

 

 

Products :

Products Description

Item Code No.

 

Mono Propylene Glycol (MPG)

99611715

Poly Vinyl Chloride (PVC)

99611715

Polyether Polyol

99611715

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Polymers and Chemicals

Countries :
  • Singapore
  • China
  • Taiwan
  • South Korea
  • USA
  • Japan
  • USA
  • Russia

 

 

Terms :

 

Selling :

Cash and L/C (30/90 Days)

 

 

Purchasing :

Cash and L/C (30/90 Days)

 

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Exxonoble Asia Pacific Pte. Limited, Singapore

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :
  • End Users

 

Reference :

Shell Eastern Chemicals, Singapore

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

120  (Approximately)

 

 

Bankers :

·         Corporation Bank

Amboli Branch, Andheri (West), Mumbai, Maharashtra, India

 

·         Corporation Bank

Bangalore Branch Office, Karnataka, India

Tel. No.:91-824-2426416

 

·         Corporation Bank

Mumbai Oversea Branch, 1st Floor, Earnest House, Nariman Point, Mumbai – 400 021, Maharashtra, India

 

·         The Hong Kong and Shanghai Banking Corporation Limited

52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India.

 

·         The Hongkong And Shanghai Banking Corporation Limited, Fort, Mumbai, Maharashtra, India

 

·         Axis Bank Limited

Fort Branch, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India

 

·         Axis Bank Limited

Corporate Banking Branch, Axis House, Ground Floor, Wadia International Center, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

 

·         Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

 

 

Banker Name

ICICI Bank Limited

Branch Address

Landmarkrace Cource Circle, Alkapuri, Baroda

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit = Rs. 150.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Working capital loans from banks

0.159

17.266

Other Loans and Advances

1177.989

1254.108

 

 

 

Total

1178.148

1271.374

 

 

Auditors :

 

Name :

S. S. Kothari and Company

Chartered Accountants

Address:

37, Hamam Street, 2nd Floor, Fort, Mumbai – 400001, Maharashtra, India

Tel No.:

91-22-22650264/ 22653555/ 22666219

Fax No.:

91-22-22654370

Email :

mail@vparekh.com

PAN No.:

AAAFS0524M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

·         Vinmar Offshore Finance Limited, British Westindies

 

 

Associates:

·         GRSC Infotech Private Limited

·         Vinmar Petrochemicals (India) Limited

·         Indian Petrovin Limited

·         Vinmar International Limited

·         Vinmar Overseas Limited

·         Vinmar India Private Limited

·         Vinmar Chemicals and Polymers B.V.

·         Vinmar International FZE

 

 

CAPITAL STRUCTURE

 

As on 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3064000

Equity Shares

Rs.10/- each

Rs. 30.640 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

30.640

30.640

30.640

(b) Reserves & Surplus

1266.735

922.396

840.277

(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)

1297.375

953.036

870.917

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.732

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(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)

0.000

0.000

0.732

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1178.148

1271.374

1078.965

(b) Trade payables

3428.343

2501.038

1930.273

(c) Other current liabilities

77.521

62.778

55.716

(d) Short-term provisions

123.690

60.948

68.200

Total Current Liabilities (4)

4807.702

3896.138

3133.154

 

 

 

 

TOTAL

6105.077

4849.174

4004.803

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

32.931

25.589

26.475

(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

0.001

0.001

0.001

(c) Deferred tax assets (net)

16.558

10.539

7.258

(d)  Long-term Loan and Advances

24.783

17.779

9.624

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

74.273

53.908

43.358

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2052.841

1789.998

2094.349

(c) Trade receivables

3280.425

2759.680

1761.495

(d) Cash and cash equivalents

356.302

25.081

9.496

(e) Short-term loans and advances

341.236

220.507

96.105

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

6030.804

4795.266

3961.445

 

 

 

 

TOTAL

6105.077

4849.174

4004.803

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES (APPROXIMATELY)

 19310.000

 15330.000

NA 

 

 

 

 

 

Less

EXPENSES

 NA

 NA

NA 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

530.919

335.900

296.697

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

5.252

4.044

3.622

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

525.667

331.856

293.075

 

 

 

 

 

Less

TAX

181.328

107.295

96.830

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

344.339

224.561

196.245

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 24.139

36.634

36.888

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 0.000

16027.656

9621.293

 

TOTAL IMPORTS

0.000

16027.656

9621.293

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

112.38

73.29

64.05

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

22000.000

 

 

Expected Sales (2015-2016): Rs.23000.000 Million

 

The above information has been parted by Mr. Anish Purohit

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.307

0.733

0.736

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

750.124

180.542

180.467

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

8.63

6.86

7.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.41

0.35

0.34

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.91

1.33

1.24

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.25

1.23

1.26

 

 

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

30.640

30.640

30.640

Reserves & Surplus

840.277

922.396

1266.735

Net worth

870.917

953.036

1297.375

 

 

 

 

long-term borrowings

0.732

0.000

0.000

Short term borrowings

1078.965

1271.374

1178.148

Current maturities of long-term debts

0.736

0.733

0.307

Total borrowings

1080.433

1272.107

1178.455

Debt/Equity ratio

1.241

1.335

0.908

 

 

 

 

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

Yes

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

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 two 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

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS:

 

 

Case Details

 

Bench:-Bombay

 

Presentation Date:-

10/03/2015

Lodging No.:-

NMAL/715/2015

Filing Date:-

10/03/2015

 

 

Main Matter

 

Lodging No.:-

APPL/253/2015

Reg No.:-

APP/209/2015

 

 

Petitioner:-

CHHAPARIA INDUSTRIES PRIVATE LIMITED (CIN : U74999MH1998PTC113055) -

Respondent:-

OVERSEAS POLYMERS PVT. LTD. -

 

Petn.Adv.:-

MS. SHILPA KAPIL (0)

 

District:-

MUMBAI

 

 

Bench:-

DIVISION

Status:-

Pre-Admission

Category:-

NOTICE OF MOTION (APPEAL)

 

Last Date:-

17/04/2015

Stage:-

NOTICE OF MOTION FOR HEARING [ORIGINAL SIDE MATTERS]

 

Last Coram:-

HON'BLE THE CHIEF JUSTICE

 

HON'BLE SHRI JUSTICE G. S. KULKARNI

 

 

Act :-

Companies Act & Rules 1956

 

 

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10376235

12/09/2012

150,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B57997728

2

10369155

12/07/2012

300,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, INDIA

B45126836

3

10112357

12/12/2011 *

500,000,000.00

CORPORATION BANK

MUMBAI OVERSEAS BRANCH, 1ST FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B30007264

4

10102008

21/09/2012 *

1,450,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, AXIS HOUSE, GR. FLOOR, WADIA INTERNATIONAL CENTER, P.B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B58339672

5

90354245

31/12/2009 *

700,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

A76739986

6

90364124

20/01/2000 *

110,000,000.00

CORPORATION BANK

OVERSEAS BRANCH, EARNEST BRANCH; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA

-

7

90363887

09/02/1996

286,000.00

THE HONGKONG & SHANGHAI BANKING CORPORATION

SADAM SERVICE CENTRE, WORLI, MUMBAI, MAHARASHTRA,
INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Building

·         Furniture and Fixture

·         Vehicles

·         Motor Vehicle

·         Computers

·         Office Equipment

 

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 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.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY 

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

54

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.