MIRA INFORM REPORT

 

 

Report No. :

343370

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PAREKHPLAST INDIA LIMITED (16.09.2013)

 

 

Formerly Known As :

PAREKHPLAST INDIA PRIVATE LIMITED

 

 

Registered Office :

101, Shivai Plaza, Compartment No. 151, Marol Industrial Co-operative Society Limited, Off. Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra 

Tel. No.:

91-22-67263500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.03.1999

 

 

Com. Reg. No.:

11-119191

 

 

Capital Investment / Paid-up Capital :

Rs.150.000 Million

 

 

CIN No.:

[Company Identification No.]

U25200MH1999PLC119191

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCP4523B

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacture and sale of plastic packaging products.

 

 

No. of Employees :

Not Available

 

 

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

 

Maximum Credit Limit :

USD 435000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1999 as a private limited company with the name of “Parekhplast India Private Limited” and later on 16th September 2013, it has been converted in limited company.

 

The rating takes into consideration sound financial risk profile of the company marked by increased revenue base along with fair profit margin in FY2014.

 

However, the ratings constraints on account of slightly high external borrowings reported by the company in the year under consideration.

 

Trade relations are 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 with 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       

CRISIL

Rating

Long term rating = BB-

Rating Explanation

Inadequate credit quality and high credit risk.

Date

October 21, 2014

 

Rating Agency Name       

CRISIL

Rating

Short term rating = A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

October 21, 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.

 

 

LOCATIONS

 

Registered Office :

101, Shivai Plaza, Compartment No. 151, Marol Industrial Co-operative Society Limited, Off. Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India  

Tel. No.:

91-22-67263500 / 67263501

Fax No.:

Not Available

E-Mail :

nileshpodchetti@parekhplast.com

finance@parekhplast.com

Website :

www.parekhplast.com

 

 

DIRECTORS

 

As on 28.08.2014

 

Name :

Mr. Tushar Dhankumar Parekh

Designation :

Whole-Time Director

Address :

201, Matruchaya, Mahant Road Extension, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

30.08.1957

Date of Appointment :

16.09.2013

PAN No.:

AABPP6210G

DIN No.:

00220544

 

 

Name :

Mr. Charul Jitendra Ghia

Designation :

Whole-Time Director

Address :

102, First Floor, Megh Apartments, Military Road, Ruia Park, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

01.02.1960

PAN No.:

AAFPG8315H

Date of Appointment :

16.09.2013

DIN No.:

00220569

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U25200MH1999PLC119191

PAREKHPLAST INDIA LIMITED

Whole-time director

16/09/2013

30/09/1999

-

Active

NO

2

U33119GJ2005PTC051767

STRONG STRAP PRIVATE LIMITED

Director

19/10/2005

19/10/2005

01/07/2011

Amalgamated

NO

 

 

Name :

Mrs. Smita Charul Ghia

Designation :

Director

Address :

102, Megh Apartment, 1st Floor, Military Road, Ruia Park, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

18.01.1961

Date of Appointment :

03.09.2013

PAN No.:

AAMPG2602E

DIN No.:

06649558

 

 

Name :

Mr. Rajesh Dhankumar Parekh

Designation :

Director

Address :

401, Matru Chhaya, 45 Mahant Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

19.06.1956

Date of Appointment :

03.09.2013

PAN No.:

AABPP6211H

DIN No.:

06650514

 

 

Name :

Mr. Ravi Mahendra Nanavati

Designation :

Director

Address :

Flat No.803, 8th Floor, La Vista CHSL, Rishivan, Kajupada Hills, Borivali (East), Mumbai - 400066, Maharashtra, India

Date of Appointment :

31.08.2015

DIN No.:

07271118

 

 

Name :

Mr. Ramakant Tukaram Sathe

Designation :

Director

Address :

Vrindavan B P T Empl CHS, Flat No 26, J. P. Road, Versova, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Appointment :

31.08.2015

DIN No.:

07271130

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajeshri Jaikishan Kanojia

Designation :

Company Secretary

Address :

79, Keni House, Lady Fatima Road, Poisar, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Appointment :

01.02.2015

PAN No. :

BCUPK8152J

 

 

MAJOR SHAREHOLDERS

 

As on 28.08.2014

 

Names of Shareholders (Equity Shares)

 

No. of Shares

Charul Jitendra Ghia

 

899650

Smita Charul Ghia

 

450000

Tushar Dhankumar Parekh

 

779450

Rajesh Dhankumar Parekh

 

720000

Tirlok Dhankumar Parekh

 

550

Kundanlal Mohanlal Chopra

 

250

Kamal Kundanlal Chopra

 

50

Rashmi Kundanlal Chopra

 

50

Pooja Amey Dahanukar

 

75000

Saloni Charul Ghia

 

75000

Total

 

3000000

 

Names of Shareholders (Preference Shares)

 

No. of Shares

Asteroids Trading and Investment Private Limited, India

 

400000

Nehal Trading and Investment Private Limited, India

 

400000

Unnati Trading and Investment Private Limited, India

 

400000

Total

 

1200000

 

As on 28.08.2014

 

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 business of manufacture and sale of plastic packaging products.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Other Article For

Conveyance/Packing of Goods

39239090

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name

The Saraswat Co-operative Bank Limited

Branch Address

SME Vikhroli (West) Branch, 1st Floor, Prabhat Bhavan, 96, L. B. S. Marg, Opposite CIPLA, Vikhroli, Mumbai – 400083, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loans from banks

126.507

105.975

SHORT TERM BORROWING

 

 

Loans repayable on demand

124.116

89.492

Total

250.623

195.467

 

Auditors :

 

Name :

A. R. Sodha and Company

Chartered Accountants

Address :

101, Ashiana, 11th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

PAN No.:

AAMFA5312K

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 28.08.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs.30.000 Million

1200000

Preference Shares

Rs.100/- each

Rs.120.000 Million

 

Total

 

Rs.150.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs.30.000 Million

1200000

Preference Shares

Rs.100/- each

Rs.120.000 Million

 

Total

 

Rs.150.000 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

150.000

150.000

150.000

(b) Reserves & Surplus

2.309

(14.831)

(16.211)

(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)

152.309

135.169

133.789

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

158.012

138.989

56.032

(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

4.704

3.181

2.239

Total Non-current Liabilities (3)

162.716

142.170

58.271

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

164.416

121.292

92.701

(b) Trade payables

61.773

48.424

27.336

(c) Other current liabilities

34.451

38.267

28.552

(d) Short-term provisions

4.037

9.796

2.779

Total Current Liabilities (4)

264.677

217.779

151.368

 

 

 

 

TOTAL

579.702

495.118

343.428

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

284.460

142.880

119.882

(ii) Intangible Assets

1.802

0.916

1.193

(iii) Capital work-in-progress

6.043

123.433

10.845

(iv) Intangible assets under development

1.650

1.420

0.000

(b) Non-current Investments

0.951

1.952

1.952

(c) Deferred tax assets (net)

24.740

32.763

33.380

(d)  Long-term Loan and Advances

17.015

17.684

8.071

(e) Other Non-current assets

1.800

0.000

0.000

Total Non-Current Assets

338.461

321.048

175.323

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

100.281

57.073

42.105

(c) Trade receivables

104.805

72.526

66.884

(d) Cash and cash equivalents

20.090

24.104

53.759

(e) Short-term loans and advances

13.507

18.398

4.617

(f) Other current assets

2.558

1.969

0.740

Total Current Assets

241.241

174.070

168.105

 

 

 

 

TOTAL

579.702

495.118

343.428

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

828.563

565.319

450.912

 

Other Income

12.203

3.111

5.991

 

TOTAL

840.766

568.430

456.903

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

544.869

363.843

301.677

 

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

(11.561)

(1.667)

(8.012)

 

Employees benefits expense

80.347

60.255

53.574

 

Other expenses

122.230

96.463

71.944

 

TOTAL

735.885

518.894

419.183

 

 

 

 

 

Less

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

104.881

49.536

37.720

 

 

 

 

 

Less

FINANCIAL EXPENSES

54.074

31.151

24.361

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

50.807

18.385

13.359

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

27.444

16.389

19.763

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

23.363

1.996

(6.404)

 

 

 

 

 

Less

TAX

8.023

0.617

(6.500)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

15.340

1.379

0.096

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

5.11

0.45

0.03

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

18.024

19.263

19.838

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

35.709

40.712

88.588

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

1.85

0.24

0.02

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

12.66

8.76

8.37

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.28

0.59

(2.15)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.01

(0.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.24

2.07

1.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.91

0.80

1.11

 

 

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

150.000

150.000

150.000

Reserves & Surplus

(16.211)

(14.831)

2.309

Net worth

133.789

135.169

152.309

 

 

 

 

long-term borrowings

56.032

138.989

158.012

Short term borrowings

92.701

121.292

164.416

Current Maturities of Long Term Debt

19.838

19.263

18.024

Total borrowings

168.571

279.544

340.452

Debt/Equity ratio

1.260

2.068

2.235

 

 

 

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

450.912

565.319

828.563

 

 

25.372

46.566

 

 

 

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

450.912

565.319

828.563

Profit

0.096

1.379

15.340

 

0.02%

0.24%

1.85%

 

 

 

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

No

8

Designation of contact person

No

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

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Note:

Registered address has been shifted from the F/35, Nanddham Industrial Estate, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address w.e.f. 07.04.2008

 

 

GENERAL INFORMATION

 

Subject is a public limited company domiciled in India and incorporated under the Companies Act, 1956. The company incorporated as private limited company and during the year the company is converted to public limited. It is engaged in the business of manufacture and sale of plastic packaging products.

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Deferred payment liabilities

31.505

33.014

SHORT TERM BORROWING

 

 

Loans and advances from related parties

40.300

31.800

Total

71.805

64.814

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10590319

05/09/2015

45,300,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME VIKHROLI (WEST) BRANCH, PRABHAT BHAVAN, BLOCK B, 
1ST FLOOR, 96, LBS MARG, OPPOSITE CIPLA, VIKHROLI (WEST), MUMBAI - 400083, MAHARASHTRA INDIA

C63873798

2

10577764

18/06/2015

907,000.00

THE SARASWAT COOPERATIVE BANK LIMITED

MAROL BRANCH, ROCK WILBUR, MAROL MAROSHI ROAD, MAROL VILLAGE, ANDHERI EAST, MUMBAI  - 400059, MAHARASHTRA, INDIA

C57848574

3

10522851

04/09/2014

75,500,000.00

ECL FINANCE LIMITED

EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI - 400098, 
MAHARASHTRA, INDIA

C23615644

4

10505568

06/06/2014

10,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SMALL & MEDIUM ENTERPRISES BRANCH, PRABHAT BHAVAN, BLOCK B, 1ST FLR,96,LBS MARG, VIKHROLI (WEST), MUMBAI - 400083, MAHARASHTRA, INDIA

C09003369

5

10464460

03/12/2013

20,300,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME VIKHROLI (WEST) BRANCH, 1ST FLOOR, PRABHAT BHAVAN, 96, L B S MARG, OPPOSITE CIPLA, VIKHROLI, MUMBAI - 400083, MAHARASHTRA, INDIA

B91242354

6

10459496

26/09/2013

33,750,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME BRANCH, 1ST FLOOR, PRABHAT BHAVAN., 96, L B S MARG, OPPOSITE CIPLA, VIKHROLI (WEST), MUMBAI - 400083, MAHARASHTRA, INDIA

B89248025

7

10477832

26/09/2013

128,600,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME BRANCH, 1ST FLOOR, PRABHAT BHAVAN., 96, L B S MARG, OPPOSITE CIPLA, VIKHROLI (WEST), MUMBAI - 400083,, MAHARASHTRA INDIA

B91099143

8

10429238

22/05/2013

13,060,000.00

THE SARASWAT CO-OPERATIVE  BANK LIMITED

SME BRANCH, PRABHAT BHAVAN, BLOCK B, 1ST  FLOOR, 96, L. B. S. MARG, OPP. CIPLA, VIKHROLI (WEST), MUMBAI - 400083, MAHARASHTRA, INDIA

B76367226

9

10424180

10/04/2013

2,500,000.00

THE SARASWAT CO- OPERATIVE  BANK LIMITED

SME VIKHROLI BRANCH, PRABHAT BHAVAN, LBS MARG, VIKHROLI WEST, MUMBAI - 400079, MAHARASHTRA, INDIA

B74592486

10

10402557

01/02/2013

9,280,000.00

THE SARASWAT CO- OPERATIVE  BANK LIMITED

SME VIKHROLI BRANCH, PRABHAT BHAVAN, LBS MARG, VIKHROLI WEST, MUMBAI - 400079, MAHARASHTRA, INDIA

B67925297

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Office Building
  • Factory Building
  • Plant and Equipment
  • Factory Equipments
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  • Computer Equipments

 

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.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.73.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY 

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

NO

--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

 

--

 

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.