MIRA INFORM REPORT
|
Report No. : |
344474 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIDDAY INFOMEDIA LIMITED |
|
|
|
|
Registered
Office : |
Peninsula Centre, |
|
Tel No.: |
91-22-71221450 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
16.01.2008 |
|
|
|
|
Com. Reg. No.: |
11-177808 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.198.703 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22130MH2008PLC177808 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM33902B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM4778H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Magazines and Newspapers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 100% subsidiary of Jagran Prakashan Limited. It is a
well-established and reputed company having fine track record. The company has incurred huge losses during FY 2014. Reserves of the
company is also low. However, the rating takes into consideration the financial and
operational support that it’s received from its parent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitments. In view of strong holding and healthy market position of MIL’s brands,
the company can be considered normal 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 |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
Have high degree of safety and carry very low
credit risk |
|
Date |
20.12.2014 |
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 (GENERAL DETAILS)
|
Name : |
Ms. Rajeshri Bolaikar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-71221450 |
|
Date : |
08.10.2015 |
LOCATIONS
|
Registered Office : |
Peninsula Centre, |
|
Tel. No.: |
91-22-71221450 |
|
Fax No.: |
91-22-24141919/24150009 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Press : |
Plot No. R-847/3, T.T.C. Industrial Area, Rabale, Navi Mumbai, Maharashtra, India |
|
|
|
|
Branch Office : |
Located At: · Delhi · Bangalore · Pune ·
Goa · Chennai |
DIRECTORS
AS ON 15.09.2014
|
Name : |
Mr. Vikas Joshi |
|
Designation : |
Managing Director |
|
Address : |
129/4556, Tribhuvan Co-operative
Hosing Society, New Tilak Nagar, Next to Railway Station, Chembur, Mumbai
- 400089, Maharashtra, India |
|
Date of Birth/Age : |
24.011.1987 |
|
Date of Appointment : |
21.05.2013 |
|
DIN No.: |
06619579 |
|
|
|
|
Name : |
Mr. Sanjay Narendra Mohan Gupta |
|
Designation : |
Director |
|
Address : |
C-26, Friends Colony, East New Delhi - 110 065, India |
|
Date of Birth/Age : |
20.12.1962 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00028734 |
|
|
|
|
Name : |
Mr. Shailesh Mahendra Mohan Gupta |
|
Designation : |
Director |
|
Address : |
Puran Niwas, 7/51, Tilak Nagar, |
|
Date of Birth/Age : |
07.04.1969 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00192466 |
|
|
|
|
Name : |
Mr. Tarique Khalid Ansari |
|
Designation : |
Director |
|
Address : |
103/A, Cumballa Crest, |
|
Date of Birth/Age : |
11.06.1961 |
|
Date of Appointment : |
16.01.2008 |
|
DIN No.: |
00101820 |
|
|
|
|
Name : |
Mr. Amit Mahendra Kumar Dixit |
|
Designation : |
Director |
|
Address : |
Thakur Nivas, Flat No. 21, 173 Jamshedji Tata Road,Churchgate, Mumbai
– 400 020, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1973 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
01798942 |
|
|
|
|
Name : |
Mr. Rajendra Kumar Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
117/K/13, Gutaiya, Kanpur – 208025, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.08.1945 |
|
Date of Appointment : |
30.07.2013 |
|
DIN No.: |
00073943 |
KEY EXECUTIVES
|
Name : |
Pranali Parekh |
|
Designation : |
Secreatry |
|
Address : |
D/501, Vasant Aradhana, Mahavir Nagar, Kandivali (West), Mumbai –
400067, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1987 |
|
Date of Appointment : |
22.04.2013 |
|
PAN No.: |
AZGPP7574B |
|
|
|
|
Name : |
Mr. Manish Galrani |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Ms. Rajeshri Bolaikar |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
AS ON 15.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
Jagran Prakashan Limited, India |
9519516 |
|
Sanjay Narendra Mohan Gupta |
1 |
|
Shailesh Mahendra Mohan Gupta |
1 |
|
Rajendra Kumar Agarwal |
1 |
|
Bolaikar Rajeshri |
1 |
|
Ferari Investments And Trading Company Private Limited, India |
350805 |
|
Joshi Vikas |
1 |
|
Shah Nilpesh |
1 |
|
|
|
|
Total |
9870327 |
|
Names of Preference
Shareholders |
No.
of Shares |
|
Jagran Prakashan Limited |
10000000 |
|
|
|
|
Total |
10000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 15.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Magazines and Newspapers. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
sBank of Baroda, Tardeo Branch, Everest Building, 156-D, J. Dadajee
Road, Tardeo, Mumbai – 400034, Maharashtra, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Building 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India |
|
PAN No: |
AAEFP3641G |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Holding Company : |
· Jagran Prakashan Limited |
|
|
|
|
Entities in which
Directors have significant influence : |
· Radio One Limited · Inquplab Offset Printers Limited · Ferrai Investments and Trading Company Private Limited · MMI Online Limited |
CAPITAL STRUCTURE
AS ON 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
|
|
Total
|
|
Rs.200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9870327 |
Equity Shares |
Rs.10/- each |
Rs.98.703 Million |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
|
|
Total
|
|
Rs.198.703
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 |
198.703 |
198.703 |
192.123 |
|
(b) Reserves & Surplus |
147.500 |
217.323 |
216.892 |
|
(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) |
346.203 |
416.026 |
409.015 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
198.712 |
48.712 |
76.491 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
40.000 |
60.000 |
|
(d) long-term
provisions |
21.176 |
23.751 |
28.537 |
|
Total Non-current
Liabilities (3) |
219.888 |
112.463 |
165.028 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
175.580 |
150.000 |
143.763 |
|
(b) Trade
payables |
172.605 |
230.915 |
146.992 |
|
(c) Other
current liabilities |
135.046 |
159.355 |
94.987 |
|
(d) Short-term
provisions |
1.678 |
3.756 |
0.986 |
|
Total Current
Liabilities (4) |
484.909 |
544.026 |
386.728 |
|
|
|
|
|
|
TOTAL |
1051.000 |
1072.515 |
960.771 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
510.148 |
422.718 |
362.466 |
|
(ii)
Intangible Assets |
3.403 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.070 |
53.796 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.000 |
117.000 |
107.000 |
|
(c) Deferred tax assets (net) |
3.315 |
10.050 |
18.878 |
|
(d) Long-term Loan and Advances |
37.921 |
33.063 |
50.172 |
|
(e) Other
Non-current assets |
16.973 |
12.977 |
8.511 |
|
Total Non-Current
Assets |
588.760 |
595.878 |
600.823 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
107.935 |
70.636 |
0.000 |
|
(b)
Inventories |
122.284 |
98.516 |
47.298 |
|
(c) Trade
receivables |
189.549 |
249.778 |
243.552 |
|
(d) Cash
and cash equivalents |
12.198 |
27.076 |
15.137 |
|
(e)
Short-term loans and advances |
28.782 |
29.341 |
10.102 |
|
(f) Other
current assets |
1.492 |
1.290 |
43.859 |
|
Total Current
Assets |
462.240 |
476.637 |
359.948 |
|
|
|
|
|
|
TOTAL |
1051.000 |
1072.515 |
960.771 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1166.279 |
1117.987 |
1135.997 |
|
|
|
Other Income |
13.962 |
5.300 |
10.409 |
|
|
|
TOTAL (A) |
1180.241 |
1123.287 |
1146.406 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
376.681 |
377.889 |
331.192 |
|
|
|
Employee benefit expense |
307.528 |
316.566 |
339.623 |
|
|
|
Other expenses |
474.337 |
462.007 |
430.687 |
|
|
|
Exceptional Items |
0.000 |
10.866 |
0.000 |
|
|
|
TOTAL (B) |
1158.546 |
1167.328 |
1101.502 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.695 |
(44.041) |
44.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.960 |
29.521 |
13.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(3.265) |
(73.562) |
31.503 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
59.822 |
60.630 |
52.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(63.087) |
(134.192) |
(21.191) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.736 |
8.827 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(69.823) |
(143.019) |
(21.191) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(152.611) |
(9.592) |
3.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(222.434) |
(152.611) |
(9.592) |
|
|
|
|
|
|
|
|
|
|
IMPORTS - Raw
Material, Including in Transit |
22.069 |
38.931 |
227.820 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(15.56) |
(22.12) |
(5.66) |
|
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 flow from (used in) operations |
(63.087) |
(134.192) |
93.276 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(5.99) |
(12.79) |
(1.87) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.86 |
(3.94) |
3.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(6.12) |
(14.19) |
(2.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.32) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08 |
0.48 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
0.88 |
0.93 |
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 |
192.123 |
198.703 |
198.703 |
|
Reserves & Surplus |
216.892 |
217.323 |
147.500 |
|
Net
worth |
409.015 |
416.026 |
346.203 |
|
|
|
|
|
|
long-term borrowings |
76.491 |
48.712 |
198.712 |
|
Short term borrowings |
143.763 |
150.000 |
175.580 |
|
Total
borrowings |
220.254 |
198.712 |
374.292 |
|
Debt/Equity
ratio |
0.538 |
0.478 |
1.081 |
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 |
1135.997 |
1117.987 |
1166.279 |
|
|
|
(1.585) |
4.320 |
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
|
1135.997 |
1117.987 |
1166.279 |
|
Profit |
(21.191) |
(143.019) |
(69.823) |
|
|
(1.87%) |
(12.79%) |
(5.99%) |
ss
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL REVIEW:
During the year, the Company has earned income of Rs.1180.200 Million as compared to Rs.1123.0003 Million in last year. On the other side, Company has incurred expenditure of Rs.1243.300 Million (previous year Rs.1246.600 Million) thereby giving Loss before Tax of Rs.63.100 Million (previous year Rs.134.200 Million). After deducting Rs.6.700 Million towards deferred tax (previous year Rs.8.800 Million), Net Loss after Tax was standing at Rs.69.800 Million (previous year Rs.143.000 Million).
After adding thereto negative balance brought forward from previous year Rs.152.600 Million (previous year negative balance of Rs.9.600 Million), balance of Rs.222.400 Million (previous year loss of Rs.152.600 Million) was carried forward to the Balance Sheet.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans and advances from related parties |
98.712 |
48.712 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
150.000 |
|
|
|
|
|
Total |
98.712 |
198.712 |
LITIGATION
DETAILS:
|
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10381049 |
26/09/2012 |
200,000,000.00 |
CENTRAL BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B59901223 |
|
2 |
10372034 |
10/04/2012 |
200,000,000.00 |
CENTRAL BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B42421750 |
FIXED ASSETS:
·
Leasehold Land
·
Plant and Machinery
·
Factory Premises
·
Photographic Equipments
·
Air Conditioners
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Fire Fighting Systems
·
Computers
·
Capital work in progress
·
Electrical Installation
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.65.16 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
52S |
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.