MIRA INFORM REPORT

 

 

Report No. :

344438

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ROCK WOOL (INDIA) PRIVATE LIMITED (w.e.f. 18.03.2015)

 

 

Formerly Known As :

ROCK WOOL (INDIA) LIMITED

 

 

Registered Office :

Plot No.21 and 22, 1st Floor, Century Building, Rohini Layout, Lane Opposite to Cyber Towers, Madhapur, Hyderabad – 500081, Telangana

Tel. No.:

91-40-30408650

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

14.04.1987

 

 

Com. Reg. No.:

36-007360

 

 

Capital Investment / Paid-up Capital :

Rs.970.733 Million

 

 

CIN No.:

[Company Identification No.]

U13209TG1987PTC007360

 

 

IEC No.:

0998000906

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDR01177B

 

 

PAN No.:

[Permanent Account No.]

AABCR0722N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Rockwool Products.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is step down subsidiary of “Kuwait Insulating Material Manufacturing Company” KIMMCO, KUWAIT. It is established company having satisfactory track record.

 

The rating takes consideration on company reliance on the holding company for regular financial support to manage business operations, strong networth position and increase in its cash accruals along with moderate financial risk profile and above average debt protection metrics.

 

The rating, further takes into account by the experienced and strong holding company support and technical collaboration with Saint Gobain ISOVER.

 

The rating is constrained on company losses from its operation which has accumulated over the years and due to which it is deteriorate the capital structure of the company.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of strong holding company support, 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.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name: CARE (08.10.2015)

·         Suspended the rating

·         Reason for suspension is not furnished of information of the company.

 

 

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. Ajay Kulkarni

Designation :

Manager

Contact No.:

91-7600638610

 

 

Name :

Mr. Ashok

Designation :

Office Executive

Contact No.:

91-40-30408650

 

 

Name :

Mr. Dashrath

Designation :

Accounts Department

Contact No.:

91-40-30408650

Date :

12.10.2015

 

 

LOCATIONS

 

Registered Office :

Plot No.21 and 22, 1st Floor, Century Building, Rohini Layout, Lane Opposite to Cyber Towers, Madhapur, Hyderabad – 500081, Telangana, India

Tel. No.:

91-40-30408650

Mobile No.:

91-7600638610 (Mr. Ajay)

Fax No.:

91-40-30408660

E-Mail :

ritesh.heda@rockwoolindia.com

Website :

www.rockwoolindia.com

 

 

Factory 1 :

Kohir ‘X’ Road, Kaveli, Near Zaheerabad, Kohil Mandal, District Medak – 502321, Telangana, India

Tel. No.:

91-8451-287511 / 12

Fax No.:

91-8451-287554

 

 

Factory 2 :

Survey No. 211/2/1/1, Silli Village, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India

 

 

Branches:

Located at:

 

·         Chandigarh

·         New Delhi

·         Baroda

·         Mumbai

·         Pune

·         Bangalore

·         Chennai

 

 

 

DIRECTORS

 

AS ON 27.06.2014

 

Name :

Mr. Srinivas Kothagundla

Designation :

Whole-time Director

Address :

29-85/2/1, New Vidya Nagar, Neredmet, Ranga Reddy,  Hyderabad  - 500056,  Telangana, India

Date of Birth/Age :

18.07.1978

Date of Appointment :

01.04.2014

DIN No.:

06544867

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

Company/ LLP Status

Defaulting status

1

U13209TG1987PTC007360

ROCK WOOL (INDIA) Private Limited

Whole-time director

01/04/2014

01/08/2013

Active

NO

 

 

Name :

Mr. Subrahmanya Prasad Pendyala

Designation :

Whole-time Director

Address :

2-2-186/344, Flat No. 103, Suchitra Residency, Bagh Amberpet, Hyderabad - 500045, Telangana, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

01.04.2014

DIN No.:

05219917

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

Company/ LLP Status

Defaulting status

1

U13209TG1987PTC007360

ROCK WOOL (INDIA) Private Limited

Whole-time director

01/04/2014

06/03/2012

Active

NO

2

U52339DL2012PTC239798

AI Furnishings Company Private Limited

Director

25/07/2013

10/08/2012

Active

NO

 

 

Name :

Mr. Rashid N H Sultan Aleissa

Designation :

Director

Address :

House # 10487596, Block-3, Building-30, Street 35, Al Nuzha, 72903, Kuwait

Date of Birth/Age :

08.04.1978

Date of Appointment :

21.06.2013

DIN No.:

06564974

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

Company/ LLP Status

Defaulting status

1

U13209TG1987PTC007360

ROCK WOOL (INDIA) Private Limited

Director

21/06/2013

16/05/2013

Active

NO

 

 

Name :

Mr. Thorsten Franz Fritz Dambly

Designation :

Director

Address :

Apartment No 2, 01st Floor, Building No 22, Street 134, Block (1), Mangaf, Mangaf, 85264, Kuwait

Date of Appointment :

30.06.2015

DIN No.:

07188671

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

Company/ LLP Status

Defaulting status

1

U13209TG1987PTC007360

ROCK WOOL (INDIA) Private Limited

Director

30/06/2015

21/05/2015

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajay Kulkarni

Designation :

Manager

 

 

Name :

Mr. Dashrath

Designation :

Accounts Department

 

 

Name :

Mr. Ritesh Heda

Designation :

Secretary

Address :

F. No. 201, H. No. 1-10-72/2, Swobhagya Enclave, Chikoti Gardens, Begumpet, Hyderabad - 500016,  Telangana, India

Date of Birth/Age :

17.08.1987

Date of Appointment :

28.01.2013

PAN No.:

ABUPH3141G

 

 

Name :

Mr. Srinivas Kothagundla

Designation :

Chief Financial Officer

Address :

29-85/2/1, New Vidya Nagar, Neredmet, Ranga Reddy,  Hyderabad  - 500056,  Telangana, India

 

18.07.1978

Date of Appointment :

16.07.2014

PAN No.:

AICPK4298G

 

 

MAJOR SHAREHOLDERS

 

AS ON 27.06.2014

 

Names of Shareholders

 

No. of Shares

Alghanim Industries (Mauritius) Limited, Mauritius

97073310

D. Mogileeshwara Reddy

1

Merajuddin Ahmed

1

Preeti Nanda Nayak

1

Dashrath Maheshwari

1

Ritesh Heda

1

Sundarchari Jaganmohan

1

 

 

Total

97073316

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 27.06.2014

 

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]

99.99

Other top fifty shareholders

0.01

 

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Rockwool Products.

 

 

Products :

Rockwool 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 :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Standard Chartered Bank Limited

Branch :

6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Person Name :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

·         The Hongkong and Shanghai Banking Corporation Limited

 

 

Facilities :

SECURED LOANS

31.12.2014

Rs. In Million

31.12.2013

Rs. In Million

Long Term Borrowings

 

 

Rupee term loans from banks

42.135

5.000

 

 

 

Short Term Borrowings

 

 

Working capital loans from banks

27.806

124.662

Rupee term loans from banks

38.265

0.000

 

 

 

Total

108.206

129.662

 

 

Auditors :

 

Name :

T. R. Chadha and Company

Chartered Accountants

Address :

Office No. 2, 2nd Floor, Block A, 6-3-1092/S/3, Shanti Sikhara Complex, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

PAN No.:

AAAFT1655Q

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Ultimate Holding Company :

·         Kuwait Insulating Material Manufacturing Company (KIMMCO)

 

 

Holding Company :

·         Alghanim Industries (Mauritius) Limited- AIM

 

 

Fellow Subsidiary :

·         Kirby Building Systems (India) Priavte Limited

·         Kirby Building Systems India (Uttaranchal) Private Limited

 

 

Other Related Party :

·         Alghanim Retail LLC Dubai, UAE

·         Kirby South East Asia Co. Limited, Vietnam

 

 

CAPITAL STRUCTURE

 

AS ON 27.06.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

110000000

Equity Shares

Rs.10/- each

Rs.1100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

97073316

Equity Shares

Rs.10/- each

Rs.970.733 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2014

31.12.2013

31.12.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

970.733

970.733

933.898

(b) Reserves & Surplus

(243.694)

(265.546)

(236.450)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

36.835

Total Shareholders’ Funds (1) + (2)

727.039

705.187

734.283

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

514.898

468.538

458.296

(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

3.873

2.522

3.465

Total Non-current Liabilities (3)

518.771

471.060

461.761

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

66.071

124.662

90.537

(b) Trade payables

126.591

163.683

162.378

(c) Other current liabilities

58.600

84.945

71.348

(d) Short-term provisions

5.244

4.856

7.655

Total Current Liabilities (4)

256.506

378.146

331.918

 

 

 

 

TOTAL

1502.316

1554.393

1527.962

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

891.338

909.327

938.690

(ii) Intangible Assets

0.548

1.120

8.439

(iii) Capital work-in-progress

4.071

0.481

4.342

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

3.579

4.157

2.929

(c) Deferred tax assets (net)

170.586

170.586

170.586

(d)  Long-term Loan and Advances

3.896

6.437

4.516

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1074.018

1092.108

1129.502

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

131.517

122.271

123.277

(c) Trade receivables

249.724

304.117

230.572

(d) Cash and cash equivalents

27.763

11.815

19.276

(e) Short-term loans and advances

19.294

24.082

25.335

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

428.298

462.285

398.460

 

 

 

 

TOTAL

1502.316

1554.393

1527.962

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

 

Income

1016.846

1165.973

995.776

 

 

Other Income

 NA

10.675

9.054

 

 

TOTAL                                              (A)

 NA

1176.648

1004.830

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 NA

572.488

588.230

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

 NA

(2.694)

2.920

 

 

Employee Benefits Expenses

 NA

172.934

152.367

 

 

Other Expenses

 NA

336.173

300.535

 

 

TOTAL                                              (B)

 NA

1078.901

1044.052

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

72.547

97.747

-39.222

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

16.613

71.092

4.502

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

55.934

26.655

-43.724

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

74.219

54.628

55.704

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

(18.285)

(27.973)

(99.428)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

17.462

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

(18.285)

(27.973)

(116.890)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY ON FOB

230.269

255.897

116.906

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

1.121

1.272

1.480

 

 

Raw materials

31.526

43.990

34.325

 

 

Spares

2.307

3.461

8.172

 

 

Royalty

13.509

17.350

15.758

 

 

Technical Services

0.825

0.644

0.418

 

TOTAL IMPORTS

49.288

66.717

60.153

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.19)

(0.29)

(1.35)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

79.776

50.842

(57.037)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

PAT / Sales

(%)

(1.80)

(2.40)

(11.74)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

7.13

8.38

(3.94

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

(1.38)

(2.03)

(7.36)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.03)

(0.04)

(0.14)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.80

0.84

0.75

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.67

1.22

1.20

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

933.898

970.733

970.733

Reserves & Surplus

(236.450)

(265.546)

(243.694)

Share Application money pending allotment

36.835

0.000

0.000

Net worth

734.283

705.187

727.039

 

 

 

 

long-term borrowings

458.296

468.538

514.898

Short term borrowings

90.537

124.662

66.071

Total borrowings

548.833

593.200

580.969

Debt/Equity ratio

0.747

0.841

0.799

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

995.776

1165.973

1016.846

 

 

17.092

(12.790)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

995.776

1165.973

1016.846

Profit

(116.890)

(27.973)

(18.285)

 

(11.74%)

(2.40%)

(1.80%)

 

 

 

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

Change in name of the Company

 

Pursuant to the provisions of the Companies Act, 2013, the constitution of the Company has been changed from Public Limited to Private Limited, consequent to which name of the Company changed from "Rockwool (India) Limited" to "Rockwool (India) Private Limited" with effect from 18th March, 2015.

 

 

Future Outlook

 

Market for Subject's products showed considerable growth during the year. There is an increasing focus not only on energy efficiency but also on fire safety where their products have clear advantages compared to other insulation materials.

Subject has been a founding member of Indian Green Building Council and has positioned itself as a provider of Green solutions' in the building segment.

 

 

Change Address Note:

 

Registered office address of the company is shifted from 'B' Block, 4th Floor, Lakshmi Cyber City, Kondapur, Hyderabad – 500084, Andhra Pradesh, India to the present address w.e.f. 25.03.2014

 

 

UNSECURED LOANS:

 

Particulars

31.12.2014

Rs. In Million

31.12.2013

Rs. In Million

Long Term Borrowings

 

 

Term loans from others

272.763

463.538

 

 

 

Total

272.763

463.538

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10504065

15/05/2015 *

210,000,000.00

Bank of Bahrain And Kuwait B.S.C.

6-3-550, L. B. Bhawan, Akashganga,, Somajiguda, Hyderabad, Telangana - 500082, India

C55124010

2

10454171

15/05/2015 *

225,400,000.00

The Hongkong and Shanghai Banking Corporation Limited

6-3-1107 & 1108, Raj Bhavan Road, Somaji Guda, Hyderabad, Telangana - 500082, India

C55701361

3

90114841

21/01/1991

3,700,000.00

IFCI

Bank of Baroda Building, 16 Sansad Marg, Delhi - 110001, India

-

4

90114715

13/02/1990

1,850,000.00

The Indl Credit And Invest Co of India

163 Back Bay Reclamation, Mumbai, Maharashtra - 40020, India

-

5

90114708

30/01/1990

3,750,000.00

IFCI

Bank Of Baroda Building, 16 Ssansad Marg,
Delhi - 110001, India

-

6

90114529

08/08/1988

3,200,000.00

IFCI

Bank O F Baroda Building, 16 Sansad Marg, Delhi - 110001, India

-

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

 

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.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAS

 

 

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

--

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

--

--CREDIT LINES

1~10

6

--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

 

42

 

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.