MIRA
INFORM REPORT
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Report No. : |
345635 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
D R COATS INK AND RESINS PRIVATE LIMITED |
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Registered
Office : |
Unit No. 231/230, New Sonal Link Industrial Estate, Building No.2, |
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Tel. No.: |
91-22-28885955 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
09.09.2003 |
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Com. Reg. No.: |
11-142114 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.900 Million |
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CIN No.: [Company Identification
No.] |
U24220MH2003PTC142114 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22303B |
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PAN No.: [Permanent Account No.] |
AABCD8645A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing
Synthetic Resins such as polyamides, ketonic resins and epoxy resins, which
mainly find applications in paint and ink manufacturing, production of
adhesives, wood polish and acrylic production. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 292000 |
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Status : |
Moderate |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2003 engaged in manufacturing
resin products. Its products include kenotic resin, epoxy resin, phenolic
resin, ester gum, epoxy adhesive, acrylic polyol resin, and butylated phenol
resin. For the financial year ended 2014, company has reported 13.88% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 1.77% during the year under a review. However, rating is constrained on account of company’s moderate
financial profile marked by high total outside liabilities to tangible
networth, modest networth and below average debt protection metrics. Rating further constrained by the competitive business environment due
to the fragmented nature of the industry with presence of large number of
players in the organized and unorganized segment and the susceptibility of
the company’s profitability and cash flows to volatility in prices of raw
materials. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long-term rating : B+ |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk. |
|
Date |
March, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Shot-term rating: A4 |
|
Rating Explanation |
Minimal degree of safety and high credit risk. |
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Date |
March, 2015 |
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. Chary |
|
Designation : |
Finance manager |
|
Contact No.: |
91-22-28885955 |
|
Date : |
16.10.2015 |
LOCATIONS
|
Registered Office : |
Unit No. 231/230, New Sonal Link Industrial Estate, Building No.2,
Link Road, Malad (West), Mumbai – 400064, Maharashtra |
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Tel. No.: |
91-22-28885955/28810575/66921571/32943268 |
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Fax No.: |
91-22-28888189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. J-51, MIDC, Tarapur, Industrial Estate, Taluka Palghar, District Thane – 400064, Mahasrhtra, India |
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Factory 2 : |
Also located at: ·
Vasai |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Ms. Yashashvi Praveen Drolia |
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Designation : |
Director |
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Address : |
C-804, Orion, Vasant Galaxy, Bangur Nagar, Goregaon (West), Mumbai –
400 090, Maharashtra, India |
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Date of Birth/Age : |
03.06.1993 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05290952 |
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Other Directorship:
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Name : |
Mr. Amit Kumar Pramod Kumar Drolia |
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Designation : |
Director |
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Address : |
D-201, Panchvati Garden, Upper Govind Nagar, Malad (East), Mumbai –
400 097, Maharashtra, India |
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Date of Birth/Age : |
12.10.1982 |
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Date of Appointment : |
09.09.2003 |
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DIN No.: |
00894964 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Chary |
|
Designation : |
Finance manager |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of
holding |
|
Amit
P. Drolia |
1450000 |
55.98 |
|
Kamala
Fincon Private Limited, India |
110000 |
4.25 |
|
Latika
Kumari Drolia |
200000 |
7.72 |
|
Riddhi
Kumari Drolia |
200000 |
7.72 |
|
Sanjay
Daru |
50000 |
1.93 |
|
U.Vasant |
50000 |
1.93 |
|
Mayank
K. Daru |
60000 |
2.32 |
|
Yashashvi
P. Drolia |
470000 |
18.15 |
|
Total |
2590000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
4.28 |
|
Directors or relatives of Directors |
89.57 |
|
Other |
6.15 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing Synthetic
Resins such as polyamides, ketonic resins and epoxy resins, which mainly find
applications in paint and ink manufacturing, production of adhesives, wood
polish and acrylic production. |
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|
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|
Products : |
· Amino Resins · Non-Reactive Polyamides · Hardeners and Accelerators · Reactive Polyamides · Curing Agents · Ketone Formaldehyde Resins · Reactive Diluent · Epoxy Resins · P U Adhesive ·
D G Lacquer |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
European Country ·
African Country ·
Middle East |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Japan |
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Terms : |
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Selling : |
Cheque and Credit |
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Purchasing : |
Cheque and Credit |
PRODUCTION STATUS: (AS ON 31.03.2013)
Additional
information required under part II of schedule VI of the Companies Act, 1956
(As certified by the Directors)
|
Particulars |
Item |
Capacity
|
|
Licensed Capacity |
Epoxy, Melamine Formaldehyde, Polyamide, Reactive, Non-Reactive
Polyamide, Adhesives |
3600 M Ton |
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Installed Capacity |
Epoxy, Melamine Formaldehyde, Polyamide, Reactive, Non-Reactive
Polyamide, Adhesives |
3600 M Ton |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
A.K.Sonthalia and Company Chartered Accountants |
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Address : |
384-M, Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
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PAN. No.: |
AORPS3132E |
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Memberships : |
----- |
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Collaborators : |
----- |
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Associate Concern (as on 31.03.2013) : |
Volgadelite Plastic Udyog (Private) Limited |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3250000 |
Equity Shares |
Rs.10/- each |
Rs. 32.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2590000 |
Equity Shares |
Rs.10/- each |
Rs. 25.900 Million |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
25.900 |
25.900 |
25.900 |
|
(b) Reserves &
Surplus |
76.300 |
60.589 |
43.047 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
102.200 |
86.489 |
68.947 |
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
26.871 |
189.408 |
206.226 |
|
(b) Deferred tax
liabilities (Net) |
1.317 |
1.104 |
3.276 |
|
(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) |
28.188 |
190.512 |
209.502 |
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
180.845 |
77.365 |
45.534 |
|
(b) Trade payables |
182.888 |
113.583 |
147.571 |
|
(c) Other current
liabilities |
11.819 |
6.207 |
4.848 |
|
(d) Short-term provisions |
0.902 |
1.663 |
2.702 |
|
Total Current Liabilities
(4) |
376.454 |
198.818 |
200.655 |
|
|
|
|
|
|
TOTAL |
506.842 |
475.819 |
479.104 |
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II.
ASSETS |
|
|
|
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(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
43.632 |
39.877 |
68.529 |
|
(ii) Intangible Assets |
0.010 |
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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.365 |
8.608 |
21.998 |
|
(e) Other Non-current
assets |
107.428 |
110.746 |
8.496 |
|
Total Non-Current Assets |
171.435 |
159.231 |
99.023 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
109.522 |
68.193 |
99.284 |
|
(c) Trade receivables |
135.843 |
146.745 |
241.838 |
|
(d) Cash and cash
equivalents |
42.218 |
62.214 |
15.498 |
|
(e) Short-term loans and
advances |
44.811 |
39.436 |
23.461 |
|
(f) Other current assets |
3.013 |
0.000 |
0.000 |
|
Total Current Assets |
335.407 |
316.588 |
380.081 |
|
|
|
|
|
|
TOTAL |
506.842 |
475.819 |
479.104 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
887.795 |
779.519 |
801.201 |
|
|
Other Income |
1.400 |
1.215 |
0.968 |
|
|
TOTAL |
889.195 |
780.734 |
802.169 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed and manufacturing expenses |
796.797 |
644.584 |
566.476 |
|
|
Purchases of
Stock-in-Trade |
4.285 |
28.363 |
183.978 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(15.094) |
13.379 |
(23.295) |
|
|
Loss due to fire |
0.000 |
9.079 |
0.000 |
|
|
Employees benefits
expense |
18.017 |
0.000 |
0.000 |
|
|
Other expenses |
32.353 |
28.817 |
18.994 |
|
|
TOTAL |
836.358 |
724.222 |
746.153 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
52.837 |
56.512 |
56.016 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
25.384 |
30.114 |
25.453 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
27.453 |
26.398 |
30.563 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.190 |
3.676 |
7.144 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
23.263 |
22.722 |
23.419 |
|
|
|
|
|
|
|
Less |
TAX |
7.514 |
7.242 |
7.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
15.749 |
15.480 |
16.419 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
336.200 |
218.045 |
149.627 |
|
|
TOTAL EARNINGS |
336.200 |
218.045 |
149.627 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.08 |
5.98 |
6.34 |
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 |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.77 |
1.99 |
2.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.95 |
7.25 |
6.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.59 |
4.78 |
4.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.26 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.03 |
3.08 |
3.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
1.59 |
1.89 |
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 |
25.900 |
25.900 |
25.900 |
|
Reserves & Surplus |
43.047 |
60.589 |
76.300 |
|
Net worth |
68.947 |
86.489 |
102.200 |
|
|
|
|
|
|
long-term borrowings |
206.226 |
46.557 |
26.871 |
|
Short term borrowings |
45.534 |
220.215 |
180.845 |
|
Total borrowings |
251.760 |
266.772 |
207.716 |
|
Debt/Equity ratio |
3.652 |
3.084 |
2.032 |
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 |
801.201 |
779.519 |
887.795 |
|
|
|
(2.706) |
13.890 |
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 |
801.201 |
779.519 |
887.795 |
|
Profit |
16.419 |
15.480 |
15.749 |
|
|
2.05% |
1.99% |
1.77% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM BORROWINGS |
|
|
|
Inter-corporate
Loan |
2.615 |
5.134 |
|
Loans from
shareholders, Directors and others relatives
|
0.009 |
9.033 |
|
Total |
2.624 |
14.167 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10401909 |
23/01/2013 |
20,000,000.00 |
Bank of Baroda |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B67661249 |
|
2 |
10367718 |
29/06/2012 |
15,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B44587582 |
|
3 |
10324847 |
25/11/2011 |
10,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B28452191 |
|
4 |
10304710 |
16/08/2011 |
30,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B19828235 |
|
5 |
10285889 |
13/04/2011 |
30,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B12406922 |
|
6 |
10270138 |
05/01/2011 |
20,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
B06308936 |
|
7 |
10228459 |
11/06/2010 |
30,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
A88701677 |
|
8 |
10213363 |
03/03/2010 |
20,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
A83497248 |
|
9 |
10118671 |
31/07/2008 |
8,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
A44023091 |
|
10 |
10111750 |
05/05/2008 |
6,000,000.00 |
BANK OF BARODA |
CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR
ROAD, MATUNGA (CENTRAL RAILWAY.), MUMBAI - 400019 , MAHARASHTRA, INDIA |
A40774424 |
* Date of charge modification
FIXED ASSETS
·
Leasehold MIDC Plot
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Factory Equipment
·
Air Conditioner
·
Computer
·
Laboratory Equipment
·
Furniture and Fixture
·
Vehicles
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. 64.97 |
|
|
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 73.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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
unfavorable 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.