MIRA INFORM REPORT
|
Report No. : |
346129 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEURTEY PETROCHEM INDIA PRIVATE LIMITED (w.e.f. 10.03.2008) |
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Formerly Known
As : |
HEURTEY PETROCHEM EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
A-301, Boomerang, Main Chandivali Farm Road |
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Tel. No.: |
91-22-67740000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
31.08.2004 |
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Com. Reg. No.: |
11-178577 |
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Capital
Investment / Paid-up Capital : |
Rs. 44.721 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24111MH2004PTC178577 |
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IEC No.: |
0204030315 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCH5055Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business of Engineering, Procurement and
Commissioning (EPC) services specialized in the design and fabrication of
furnaces for refining, petrochemicals and hydrogen industries. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Heurtey Petrochem SA incorporated in the year
2004. It is engaged in the business of engineering, procurement and
commissioning (EPC) service specialized in the design and fabrication of
furnaces for refining, petrochemicals and hydrogen industries. It has a
satisfactory track record. For the financial year ended 2014, the company has registered sizeable
decline in its sales turnover. However, it has achieved profitability margin
of 1.6%. Rating also takes into consideration company’s established track
record of business operation backed by healthy net worth position and
favorable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. In view of sound financial base, company can be considered normal for
business dealings at usual trade terms and conditions. |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-22-67740000)
LOCATIONS
|
Registered Office : |
A-301, Boomerang, |
|
Tel. No.: |
91-22-67740040 / 67740222 / 67740000 |
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Fax No.: |
91-22-67740099 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON: 10.09.2014
|
Name : |
Mr. Suresh Meenakshi Sundaram |
|
Designation : |
Managing Director |
|
Address : |
101, Sawanvihar, Plot No. 25, Sector 14, Koparkhairane, Navi Mumbai -
400 709, |
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Date of Birth/Age : |
03.06.1965 |
|
Date of Appointment : |
28.11.2007 |
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DIN No.: |
02080773 |
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|
Name : |
Ms. Prachi Laxman Sadekar |
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Designation : |
Alternate director |
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Address : |
B/8, Bank of India, Brindavan Society, Sahar Road, Andheri (East),
Mumbai – 400069, Maharashtra, India |
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Date of Birth/Age : |
27.06.1974 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
02955811 |
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|
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Name : |
Mr. Jacques Baptiste Moulin |
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Designation : |
Director |
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Address : |
47, Bisn Rue De Moret 77810 Thomery France |
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Date of Birth/Age : |
13.11.1962 |
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Date of Appointment : |
26.07.02010 |
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DIN No.: |
02978651 |
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Name : |
Mr. Dominique Antoine Henri |
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Designation : |
Director |
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Address : |
61, Avenue Foch-94300 Vincennes France |
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Date of Birth/Age : |
11.08.1955 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
03099224 |
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|
|
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Name : |
Mr. Gregory Jean Matouskoff |
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Designation : |
Director |
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Address : |
16 Rue Chanzy 78220 Viroflay France |
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Date of Birth/Age : |
24.11.1956 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
03099395 |
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|
|
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Name : |
Mr. Francoise Christophe Ghislain Locquet Peugnet |
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Designation : |
Director |
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Address : |
1 Rue Ernest Renan Serves (92) France |
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Date of Birth/Age : |
06.07.1953 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
03102340 |
MAJOR SHAREHOLDERS
AS ON: 10.09.2014
|
Names of Shareholders |
No. of Shares |
|
Heurtey Petrochem SA, France |
4472139 |
|
M Suresh (Held as nominee of Heurtey Petrochem SA) |
1 |
|
TOTAL
|
4472140 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Engineering, Procurement and
Commissioning (EPC) services specialized in the design and fabrication of furnaces
for refining, petrochemicals and hydrogen industries. |
|
|
|
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Services : |
Engineering and Consultancy Services |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
ICICI Bank, Mumbai ·
BNP Paribas Bank, Mumbai |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
252, Veer Sawarkar Marg, |
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PAN No.: |
AABFL5878L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Heurtey Petrochem SA |
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Project Office of Holding Company : |
Heurtey Petrochem SA -(Project office) |
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Fellow Subsidiaries : |
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Associates : |
Petro-Chem Development (India) Private Limited |
CAPITAL STRUCTURE
AS ON: 10.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
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|
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|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4472140 |
Equity Shares |
Rs.10/- each |
Rs. 44.721
Millions |
|
|
|
|
|
AFTER: 10.09.2014
Authorized Capital: Rs. 91.000 Million
Issued, Subscribed & Paid-up Capital: 90.257 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 |
44.721 |
44.721 |
33.032 |
|
(b) Reserves & Surplus |
206.769 |
189.467 |
73.541 |
|
(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) |
251.490 |
234.188 |
106.573 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.692 |
2.678 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
0.000 |
0.692 |
2.678 |
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|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
175.000 |
307.385 |
303.500 |
|
(b) Trade
payables |
115.975 |
294.578 |
473.375 |
|
(c) Other
current liabilities |
84.823 |
187.923 |
339.460 |
|
(d) Short-term
provisions |
2.034 |
0.000 |
68.887 |
|
Total Current
Liabilities (4) |
377.832 |
789.886 |
1185.222 |
|
|
|
|
|
|
TOTAL |
629.322 |
1024.766 |
1294.473 |
|
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|
|
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
68.787 |
50.380 |
59.782 |
|
(ii)
Intangible Assets |
13.064 |
11.295 |
13.872 |
|
(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 |
5.841 |
5.841 |
5.842 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.613 |
47.379 |
40.118 |
|
(e) Other Non-current
assets |
0.000 |
0.209 |
0.000 |
|
Total Non-Current
Assets |
135.305 |
115.104 |
119.614 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
321.770 |
419.558 |
442.922 |
|
(d) Cash
and cash equivalents |
2.540 |
8.983 |
4.267 |
|
(e)
Short-term loans and advances |
82.358 |
169.373 |
345.255 |
|
(f) Other
current assets |
87.349 |
311.748 |
382.415 |
|
Total Current
Assets |
494.017 |
909.662 |
1174.859 |
|
|
|
|
|
|
TOTAL |
629.322 |
1024.766 |
1294.473 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1062.831 |
1472.670 |
1648.154 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
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|
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|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
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|
|
|
PROFIT / (LOSS)
BEFORE TAX |
22.110 |
(14.658) |
(68.919) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.808 |
(2.044) |
4.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
17.302 |
(12.614) |
(73.443) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.659 |
33.273 |
106.716 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
37.961 |
20.659 |
33.273 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
174.484 |
243.942 |
190.074 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.87 |
(3.47) |
23.67 |
|
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) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.62
|
(0.85) |
(4.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.51
|
(1.43) |
(5.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.66) |
(0.65) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.15 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
33.032 |
44.721 |
44.721 |
|
Reserves & Surplus |
73.541 |
189.467 |
206.769 |
|
Net worth |
106.573 |
234.188 |
251.490 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
303.500 |
307.385 |
175.000 |
|
Total borrowings |
303.500 |
307.385 |
175.000 |
|
Debt/Equity ratio |
2.848 |
1.313 |
0.696 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1648.154 |
1472.670 |
1062.831 |
|
|
|
(10.647) |
(27.830) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1648.154 |
1472.670 |
1062.831 |
|
Profit |
(73.443) |
(12.614) |
17.302 |
|
|
(4.46%) |
(0.86%) |
1.63% |
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 |
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 |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR THE COMPANY
REVIEW OF OPERATION:
During the year, the Company has earned of Rs. 1062.831 Millions from engineering and other services, project activity, and Export sale. The net profit for the year under review has been Rs. 17.301 Millions as against loss of Rs. 12.614 Millions in the previous year.
FIXED ASSETS
- Leasehold Improvements
- Office Equipment
- Furniture and Fixture
- Electrical fittings
- Computers
- Temporary Erections
- Vehicles
- Computer Software
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. 64.82 |
|
UK Pound |
1 |
Rs. 100.12 |
|
Euro |
1 |
Rs. 73.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
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Analysis Done by
: |
TRI |
|
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Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.