MIRA
INFORM REPORT
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Report No. : |
346423 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDUS MEGA FOOD PARK PRIVATE LIMITED [w.e.f.27.09.2012] |
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Formerly Known
As : |
KHARGONE MEGA FOOD PARK PRIVATE LIMITED |
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Registered
Office : |
Akshaya Arcade, Plot No.5, 3rd Floor, Above SBH, Amar Co-Operative
Housing Society, Kavuri Hills, |
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Tel. No.: |
91-40-23548952/ 23119275 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.11.2011 |
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Com. Reg. No.: |
077670 |
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Capital
Investment / Paid-up Capital : |
Rs. 180.190
Million |
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CIN No.: [Company Identification
No.] |
U93000TG2011PTC077670 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECK5529K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject act as a Food Processing Infrastructure facility providing world class infrastructure and technology to the enterprises engaged in the food processing industry. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 1360000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 25th November, 2011. It is a
special purpose vehicle (SPV) formed to set up an integrated mega food park under
the Ministry of Food Processing Industry’s Mega Food Parks Scheme in Madhya
Pradesh. The SPV is promoted by three entities Ananda Enterprises, Vasistha
Holdings and ARGM Agro Foods. It has moderate track record. The company has incurred loss from its operations during FY2014. There
is unfavorable gap between trade receivables and trade payables. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term Rating = B+ |
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Rating Explanation |
Have risk prone credit quality and carries
very high credit risk. |
|
Date |
July 25, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-40-23548952/ 23119275)
LOCATIONS
|
Registered Office : |
Akshaya Arcade, Plot No.5, 3rd Floor, Above SBH, Amar Co-Operative
Housing Society, Kavuri Hills, Hyderabad – 500081, Telangana, India |
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Tel. No.: |
91-40-23548952/ 23119275 |
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Fax No.: |
91-40-23542128 |
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E-Mail : |
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Website : |
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Mega Food Park : |
Panwa Village, Kasarwad Tehsil, Khargone District – 454533, Madhya
Pradesh, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Venkata Narasimha Raju Cherukuwada |
|
Designation : |
Managing director |
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Address : |
Flat No. 103, MYM Estates, Takur Mansion Lane, Somajiguda, Hyderabad –
500082, Andhra Pradesh, India |
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Date of Birth/Age : |
23.04.1977 |
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Date of Appointment : |
25.11.2011 |
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DIN No.: |
00654693 |
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Name : |
Uddaraju Kasi Viswanadha Raju |
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Designation : |
Director |
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Address : |
2-5-1, Siva Rao Peta (P), Bhimavaram, West Godavari – 534202, Andhra
Pradesh, India |
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Date of Birth/Age : |
11.08.1952 |
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Date of Appointment : |
25.11.2011 |
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DIN No.: |
01736604 |
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Name : |
Naveen Verma Uddaraju |
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Designation : |
Whole-time director |
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Address : |
2-5-1, Siva Rao Peta (P), Bhimavaram, West Godavari – 534202, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.10.1983 |
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Date of Appointment : |
04.05.2012 |
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PAN No.: |
AAWPU7316F |
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DIN No.: |
05338558 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
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Ananda Enterprises India Private Limited, India |
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5397580 |
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Devi Sea Foods Limited, India |
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300 |
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Him Kailash Hydro Power Private Limited, India |
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700 |
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Vasistha Holding Limited, India |
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6287865 |
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HES Infra Private Limited, India |
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1000 |
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ARGM Agro Energy Private Limited, India |
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5805000 |
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Ananda Bhagavathi Foods Private Limited, India |
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200 |
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Ananda Aqua Exports Private Limited, India |
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526400 |
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Total |
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18019045 |
AS ON 18.10.2014
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Names of Allottee |
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No. of Shares |
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ARGM Agro Food Products Private Limited, India |
|
440000 |
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Total |
|
440000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Bodies
corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject act as a Food Processing Infrastructure facility providing world class infrastructure and technology to the enterprises engaged in the food processing industry. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Canara Bank Industrial Finance Branch, 5-10-194, Chakrapani Estate, Saifabad,
Kalanjali Building, Hyderabad - 500004, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M N Reddy and Company Chartered Accountants |
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Address : |
H. No. B-41, 2nd Floor, Beside Viswa Bharathi Schoolmadhuranagar, Hyderabad – 500038, Andhra Pradesh, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFM5259K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises over
which Key Managerial Personnel are able to exercise significant Influence : |
· Vasistha Holdings Limited Devi Sea Foods Limited Ananda Enterprises (India) Private Limited HIM Kailash Hydro Power Private Limited Ananda Bhagavati Foods Private Limited Ananda Aqua Exports Private Limited HES Infra Private Limited ARGM Agro Food Products Private Limited |
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital : Rs. 265.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 216.276
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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26,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 265.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
18,019,045 |
Equity Shares |
Rs. 10/- each |
Rs. 180.190
Million |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
180.190 |
129.190 |
0.100 |
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(b) Reserves & Surplus |
(1.272) |
0.000 |
0.000 |
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(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 |
58.787 |
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(3) Deferred Government Grants
|
298.152 |
124.300 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
477.070 |
253.490 |
58.887 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
304.135 |
151.055 |
0.000 |
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(b) Deferred tax liabilities (Net) |
4.235 |
0.000 |
0.000 |
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(c) Other long
term liabilities |
47.294 |
19.126 |
0.023 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
355.664 |
170.181 |
0.023 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
10.084 |
0.322 |
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(b)
Trade payables |
34.525 |
2.154 |
0.492 |
|
(c) Other
current liabilities |
18.591 |
3.989 |
0.242 |
|
(d) Short-term
provisions |
0.565 |
0.000 |
0.042 |
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Total Current
Liabilities (4) |
53.681 |
16.227 |
1.098 |
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TOTAL |
886.415 |
439.898 |
60.008 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
377.541 |
57.500 |
54.746 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
298.756 |
119.550 |
0.000 |
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(iv)
Intangible assets under development |
58.563 |
41.816 |
3.474 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.418 |
6.828 |
1.000 |
|
(e) Other
Non-current assets |
0.000 |
0.018 |
0.018 |
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Total Non-Current
Assets |
751.278 |
225.712 |
59.238 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
37.692 |
0.000 |
0.000 |
|
(c)
Trade receivables |
5.654 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
81.703 |
213.842 |
0.624 |
|
(e)
Short-term loans and advances |
9.906 |
0.344 |
0.146 |
|
(f)
Other current assets |
0.182 |
0.000 |
0.000 |
|
Total
Current Assets |
135.137 |
214.186 |
0.770 |
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|
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|
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TOTAL |
886.415 |
439.898 |
60.008 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
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GROSS SALES |
|
|
15.708 |
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Less |
EXPENSES |
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TOTAL |
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NA
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PROFIT/ (LOSS)
BEFORE TAX |
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NA |
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Less |
TAX |
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|
NA |
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PROFIT/ (LOSS)
AFTER TAX |
|
|
(1.272) |
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Earnings/ (Loss)
Per Share (Rs.) |
|
|
(0.07) |
|
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 |
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Cash generated from operations |
NA |
NA |
NA |
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Net Cash flow from (used in) Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64 |
0.64 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
|
2.52 |
13.20 |
0.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.100 |
129.190 |
180.190 |
|
Reserves & Surplus |
0.000 |
0.000 |
(1.272) |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
58.787 |
0.000 |
0.000 |
|
Deferred Government Grants |
0.000 |
124.300 |
298.152 |
|
Net
worth |
58.887 |
253.490 |
477.070 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
151.055 |
304.135 |
|
Short term borrowings |
0.322 |
10.084 |
0.000 |
|
Total
borrowings |
0.322 |
161.139 |
304.135 |
|
Debt/Equity ratio |
0.005 |
0.636 |
0.638 |
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 |
-- |
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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 |
Yes |
|
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 one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10415578 |
21/10/2014 * |
603,800,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, 5-10-194, CHAKRAPANI ESTATE, SAIFABAD, KALANJALI BUILDING,
HYDERABAD, TELANGANA - 500004, INDIA |
C50343003 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
10.084 |
|
|
|
|
|
Total |
0.000 |
10.084 |
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from Plot No.226,
Road No.78, Phase III, Jublee Hills, Hyderabad - 500033, Andhra Pradesh, India
to the present address w.e.f.23.11.2012.
REVIEW OF OPERATIONS:
During
the year the Company has achieved a Gross turnover of Rs.15.708 Million and a
Net/Loss of Rs.1.272 Million. The Company has started commercial operations in
this year, the turnover will be improved subsequent financial years, in this
regard the necessary steps to be taken to improve the performance of the
Company.
FIXED ASSETS:
·
Land
Buildings
Plant and
equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
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. 64.89 |
|
|
1 |
Rs. 100.39 |
|
Euro |
1 |
Rs. 73.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
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|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
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 |
|
26 |
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.