MIRA
INFORM REPORT
|
Report No. : |
346340 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIMES COMTRADE PRIVATE LIMITED |
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|
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|
Registered
Office : |
403, Sheraton House, 5th Floor, Opposite Ketav Petrol Pump,
Polytechnic Road, Ambawadi, Ahmedabad - 380015, Gujarat |
|
Tel. No.: |
91-79-30480295 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.09.2006 |
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Com. Reg. No.: |
04-049120 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.250 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U34100GJ2006PTC049120 |
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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.] |
Not Available |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of agricultural products. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company established in the year 2006 having
moderate track. The company has shown significant growth in its profit during FY 2014. However, the rating is constrained by huge borrowings recorded by the
company, which further act as a threat to the liquidity position of the
company. The rating also takes into consideration the unfavorable gap between
trade payables and trade receivables. Their trade relations are reported as fair. Business is active.
Payments terms are reported as 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.
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) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Satish Mishra |
|
Designation : |
Compliance Officer |
|
Contact No.: |
91-79-30480295 |
|
Date : |
21.10.2015 |
LOCATIONS
|
Registered Office : |
403, Sheraton House, 5th Floor, Opposite Ketav Petrol Pump,
Polytechnic Road, Ambawadi, Ahmedabad - 380015, Gujarat, India |
|
Tel. No.: |
91-79-30480295 |
|
Fax No.: |
91-79-30480298 |
|
E-Mail : |
satish.mishra@truevalueindia.com |
|
Website : |
http://www.truevalueindia.com |
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|
|
|
Warehouse : |
Located at: ·
Maharashtra ·
Gujarat (They have 30 Warehouse in Maharashtra and Gujarat) |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Jitendra Jayantilal Shah |
|
Designation : |
Director |
|
Address : |
1, Sarita Bunglow, Satellite, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
11.08.1965 |
|
Date of Appointment : |
20.09.2006 |
|
DIN No.: |
00127490 |
|
|
|
|
Name : |
Mr. Dilip Jayantilal Shah |
|
Designation : |
Director |
|
Address : |
1, Sarita Bunglow, Satellite, Vastrapur, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
18.11.1961 |
|
Date of Appointment : |
20.09.2006 |
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PAN No.: |
AHLPS1066N |
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DIN No.: |
00127508 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Mishra |
|
Designation : |
Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Dilip Jayantilal Shah |
57500 |
46.00 |
|
Jitendra Jayantilal Shah |
57500 |
46.00 |
|
Jayantilal K Shah |
10000 |
8.00 |
|
|
|
|
|
Total |
125000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of agricultural products |
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Products : |
Agricultural Products |
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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 : |
·
Australia ·
Taiwan |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
·
Australia |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
·
Abhinav Dangayach ·
Tulsi Pulses ·
Urmila Trading Company ·
M.N. Shah ·
Dhara Industrial ·
Abhishek Enterprises |
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Customers : |
Wholesaler, Retailers and Manufacturer ·
Asha Oil Traders ·
Rameshwar Industires ·
Nokha Agro Services ·
Gopal Agro Foods ·
True Value Commodities Private Limited |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited ·
ICICI Bank Limited
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Lunia and Company Chartered Accountants |
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Address : |
B-12, Harekrishna Complex, Kankaria, Ahmedabad - 380028, Gujarat,
India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFL7194C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Million |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000 |
Equity Shares |
Rs.10/- each |
Rs. 1.250
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.250 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
12.449 |
0.118 |
-0.042 |
|
(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) |
13.699 |
0.618 |
0.458 |
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|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
67.186 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.006 |
0.000 |
0.000 |
|
(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) |
67.192 |
0.000 |
0.000 |
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|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
129.477 |
26.919 |
0.000 |
|
(b) Trade payables |
21.974 |
0.208 |
0.000 |
|
(c) Other current
liabilities |
4.648 |
0.104 |
0.000 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
156.099 |
27.231 |
0.000 |
|
|
|
|
|
|
TOTAL |
236.990 |
27.849 |
0.458 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
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|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.121 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
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 |
0.020 |
0.020 |
0.020 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
0.141 |
0.020 |
0.020 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
207.985 |
26.090 |
0.000 |
|
(c) Trade receivables |
15.634 |
1.436 |
0.000 |
|
(d) Cash and cash
equivalents |
3.156 |
0.033 |
0.426 |
|
(e) Short-term loans and
advances |
10.074 |
0.270 |
0.012 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
236.849 |
27.829 |
0.438 |
|
|
|
|
|
|
TOTAL |
236.990 |
27.849 |
0.458 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
307.709 |
11.565 |
0.050 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
299.631 |
11.330 |
0.092 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
8.078 |
0.235 |
(0.042) |
|
|
|
|
|
|
|
Less |
TAX |
2.498 |
0.075 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5.580 |
0.160 |
(0.042) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.118 |
(0.042) |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
5.698 |
0.118 |
(0.042) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
44.64 |
1.28 |
0.328 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
N.A |
N.A |
N.A |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
1.81 |
1.38 |
(84.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
0.84 |
(9.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59 |
0.38 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
14.36 |
43.56 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.02 |
0.00 |
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 |
0.500 |
0.500 |
1.250 |
|
Reserves & Surplus |
(0.042) |
0.118 |
12.449 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.458 |
0.618 |
13.699 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
67.186 |
|
Short term borrowings |
0.000 |
26.919 |
129.477 |
|
Total
borrowings |
0.000 |
26.919 |
196.663 |
|
Debt/Equity
ratio |
0.000 |
43.558 |
14.356 |
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) |
|
Total Income |
0.050 |
11.565 |
307.709 |
|
|
|
23,030.000 |
2,560.692 |
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 |
0.050 |
11.565 |
307.709 |
|
Profit |
(0.042) |
0.160 |
5.580 |
|
|
(84.00)% |
1.38% |
1.81% |
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 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from 203, Swapna Complex, 5, Rashmi Society, Mithakali, Navrangpura,
Ahmedabad, Gujarat, INDIA to the present address w.e.f. 22.12.2011
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate Loans |
15.000 |
0.000 |
|
Others |
52.186 |
0.000 |
|
|
|
|
|
Total |
67.186 |
0.000 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10577834 |
20/05/2015 |
15,000,000.00 |
HDFC BANK
LIMITED |
HDFC HOUSE,
MITHAKHALI SIX ROAD, NAVRANGPURA, AHMEDABAD- 380009, GUJARAT, INDIA |
C57876351 |
|
2 |
10554417 |
16/09/2014 |
100,000,000.00 |
HDFC BANK
LIMITED |
HDFC HOUSE, 1ST
FLOOR, MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD- 380009, GUJARAT, INDIA |
C46315487 |
FIXED ASSETS
·
Computer
·
Machinery
·
Weigh Scale
·
Mobile Phone
·
Fire Extinguisher
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.100.53 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.