MIRA INFORM REPORT

 

 

Report No. :

346426

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SIKA INDIA PRIVATE LIMITED

 

 

Formerly Known As :

SIKA QUALCRETE PRIVATE LIMITED

 

QUALCRETE INDIA PRIVATE LIMITED

 

 

Registered Office :

620, Diamond Harbor Road, Commercial Complex II, Kolkata – 700034, West Bengal

Tel. No.:

91-33-24466958

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.06.1984

 

 

Com. Reg. No.:

21-037631

 

 

Capital Investment / Paid-up Capital :

Rs.18.884 Million

 

 

CIN No.:

[Company Identification No.]

U24119WB1984PTC037631

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECS1119F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Construction Chemicals.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 690000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a wholly Owned subsidiary of Silka AG, Switzerland having moderate track

 

It was incorporated in the year 1984, engaged in manufacturing and trading of construction chemicals.

 

The company’s operational performance seems to be weak due to some accumulated losses incurred from its operations from past few years.

 

Rating is further constrained on account of company’s modest financial risk profile marked by the small networth base and huge external borrowings taken during the year 2014 which may act as a threat to its liquidity.

 

However, company receives strong financial support from its holding company and has experienced promoters in automobile construction and commercial vehicle industry.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holdings, the company can be considered for any 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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

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 DENIED

 

MANAGEMENT NON COOPERATIVE (Tel. No.: 91-33-24466958)

 

 

LOCATIONS

 

Registered Office :

620, Diamond Harbor Road, Commercial Complex II, Kolkata – 700034, West Bengal, India

Tel. No.:

91-33-24466594/ 6958/ 24472448/ 2449/ 2501/ 2505/ 9503/ 6594/ 8480, 24582134/

Fax No.:

91-33-24688688/ 2665/ 23978688

E-Mail :

sika.cal@gncal.global.net.in

corporate.comm@in.sika.com 

chaudhuri.sudip@in.sika.com

Website :

http://www.sikaindia.net

http://www.sika.in

http://ind.sika.com

 

 

Corporate Office :

601, A Wing, Infinity Tower, Mindspace Off Link Road, Malad West, Mumbai- 400064, Maharashtra, India 

Tel. No.:

91-22-40384038

Fax No.:

91-22-40384039

E-Mail :

info@in.sika.com

 

 

Operational Office :

Off Link Road, Malad (West,) Mumbai – 400064, Maharashtra,  India

 

Factory 1 :

Industrial Estate (New), Shed No. 1/B-5, 9, 15, 18, 19, 20 and 21, Block – D, District Nadia, Kalyani – 741235, West Bengal, India

Tel No.:

91-33-25827756

Fax No.:

91-33-25829418

 

 

Factory 2 :      

L -41, Verna Industrial Estate, Verna, Salcete , Goa – 403722, India 

Tel. No.:

91-832-2783144 / 6680335 / 36 / 37 / 34 

Fax No.:

91-832-2783433 / 6680341 

E-Mail :

info.india@in.sika.com

Area :

7280 Sq. Ft

Location :

Owned (Industrial)

 

 

Factory 3 :

C/302, TTC Industrial Area, MIDC Pawane Village, Navi Mumbai - 400704, Maharashtra, India 

Tel No.:

91-22-65162615

Fax No.:

91-22-65131634

 

 

Factory 4 :

Plot No. F-1/F-2, RIICO Industrial Estate, Bagru Extexsion - II,  Bagru, District Jaipur - 302009, Rajasthan, India

Tele No.:

91-141-5123746 / 5173835

Fax No.:

91-141-5123746

Area :

12000 Sq. ft.

Location :

Owned

Locality:

Industrial

 

 

Factory 5 :

23, GST Road, Pukkathurai Village, Madurantagam Taluk, Kanchipuram District, Chennai - 603308, Tamilnadu, India

Tele No.:

91-44-27565771

Fax No.:

91-44-27565776

 

 

Branch Office :

Located at:

 

·         Ahmedabad

·         Chennai

·         Kolkata

·         Bangalore

·         Cuttack

·         Mumbai

·         Chandigarh

·         Hyderabad

·         Noida

·         Pune 

·         Navi Mumbai

·         Siliguri

·         Visakhapatnam

 

 

DIRECTORS

 

AS ON: 29.09.2014

 

Name :

Chi Wo Ivan Hung

Designation :

Director

Address :

27E, Tower 1, Vista Paradiso, Moonshan, NT, Hong Kong, China

Date of Birth/Age :

25.01.1957

Date of Appointment :

30.09.2013

DIN No.:

06542305

Other Directorship:

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24119WB1984PTC037631

SIKA INDIA PRIVATE LIMITED

Director

30/09/2013

22/11/2012

-

Active

NO

2

U51432HR2000PLC034907

TEXSA INDIA LIMITED

Director

27/09/2013

28/08/2013

-

Active

NO

 

 

Name :

Mr. Peter Bruce Scott

Designation :

Director

Address :

28, Delecta Avenue, Moshan, New South Wales-2088, Australia

Date of Birth/Age :

28.06.1955

Date of Appointment :

30.09.2013

DIN No.:

06673538

 

 

Name :

Mr. Arijit Basu

Designation :

Managing director

Address :

104, Anantha Building No.1 Beverly Park, Mira-Bhyander Road Mira Road East, Thane- 401107, Maharashtra, India

Date of Appointment :

01.07.2015

DIN No.:

07215894

Other Directorship:

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24119WB1984PTC037631

SIKA INDIA PRIVATE LIMITED

Managing director

01/07/2015

22/06/2015

-

Active

NO

2

U24134PN2005PTC129364

AXSON INDIA PRIVATE LIMITED

Additional director

01/07/2015

01/07/2015

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vaidyanathan

Designation :

Finance Head

 

 

Name :

Vaskar Das

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS

 

AS ON: 29.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Sika AG, Switzerland

1133013

60.00

Sika Schweiz AG, Switzerland 

755342

40.00

Total

1888355

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 29.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Construction Chemicals.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Prepared Additives for Cements Mortars and Concretes

3823.40

Reaction initiators, accelerators and Catalytic Preparations

3815.90

Refractory Cements, Mortars, Concretes and similar impositions

3816.00

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

S.R. Batliboi and Company LLP

Chartered Accountants

Address :

14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India 

Tel. No.:

91-22-40356300

Fax No.:

91-22-40356400

PAN No.:

AALFS0506L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

Sika AG, Switzerland

 

 

Associate:

Sika Schweiz AG, Switzerland

 

 

Fellow Subsidiaries:

·         BV Descol, Netherlands

·         Sika Australia Private Limited

·         Sika Automotive GMBH, Germany

  • Sika Asia Pacific, Singapore

·         Sika CZ, s.r.o., Czech Republic

·         Sika China Limited, China

·         Sika Corporation USA, United States of America

·         Sika Denmark A/S, Denmark

·         Sika Deutschland GMBH

  • Sika Engineering Silicones, Italy

·         Sika FZCO, United Arab Emirates

·         Sika France SA, France

  • Sika Greenstreak, Greenland

·         Sika (Guangzhou) Limited, China

  • Sika (Guangzhou) Trading Company Limited, China
  • Sika Gulf B.S.C, Bahrain
  • Sika Gulf .S.C.(Trade Payables), Bahrain
  • Sika Hongkong Limited, Hong Kong
  • Sika Information Systeme AG, Switzerland
  • Sika Italia S.P.A., Italy
  • Sika Kimia Sdn. Bhd, Malaysia
  • Sika Liquid Plastic, United Kingdom
  • Sika Limited, Dalian (China North), China
  • Sika Limited, Japan
  • Sika Limited, United Kingdom
  • Sika Osterreich GMBH, Germany
  • Sika Poland Sp. Z.O.O.
  • Sika Polyurethane Manufacturing S.R.L., United Kingdom
  • Sika Portugal – Produtos Contrucao E Industria, S.A., Portugal
  • Sika S A Spain, Spain
  • Sika Sarnafil Waterproofing Sys (Shanghai) Limited, China
  • Sika Service AG (Other Receivables)
  • Sika Services AG, Switzerland
  • Sika Services IMEA, United Arab Emirates
  • Sika (Singapore)PTE Limited, Singapore
  • Sika Supply Centre AG, Switzerland
  • Sika Technology AG, Switzerland
  • Sika (Thailand) Limited, Thailand
  • Sika UAE LLC , United Arab Emirates
  • Sika YapI Kimyasallah A.S, Denmark
  • Sumam Chemicals Company, Saudi Arabia

 

 

Subsidiary Company:
  • Texsa India Limited, India

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4400000

Equity Shares

Rs.10/- each

Rs. 44.000 Million

10000

Preference Shares

Rs.100/- each

Rs. 1.000 Million

 

 

 

Rs. 45.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1888355

Equity Shares

Rs.10/- each

Rs. 18.884 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

18.884

18.884

14.478

(b) Reserves & Surplus

223.829

317.032

297.322

(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)

242.713

335.916

311.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

779.228

482.459

238.952

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

13.210

Total Non-current Liabilities (3)

779.228

482.459

252.162

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

343.021

10.960

240.772

(b) Trade payables

986.710

843.087

558.832

(c) Other current liabilities

128.995

81.954

298.820

(d) Short-term provisions

150.574

117.564

108.412

Total Current Liabilities (4)

1609.300

1053.565

1206.836

 

 

 

 

TOTAL

2631.241

1871.940

1770.798

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

404.455

243.935

185.891

(ii) Intangible Assets

22.373

34.684

0.716

(iii) Capital work-in-progress

336.423

189.441

173.377

(iv) Intangible assets under development

0.000

1.567

33.433

(b) Non-current Investments

18.221

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

39.479

(d)  Long-term Loan and Advances

134.908

141.033

91.347

(e) Other Non-current assets

3.560

3.370

0.558

Total Non-Current Assets

919.940

614.030

524.801

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

475.408

392.149

432.845

(c) Trade receivables

750.579

694.897

656.827

(d) Cash and cash equivalents

43.415

43.410

46.859

(e) Short-term loans and advances

425.208

127.236

109.072

(f) Other current assets

16.691

0.218

0.394

Total Current Assets

1711.301

1257.910

1245.997

 

 

 

 

TOTAL

2631.241

1871.940

1770.798

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Revenue from Operations

3682.544

3305.803

3258.337

 

Other Income

31.052

12.393

7.943

 

TOTAL (A)

3713.596

3318.196

3266.280

 

 

 

 

 

Less:

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

1683.189

1608.789

 

Purchases of Stock-in-Trade

 

414.442

487.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

2367.287

113.124

36.996

 

Employees benefits expense

421.739

415.972

351.947

 

Other expenses

906.991

832.139

837.811

 

TOTAL (B)

3696.017

3458.866

3323.443

 

 

 

 

 

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

17.579

(140.670)

(57.163)

 

 

 

 

 

Less:

FINANCIAL EXPENSES (D)

53.371

37.029

26.577

 

 

 

 

 

 

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

(35.792)

(177.699)

(83.740)

 

 

 

 

 

Less:

DEPRECIATION/ AMORTISATION (F)

57.411

47.302

29.854

 

 

 

 

 

 

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

(93.203)

(225.001)

(113.594)

 

 

 

 

 

Less:

TAX (H)

0.000

39.479

18.935

 

 

 

 

 

 

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

(93.203)

(264.480)

(132.529)

 

 

 

 

 

Add:

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

(319.325)

(54.845)

77.684

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

(412.528)

(319.325)

(54.845)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

53.560

98.310

26.290

 

TOTAL EARNINGS

53.560

98.310

26.290

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 (49.36)

(162.01)

(91.54)

 

 

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

26.396

(107.622)

17.118

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(2.53)

(8.00)

(4.07)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.48

(4.26)

(1.75)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.09)

(13.39)

(7.45)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.38)

(0.67)

(0.36)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.62

1.47

1.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.19

1.03

 

 

 

 

 

 

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

14.478

18.884

18.884

Reserves & Surplus

297.322

317.032

223.829

Net worth

311.800

335.916

242.713

 

 

 

 

long-term borrowings

238.952

482.459

779.228

Short term borrowings

240.772

10.960

343.021

Total borrowings

479.724

493.419

1122.249

Debt/Equity ratio

1.539

1.469

4.624

 

 

 

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)

Revenue from Operations

3258.337

3305.803

3682.544

 

 

1.457

11.396

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

3258.337

3305.803

3682.544

Profit

(132.529)

(264.480)

(93.203)

 

(4.07%)

(8.00%)

(2.53%)

 

 

 

 

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

No

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

 

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM-BORROWINGS:

 

 

Rupee Term Loan from Others

779.228

482.459

 

 

 

SHORT TERM-BORROWINGS:

 

 

Working Capital Loans from Banks

343.021

10.960

 

 

 

Total

1122.249

493.419

 

 

INDEX OF CHARGES: NO CHARGES FOR THE COMPANY

 

 

FIXED ASSETS:

 

Tangible

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Motor vehicles
  • Office equipment
  • Leasehold improvements

 

 

Intangible

 

  • 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.65.15

UK Pound

1

  Rs.100.54

Euro

1

Rs.73.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HEE

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

28

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.