MIRA INFORM REPORT

 

 

Report No. :

346462

Report Date :

28.10.2015

 

 IDENTIFICATION DETAILS

 

Name :

DURA-LINE INDIA PRIVATE LIMITED (w.e.f. 03.09.2001)

 

 

Formerly Known As :

BHARTI DURA-LINE PRIVATE LIMITED

 

 

Registered Office :

A-10, Sanskrit Bhawan, Aruna Asaf Qutub Institutional Area, New Delhi – 110067

Tel. No.:

91-11-51710470/43123400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.08.1996

 

 

Com. Reg. No.:

55-081248

 

 

Capital Investment / Paid-up Capital :

Rs. 75.000 Million

 

 

CIN No.:

[Company Identification No.]

U25209DL1996PTC081248

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELD06373D

 

 

PAN No.:

[Permanent Account No.]

AABCD4024B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the manufacturing of high-density polyethylene (HDPE) ducts and pipes, finding wide application in the telecom and infrastructure sectors. 

 

 

No. of Employees :

Approximately 650 (400 – On Permanent Basis + 250 – On Contract Basis )

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behavior :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1996 as a wholly owned subsidiary of Dura-Line International Inc. USA. It has satisfactory track.

 

The rating takes into consideration strong capital base and comfortable gearing of the company in FY14. Although the company’s turnover has increased, its profits had declined over the same corresponding period.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of strong parent company’s support, the company can be considered for business dealings with usual trade terms and conditions.

 

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

CARE

Rating

Long-term Bank Facilities : A- (Suspended)

Rating Explanation

Adequate degree of safety and low credit risk

Date

March 19, 2015

 

Rating Agency Name

CARE

Rating

Short-term Bank Facilities : A2+ (Suspended)

Rating Explanation

Strong degree of safety and low credit risk

Date

March 19, 2015

 

Reason for Suspension: Company has not furnished the information required by care.

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Dinesh Rawat 

Designation :

Financial Manager

Contact No.:

91-9868788906

Date :

26.10.2015

 

 

LOCATIONS

 

Registered/ Head Office :

A-10, Sanskrit Bhawan, Aruna Asaf Qutub Institutional Area, New Delhi – 110067, India

Tel. No.:

91-11-51710470/ 43123400/ 51733606

Mobile No.:

91-9868788906 (Mr. Dinesh Rawal)

Fax No.:

91-11-41716816/ 26516816

E-Mail :

dineshrawat@duraline.com

mahendra.gambhir@duraline.india.com

duraline@duraline.com

Website :

http://www.duraline.com

 

 

Factory 1 :

Plot -19/22, Phase – 1 A, Sancoale Industrial Estate, Zuari Nagar, South Goa, India

 

 

Factory 2 :

L 24 and 25, Verna Electronic City, Verna, Salcete, Goa - 403722, India

Tel. No.:

91-832-6693200

Fax No.:

91-832-6693201

E-Mail :

works@duralineindiagoa.com

academy@duralineindiagoa.com

centre@duralineindiagoa.com

Location :

Leased

 

 

Factory 3 :

S. P. 14 B, RIICO Industrial Area, Nimrana District Alwar - 301705 Rajasthan, India

Location :

Rented

 

 

Overseas Office :

¯  835, Innovation Drive, Knoxville, Tennessee, 37932-2563, USA

Tel. No. 800-847-7661

                    1-865-218-3460

Fax. No. 1-865-218-3462

 

¯  804 S. 23rd Street, Middlesboro, Kentucky 40965, USA

 

¯  1284 E. Glendale Ave. Sparks, Nevada – 89341

 

¯  Ave. 5 de Febrero, Norte No. 1309-B, Zona Industrial Carillo Puerto, 76130, Queretaro, Qro, Mexico

Tel. No. 52-42-177 970

Fax. No. 52-42-177750

E-mail. elem@duralineqr.com.mx

 

¯  U Pisaku 1, 763 Tlumacov, Czech Republic

Tel. No. 420-577-199 111

Fax. No. 420-577-199 10

E-mail. marketing@duraline.cz

 

 

Branch Office :

Located at:

 

  • Mumbai
  • Bangalore
  • Hyderabad
  • Kolkata
  • Chennai

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Abraham George

Designation :

Managing Director

Address :

Avabae, 14 Fernscity, Outer Ring Road, Marthahalli, Bangalore - 560037, Karnataka, India

Date of Birth/Age :

24.11.1959

Date of Appointment :

15.01.2013

DIN No.:

01644481

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

U29195KA1997PTC027954

SKF Technologies (India) Private Limited

Additional director

18/06/2007

18/06/2007

08/05/2008

Active

NO

2

U25209DL1996PTC081248

DURA-LINE INDIA PRIVATE LIMITED

Managing director

15/01/2013

15/01/2013

-

Active

N

 

 

Name :

Mr. Mahendra Kumar Gambhir

Designation :

Director

Address :

17, G / F Empire Estate, Sultanpur Gurgaon Road, New Delhi - 110030, India

Date of Birth/Age :

27.09.1955

Qualification :

CA

Date of Appointment :

03.10.2006

DIN No.:

01273826

PAN No :

AACPG7578H

Email :

mahendra@duraline.com

 

 

Name :

Mr. Paresh Chari

Designation :

Director

Address :

1012, Gettysvue, Drive, Knox Ville Tn - 37922, United States of America

Date of Birth/Age :

24.10.1950

Date of Appointment :

09.11.2005

DIN No.:

01383589

Email :

paresh.chari@duralineindia.com

 

 

Name :

Mr. Wesley Andrew Tomaszek

Designation :

Director

Address :

125 Pier View Street Unit 408, Daniel Island - 29492, United States of America

Date of Birth/Age :

14.10.1960

Date of Appointment :

05.03.2014

DIN No.:

06846884

 

 

KEY EXECUTIVES

 

Name :

Mr. Dinesh Rawat

Designation :

Financial Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Duraline International Inc. USA

 

7499998

Mahendra Gambhir

 

1

Total

 

7499999

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

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

99.99

Directors or relatives of Directors

0.01

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the manufacturing of high-density polyethylene (HDPE) ducts and pipes, finding wide application in the telecom and infrastructure sectors. 

 

 

Products :
  • Ducts for Telecom/Power Cable
  • Fluid Pipes
  • Silicone HDPE Pipes
  • Ducts Accessories

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • South Africa
  • South East Asia
  • Middle East
  • Australia

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Kuwait
  • Saudi Arabia

 

 

Terms :

 

Selling :

Cash, L/C, and Credit

 

 

Purchasing :

Cash, L/C, and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

GAIL India Limited, Kanpur, Uttar Pradesh, India

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 :

Wholesalers, Retailers and Manufacturer

Reference :

Bharti Airtel Limited, Gurgaon, Haryana, India

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 :

Approximately 650 (400 – On Permanent Basis + 250 – On Contract Basis )

 

 

Bankers :

Bank Name

Citi Bank

Branch

Connaught Place, Delhi, India

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

 

  • State Bank of India, Industrial Financial Branch, 14th Floor, Jawahar Bhawan, 1 Tolstoy Marg, New Delhi – 110001, India
  • Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr.  Annie Besant Road, Worli, Mumbai -
    400018, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Working capital loans from banks

(Pari passu hypothecation on entire inventory book debts and other current assets of the company)

703.100

112.500

Total

703.100

112.500

 

Financial Institutions

Corporation Bank Industrial Finance Branch, 16/10, 1stFloor, Main Arya Samaj Road, Karol Bagh, New Delhi – 110005, India

 

 

Auditors :

 

Name :

Price Waterhouse and Company LLP

Chartered Accountants

Address :

Building No.8, Tower B, 7th and 8th Floor, DLF Cyber City, Gurgaon – 122002, Haryana, India

PAN. No.:

AAHFP0187A

 

 

Memberships :

-----

 

 

Collaborators :

-----

 

 

Holding company :

Dura-Line International Inc., USA

 

 

Subsidiary company :

Dura-Line Middle East LLC

 

 

Fellow Subsidiary company :
  • Dura-Line South Africa(Earlier Nextube), South Africa

 

  • Dura-Line Mexico S.A de S.V., Mexico

 

  • Dura-Line CT S.R.O, United States

 

 

Others related party :

Dura-Line Corporation

 

 

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

7499999

Equity Shares

Rs.10/- each

Rs. 75.000 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

75.000

75.000

75.000

(b) Reserves & Surplus

1634.300

1471.000

1421.800

(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)

1709.300

1546.000

1496.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

35.600

41.000

42.500

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

9.300

9.900

11.300

Total Non-current Liabilities (3)

44.900

50.900

53.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

703.100

112.500

455.700

(b) Trade payables

271.000

219.400

215.100

(c) Other current liabilities

233.300

197.300

133.800

(d) Short-term provisions

20.500

19.100

16.100

Total Current Liabilities (4)

1227.900

548.300

820.700

 

 

 

 

TOTAL

2982.100

2145.200

2371.300

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

517.200

481.000

479.000

(ii) Intangible Assets

2.000

1.300

1.300

(iii) Capital work-in-progress

6.300

1.800

0.800

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

113.600

113.600

113.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

32.900

30.000

30.600

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

672.000

627.700

625.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

762.200

540.100

600.000

(c) Trade receivables

1201.400

675.900

877.900

(d) Cash and cash equivalents

4.100

1.900

2.100

(e) Short-term loans and advances

299.500

242.200

222.400

(f) Other current assets

42.900

57.400

43.600

Total Current Assets

2310.100

1517.500

1746.000

 

 

 

 

TOTAL

2982.100

2145.200

2371.300

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Gross Sales

5267.600

3565.000

3612.000

 

Other Income

 

 

 

 

TOTAL

5267.600

3565.000

3612.000

 

 

 

 

 

Less

EXPENSES

4906.400

3378.300

3427.500

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

361.200

186.700

184.500

 

 

 

 

 

Less

FINANCIAL EXPENSES

59.900

51.900

57.100

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

301.300

134.800

127.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

60.700

60.600

56.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

240.600

74.200

70.700

 

 

 

 

 

Less

TAX

77.400

25.000

22.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

163.200

49.200

48.400

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

21.76

6.56

6.45

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

5500.000

 

Expected Sales (2015-16): Rs. 6500.000 Million

 

The above information has been parted by Mr. Dinesh Rawat (Financial Manager).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

(375.000)

458.800

110.100

Net cash flow from (used in) operating activities

(457.200)

431.900

61.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

3.10

1.38

1.34

 

 

 

 

 

Operating Profit Margin

(PBIDT/ Total Income )

(%)

6.86

5.24

5.11

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.41

3.66

3.13

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.05

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.41

0.07

0.30

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.88

2.77

2.13

 

 

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

75.000

75.000

75.000

Reserves & Surplus

1421.800

1471.000

1634.300

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1496.800

1546.000

1709.300

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

455.700

112.500

703.100

Current maturities of long-term debts

0.000

0.000

0.000

Total borrowings

455.700

112.500

703.100

Debt/Equity ratio

0.304

0.073

0.411

 

 

 

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 

3612.000

3565.000

5267.600

 

 

(1.301)

47.759

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income 

3612.000

3565.000

5267.600

Profit

48.400

49.200

163.200

 

1.34%

1.38%

3.10%

 

 

 

 

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

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

---

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

Note:

 

The registered office of the company has been shifted from A-10, Qutab Institutional Area, Aruna Asaf Ali Marg, New Delhi – 10016, India to the present address w.e.f. 17.07.2002.

 

OVERVIEW AND BUSINESS PROSPECTS

 

During the year Telecom sector saw revival. Consequently the capital spending increased resulting in improved capacity utilization and improved profitability. The Company also took several steps to increase volume and profitability of export market and Infrastructure segment.

Production activities in Unit 2 at Goa were recommenced.

 

The Company expects that the current year 2014-15 will register further growth in all the segments. The Telecom sector is likely to invest huge resources for upgrading their OFC Network. Your Company has already secured large chunk of business for OFS project being implemented for Defense forces. We are also receiving encouraging response from their overseas customers for high margin products such as Micro Ducts and Future Path.

 

The Company is setting up a plant near Hyderabad to expand its reach in Southern India. The plant is likely to be commissioned in January 2015.

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10508351

10/11/2014 *

860,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI  - 4 
00018, MAHARASHTRA, INDIA

C34036582

2

80027421

10/05/2010 *

600,000,000.00

CORPORATION BANK INDUSTRIAL FINANCE BRANCH

16/10,1ST,FLOOR MAIN ARYA SAMAJ ROAD, KAROL BAGH, 
NEW DELHI  - 110005, INDIA

A86606100

3

90055359

10/05/2010 *

300,000,000.00

CORPORATION BANK INDUSTRIAL FINANCE BRANCH

16/10,1ST,FLOOR MAIN ARYA SAMAJ ROAD, KAROL BAGH, 
NEW DELHI  - 110005, INDIA

A86610078

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible Assets

  • Land
  • Buildings
  • Plant and Equipment
  • Furniture And Fixtures
  • Vehicles
  • Office Equipment
  • Computer Equipments
  • Other Equipments
  • Leasehold Improvements

 

 

 

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 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. 64.95

UK Pound

1

Rs. 99.73

Euro

1

Rs. 71.84

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SANS

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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.