MIRA INFORM REPORT

 

 

Report No. :

339045

Report Date :

03.09.2015

 

IDENTIFICATION DETAILS

 

Name :

GOA GLASS FIBRE LIMITED

 

 

Registered Office :

37/2, Chinar Park, New Town Road, Rajarhat, Kolkata – 700157, West Bengal

Tel No.:

91-832-2299147

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.06.1996

 

 

Com. Reg. No.:

21080099

 

 

Capital Investment / Paid-up Capital :

Rs. 1241.774 Million

 

 

CIN No.:

[Company Identification No.]

U26102WB1996PLC080099

 

 

IEC No.:

0399069224

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCG5767A

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Importer and Exporter of Glass Fibre Products.

 

 

No. of Employees :

280 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Binani Industries Limited". It is an established company having moderate track record.

 

The company possesses moderate operational performance and it has incurred huge losses from its operational activities.

 

Rating further constrained on account of company's moderate financial risk profile marked by negative reserves and leverage balance sheet profile of the company.

 

However, rating weakness partially offset enhancement in the form of unconditional and corporate guarantee provided by parent company.

 

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

 

In view of strong financial support from parent company, the company can be considered for business dealing 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

CARE

Rating

Long term bank facilities (Term Loan) (SO): BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

20.04.2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities (Non fund based) (SO): A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

20.04.2015

 

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Vitthal Yelshatti Narvekar

Designation :

Chief Finance Officer

Contact No.:

91-832-2299147

Date :

28.08.2015

 

 

LOCATIONS

 

Registered Office :

37/2, Chinar Park, New Town Road, Rajarhat, Kolkata – 700157, West Bengal, India

Tel. No.:

91-33-25160049/ 32626795

Fax No.:

91-33-25160053

E-Mail :

sauvik.nayak@binani.net

atul@binani.net

mahesh.b@binaniglassfibre.com

manojg@binaniglassfibre.com

Website :

http://www.binaniglassfibre.com

 

 

Factory :

Survey No 220,Village Colvale, Taluka: Bardez, Goa - 403513, India

Tel. No.:

91-832-2299147 / 2299151/ 2299884/ 2299886

Fax No.:

91-832-2299887

E-Mail :

nitin.soman@binani.net

 

 

Branch Office:

Mercantile Chambers, 12 J N Haredia Marg, Ballard East, Mumbai – 400001, Maharashtra, India

 

 

DIRECTORS

 

As on 29.09.2014

 

Name :

Mr. Venkatakrishnan Subramanian

Designation :

Director

Address :`

A-1003, Neel Sidhi Tower, Plot No. 195, Sector-12, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

25.11.1930

Qualification :

B.Com, AICWA

Date of Appointment :

23.06.2008

DIN No.:

00010994

 

 

Name :

Mr. Veeravenkatasatyanarayana Subba Rao Palepu

Designation :

Whole-time director

Address :

Flat No. Ca 3/2, Sapana Gardens, Chogam Road, Alto Porvorim, Goa - 403521, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

29.09.2014

DIN No. :

06940444

 

 

Name :

Mr. Sri Ramchander Tumuluri

Designation :

Director

Address :

Rue Des Cimmas Elysees 84, Elysees, 1050, Belgium

Date of Birth/Age :

11.08.1962

Date of Appointment :

29.09.2014

DIN No. :

06930558

 

Name :

Jayantika Dave Burman

Designation :

Additional director

Address :

12 Empire Estate, Sultanpur Mehrauli Gurgaon Road, New Delhi - 110030, India

Date of Appointment :

27.07.2015

DIN No. :

01585850

 

 

KEY EXECUTIVES

 

Name :

Sauvik Nayak

Designation :

Secretary

Address :

Jyothi Vihar, Flat No. 301, Block-A, 47, J.C. Khan Road, Mankundu, Hoogly – 712139, West Bengal, India

Date of Birth/Age :

27.04.1973

Date of Appointment :

21.04.2012

PAN No.:

ACSPN9097L

 

 

Name :

Vitthal Yelshatti Narvekar

Designation :

Chief Finance Officer

Address :

A-16, Omkar Building,, Ganeshpuri, Mapusa - 403513, Goa, India

Date of Appointment :

21.05.2014

PAN No.:

AETPN9932M

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2014

 

Names of Equity Shareholders

 

No. of Shares

3B Binani Glassfibre SARL, Luxembourg

74177289

Braj Binani

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

50

V. Subramanian Jointly Sauvik Nayak

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

10

M. K. Chattopadhyaya Jointly  Krishna Kumar Saraf

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

10

T. R. C. Nair Jointly Sushil Bhatter

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

10

Indrakumar Pugalia Jointly Sushil Mundra

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

10

K. Gangadharan Jointly with R. K. Bagri

(Nominee of 3B Binani Glassfibe SARL, Luxembourg)

10

Total

74177389

 

 

Names of Preference Shareholders

 

No. of Shares

Binani Industries Limited, India

5000000

3B Binani Glassfibre SARL, Luxembourg

2603081

Total

7603081

 

 

Allottee as on 30.09.2014

 

Names of Allottee (Preference Share)

 

No. of Shares

3B Binani Glassfibre SARL, Luxembourg

95538

Total

95538

 

 

Allottee as on 31.10.2014

 

Names of Allottee (Preference Share)

 

No. of Shares

3B Binani Glassfibre SARL, Luxembourg

263759

Total

263759

 

 

Allottee as on 25.11.2014

 

Names of Allottee (Preference Share)

 

No. of Shares

3B Binani Glassfibre SARL, Luxembourg

246055

Total

246055

 

 

Allottee as on 18.12.2014

 

Names of Allottee (Preference Share)

 

No. of Shares

3B Binani Glassfibre SARL, Luxembourg

131753

Total

131753

 

 

As on 29.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

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, Importer and Exporter of Glass Fibre Products.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         Poland

·         Portugal

·         USA

 

 

Imports :

 

Products :

Raw Material

Countries :

·         China

·         Germany

·         European Country

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Sesha Sai Mining Company, Andhra Pradesh

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Since How Long Known:

Not Divulged

Maximum Limit Dealt:

Not Divulged

Experience :

Not Divulged

Remarks :

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Manufacturer

 

Reference:

Toshiwal Brothers Private Limited, Bangalore

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Since How Long Known:

Not Divulged

Maximum Limit Dealt:

Not Divulged

Experience :

Not Divulged

Remarks :

Not Divulged

 

 

No. of Employees :

280 (Approximately)

 

 

Bankers :

Bank Name:

Punjab National Bank

Branch:

Ilaco House, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India 

Name of the Person (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Indian Overseas Bank, 229, Bakhtawar, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

 

·         Vijaya Bank, Industrial Finance Branch, New Excelsior Building, Fort, Mumbai - 400001, Maharashtra, India

 

·         ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

226.869

348.692

Other loans and advances, others

(125.333)

(146.890)

 

 

 

SHORT TERM BORROWINGS

 

 

Other loans and advances, others

77.049

144.763

Total

178.585

346.565

 

Auditors :

 

Name :

Udeshi Shukla and Associates

Chartered Accountants

Address :

A103/ PNG CHS, Near Customscolony, Opposite Powai Lake, Powai, Mumbai, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFU3304K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company ;

3B Fibreglass SPRL, Belgium

 

 

Ultimate Holding Company:

Binani Industries Limited

CIN No.: L24117WB1962PLC025584

 

 

Fellow Subsidiary Company

·         B T Composites Limited

CIN No.: U51109WB1995PLC091762

 

·         Binani Cement Limited

CIN No.: U26941WB1996PLC076612

 

 

Enterprises which are owned, or have significant influence of or are partners

with Key management personnel and their relatives :

Binani Metals Limited

CIN No.: L22100WB1941PLC119187

 

Asian Industry and Information Services Private Limited

CIN No.: U22110WB1979PTC111491

 

 

CAPITAL STRUCTURE

 

AFTER 29.09.2014

 

Authorised Capital : Rs. 1680.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 1639.774 Million

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75,000,000

Equity Shares

Rs.10/- each

Rs. 750.000 Million

5,000,000

Preference Shares

Rs. 100/- each

Rs. 500.000 Million

 

 

 

 

 

Total

 

Rs. 1250.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

74,177,400

Equity Shares

Rs.10/- each

Rs. 741.774 Million

5,000,000

Preference Shares

Rs. 100/- each

Rs. 500.000 Million

 

 

 

 

 

Total

 

Rs. 1241.774 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

1241.774

991.774

741.774

(b) Reserves & Surplus

(1065.025)

(818.794)

(460.582)

(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)

176.749

172.980

281.192

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

101.536

201.802

347.469

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

4.147

4.135

4.135

(d) long-term provisions

35.100

28.620

22.112

Total Non-current Liabilities (3)

140.783

234.557

373.716

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

527.049

523.263

479.041

(b) Trade payables

0.000

0.000

0.000

(c) Other current liabilities

300.239

287.604

288.272

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

827.288

810.867

767.313

 

 

 

 

TOTAL

1144.820

1218.404

1422.221

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

834.088

931.668

1065.458

(ii) Intangible Assets

13.634

0.000

0.353

(iii) Capital work-in-progress

37.963

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

1.801

(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

36.178

30.904

23.857

(e) Other Non-current assets

3.018

3.367

3.488

Total Non-Current Assets

924.881

965.939

1094.957

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

142.421

182.371

240.285

(c) Trade receivables

36.710

43.196

55.485

(d) Cash and cash equivalents

12.170

4.103

2.774

(e) Short-term loans and advances

27.939

22.514

28.365

(f) Other current assets

0.699

0.281

0.355

Total Current Assets

219.939

252.465

327.264

 

 

 

 

TOTAL

1144.820

1218.404

1422.221

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

1224.641

1092.993

994.599

 

 

Other Income

18.581

12.376

14.927

 

 

TOTAL                                     (A)

1243.222

1105.369

1009.526

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

319.924

297.279

266.174

 

 

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

45.969

34.637

-82.368

 

 

Employees benefits expense

174.993

166.678

121.430

 

 

Other expenses

692.288

664.569

577.661

 

 

Prior Period Items

0.000

0.000

2.986

 

 

TOTAL                                     (B)

1233.174

1163.163

885.883

 

 

 

 

 

 

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

10.048

(57.794)

123.643

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

127.325

152.192

120.945

 

 

 

 

 

 

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

(117.277)

(209.986)

2.698

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

128.954

148.228

138.274

 

 

 

 

 

 

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

(246.231)

(358.214)

(135.576)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

0.549

 

 

 

 

 

 

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

(246.231)

(358.214)

(136.125)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

263.465

212.431

146.251

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(3.32)

(4.83)

(1.84)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

125.333

146.890

148.137

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

(20.11)

(32.77)

(13.69)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

0.82

(5.29)

12.43

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(22.25)

(29.40)

(9.54)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(1.39)

(2.07)

(0.48)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

4.27

5.04

3.47

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.27

0.31

0.43

 

 

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

741.774

991.774

1241.774

Reserves & Surplus

(460.582)

(818.794)

(1065.025)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

281.192

172.980

176.749

 

 

 

 

long-term borrowings

347.469

201.802

101.536

Short term borrowings

479.041

523.263

527.049

Current maturities of long-term debts

148.137

146.890

125.333

Total borrowings

974.647

871.955

753.918

Debt/Equity ratio

3.466

5.041

4.265

 

 

 

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)

Sales

994.599

1092.993

1224.641

 

 

9.893

12.045

 

 

 

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

994.599

1092.993

1224.641

Profit

(136.125)

(358.214)

(246.231)

 

(13.69%)

(32.77%)

(20.11%)

 

 

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

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

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 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

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

 

PERFORMANCE REVIEW

 

OPERATIONS

 

During the year, the Company produced 13,067 MT as compared to production of 14,590 MT in the previous year and also introduced a new product called Assembled Roving for Pipe rehabilitation in European Markets. Production performance during the financial year improved on conversion efficiency.

 

 

SALES

 

During the year, the Company sold 13,896 MT with a revenue of Rs. 1224.600 Million as compared to Sales of 15,503 MT and revenue of Rs. 1093.000 Million in the previous year. Consequent to conscious efforts made, the finished goods Inventory level has been brought down significantly during the year.

 

In view of the improved market conditions and with Chinese imports becoming dearer due to weaker rupee the Company could achieve better average price realizations. This increase in pricing, will have a significant positive effect on the profitability in the current financial year which was already demonstrated during the last quarter of the financial year 2013-14.

 

As per the Audited Accounts of the Company for the year ended 31st March, 2014, the accumulated losses of the Company as at 31st March, 2014 amounting to Rs. 1065.000 Million which have resulted in erosion of more than fifty percent of its peak net worth of Rs. 991.800 Million during the immediately preceding four financial years. Thus under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, the Company has become a Potentially Sick Industrial Company.

 

 

INDUSTRY OVERVIEW

 

During 2013-14, the industry continued facing pressures due to cheaper imports from China. Even though India today being the fourth largest economy in the world and the second fastest growing market in Asia but because of the global economic downturn, the fiberglass demand in Indian Composites industry has hardly increased over the period due to sluggish growth globally and political uncertainty.

 

Major usage of fiberglass materials in Indian Composites Industry occurs in Pipe and Tank, Transportation and Construction segments. It is difficult to predict the long term growth of Indian Composites Industry; a cautious 7 - 9% is possible over the next five years. Segments such as Wind Energy will provide important opportunity for growth as well as large investment in transportation (rail and bus) and infrastructure (pipe and tank), provided the plans published in Central Budget materialize.

 

 

FUTURE PROSPECTS

 

The Company continues to lay emphasis on optimizing the product mix to improve overall margins. This apart, focus is also on enhancing capacity utilization and contain operating costs. From this perspective, Chopped Strand Mat represents the most remunerative product, and every effort is made to enhance its share in the Company's revenues going forward.

 

With the integration of India operations with 3B Europe under way, thrust now is to leverage on synergies in marketing and the strong technology base of the European facilities. The Company is also looking forward to optimizing the product portfolio by adding high value export sales.

 

With the projected availability of natural gas in Goa, the Company targets achieving significant reduction in energy costs which would enable the business to be more competitive.

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Other loans and advances, others

450.000

378.500

Total

450.000

378.500

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10290650

08/08/2011 *

234,400,000.00

CENTRAL BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, CHANDERMUKHI, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B18273359

2

10118202

24/11/2008 *

250,000,000.00

VIJAYA BANK

INDUSTRIAL FINANCE BRANCH, NEW EXCELSIOR BUILDING,
FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

A51349876

3

90254696

24/10/2013 *

310,000,000.00

PUNJAB NATIONAL BANK

ILLACO HOUSE,, SIR P. M. ROAD,, MUMBAI, MAHARASHT
RA - 400001, INDIA

B89286876

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible Assets

·         Land

·         Buildings

·         Plant and Equipment

·         Office Equipment

 

Intangible Assets

·         Computer Software

·         Copyrights, Patents and Other Operating Rights

 

 

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.66.16

UK Pound

1

Rs.10122

Euro

1

Rs.74.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

--

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

 

29

 

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.