MIRA INFORM REPORT

 

 

Report No. :

342143

Report Date :

23.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SARNA CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Plot No. 805/2 and 3, 3rd Phase, GIDC, Vapi – 396195, Gujarat

Tel. No.:

91-260-6544501

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.05.1988

 

 

Com. Reg. No.:

04-010722

 

 

Capital Investment / Paid-up Capital :

Rs. 10.728 Million

 

 

CIN No.:

[Company Identification No.]

U24231GJ1988PTC010722

 

 

IEC No.:

0396034837

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCS4427R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into the business of manufacturing of dye intermediates, pigment intermediates and specialty chemicals which find application in various industries such as pharmaceutical, agriculture, fertilizer etc.

 

 

No. of Employees :

250 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1988. It is engaged in the business of manufacturing of intermediates for drugs, dyes and pigments.

 

For the financial year 2014, the company has decent sales turnover along with satisfactory profit margin of 5.07%. It has adequate networth base and there is favourable gap between trade payables and receivables.

 

Trade relations are fair. Payments are reported to be usually correct.

 

In the view of long track record, the company can be considered for business dealings at 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 = “BBB”

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

17.07.2015

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = “A3+”

Rating Explanation

Moderate degree of safety and higher credit risk

Date

17.07.2015

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Mahesh Sarane

Designation :

Chief Executive Officer

Contact No.:

91-9979863057

Date :

22.09.2015

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot No. 805/2 and 3, 3rd Phase, GIDC, Vapi – 396195, Gujarat, India

Tel. No.:

91-260-6544501 / 2

Mobile No.:

91-9979863057 (Mr. Mahesh Sarane)

Fax No.:

91-260-2431538

E-Mail :

info@sarnachemicals.com

marketing@sarnachemicals.com

sarabachem.ac@gmail.com 

Website :

http://www.sarnachemicals.com

 

 

Factory 2:

Plot No. 1708, A2/ 1715, III Phase, GIDC, Vapi – 396195, Gujarat, India

Tel. No.:

91-260-6542816

 

 

DIRECTORS

 

As on: 18.08.2014

 

Name :

Mr. Savindersingh Jaswantsingh Sarna

Designation :

Director

Address :

Plot No. 310, Sarna Behind Gunjan Cinema, GIDC, Vapi – 396195, Gujarat, India

Date of Birth/Age :

11.06.1954

Date of Appointment :

20.05.1988

DIN No.:

00599100

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

U24231GJ1988PTC010722

SARNA CHEMICALS PRIVATE LIMITED

Director

20/05/1988

20/05/1988

-

Active

NO

2

U51397GJ2013PTC074718

SARNA LIFESCIENCES PRIVATE LIMITED

Director

25/04/2013

25/04/2013

-

Active

NO

3

U52100GJ2014PTC079698

VESSIDO LIFESTYLE PRIVATE LIMITED

Director

05/06/2014

05/06/2014

-

Active

NO

 

 

Name :

Mr. Mohit Mukesh Rajani

Designation :

Director

Address :

B-7-2, Premkunj Society, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

22.01.1984

Date of Appointment :

14.06.2012

DIN No.:

05303923

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

U24231GJ1988PTC010722

SARNA CHEMICALS PRIVATE LIMITED

Director

14/06/2012

14/06/2012

-

Active

NO

2

U51397GJ2013PTC074718

SARNA LIFESCIENCES PRIVATE LIMITED

Director

25/04/2013

25/04/2013

-

Active

NO

 

 

Name :

Mr. Pramod Harshuprasad Upadhyay

Designation :

Director

Address :

A/P, 31/664, Guj Housing Board, GIDC, Vapi Taluka Pardi, Valsad, Vapi – 396145, Gujarat, India

Date of Birth/Age :

14.07.1980

Date of Appointment :

12.03.2014

DIN No.:

06840413

 

 

KEY EXECUTIVES

 

Name :

Mr. Mahesh Sarane

Designation :

Chief Executive Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 18.08.2014

 

Names of Shareholders

 

No. of Shares

Surinderkaur Sarna

 

28470

Jaspreetkaur Sarna

 

20973

Supreetkaur Sarna

 

21425

Savindersingh Jaswantsingh Sarna

 

35912

Mohit Rajani

 

495

 

 

 

Total

 

107275

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 18.08.2014

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into the business of manufacturing of dye intermediates, pigment intermediates and specialty chemicals which find application in various industries such as pharmaceutical, agriculture, fertilizer etc.

 

 

Products :

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Thailand
  • European Countries
  • China
  • Germany

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Germany

 

 

Terms :

 

Selling :

Cash and Credit 

 

 

Purchasing :

Cash and Credit

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End Users

 

Reference :

Vijay Chemical (Partnership)

Name of the Person :

Mr. Arun (Admin Manager)

Contact No.:

91-9833885735

Since How Long Known :

10 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality = Good

Delivery Behaviour = Good

Overall = Good

Remark :

They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

 

 

No. of Employees :

250 (Approximately)

 

 

Bankers :

Banker Name

ICICI Bank Limited

Branch Address

Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, 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

 

  • Bank of India, Vapi Industrial Estate Branch, Plot No. Cm/ 16 Silvassa Road, GIDC, Vapi - 396135, Gujarat, India

Tel. No.: 91-260-2463165

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

 

 

 

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Kotak Mahindra Prime Limited 

0.000

0.157

 

 

 

SHORT TERM BORROWINGS

 

 

Bank of India, Vapi Branch 

12.000

15.000

LIC of India

4.303

3.912

Bank of India, Vapi Branch cash credit  

11.785

15.827

Bank of India, Export Packing credit  

38.222

47.065

Foreign Bill discount Facilities

21.711

12.934

 

 

 

Total

88.021

94.895

 

 

 

Auditors :

 

Name :

G. B. Laddha and Company LLP

Chartered Accountants

Address :

1-2, Second Floor, Sahara Market, Silvassa Road, Vapi – 396191, Gujarat, India

PAN No.:

AAEFG2280N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Other Related Party:

  • Sarna Lifesciences Private Limited
  • Rock Well Bpo Services Private Limited
  • Shayan Skin Care LLP

 

 

CAPITAL STRUCTURE

 

As on: 18.08.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000

Equity Shares

Rs.100/- each

Rs. 15.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

107275

Equity Shares

Rs.100/- each

Rs. 10.728 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

10.728

10.728

10.728

(b) Reserves & Surplus

193.298

158.907

137.267

(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)

204.026

169.635

147.995

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4.096

17.168

18.619

(b) Deferred tax liabilities (Net)

2.843

3.507

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)

6.939

20.675

18.619

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

88.021

94.738

80.138

(b) Trade payables

74.393

64.020

118.562

(c) Other current liabilities

48.551

56.022

28.283

(d) Short-term provisions

2.785

3.134

0.881

Total Current Liabilities (4)

213.750

217.914

227.864

 

 

 

 

TOTAL

424.715

408.224

394.478

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

106.848

113.809

120.816

(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

4.161

3.496

3.351

(e) Other Non-current assets

4.476

4.125

0.000

Total Non-Current Assets

115.485

121.430

124.167

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

127.461

114.458

126.059

(c) Trade receivables

122.413

144.415

103.953

(d) Cash and cash equivalents

7.278

0.344

7.391

(e) Short-term loans and advances

52.078

27.577

32.908

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

309.230

286.794

270.311

 

 

 

 

TOTAL

424.715

408.224

394.478

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

716.023

653.303

440.032

 

 

Other Income

11.803

13.720

13.623

 

 

TOTAL                                     (A)

727.826

667.023

453.655

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

417.797

353.545

292.546

 

 

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

(4.471)

33.105

(64.045)

 

 

Employees benefits expense

33.012

23.827

23.231

 

 

Other expenses

196.641

175.731

172.448

 

 

TOTAL                                     (B)

642.979

586.208

424.180

 

 

 

 

 

Less

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

84.847

80.815

29.475

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

10.500

18.842

10.033

 

 

 

 

 

 

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

74.347

61.973

19.442

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

20.606

20.463

18.361

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

53.741

41.510

1.081

 

 

 

 

 

Less

TAX                                                                  (H)

17.468

18.615

0.881

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

36.273

22.895

0.200

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

158.907

137.267

137.067

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

1.813

0.000

0.000

 

 

Dividend

1.609

1.073

0.000

 

 

Tax on Dividend

0.273

0.182

0.000

 

BALANCE CARRIED TO THE B/S

191.485

158.907

137.267

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

325.457

285.077

218.323

 

TOTAL EARNINGS

325.457

285.077

218.323

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

59.195

55.732

46.852

 

TOTAL IMPORTS

59.195

55.732

46.852

 

 

 

 

 

 

Earnings Per Share (Rs.)

338.14

213.43

1.86

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.123

6.636

4.203

Cash generated from operations

NA

16.667

NA

Net Cash flow from operating Activities

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin

(PAT / Sales)

(%)

5.07

3.50

0.05

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

11.85

12.37

6.70

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.65

10.17

0.27

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.24

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.45

0.70

0.70

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.45

1.32

1.19

 

 

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

10.728

10.728

10.728

Reserves & Surplus

137.267

158.907

193.298

Share Application money pending allotment

0.000

0.000

0.000

Net worth

147.995

169.635

204.026

 

 

 

 

long-term borrowings

18.619

17.168

4.096

Short term borrowings

80.138

94.738

88.021

Current Maturities of Long Term Debt

4.203

6.636

0.123

Total borrowings

102.960

118.542

92.240

Debt/Equity ratio

0.696

0.699

0.452

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

440.032

653.303

716.023

 

 

48.467

9.600

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

440.032

653.303

716.023

Profit

0.200

22.895

36.273

 

0.05%

3.50%

5.07%

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

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

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

 

 

 

 

 

UNSECURED LOAN

(Rs. In Millions)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Loans and advance from directors

2.248

14.910

Loans and advance from relatives of directors

1.848

2.101

 

 

 

Total

4.096

17.011

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10089161

14/08/2012 *

142,678,000.00

BANK OF INDIA

VAPI INDUSTRIAL ESTATE BRANCH, PLOT NO. CM/ 16 SILVASSA ROAD,GIDC, VAPI, Gujarat - 396195, INDIA

B57319360

2

10077960

13/04/2012 *

142,678,000.00

BANK OF INDIA

VAPI INDUSTRIAL ESTATE BRANCH, PLOT NO. CM/ 16 SILVASSA ROAD,GIDC, VAPI, Gujarat - 396195, INDIA

B57318941

3

90111007

11/10/2005

21,000,000.00

BANK OF INDIA

VAPI INDUSTRIAL ESTATE (SPL SSI) BRANCH, PLOT NO. 
CM/16; SILVASSA ROAD; GIDC VAPI, VALSAD, Gujarat - 396195, INDIA

-

4

90111887

16/08/2007 *

93,328,000.00

BANK OF INDIA

VAPI IND ESTATE (SPL SME) BRANCH, PLOT NO CM/16, GIDC IND ESTATE, SILVASA ROAD, VAPI, Gujarat - 396195, INDIA

A22911259

5

90096944

07/01/2005

23,000,000.00

BANK OF INDIA

VAPI IND. ESTATE BRANCH, PLOT NO CM/16; SILVASSA 
ROAD ; GIDC VAPI, VALSAD, Maharashtra - 396195, INDIA

-

6

90099970

07/01/2005

23,000,000.00

BANK OF INDIA

VAPI IND. ESTATE BRANCH, PLOT NO CM/16; SILVASSA 
ROAD ; GIDC VAPI, VALSAD, Maharashtra - 396195, INDIA

-

7

80019993

17/02/2005 *

15,300,000.00

BANK OF INDIA

VAPI IND ESTATE, VAPI, Gujarat - 396195, INDIA

-

8

80019992

31/01/2000

600,000.00

BANK OF INDIA

VAPI IND ESTATE, SILVASSA ROAD, VAPI, Gujarat - 396195, INDIA

-

9

80019991

10/07/1999

930,000.00

BANK OF INDIA

VAPI IND ESTATE, PLOT NO CM/16, VAPI, Gujarat - 396195, INDIA

-

10

80019990

15/02/1997

4,000,000.00

BANK OF INDIA

VAPI IND ESTATE, PLOT NO CM/16, VAPI, Gujarat - 396195, INDIA

-

* Date of charge modification

 

 

FIXED ASSETS

 

  • Air Conditioner
  • Office Equipment
  • Plant and Machinery
  • Furniture and Fixtures
  • Vehicles
  • Computers

 

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. 65.62

UK Pound

1

Rs. 101.73

Euro

1

Rs. 73.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

ART

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

 

47

 

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.