MIRA INFORM REPORT
|
Report No. : |
342218 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
IDL EXPLOSIVES LIMITED |
|
|
|
|
Registered
Office : |
Kukatpally, P. B. No. 1, Sanatnagar (IE), Hyderabad – 500018, Telangana |
|
Tel. No.: |
91-40-23702830 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.09.2010 |
|
|
|
|
Com. Reg. No.: |
36-070529 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.25.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28132TG2010PLC070529 |
|
|
|
|
IEC No.: |
0911005242 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDI03086G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCI4429C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Industrial Explosives. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 410000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated on 22nd
September 2010 and it is the manufacturer, exporter and importer of
industrial explosives. It has satisfactory track. It is a part of the global Hinduja Group and is wholly owned
subsidiary of Gulf Oil Corporation Limited. According to the year 2014 financial, company has shown improvement in
its operational performance by reporting decent profitability margins as
against loss from its previous year records. Rating also takes into account of company’s strong support from its
holding company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of the aforesaid, 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 |
ICRA |
|
Rating |
Long term bank facilities= BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September, 14 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities= A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
September, 14 |
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. R. Sreenivas |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-40-23810671 |
|
Date : |
23.09.2015 |
LOCATIONS
|
Registered Office / Factory 1 : |
Kukatpally, P. B. No. 1, Sanatnagar (IE), Hyderabad – 500018, Telangana, India |
|
Tel. No.: |
91-40-23702830 / 23810671 |
|
Fax No.: |
91-40-23700772 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Rourkela, Desai Nagar (East), P. O. Sonaparbat, District Sunder Garg, Rourkela – 769016, Odisha, India |
DIRECTORS
AS ON 12.09.2014
|
Name : |
Mr. Subhas Pramanik |
|
Designation : |
Managing Director |
|
Address : |
Plot No: 14, Naturoville, Survey No: 210,, Near Kendriya Vidyalaya,
Bolarum, Yapral, Secunderabad – 500087, Andhra Pradesh, India |
|
Date of Birth/Age : |
28.09.1949 |
|
Date of Appointment : |
22.09.2010 |
|
DIN No.: |
00020414 |
|
|
|
|
Name : |
Mr. Kanchan Uday Chitale |
|
Designation : |
Director |
|
Address : |
167/C, Poonawadi, Dr. Ambedkar Road, Dadar, Mumbai – 400014,
Maharashtra, India |
|
Date of Birth/Age : |
19.12.1952 |
|
Date of Appointment : |
26.06.2014 |
|
DIN No.: |
00007267 |
|
|
|
|
Name : |
Mr. Venkata Subramanian |
|
Designation : |
Director |
|
Address : |
D4/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah, Chennai –
600014, Tamil Nadu, India |
|
Date of Birth/Age : |
14.04.1938 |
|
Date of Appointment : |
29.03.2011 |
|
DIN No.: |
00007392 |
|
|
|
|
Name : |
Mr. Biswanath Pan |
|
Designation : |
Director |
|
Address : |
Fe 143, Salt Lake Sector - III, Kolkata – 700091, West Bengal, India |
|
Date of Birth/Age : |
01.09.1943 |
|
Date of Appointment : |
12.09.2014 |
|
DIN No.: |
00565040 |
|
|
|
|
Name : |
Mr. Tamal Tarun Das |
|
Designation : |
Director |
|
Address : |
H No 1-19-71/A11/303 Kalyan Plaza Rukmini Kapra, Dr. A S Rao Nagar
Ranga Reddy, Hyderabad – 500062, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.01.1961 |
|
Date of Appointment : |
22.09.2010 |
|
DIN No.: |
01224431 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Jain |
|
Designation : |
Secretary |
|
Address : |
444, Rabindra Sarani, Kolkata – 700005, West Bengal, India |
|
Date of Appointment : |
20.09.2012 |
|
PAN No.: |
ACWPJ0839J |
|
|
|
|
Name : |
Mr. R. Sreenivas |
|
Designation : |
General Manager in Finance |
MAJOR SHAREHOLDERS
AS ON 12.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Gulf Oil Corporation Limited (GOCL), India |
|
49994 |
|
Subhas Pramanik (Nominee of GOCL) |
|
1 |
|
Tamal Tarun Das (Nominee of GOCL) |
|
1 |
|
R. S. Deshmukh (Nominee of GOCL) |
|
1 |
|
A. Satyanarayana Nominee of GOCL |
|
1 |
|
P. S. Murthy (Nominee of GOCL) |
|
1 |
|
A. D. Sao (Nominee of GOCL) |
|
1 |
|
|
|
|
|
Total |
|
50000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Gulf Oil Corporation Limited (GOCL), India |
|
249000 |
|
|
|
|
|
Total |
|
249000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 12.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Industrial Explosives. |
|
|
|
|
Products : |
Industrial Explosives |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
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Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Indonesia |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit |
|
|
|
|
Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent Park, Building Alpha, 1st Floor, Block- EP and GP, Sector -V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India |
|
PAN No.: |
AADFD5357J |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Membership : |
Not Divulged |
|
|
|
|
Holding Company : |
· Gulf Oil Corporation Limited |
|
|
|
|
Fellow Subsidiaries
: |
· IDL Buildware Limited · Gulf Carosserie India Limited · Gulf Oil Lubricants India Limited (formerly known as Hinduja Infrastructure Limited) · HGHL Holding Limited · Gulf Oil Bangladesh Limited (upto 31st December 2013) · PT Gulf Oil Lubricants Indonesia (upto 31st December 2013) · Gulf Oil (Yantai) Limited, China (upto 31st December 2013) |
CAPITAL STRUCTURE
AS ON 12.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6510000 |
Equity Shares |
Rs.10/- each |
Rs.65.100 Million |
|
249000 |
Preference Shares |
Rs.100/- each |
Rs.24.900 Million |
|
|
|
|
|
|
|
Total |
|
Rs.90.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
249000 |
Preference Shares |
Rs.100/- each |
Rs.24.900 Million |
|
|
|
|
|
|
|
Total |
|
Rs.25.400
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 |
25.400 |
25.400 |
25.400 |
|
(b) Reserves & Surplus |
118.482 |
75.369 |
99.825 |
|
(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) |
143.882 |
100.769 |
125.225 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
199.717 |
0.000 |
20.932 |
|
(b) Deferred tax liabilities (Net) |
5.919 |
0.000 |
7.741 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
24.827 |
33.133 |
46.268 |
|
Total Non-current
Liabilities (3) |
230.463 |
33.133 |
74.941 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
344.695 |
676.444 |
1040.556 |
|
(b) Trade
payables |
450.490 |
300.828 |
351.981 |
|
(c) Other
current liabilities |
121.969 |
56.749 |
94.228 |
|
(d) Short-term
provisions |
26.214 |
36.215 |
23.282 |
|
Total Current
Liabilities (4) |
943.368 |
1070.236 |
1510.047 |
|
|
|
|
|
|
TOTAL |
1317.713 |
1204.138 |
1710.213 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
289.159 |
261.468 |
233.978 |
|
(ii)
Intangible Assets |
15.594 |
18.791 |
22.433 |
|
(iii) Capital
work-in-progress |
8.820 |
38.397 |
51.736 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.005 |
0.005 |
0.005 |
|
(c) Deferred tax assets (net) |
0.000 |
0.953 |
0.000 |
|
(d) Long-term Loan and Advances |
9.910 |
11.778 |
23.559 |
|
(e) Other
Non-current assets |
1.442 |
0.076 |
1.640 |
|
Total Non-Current
Assets |
324.930 |
331.468 |
333.351 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
259.363 |
299.793 |
480.635 |
|
(c) Trade
receivables |
512.531 |
397.930 |
547.655 |
|
(d) Cash
and cash equivalents |
86.305 |
57.015 |
149.937 |
|
(e)
Short-term loans and advances |
133.694 |
116.627 |
197.603 |
|
(f) Other
current assets |
0.890 |
1.305 |
1.032 |
|
Total
Current Assets |
992.783 |
872.670 |
1376.862 |
|
|
|
|
|
|
TOTAL |
1317.713 |
1204.138 |
1710.213 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2585.655 |
2206.155 |
2545.334 |
|
|
|
|
Other Income |
13.799 |
5.507 |
3.639 |
|
|
|
|
TOTAL (A) |
2599.454 |
2211.662 |
2548.973 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1544.974 |
1243.034 |
1573.838 |
|
|
|
|
Purchase of Stock-in-trade |
179.248 |
233.956 |
363.119 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
10.515 |
9.935 |
(36.262) |
|
|
|
|
Employee Benefits Expenses |
200.830 |
217.461 |
215.372 |
|
|
|
|
Other Expenses |
508.211 |
427.710 |
470.769 |
|
|
|
|
TOTAL (B) |
2443.778 |
2132.096 |
2586.836 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
155.676 |
79.566 |
(37.863) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
80.064 |
88.519 |
68.751 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
75.612 |
(8.953) |
(106.614) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
25.627 |
24.197 |
22.614 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
49.985 |
(33.150) |
(129.228) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
6.872 |
(8.694) |
(2.184) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
43.113 |
(24.456) |
(127.044) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN FOREIGN
CURRENCY |
133.466 |
108.426 |
39.211 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
257.754 |
257.763 |
928.591 |
|
|
|
|
Stores & Spares |
0.000 |
3.384 |
15.953 |
|
|
|
|
Capital Goods |
0.000 |
1.178 |
19.275 |
|
|
|
TOTAL IMPORTS |
257.754 |
262.325 |
963.819 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
804.00 |
(547.38) |
(2590.22) |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
99.858 |
2.371 |
68.157 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
178.176 |
463.489 |
(383.657) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
1.67 |
(1.11) |
(4.99) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.02 |
3.61 |
(1.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
3.82 |
(2.85) |
(7.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
(0.33) |
(1.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.48 |
6.74 |
9.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
0.82 |
0.91 |
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 |
25.400 |
25.400 |
25.400 |
|
Reserves & Surplus |
99.825 |
75.369 |
118.482 |
|
Net
worth |
125.225 |
100.769 |
143.882 |
|
|
|
|
|
|
long-term borrowings |
20.932 |
0.000 |
199.717 |
|
Short term borrowings |
1040.556 |
676.444 |
344.695 |
|
Current Maturities of Long term debt |
68.157 |
2.371 |
99.858 |
|
Total
borrowings |
1129.645 |
678.815 |
644.270 |
|
Debt/Equity
ratio |
9.021 |
6.736 |
4.478 |
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 |
2545.334 |
2206.155 |
2585.655 |
|
|
|
(13.326) |
17.202 |
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
|
2545.334 |
2206.155 |
2585.655 |
|
Profit |
(127.044) |
(24.456) |
43.113 |
|
|
(4.99%) |
(1.11%) |
1.67% |
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 |
No |
|
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 |
BUSINESS
OPERATIONS:
During the year the Company achieved a gross turnover of Rs.2877.961 Million compared to Rs.2451.247 Million in the previous year. The Company has registered a net profit of Rs.43.113 Million for the financial year compared to net loss of Rs.24.456 Million in the previous year.
During the year Company has achieved the production of 16,010MT compared to 13,492MT of Cartridge Explosives and 45,513MT compared to 37,552MT of Bulk Explosives in the previous year.
The profitability of the Company has improved due to better cost control and importantly changes in customer mix in the non-Coal India sectors.
During the year the Metal Cladding Division business has achieved a turnover of Rs.68.427 Million as compared to Rs.71.596 Million in the last year.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
310.387 |
368.387 |
|
Other loans and advances |
0.000 |
261.460 |
|
|
|
|
|
Total |
310.387 |
629.847 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10397926 |
25/11/2014 * |
300,000,000.00 |
Yes Bank Limited |
9th
Floor, Nehru Centre, Discovery of India, Dr. |
C47931175 |
|
2 |
10322909 |
17/12/2012 * |
311,000,000.00 |
State Bank of India |
Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Somajiguda, Andhra Pradesh - 500082, India |
B64844921 |
|
3 |
10315970 |
15/09/2011 |
680,300,000.00 |
State Bank of Hyderabad |
Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad, Andhra Pradesh - 500082, India |
B24669376 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.97 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.