MIRA INFORM REPORT
|
Report No. : |
342942 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NICO EXTRUSIONS LIMITED (w.e.f.11.12.2012) |
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|
|
|
Formerly Known
As : |
NICO EXTRUSIONS PRIVATE LIMITED |
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Registered
Office : |
A/54, New Empire Premises Co-operative Society Limited, Kondivita Road,
J. B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-42608787/ 66938700/ 42 |
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|
|
Country : |
India |
|
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
23.02.1996 |
|
|
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|
Com. Reg. No.: |
11-097588 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28113MH1996PLC097588 |
|
|
|
|
IEC No.: |
0397017731 |
|
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN05221G |
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PAN No.: [Permanent Account No.] |
AAACN2104R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Copper Wires, Alloys, Billets etc. and Trader of Ferrous and Non-Ferrous Metals. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 23rd February, 1996. It has
moderate track record. The company has incurred huge accumulated loss from its operations which
has eroded the networth of the company during the FY2014. However, business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Hardik Chawada |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-22-66938700 |
|
Date : |
26.09.2015 |
LOCATIONS
|
Registered Office : |
A/54, New Empire Premises Co-operative Society Limited, Kondivita Road,
J. B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-42608787/ 66938700/ 42 |
|
Fax No.: |
91-22-26872152 |
|
E-Mail : |
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|
Website : |
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|
Factory : |
Survey No.678/1/3, Plot No.4, Bhilad-Silvassa Main Road, Before Naroli Check Post, Naroli, Silvassa – 396235, Dadra and Nagar Haveli (U.T.), India |
|
Tel. No.: |
91-260-3269772 |
|
|
|
|
Yard : |
9-B/2, MIDC Industrial Area, Kalyan - Bhiwandi Road, P.O. Saravali, District Thane – 421311, Maharashtra, India |
|
Tel. No.: |
91-2522-280158 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Dharmesh Natwarlal Patel |
|
Designation : |
Director |
|
Address : |
1 Chandubhai Babubhai Chawl, Chincholi Bunder, Malad (West), Mumbai –
400064, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1974 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
13.03.2013 |
|
PAN No.: |
AAFPP6117J |
|
DIN No.: |
06608770 |
|
|
|
|
Name : |
Mr. Arun Mehta |
|
Designation : |
Director |
|
Address : |
7, Manav MandeerA, Vidyaniketan Marg, 17, Laxmi Narayan Mandir, Mumbai
Upnagar, Tehsil Borivali, Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
13.03.2013 |
|
PAN No.: |
AKZPM4194N |
|
DIN No.: |
06608585 |
|
|
|
|
Name : |
Mr. Punyapal Champalal Jain |
|
Designation : |
Director |
|
Address : |
C/50, Flat No. 102, Sector 9, Shanti Nagar, Mira Road (East), Thane –
401107, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1980 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
19.03.2013 |
|
DIN No.: |
06608582 |
KEY EXECUTIVES
|
Name : |
Mr. Hardik Chawada |
|
Designation : |
Senior Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ambalal Porwal |
|
179280 |
|
Tushar A. Porwal |
|
179148 |
|
Nirmala Porwal |
|
914217 |
|
Manjula Porwal |
|
899834 |
|
Ruchi Porwal |
|
261612 |
|
Nitul B. Shah |
|
500000 |
|
Vilas B. Shah |
|
825180 |
|
Vipul A. Porwal |
|
179148 |
|
Bhupat Shah (HUF) |
|
500000 |
|
Ritu Jain |
|
261581 |
|
Metee Asia Limited |
|
300000 |
|
|
|
|
|
Total |
|
5000000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
6.00 |
|
Directors
or relatives of directors |
94.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Wires, Alloys, Billets etc. and Trader of Ferrous and Non-Ferrous Metals. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Germany · UAE · UK · USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· UAE · European Countries · Korea · China · USA · Netherlands · Russia |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· ICICI Bank Limited 215, Free Press House, Nariman Point, Mumbai - 400021, Maharashtra, India · Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai -
400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
RRDL and Associates Chartered Accountants |
|
Address : |
101/102, Dhanraj Shopping Center, 1st
Floor, Carter Road No. 7, Borivali (East), Mumbai – 400066, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL9224C |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 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 |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
(93.679) |
34.297 |
32.228 |
|
(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) |
(43.679) |
84.297 |
82.228 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1.180 |
1.180 |
1.244 |
|
(d)
long-term provisions |
0.000 |
0.321 |
0.321 |
|
Total
Non-current Liabilities (3) |
1.180 |
1.501 |
1.565 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
403.970 |
310.274 |
552.784 |
|
(b)
Trade payables |
166.428 |
368.999 |
182.508 |
|
(c)
Other current liabilities |
235.877 |
242.278 |
286.454 |
|
(d)
Short-term provisions |
5.969 |
0.626 |
0.000 |
|
Total
Current Liabilities (4) |
812.244 |
922.177 |
1021.746 |
|
|
|
|
|
|
TOTAL |
769.745 |
1007.975 |
1105.539 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9.127 |
10.974 |
32.486 |
|
(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 |
17.130 |
17.130 |
|
(d) Long-term Loan
and Advances |
21.405 |
23.145 |
12.710 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
30.532 |
51.249 |
62.326 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.293 |
0.100 |
0.000 |
|
(b)
Inventories |
602.352 |
661.284 |
788.794 |
|
(c)
Trade receivables |
63.444 |
131.173 |
76.995 |
|
(d)
Cash and cash equivalents |
35.517 |
82.368 |
57.713 |
|
(e)
Short-term loans and advances |
31.483 |
81.295 |
119.395 |
|
(f)
Other current assets |
6.124 |
0.506 |
0.316 |
|
Total
Current Assets |
739.213 |
956.726 |
1043.213 |
|
|
|
|
|
|
TOTAL |
769.745 |
1007.975 |
1105.539 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
655.337 |
1149.557 |
1552.076 |
|
|
|
Other Income |
7.750 |
23.501 |
9.470 |
|
|
|
TOTAL (A) |
663.087 |
1173.058 |
1561.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
327.786 |
149.355 |
1830.277 |
|
|
|
Purchases of Stock-in-Trade |
161.873 |
422.548 |
112.648 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
58.784 |
401.687 |
(607.606) |
|
|
|
Employees benefits expense |
5.785 |
16.970 |
14.762 |
|
|
|
Other expenses |
161.887 |
150.851 |
238.157 |
|
|
|
TOTAL (B) |
716.115 |
1141.411 |
1588.238 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(53.028) |
31.647 |
(26.692) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.601 |
26.328 |
38.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(108.629) |
5.319 |
(64.739) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.537 |
2.624 |
3.346 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(111.166) |
2.695 |
(68.085) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.809 |
0.627 |
(18.897) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
(127.975) |
2.068 |
(49.188) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
51.198 |
263.074 |
400.872 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
398.845 |
620.952 |
900.920 |
|
|
|
Capital Goods |
0.000 |
0.714 |
0.000 |
|
|
TOTAL IMPORTS |
398.845 |
621.666 |
900.920 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(25.60) |
0.41 |
(9.84) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
(93.603) |
2.694 |
(68.085) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(19.53) |
0.18 |
(3.17) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(8.09) |
2.75 |
(1.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.44) |
0.27 |
(6.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.55 |
0.03 |
(0.83) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(9.25) |
3.68 |
6.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.04 |
1.02 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
32.228 |
34.297 |
-93.679 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
82.228 |
84.297 |
-43.679 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
552.784 |
310.274 |
403.970 |
|
Total
borrowings |
552.784 |
310.274 |
403.970 |
|
Debt/Equity ratio |
6.723 |
3.681 |
-9.249 |
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 |
1552.076 |
1149.557 |
655.337 |
|
|
|
(25.934) |
(42.992) |
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 |
1552.076 |
1149.557 |
655.337 |
|
Profit/ (Loss) |
(49.188) |
2.068 |
(127.975) |
|
|
(3.17%) |
0.18% |
(19.53%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10181794 |
09/07/2014 * |
560,000,000.00 |
CANARA BANK |
FORT (MAIN) BRANCH,
WARDEN HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C16319212 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
100.090 |
|
|
|
|
|
Total |
0.000 |
100.090 |
CORPORATE
INFORMATION
Subject is a Company registered under the Companies Act, 1956. It was
incorporated on 23rd February, 1996. The Company is engaged in the business of Manufacturing
of Copper wires, alloys, billets etc. and Trading of ferrous and non ferrous
metals.
OPERATION
During the year company has incurred losses as result of lower sales turnover,
higher purchase and operational costs, written off quality claims and
insufficient working capital.
Lower sales turnover are mainly for the reasons:
Firstly, huge currency fluctuation in foreign exchange market during 1st
half of the year leading to higher cost of purchase, Secondly, Financing Bank
has enforced mandate to compulsorily enter into forward contracts on import
transactions getting due for payments in 2nd half which went against the
Company leading to higher cost of purchase but market not increasing
correspondingly, Thirdly, increase demurrage detention cost due to insufficient
working capital leading higher cost of purchase, Fourthly, sales tax exemption
of the company has expired in March 2013 leading to uncompetitive selling price
for the customers and hence reduction in sales turnover.
Working capital crunch resulted due to huge stock lying unsold, slow
sales realization from debtors, higher interest costs and discontinuation of
non-fund base limit by the financing bank starting from the 4th quarter and
sales realizations being adjusted in paying off the utilized limits as and when
falling due leaving behind any free working capital in the hands of the Company
for further production.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Appeals filed in respect of disputed demands |
|
|
|
Sales Tax |
0.208 |
0.208 |
|
Income Tax |
0.725 |
0.725 |
|
Central Excise & Service Tax |
178.604 |
0.000 |
|
Custom Duty (Approx.) |
63.000 |
0.000 |
|
Claims against the Company not acknowledge as debt |
157.563 |
136.441 |
|
[ Includes the liability in terms of Foreign currency is USD 25,10,171 and DKK 5,85,895 the same is converted to INR (reporting currency) using prevailing exchange rate (Rs.60.0998/USD and Rs.11.0546/DKK) as on 31.03.2014.] |
|
|
|
|
|
|
|
Total |
400.100 |
137.374 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
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 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. 66.10 |
|
|
1 |
Rs. 100.89 |
|
Euro |
1 |
Rs. 73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
0 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
0 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
16 |
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.