|
|
|
MIRA INFORM REPORT
|
Report No. : |
494001 |
|
Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GH INDUCTION INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DP 145-147 and 158-160, 12th Main Road, SIDCI Industrial Estate, Tirumudivakkam, Chennai – 600044, Tamil Nadu |
|
Tel. No.: |
91-44-43984747 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
31.07.1998 |
|
|
|
|
Com. Reg. No.: |
18-040909 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 15.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29309TN1998PTC040909 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0498038998 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAACG7900N1ZL |
|
|
|
|
TIN No: |
33590884698 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACG7900N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
[Registered activity] |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 670000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of “GH Electronics SA” Spain. It is an established
company incorporated in the year 1998 having good track record. For the financial year ended 2017, revenue and profit of the company
has declined. The company possesses sound financial profile marked by healthy
networth base along with negligible debt recorded and favourable gap between
trade payable to its trade receivables. The company also derives strength from its strong holding entity and
its experienced management team. Trade relations are reported as fair. Business is active. Payments
terms are seems to regular and as per commitment. In view of strong holding support and sound financial base, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating (BBB+) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
29.12.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating (A2) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
29.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 27.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Ramasamy |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-44-43984747 |
|
Date : |
25.02.2018 |
91-44-24781042 (Number is continuously ringing)
LOCATIONS
|
Registered Office/ Factory : |
DP No.145-147 and 158-160, 12th Main Road, SIDCO Industrial
Estate, Thirumudivakkam, Chennai – 600044, Tamilnadu, India |
|
Tel. No.: |
91-44-24781042/ 43984747 |
|
Fax No.: |
91-44-24780042/ 43984700 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Rengachari Venkatachari |
|
Designation : |
Managing Director |
|
Address : |
S-25, 35th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
|
Date of Birth/Age : |
24.08.1964 |
|
Date of Appointment : |
02.07.2008 |
|
DIN No.: |
00597523 |
|
|
|
|
Name : |
Venkatachari Rengachari |
|
Designation : |
Director |
|
Address : |
S-25, 35th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
|
Date of Birth/Age : |
30.10.1942 |
|
Date of Appointment : |
02.07.2008 |
|
DIN No.: |
00597598 |
|
|
|
|
Name : |
Miguel Carlos Gisbert Mezquida |
|
Designation : |
Director |
|
Address : |
339 AVDA Tamarindos, Valencia 46015, Spain |
|
Date of Birth/Age : |
04.11.1950 |
|
Date of Appointment : |
21.10.1998 |
|
DIN No.: |
01835459 |
|
|
|
|
Name : |
Vicente Martinez Juan |
|
Designation : |
Nominee Director |
|
Address : |
Carrer Remedio 6, Sagunto, Valencia, 46745S6D1, Spain |
|
Date of Birth/Age : |
08.06.1966 |
|
Date of Appointment : |
08.09.2015 |
|
DIN No.: |
02342054 |
KEY EXECUTIVES
|
Name : |
Mr. Ramasamy |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Venkatachari Renga Chari |
375000 |
25.00 |
|
Rengachari Venkata Chari |
225000 |
15.00 |
|
J. Venkatesan |
75000 |
5.00 |
|
D. Lakshminarayanan |
60000 |
4.00 |
|
GH Electrotermia S.A, Spain |
765000 |
51.00 |
|
Total |
1500000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
40.00 |
|
Public/Other than promoters (Individual/Hindu Undivided Family – Indian) |
9.00 |
|
Public/Other than promoters (Body corporate) |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
[Registered activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Sundararajan and Associates, LLP Chartered Accountants |
|
Address : |
“Romar House”, Chamber D, Third Floor, Vijay TV Complex, 6/9, (Old No. 15/9), Jaganathan Road, Nungambakkam, Chennai - 600 034, Tamilnadu, India |
|
Tel. No.: |
91-44-28261955/ 28234855 |
|
Mobile No.: |
91-9500031585 |
|
Fax No.: |
91-44-28284855 |
|
E-Mail : |
|
|
Website : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AABFS4109F |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company : |
GH Electrotermia S.A, Spain |
CAPITAL STRUCTURE
As on: 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
INR 10/- each |
INR 15.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
INR 10/- each |
INR 15.000 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.000 |
15.000 |
15.000 |
|
(b) Reserves &
Surplus |
220.433 |
208.013 |
188.944 |
|
(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) |
235.433 |
223.013 |
203.944 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
21.213 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.399 |
|
(d) long-term provisions |
8.497 |
7.684 |
6.264 |
|
Total Non-current
Liabilities (3) |
8.497 |
7.684 |
29.876 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4.769 |
0.010 |
29.403 |
|
(b) Trade payables |
39.479 |
47.242 |
39.539 |
|
(c) Other current
liabilities |
35.682 |
57.142 |
88.759 |
|
(d) Short-term provisions |
73.620 |
62.591 |
29.234 |
|
Total Current Liabilities
(4) |
153.550 |
166.985 |
186.935 |
|
|
|
|
|
|
TOTAL |
397.480 |
397.682 |
420.755 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
159.614 |
162.275 |
176.529 |
|
(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) |
3.482 |
4.730 |
3.220 |
|
(d) Long-term Loan and Advances |
0.846 |
0.726 |
24.740 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.697 |
|
Total Non-Current Assets |
163.942 |
167.731 |
205.186 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
56.829 |
63.837 |
64.548 |
|
(c) Trade receivables |
117.155 |
82.698 |
63.719 |
|
(d) Cash and cash
equivalents |
24.760 |
49.981 |
77.672 |
|
(e) Short-term loans and
advances |
32.319 |
31.617 |
9.630 |
|
(f) Other current assets |
2.475 |
1.818 |
0.000 |
|
Total Current Assets |
233.538 |
229.951 |
215.569 |
|
|
|
|
|
|
TOTAL |
397.480 |
397.682 |
420.755 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
378.282 |
476.056 |
252.268 |
|
|
Other Income |
7.069 |
7.282 |
6.494 |
|
|
TOTAL |
385.351 |
483.338 |
258.762 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
159.493 |
225.189 |
121.755 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.039 |
(8.935) |
(10.015) |
|
|
Employees benefits
expense |
70.876 |
57.912 |
53.504 |
|
|
Other Operating Expenses |
9.362 |
11.805 |
6.873 |
|
|
Administrative, Selling and
Distribution Expenses |
43.947 |
70.223 |
42.699 |
|
|
Other
expenses |
0.000 |
0.000 |
0.177 |
|
|
TOTAL |
289.717 |
356.194 |
214.993 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
95.634 |
127.144 |
43.769 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3.002 |
7.053 |
8.711 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
92.632 |
120.091 |
35.058 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
16.506 |
18.260 |
26.453 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
76.126 |
101.831 |
8.605 |
|
|
|
|
|
|
|
Less |
TAX |
27.599 |
37.628 |
2.325 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
48.527 |
64.203 |
6.280 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
168.448 |
155.799 |
150.489 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Res |
4.858 |
6.420 |
0.628 |
|
|
Dividend inclusive of Tax
on Dividend |
36.107 |
45.134 |
0.000 |
|
|
Reversal of Excess
Provision for Income tax and FBT and others |
0.000 |
0.000 |
0.342 |
|
|
Balance Carried to the
B/S |
176.010 |
168.448 |
155.799 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1.658 |
208.136 |
1.141 |
|
|
TOTAL EARNINGS |
1.658 |
208.136 |
1.141 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components
and Raw Materials |
11.826 |
247.390 |
12.535 |
|
|
TOTAL IMPORTS |
11.826 |
247.390 |
12.535 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
32.35 |
42.80 |
4.19 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
12.323 |
16.992 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operating activities |
(10.215) |
6.276 |
89.490 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
113.04 |
63.41 |
92.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.23 |
5.76 |
3.96 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
90.35 |
76.57 |
118.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.68 |
1.99 |
0.68 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.60 |
0.78 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.39 |
0.45 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.02 |
0.06 |
0.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.65 |
0.75 |
0.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.68 |
0.73 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
31.86 |
18.03 |
5.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
12.83 |
13.49 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
12.21 |
16.14 |
1.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
20.61 |
28.79 |
3.08 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.52 |
1.38 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.15 |
0.99 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.59 |
0.56 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.32 |
0.82 |
4.51 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.52 |
1.38 |
1.15 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
15.000 |
15.000 |
15.000 |
|
Reserves & Surplus |
188.944 |
208.013 |
220.433 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
203.944 |
223.013 |
235.433 |
|
|
|
|
|
|
long-term borrowings |
21.213 |
0.000 |
0.000 |
|
Short term borrowings |
29.403 |
0.010 |
4.769 |
|
Current maturities of
long-term debts |
16.992 |
12.323 |
0.000 |
|
Total
borrowings |
67.608 |
12.333 |
4.769 |
|
Debt/Equity
ratio |
0.332 |
0.055 |
0.020 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
252.268 |
476.056 |
378.282 |
|
|
|
88.710 |
(20.538) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
252.268 |
476.056 |
378.282 |
|
Profit |
6.280 |
64.203 |
48.527 |
|
|
2.49% |
13.49% |
12.83% |
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 |
No |
|
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 |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from “36 and 37, SIDCO Industrial Estate, Thirumudivakkam, Chennai -
600 044, Tamilnadu, India” to the present
address w.e.f. 15.05.2013.
STATE OF COMPANY
AFFAIRS AND FUTURE OUTLOOK
The Company is engaged in the manufacture of Special Purpose Machines and is one of the leading players in the ‘Induction Heating’ machine building industry in India. In recent times, the growth in technology, awareness and competition to manufacture quality products has lead to a spurt in demand for the machines manufactured by the Company.
For the period under consideration, the turnover of the company has shown marginal decease in comparison to the previous year. Based on the orders on hand and the demand for the machines in foreign countries, the directors are optimistic about the future and expect the company to achieve higher turnover in the next financial year.
NATURE OF OPERATION:
Subject is an Indo-Spanish joint venture, with G.H.
Electrotermia S.A., Spain, (formerly known as G.H. Elin International S.A.), as
the majority shareholder. The company was incorporated in 1998 and is engaged
in manufacture of modern Induction heating systems in India, for a wide range
of industrial applications whereas the technology knowhow is being provided by
GH Group. Induction heating systems are used for hardening of components in a
variety of industries such as automobile, steel, railway and defense among
others.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G50562479 |
90286400 |
STATE BANK OF INDIA |
29/08/2001 |
20/04/2015 |
- |
115000000.0 |
NO.65-A, G.S.T ROAD, GUINDY CHENNAI – 600032, TAMILNADU, INDIA |
CONTINGENT LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent liability not provided for as
under :- |
|
|
|
Claims not acknowledged as debt:- |
|
|
|
Disputed Service Tax demand |
|
|
|
-
IPR |
0.137 |
0.137 |
|
-
Catering and Van hiring Charges |
0.184 |
0.184 |
|
-
Business and Auxiliary Services |
0.479 |
0.479 |
|
Disputed Income Tax under
appeal considered to be untenable |
Nil |
Nil |
|
Sales tax demands |
|
|
|
This pertains to disputes
in respect of tax rate difference. No cash flow is expected in future. |
17.946 |
14.891 |
FIXED ASSETS:
Tangible Assets
- Land
- Building
- Plant and
Equipments
- Furniture and
Fixtures
- Vehicles
- Office
Equipments
- Capital WIP - Building
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 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
|
INR |
|
US Dollar |
1 |
INR 64.66 |
|
UK Pound |
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.