MIRA
INFORM REPORT
|
Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SIMPLEX
INFRASTRUCTURES LIMITED |
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Formerly Known As : |
SIMLEX
CONCRETE PILES INDIA LIMITED |
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Registered Office : |
‘SIMPLEX HOUSE’ 27 Shakespeare Sarani, Kolkata-700017 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.12.1924 |
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Com. Reg. No.: |
21-4969 |
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CIN No.: [Company
Identification No.] |
L99999WB1924PLC004969 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS00978F |
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PAN No.: [Permanent
Account No.] |
AAECS0765R |
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Legal Form : |
A
public limited liability company. The
company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
The
subject is Civil Engineering Company doing mainly the Contractors Business. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
9250000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track records.
Financial position of the company is good. Trade relations are fair. Payments
are usually correct and as per commitments. The company is doing very well. It can
be considered good for any normal business dealings at usual trade terms and
conditions |
LOCATIONS
|
Registered Office : |
‘SIMPLEX HOUSE’ 27 Shakespeare Sarani, Kolkata-700017 |
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Tel. No.: |
91-33-22839953/5967 |
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Fax No.: |
91-33-22835964/65/66 |
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E-Mail : |
simplexcal@simplexindia.com calpersonnel@simplexindia.com calpurchase@simplexindia.com calaccts@simplexindia.com |
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Website : |
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Branches
: |
Vaikunth, 82-83, Nehru Place, New Delhi –
110019 Tel No. : 91-11-26432515/6818/26473300 Fax No.: 91-11-26465869 Email : delpersonnel@simplexindia.com delpurchase@simplexindia.com delaccts@simplexindia.com New No.57 (Old No.38) Pantheon Road, Egmore,
Chennai – 600008 502/A Poonam Chambers, 'A' Wing, 5th Floor Dr.
Annie Besant Road Worli, Mumbai-400018 Tel No.: 91-22-24922064/ 24929034/ 24913481/ 8397/
1849/ 3537 Fax
No.: 91-22-24912735 Email
: bompersonnel@simplexindia.com bompurchase@simplexindia.com bomaccts@simplexindia.com Doha Office Post Box No. 22472, Doha, Qatar Dubai Office Post Box No. 124748, Dubai, U.A.E. 21,Casa
Major Road, Egmore, Chennai - 600 008, India Tel.
No.: 91-44-8584802/03/04 Fax
No. :91-44-8584802/05 E-Mail : chenpersonnel@simplexindia.com chenpurchase@simplexindia.com chenaccts@simplexindia.com |
DIRECTORS
|
Name : |
Mr. B.D. Mundhra |
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Designation : |
Chairman and Managing Director |
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Email : |
bdm@simplexindia.com |
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Name : |
Mr. H.B. GuhaBiswas |
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Designation : |
Director
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Email : |
hguhabiswas@simplexindia.com |
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Name : |
Mr. A.D. Mundhra |
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Designation : |
Director
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Email : |
adm@simplexindia.com |
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Name : |
Mr. A. Mukherjee |
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Designation : |
Director
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Email : |
amukherjee@simplexindia.com |
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Name : |
Dr. R. Natarajan |
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Designation : |
Director
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Name : |
Mr. B. Sengupta |
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Designation : |
Director
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Name : |
Mr. S. Dutta |
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Designation : |
Director
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Name : |
Mr. P.K. Nandy |
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Designation : |
Director
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Name : |
Mr. Rajiv Mundhra |
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Designation : |
Director
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Email : |
rajivmundhra@simplexindia.com |
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Name : |
Mr. N.N. Bhattacharyya |
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Designation : |
Director
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Name : |
Mr. Sheokishan Damani (w.e.f. 6.10.05) |
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Designation : |
Director
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Name : |
Mr. Ashish Dhawan (w.e.f. 6.10.05 upto
19.05.06) |
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Designation : |
Director
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Name : |
Mr. Kunal Shroff (w.e.f. 19.05.06) |
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Designation : |
Director
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Name : |
Mr. A.
K. Chatterjee |
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Designation : |
Director
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Email : |
akchatterjee@simplexindia.com |
KEY EXECUTIVES
|
Name
: |
Mr.
B.L. Bajoria |
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Designation
: |
Company
Secretary |
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Name : |
Mr. S.
Ray |
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Designation : |
Chief
Technical Manager |
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Email : |
sray@simplexindia.com |
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Name : |
Mr. D.
N. Basu |
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Designation : |
General
Manager |
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Email : |
dnbasu@simplexindia.com |
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Name : |
Mr. S.
Guha |
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Designation : |
Technical
Director |
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Email : |
shankarguha@simplexindia.com |
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Name : |
Mr. C.
N. Raman |
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Designation : |
Joint
General Manager |
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Email : |
cnraman@simplexindia.com |
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Name : |
Mr. J.
S. Raghavan |
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Designation : |
Chief
Commercial Manager |
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Email : |
jsraghavan@simplexindia.com |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters and Directors |
3983935 |
46.46 % |
|
UTI and Mutual Funds |
247214 |
2.88 % |
|
Banks and FIs |
1321849 |
15.42 % |
|
NRI/OCBs |
107939 |
1.26 % |
|
Corporates |
1834875 |
21.40 % |
|
Individuals |
1078654 |
12.58 % |
|
Total
|
8574466 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
The
subject is Civil Engineering Company doing mainly the Contractors Business. |
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GENERAL
INFORMATION
|
Customers : |
Private Sector Ř
Alsthom Export Ř
G.K.W. Limited Ř
Piramal Group Ř
Apeejay Group Ř
General Electric Technical Services Company Inc. Ř
RPG Group Ř
Asea Brown Boveri Limited Ř
Hindusthan Lever Limited Ř
Siemens AGUB KWU Ř
Backau Wolf India Limited Ř
ICI Limited Ř
Siemens Limited Ř
Bajaj Auto Limited Ř
Indian Aluminium Company Limited Ř
Spic Capag - NKK - Toyo Consortium Ř
Bata India Limited Ř
ITC Limited Ř
SPIC Fine Chemicals Limited Ř
Bausch and Laumb (India) Private Limited Ř
Jenson and Nicholson Limited Ř
Tata Chemicals Limited Ř
Bindal Agro Chem. Limited Ř
Larsen and Toubro Limited Ř
Tata Consultancy Engineering Ř
Bira Jute Ř
LML Limited Ř
Tata EBASCO Ř
Birla Bros Limited Ř
Lupen Chemicals Limited Ř
Tata Electric Company Limited Ř
Birla Carbide factory Ř
Mallya Group Ř
Tata Iron and Steel Company Ř
Birla Industrial and Technological Museum Ř
Mcnally Bharat Engineering Limited Ř
Tata Ore Bin Ř
Birla Linoleum Factory Ř
Mitsubishi Heavy Electrical Limited Ř
Tata Power Company Limited Ř
Birla Textile Machinery Corporation Ř
Modi Group Ř
Tata Projects Limited Ř
Chhabria Group Ř
MRF Limited Ř
Tata Robins Fraser Limited Ř
DCM Group Ř
Nagarjuna Fertilisers and Chemicals Limited Ř
The Associated Cement Company Limited Ř
Dodsal Limited Ř
Nippon Denro Ispat Limited Ř
Toyo Engineering (India) Limited Ř
EID Parry Limited. Ř
Orient Cement Ř
TVS Group Ř
Elcon Engineering Company Limited Ř
Orient Paper Mills Ř
Walchand Group Ř
Essar Construction Ř
Peerless Group Public Sector Ř
Bhaba Atomic Research Centre Ř
India Tourism Development Corporation Limited Ř
National Aluminium Corporation Limited Ř
Bharat Electronics Limited Ř
Indian Aluminium Company Limited Ř
National Thermal Power Corporation Limited Ř
Bharat Heavy Electricals Limited Ř
Indian Farmers and Fertilizer Co-operative
Limited Ř
Nippon Denro Ispat Limited Ř
Bharat Petroleum Limited Ř
Indian Iron and Steel Company Limited Ř
Oil and Natural Gas Commission Limited Ř
Bindal Agro Chem. Limited Ř
Indian Oil Corporation Limited Ř
Port Trusts of Calcutta, Bombay, Madras Central
and State PWDs Ř
Director Gen. Naval Projects Ř
Indian RailwaysIndian Railways Ř
SPIC Fine Chemicals Limited Ř
Fertilizers and Chemicals Travancore Limited Ř
Jenson and Nicholson Limited Ř
State Bank of India Ř
Food Corporation of India Limited Ř
Larsen and Toubro Limited Ř
State Electricity Boards Ř
Gujrat State Fertilizer Corporation Limited Ř
Madras Refineries Limited Ř
Steel Authority of India Limited Ř
Hindustan Paper Corporation Limited Ř
Military Engineering Services Ř
Indian Aluminium Company Limited Ř
Hindustan Steelworks Construction Company Limited Ř
MRF Limited Ř
Hindusthan Petroleum Limited |
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Bankers : |
Ř
United Bank of India Ř
Standard Chartered Bank Ř
UCO Bank Ř
ING Vysya Bank Limited Ř
The Federal Bank Limited Ř
ICICI Bank Limited Ř
UTI Bank Limited Ř
Induslnd Bank Limited Ř
HDFC Bank Limited Ř
Allahabad Bank Ř
IDBI Bank Limited Ř
Canara Bank Ř
Centurion Bank of Punjab Limited Ř
Punjab National Bank Ř
Indian Bank Ř
Central Bank of India Ř
Oriental Bank of Commerce Ř Exim Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Price Waterhouse Chartered
Accountant |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
24,980,000 |
Equity Shares |
Rs. 10/- each |
Rs. 249.800 Millions |
|
25,000,000 |
Redeemable Cumulative Preference Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
20,000 |
15% Cumulative Preference |
Rs. 10/- each |
Rs. 0.200 Millions |
|
|
Total
|
|
Rs. 500.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8,574,466 |
Equity Shares |
Rs. 10/- each |
Rs. 85.745 Millions |
|
|
Add: Shares forfeited |
|
Rs. 0.386 Millions |
|
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Total |
|
Rs. 86.131 Millions |
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|
|
|
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.131 |
73.281 |
73.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2246.053 |
990.693 |
776.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2332.184 |
1063.974 |
849.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1073.458 |
1016.324 |
1411.600 |
|
|
2] Unsecured Loans |
3378.080 |
2526.602 |
851.700 |
|
|
TOTAL BORROWING |
4451.538 |
3542.926 |
2263.300 |
|
|
DEFERRED TAX LIABILITIES |
122.661 |
104.844 |
0.000 |
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|
|
|
|
|
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TOTAL |
6906.383 |
4711.744 |
3113.000 |
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
2222.622 |
1332.501 |
1144.700 |
|
|
Capital work-in-progress |
47.503 |
111.070 |
49.500 |
|
|
|
|
|
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|
INVESTMENT |
3.069 |
0.176 |
0.700 |
|
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DEFERREX TAX ASSETS |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1800.529
|
1561.378 |
918.900 |
|
|
Sundry Debtors |
5441.510
|
4011.651 |
2597.800 |
|
|
Cash & Bank Balances |
444.859
|
231.625 |
148.200 |
|
|
Other Current Assets |
420.798
|
291.749 |
0.000 |
|
|
Loans & Advances |
890.078
|
585.765 |
562.500 |
|
Total Current Assets |
8997.774
|
6682.168 |
4227.400 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4315.701
|
3376.766 |
2297.000 |
|
|
Provisions |
48.884
|
37.405 |
12.300 |
|
Total Current Liabilities |
4364.585
|
3414.171 |
2309.300 |
|
|
Net Current Assets |
4633.189
|
3267.997 |
1918.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6906.383 |
4711.744 |
3113.000 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1744.371 |
1187.485 |
6432.500 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
581.027 |
344.047 |
142.400 |
|
Provision
for Taxation |
164.583 |
92.285 |
45.500 |
|
Profit/(Loss)
After Tax |
416.444 |
251.762 |
96.900 |
|
|
|
|
|
|
Export
Value |
1200.638 |
433.384 |
NA |
|
|
|
|
|
|
Import
Value |
676.567 |
212.227 |
NA |
|
|
|
|
|
|
Total
Expenditure |
1163.344 |
843.438 |
5965.400 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2006 |
|
Type |
|
|
1st
Qtr |
|
Sales Turnover |
|
|
3519.800 |
|
Other Income |
|
|
11.100 |
|
Total Income |
|
|
3530.900 |
|
Total Expenditure |
|
|
3203.300 |
|
Operating Profit |
|
|
327.600 |
|
Interest |
|
|
121.300 |
|
Gross Profit |
|
|
206.300 |
|
Depreciation |
|
|
85.800 |
|
Tax |
|
|
12.300 |
|
Reported PAT |
|
|
104.200 |
1st Quarter 200606 –
Expenditure Includes Staff Cost Rs 1074.30 million (Salaries
and Wages including payment to sub contractors) Other Expenses Rs 405.50
million Stores Consumed Rs 1723.50 million Tax Includes Provision for Current
Tax Rs 10.30 million Deferred Tax Rs 4.00 million Fringe Benefit Tax Rs 2.00
million EPS is Basic and Diluted Status of Investor Complaints for the quarter
ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 02 Complaints disposed off during the
quarter 02 Complaints unresolved at the end of the quarter Nil 1. The above
results have been reviewed by the Audit Committee and taken on record by the
Committee of Directors at its meeting held on July 31, 2006. 2. The Statutory
Auditors have commented on the accounts of the company for the year ended March
31, 2006 regarding certain overdue debts, which are common to the industry,
aggregating Rs 61.80 million ultimate recovery of which is not determinable.
However, best efforts have been / are being initiated to recover these debts as
also adequately covered by General Reserve of the Company. 3 Deferred tax
liability of the previous years up to March 31, 2001 has not been considered in
these accounts as a stay has been granted in favour of the Company by the
Hon'ble Court of Calcutta against the retrospective operation of the related
Accounting Standard (AS-22) issued by The Institute of Chartered Accountants of
India. The matter is subjudice. Accordingly. Year end deferred tax liabilities/
assets include timing difference on items arising after March 31, 2001. 4. The
figures of previous periods have been regrouped / rearranged wherever
considered necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity
Ratio |
2.35 |
3.03 |
2.50 |
|
Long Term Debt-Equity Ratio |
0.48 |
1.03 |
1.32 |
|
Current Ratio |
1.09 |
1.13 |
1.25 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
5.60 |
5.69 |
4.32 |
|
Inventory |
7.99 |
8.06 |
8.18 |
|
Debtors |
2.84 |
3.02 |
2.61 |
|
Interest Cover Ratio |
2.37 |
2.01 |
1.57 |
|
Operating Profit Margin(%) |
8.45 |
7.74 |
7.28 |
|
Profit Before Interest And Tax
Margin(%) |
7.48 |
6.85 |
6.11 |
|
Cash Profit Margin(%) |
4.06 |
3.41 |
2.69 |
|
Adjusted Net Profit Margin(%) |
3.10 |
2.52 |
1.51 |
|
Return On Capital Employed(%) |
17.64 |
17.72 |
13.87 |
|
Return On Net Worth(%) |
24.53 |
26.32 |
12.00 |
STOCK PRICES
|
Face
Value |
Rs.10.00/- |
|
High |
Rs.373.65/- |
|
Low |
Rs.360.10/- |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Ř Freehold Land
Ř Leasehold Land
Ř Buildings
Ř Plant and Machinery
Ř Furniture and Fittings
Ř Motor Vehicles
Ř Computers
Ř Electrical Equipment
Ř Motor Vehicles
Ř
Plant and Machinery
History
Incorporated in Calcutta in 1924, as a British-owned firm,
Simplex Concrete Piles (India) pioneered the introduction and development of
the latest foundation engineering practices in India and south-east Asia. Since
the 1930s, it has proved its competence in civil engineering, catering
primarily to the core sector.
In 1947, the year of independence, the company was taken over by M D Mundhra.
Its earlier achievements include significant projects like steel plants at
Jamshedpur and Burnpur, K G Dock in Calcutta, piling for Bally and Howrah
Bridge Approaches. Simplex was also involved in the foundation construction of
a number of landmarks all over India. Supreme Court in New Delhi, Tata Centre
and the Salt Lake Stadium in Calcutta, Alexander Docks in Bombay and Tata Power
Station at Trombay are a few of the landmarks.
The company also designed and constructed the first and highest reinforced
concrete frame skyscraper (18 stories) -- The National Tower - in Calcutta.
With such a varied background, it is today, one of the foremost construction
companies in India. International giants like Mitsubishi, Siemens, ABB, Davy
Mcker, GEC Aslthom have given preference to Simplex for turnkey construction
projects.
The company during 1996, issued Rs 247 Millions fresh equity shares and 17%
secured partly optionally convertible debenture through Rights-cum-Public Issue
to meet capital expenditure requirements.
During the year 1999-2000, the activity in the housing and power sector was
slow and the company had to take more infrastructure projects like bridges,
port work etc.
In the year 2000-01, has concluded a Joint Venture Agreement with a foreign
company possessing necessary know-how and expertise in Road Work to enhance its
expertise in the high value Roads and Highway projects for which the Government
is giving large thrust now.
Review of Operations
Income during the financial year under review showed a healthy growth of 34.41 percent at Rs. 13427.39 Millions as against Rs. 9990.11 Million in 2004-5.
Profit before tax witnessed a substantial growth of 68.88 percent at Rs.
581.02 Million as against Rs. 344.05 Million in 2004-5.
Profit after tax increased by 65.41 percent to Rs. 416.44 Million
compared to Rs. 251.76 Million in 2004-5. Apart from registering a significant
growth in the Indian construction Industry, the Company increasingly focused on
projects in foreign countries particularly the Middle East and is now
contemplating joint ventures with renowned global construction companies. In view
of this, it established offices in Dubai (UAE), Manama (Bahrain) and Doha
(Qatar) and registered itself in Libya and Yemen to cater to the infrastructure
development in those countries.
Change of Name and Shifting of Registered Office
The Company changed its name from Simplex Concrete Piles (India) Limited
to Simplex Infrastructures Limited bearing testimony to its expanded scope
beyond piling and concreting to roads, bridges, highways, flyovers, marine,
industrial construction, urban utilities, power plants and high rise buildings
etc. as well as its extension from the Indian to the global market. The Company
also shifted its Registered Office from 12/1, Nellie Sengupta Sarani, Kolkata -
700087 to 'Simplex House', 27, Shakespeare Sarani, Kolkata - 700017, a more
spacious house with modern facilities to support growth efforts. Both changes
became effective from 8th November 2005.
Simplex has worked in major projects in India, thus its credentials are
well-established with government undertakings in every state. Its clientele
comprises of public works, railways, electricity boards and health departments.
Due to its professional competence and expertise, Simplex has tie-ups with
technocrats, consultants, architects and engineers in both public and private
sector organization. Simplex is quite renowned in India in regard to its
quality assurance, project monitoring, realistic time schedules, adherence to
milestones, and straightforward approach in solving contractual problems.
Trade
Terms with
Canada
ND Lee
Associates
Sandweil International Inc.
Denmark
Haldor Topsoe
A/S
France
Alsthom Export
Technip
Germany
Dr C Otto
Limited
Walter-Bau AG
Siemens Limited
Lurgi
Holland
Stork
Contractors
Aarding Group
Italy
Snam-Progetti
Ansaldo
Spie CAPAG
Technimont
Japan
Taisei
Corporation
TOYO Engineering
Mitsui and Company
Mitsubishi Heavy Industries
Korea
Hyundai
Corporation
Daelim
Daewoo Engineering Company
Sri Lanka
Hidelsi
Investments Limited
A.M. Oreta and Company (Philippines)
International Construction Consortium
Trans Asia Hotel
M Peterson and Company Hamburg (Germany) In Colombo
Sweden
Asea Brown
Boveri Limited
USA
Hewitt Robins
Tarmac Black and Veatch Raytheon
Kaiser Corporation
General Electric Technical Services Inc.
UAE
Al Qusaliy
Building and Construction, Abu Dhabi
UK
Davy Mckee
Stockton
Rolls Royce
Foster Wheeler Inc.
General Electric Company
Balfour Beatty Limited
Tarmac
Simplex is one of the top few construction companies in India with an excellent turnover of more than Rupees 10 billion annually. The Company has been registered for engineering works of unrestricted value with most of the Government Departments and Public and Private Sector Organizations. It is a tribute to the Company’s outstanding performance that world-renowned International Constructors are vying for its partnership on equal-footing in mega-size projects.
Apart from latest methods and techniques, the Company has introduced computerization in its working. Use of QA / QC methods, Project Management and Control Tools, Safety Manuals are hallmarks of the company’s operations. Simplex is always on the move to improve its productivity further by resorting to new management of tools as they become available.
Its construction activities comprise of :
Ř Huge industrial projects
Ř Piling jobs
Ř Marine constructions of ports and bridges
Ř Ground strengthening
Ř Soil investigations
Ř Power projects
Ř Processing plants
Ř Commercial and residential complexes and many others.
Objectives :
The Company does not rest on the past laurels. The Company’s cherished objective is to continue always at the peaks of the engineering professions viz., Excellence, Expediency and Economy. The Company is proud to say that it can carry out the construction works in keeping with these three E’s.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.57.34 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|