MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ADANI PORT LIMITED |
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Registered Office : |
Adani House, Shrimali Society, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380 009, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.08.1993 |
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Com. Reg. No.: |
04.20041 |
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CIN No.: [Company
Identification No.] |
U99999GJ1993PLC020041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA01096E |
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PAN No.: [Permanent
Account No.] |
AABCA2669K |
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Legal Form : |
Closely held public limited liability company |
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Line of Business : |
Subject is engaged in Logistics Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 23900000 |
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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 company of Adani Group. Available
information indicates high financial responsibility of the company. Trade relations
are fair. Payments are correct and as per commitments. The company is doing
well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Adani House, Shrimali Society, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380 009, Gujarat, India. |
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Tel. No.: |
91-79-26565555/25555555/25555153/25555281/ 2555347 |
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Fax No.: |
91-79-26565500/25555500/25555603 |
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E-Mail : |
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Website : |
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Area : |
6000 sq.fts. (Owned) |
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Location : |
Commercial |
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Head Office : |
Post Box No. 1, Mundra (Kutch) – 370 421, Gujarat |
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Tel. No.: |
91-2838-288201-8 |
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Fax No.: |
91-2838-283220 / 288240 |
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Corporate Office : |
Adani House, Shrimali Society, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380 009, Gujarat |
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Tel. No.: |
91-79-26565555 / 25555555 / 25555153 / 25555281 / 2555347 |
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Fax No.: |
91-79-26565500 / 25555500 / 25555603 |
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E-Mail : |
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Zone Office : |
The Shiv Nautica, Nana Kapaya, Mundra-370421, Gujarat, India |
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Tel. No.: |
91-2838-226266/ 226255/ 224455/ 224456 |
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Fax No.: |
91-2838-222436 |
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E-Mail : |
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Branches : |
Located at :- · 7th Floor, Eagle’s Flight, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra Tel. 91-22-26836969 Fax. 91-22-26833838 E-mail. aplmumbai@mundraport.com · C-6/9, Safdarjang Development Area, New Delhi – 110 016 Tel. 91-11-26856409/196/145 Fax. 91-11-26863065 E-mail. adaniport@eth.net · Post Box No. 1, Mundra (Kutch) – 370 421, Gujarat Tel. 91-2838-288201-8 Fax. 91-2838-288220/288240 E-mail. kinar.dixit@portfmundra.com · Gandhidham, Gujarat Contact Person : Mr. Anand Joseph Mobile : 9825235392 |
DIRECTORS
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Name : |
Mr. Gautam S. Adani |
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Designation : |
Chairman and Managing Director |
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Address : |
Shantivan Farm, Behind Karnavari Club, Gandhinagar, Sarekhej Highway, Ahmedabad-380057, Gujarat, India |
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Date of Birth/Age : |
24.06.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
26.05.1998 |
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Director |
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Address : |
B-202, Dhananjay Towers, Near Shyamal Row House, Satellite Road, Ahmedabad-380051, Gujarat, India |
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Date of Birth/Age : |
30.04.1942 |
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Date of Appointment : |
02.11.2002 |
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Name : |
Mr. Subramaniam Vankiteshwaran |
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Designation : |
Director |
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Address : |
A/7-1 and 2, Lloyds Garden, 7th Floor, Appasaheb Marathe Marg, Prabhadevi, Worli, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
22.01.1941 |
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Date of Appointment : |
30.04.2003 |
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Name : |
Mr. Biswajit Choudhari |
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Designation : |
Director |
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Address : |
Rajani Kusumalay Nandalal Jiu Road, Off 119, Sarat Bose Road, Kolkata-700026, West Bengal, India |
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Date of Birth/Age : |
30.04.1942 |
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Date of Appointment : |
02.11.2002 |
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Name : |
Mr. Rajesh Shantilal Adani |
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Designation : |
Director |
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Address : |
15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmedabad-380054, Gujarat, India |
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Date of Birth/Age : |
07.12.1964 |
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Date of Appointment : |
26.05.1998 |
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Name : |
Mr. Ameet Hiranyakumar Desai |
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Designation : |
Whole time Director/ Executive Director |
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Address : |
A-403, Pratishtha Apartments, Bodakdev, Vastrapur, Ahmedabad-380054,
Gujarat, India |
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Date of Birth/Age : |
04.01.1963 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. ARvind M Agarwal |
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Designation : |
Director |
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Address : |
1/ 2 Udyog Bhavan, Sector 11, Gandhi Nagar, Gujarat-382017, India |
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Date of Birth/Age : |
23.04.1960 |
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Date of Appointment : |
12.03.2004 |
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Name : |
Mr. K N Venkatasubramanian |
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Designation : |
Director |
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Address : |
D4/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah,
Chennai-600014, Tamilnadu, India |
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Date of Birth/Age : |
14.04.1938 |
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Date of Appointment : |
28.09.1999 |
KEY EXECUTIVES
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Name : |
Ms. Dipti Y Shah |
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Designation : |
Company Secretary |
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Address : |
601, Shilraj Tower, Opposite Management Enclave, Vastrapur,
Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
14.07.1960 |
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Date of Appointment : |
03.09.2005 |
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Name : |
Mr. Bhavin Shah |
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Designation : |
Vice President |
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Name : |
Mr. Manoj Chanduka |
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Designation : |
General Manager |
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Name : |
Mr. Rajesh Menon |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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97.34 |
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Directors/Relatives of Directors |
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0.58 |
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Public Financial Institutions |
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0.44 |
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Others |
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1.64 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Logistics Services. |
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Products : |
Generic Names of principal products / services of the company are :- v Handling and
Transportation Income v Storage and Warehouse
Income v Miscellaneous
Operating Income Its’ products range includes :- v DAP v MOP v Sugar v Coal v Coke v Bitumen in Drums v Sulphur v Wheat v Chick Peas v Project Cargo v Iron Ore v Flourspar v Timber Log v Urea v Steel Coils v Scrap v Salts v Ammonium Nitrate v Steel Plates v CSM v SBM v Bentonite v Rice v Bauxite v Clinkers v Maize v Corn v Kaolin |
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Terms : |
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Selling : |
Cash or Credit (30 days) terms |
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Purchasing : |
Cash or Credit (30 days) terms |
GENERAL
INFORMATION
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Customers : |
Its major customers are End Users. |
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No. of Employees : |
295 |
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Bankers : |
v State Bank of India v Bank of Baroda v State Bank of Travancore v Corporation Bank v State Bank of Saurashtra v The Development Credit Bank Limited v State Bank of Hyderabad v HDFC Bank v Canara Bank v Central Bank of India, Lal Darwaja Branch, Ahmedabad – 380 001, Gujarat v Societe Generale v Allahabad Bank v Andhra Bank v Bank of India v ICICI Bank Limited v Oriental Bank of Commerce v Syndicate Bank v UTI Bank Limited v Hypo Vereins Bank, Germany |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G K Choksi & Company Chartered Accountants |
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Associates/Subsidiaries : |
SUBSIDIARIES Mundra Special Economic Zone Limited Adani chemicals Limited ASSOCIATES Adani Agro Private Limited Incorporation: 16.02.1995 Company Registration Number 24627 Adani Eastern Power Limited Incorporation : 16.02.1998 Company Registration Number :
33706 Adani Exports Limited Incorporation : 03.03.1993 Company Registration Number :
19067 Adani Finance Limited Incorporation : 22.11.1994 Company Registration Number 23627 Adani Food Products Limited Incorporation : 06.09.1995 Company Registration Number :
27318 Adani Healthcare Private Limited
Incorporation : 11.12.1998 Company Registration Number :
35128 Adani Impex Private Limited Incorporation : 30.09.1998 Company Registration Number :
34758 Adani Infrastructure Services Limited Incorporation : 27.10.1999 Company Registration Number :
36798 Adani Management Consultancy Services Private Limited Incorporation : 13.11.1991 Company Registration Number : 16594 Adani Pharmachem Private Limited Incorporation : 05.04.199 Company Registration Number :
35693 Adani Port Infrastructure Limited Incorporation : 27.10.1999 Company Registration Number :
36797 Adani Power Limited Incorporation : 22.08.1996 Company Registration Number : 30533 Adani Properties Limited Incorporation : 25.05.1996 Company Registration Number :
26067 Adani Syntex Limited Incorporation : 29.09.1995 Company Registration Number :
27615 Adani Wilmar Limited Incorporation : 22.01.1999 Company Registration Number :
35320 Adani Global Limited, Port Louis (A subsidiary of Adani Exports
Limited) Adani Global FZE, Dubai (A subsidiary of Adani Global Limited) Adani Global Pte Limited, Singapore (A subsidiary of Adani Exports
Limited) Adani Chemicals Limited (A subsidiary of Adani Exports Limited) Incorporation : 03.12.1992 Company Registration Number :
18653 Gujarat Adani Port Limited A joint venture betwwn Adani Port Limited and Government of Gujarat
who built the Mundra Port. Ess Bee Fabrics Private Limited (Formerly Known As Empire Polymers
Private Limited) Adani Associates Adani Finance & Management Corporation Adani Finance Limited – Amalgamated with Adani Agro Limited with
effect from 27.02.2001 Adani Agri Logistics Limited Adani Logistics Limited SBA Trust Adani Agrifresh Limited Adani Energy Limited Adani Port Infrastructure Private Limited Adani Retail Limited Mundra Special Economic Zone Limited Adani Chemicals Limited Adani Properties Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
205000000 |
Equity Shares |
Rs.10/- each |
Rs.2050.000 millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 millions |
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Total |
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Rs.2100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180214410 |
Equity Shares |
Rs.10/- each |
Rs.1802.144
millions |
|
2811037 |
Preference Shares |
Rs.10/- each |
Rs.28.110
millions |
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Total |
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Rs.1830.254 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1830.254 |
1428.090 |
680.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4155.364 |
3893.966 |
495.903 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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5] Equity Share Capital Suspense |
0.000 |
402.164 |
0.000 |
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NETWORTH |
5985.618 |
5724.220 |
1176.803 |
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LOAN FUNDS |
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1] Secured Loans |
8919.202 |
5898.503 |
1185.438 |
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2] Unsecured Loans |
699.017 |
345.297 |
363.349 |
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TOTAL
BORROWING |
9618.219 |
6243.800 |
1548.787 |
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DEFERRED TAX LIABILITIES |
604.273 |
215.187 |
0.000 |
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Amount Received under Long Term Infrastructure |
4638.499 |
4586.833 |
0.000 |
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TOTAL |
20846.609 |
16770.040 |
2725.590 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14849.546 |
11262.978 |
2838.250 |
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Capital work-in-progress |
4121.705 |
4371.467 |
0.000 |
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INVESTMENT |
1228.198 |
320.322 |
0.020 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.059 |
30.538 |
23.901 |
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Sundry Debtors |
787.845 |
426.831 |
188.645 |
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Cash & Bank Balances |
956.477 |
305.755 |
75.833 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
912.803 |
691.341 |
73.594 |
|
Total Current Assets |
2703.184
|
1454.465 |
361.973 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total Current Liabilities |
2056.024
|
752.912 |
475.912 |
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Net Current Assets |
647.160
|
701.553 |
(113.939) |
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MISCELLANEOUS EXPENSES |
0.000 |
113.720 |
1.259 |
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TOTAL |
20846.609 |
16770.040 |
2725.590 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
3845.381 |
2640.850 |
766.137 |
|
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Other Income |
158.125 |
108.549 |
|
|
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Total Income |
4003.506 |
2749.399 |
766.137 |
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Profit/(Loss) Before Tax |
1161.578 |
904.690 |
21.658 |
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Provision for Taxation |
489.198 |
286.154 |
1.700 |
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Profit/(Loss) After Tax |
672.380 |
618.536 |
19.958 |
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Expenditures : |
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Administrative Expenses |
485.934 |
209.511 |
147.569 |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
37.805 |
|
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Financial Charges |
573.362 |
335.859 |
171.728 |
|
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Depreciation & Amortization |
614.167 |
481.036 |
130.097 |
|
|
Miscellaneous Expenses |
NA |
NA |
0.629 |
|
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Other Expenditure |
1181.656 |
812.460 |
250.323 |
|
Total Expenditure |
2855.119 |
1838.866 |
738.151 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
16.79
|
22.50 |
2.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
30.21
|
34.26 |
2.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.94
|
3.53 |
0.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
11.23
|
10.81 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
1.09 |
1.72 |
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Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.93 |
0.76 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 20th August, 1993 at Ahmedabad in
Gujarat as a private limited liability company having Company Registration
Number 20041.
Subsequently, it was converted into a closely held public limited
liability company.
A joint venture between the Government of Gujarat and the Rs. 35 billion
Adani Group is establishing Mundra Port as a world class commercial port
facility. A multi-purpose all weather port that can receive dry, liquid cargo
and container ships up to 1,30,000 DWT with a clear and deep water approach and
a minimum natural depth of 18 Mts. At any state of the tide.
Gujarat Adani Port
Limited
Gujarat Adani Port (GAPL) is a joint venture company between Adani Port
Limited and Government of Gujarat represented by Gujarat Port
Infrastructure Development Company Limited.
It is in charge of overall development of the mundra port and
conservancy functions. It has
constructed a state-of-the-art Multipurpose terminal and has provided all the
necessary basic infrastructure facilities.
The Government of Gujarat and the Adani Group have jointly promoted GAPL.
The Government of Gujarat is represented by Gujarat Port Infrastructure
Development Company Limited (GPIDCL), which is promoted by Gujarat Maritime
Board and Gujarat Industrial Investment Corporation Limited (GIIC).
The Rs. 35 billion Adani Group is represented by the company which is
also a terminal operating company at Mundra Port.
BUSINESS
Subject is Mundra Port's terminal operator company.
It offers fully mechanised and efficient cargo handling facilities.
Subject is a Dry/Liquid Bulk Cargo Operator, Handling, Storage,
Transportation of Commodities Wheat and Rice, Minerals, Vegetable Oil, POL
Products, Chemicals like A.C.N. and L.A.B. storage of bitumen etc.
Profile
The primary role of company is to function as the Terminal Operator and
Developer at the Mundra Port.
It has huge facility for Dry and Liquid Cargo storage and handling.
Application has mechanized Cargo Handling Systems and Mobile Bagging Unit.
This involves establishing 300 acres of back up facilities and terminal
operations for the port (Liquid Cargo Capacity of 265000 kl, Dry Cargo capacity
of 1,500 Metric Tones and open storage capacity of 7,00,000 Metric tones, and
facilities for large Material Handling). Additional 5000 acres of land has already
been earlier development.
Besides as per the agreement with the State Government, the company will
have “First Right” on all development activities in the expansion phase.
Protected by Saurashtra from the strong South West seas, Mundra is one
of the deepest ports on the Western Coast. Its’ why Mundra rose as the natural
trade route with the Middle East, Africa and other countries of the globe 4000
years ago.
Now a joint venture between the Government of Gujarat and the Rs. 35
billion Adani Group is establishing Mundra Port as a world class commercial
port facility. A multi purpose all weather port can receive dry, liquid cargo
and container ships upto 1,30,000 DWT with a clear deep water approach and a
minimum natural depth of 18 mts. at any state of the tide.
It has developed the largest privately owned liquid storage facility
within the part complex certified for all classes of chemicals, petroleum
products and edible oils. Also,
largely privately owned dry bulk cargo storage facility within the port
complex. Closed and open godowns for
dry cargo storage. A single window
operating system works to benefit and satisfy the customer.
Subject provides commercial port facilities for international shipping
lines from all-over the world.
Note :
Amalgamation of Adani Port Limited with Gujarat Adani Port Limited :
In terms of the scheme of Amalgamation
sanctioned by order dated 21.04.2005 of the honorable hjgh court of Gujarat,
Adani Port Limited – whose core business is development of port back up
facilities and operating the multi purpose terminal at the Mundra Port has been
amalgamated with Gujarat Adani Port Limited with effect from 01.04.2003 (that
being the appointed date as per the scheme). Accordingly, the undertaking of
APL with all its assets and liabilities has been transferred to and vested in
the company retrospectively with effect from 01.04.2003. the effective date of
Amalgamation is 30.06.2005.
Gujarat Adani Port Limited which was
originally incorporated on 26.05.1998. the name of the sid sunject company has
been changed to Mundra Port and Special Economic zone Limited with effect from
07.07.2006.
Mundra Port
Mundra Port with its blissful positionas an
all weather port with deep draught, rail and road connectivity and back up infrastructure
is rightly placed to lead the growth in Indian Maritime Sector. In line with
the Global, Indian and Gujarat scenario, Mundra Port witnessed the growth of
36% over the last year. The total income for the financial year 2005-06 was
Rs.4003.506 millions as against Rs.2749.399 millions for the previous financial
year registering an increase of 46%. Operating profit before interest,
depreciation and tax was Rs.2335.916 millions and Profit after tax was
Rs.672.380 millions for the financial year under review as against Rs.1727.428
millions and Rs.618.536 millions respectively of the previous financial year
registering an increase of approx 35% and 9.00% respectively.
Company’s fixed assets include Goodwill,
Leasehold Land Development, Software, Freehold Land, Buildings, Marine
Structures, Dredged Channels, Tugs, Railway Tracks, Plant and Machinery, Office
Equipments and Vehicles.
Industry Overview
Global Scenario
Global Economic growth is encouraging. World
trade grew by 6.5% in 2005 while in 2006 it grew by 7%. Ports handle around
920% f the world trade. There are more than 2000 ports around the world and the
amount of trade and cargo moving through the ports is increasing. With
increasing reliance on ports, these have evolved from simple modal gateways to
critical odes in international supply chain network. They have become active
model links driving to trade competitiveness of maritime nations. The speed and
size of cargo carrying vessels is increasing. As a result, ports need deeper
channels and draughts. With time becoming a competitive edge, shiops expect
quicker turnaround and streamlined service and operations at ports.
Indian Scenario
Indian economy grew at an estimated 8.1% in
financial year 2006. Indian Government has put major thrust and has increased
allocation of various infrastructure projects substantially in the union of
Budget 2005-06, the government decided to set up a Special Purpose Vehicles
(SPV) to finance infrastructure projects, including development of ports,
inland waterways, etc. India is the 7th largest country n the world
and the second largest in Asia. It is the world’s 4th largest
economy in terms of purchasing power parity after the US, Japan and China.
Exports witnessed a sharp growth of 17% in 2005-06 and imports grew by 23% in
2005-05. Accordingly, cargo volumes at Indian ports also witnessed a surge. The
target of year on year economic growth of 8% seems within reach. This augurs
well for the growth of the port sector. As the economy grows and trade barriers
reduce, the spurt in cargo volumes at Indian ports will continue and grow
further. While annual traffic increased by only 68 million tons (MT) in the
three decades from 1950 to 1980, traffic growth in the subsequent two decades
was 75 MT and 218 MT respectively.
Mundra Port & Special Economic Zone Limited has
developed state-of-the-art all weather multipurpose port facilities at Mundra
in Gujarat State. Mundra Port, one of the few ports in private sector, is truly
a “maritime masterpiece” and is providing comprehensive logistics services to
its customers. Blessed with the deepest draft on the western coast, the port
was the first in the country to have berthed a capesized vessel carrying 122000
tones of steam coal.
During the year under 2005-06, Mundra Port
handled 1038 vessels as against 859 vessels handled during the corresponding
financial year 2004-05. The Mundra Port handled 11.73 MMT of cargo in the year
under review consisting of 6.96 MMT Dry Cargo, 1.17 MMT of Dry cargo, 0.90 MMT
of Liquid cargo and 2.55 MMT of container cargo of MICT during the
corresponding financial year 2004-05.
The port has emerged as the preferred Port of
Call for bulk products like Coal, Steel, and Fertilizers. Dry cargo has
increased by 35% compared to the previous year. In terms of the agreement with
Indian Oil Corporation, the company has started commercial operation of Single
Point Mooring (SPM) facility and handled first VLCC vessel at Mundra on
13.12.2005.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.41.87 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.56.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
|