MIRA
INFORM REPORT
|
Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FASCEL LIMITED |
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Registered Office : |
6th Floor, Salar Ellis Bridge 6, Ahmedabad;38006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.03.1995 |
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Com. Reg. No.: |
04-35282 |
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CIN No.: [Company
Identification No.] |
U32100GJ1995PLC035282 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMF00110F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in providing cellular services in Gujarat under Licence from DOT on revenue sharing basis. The company’s services include roaming, short messaging, call management, voice mail, SMS services, dial up services, W & P, bill on web, IN system, etc. Subject also holds a Basic Telephone Services Licence from DOT - issued on 29.01.2001, which is also yet to be explored. |
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 : |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
6th Floor, Salar Ellis Bridge 6, Ahmedabad, Gujarat, India |
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Tel. No.: |
91-79-26577228 |
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Mobile No: |
91-98250-98250 |
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Fax No.: |
91-79-26575990 |
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E-Mail : |
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Website : |
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Show Room: |
˜ "Corporate House", Judges Bunglows Road, Bodakdev, Ahmedabad - 380 054 ˜ Fascel House, Stadium, Ahmedabad - 380 014, Gujarat ˜ Paldi, Ahmedabad - 380 007, Gujarat ˜ Maninagar, Ahmedabad - 380 008, Gujarat |
DIRECTORS
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Name : |
Mr. K.V. Seshasayee |
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Designation : |
Chairman |
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Address : |
A-2, Param Plaza, Ruia Park, JVPD Scheme, Juhu, Mumbai-400 053, |
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Date of Birth/Age : |
06.07.1948 |
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Date of Appointment : |
26.08.1997 |
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Name : |
Mr. Toshiyuki Kato |
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Designation : |
Director |
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Address : |
2-36-4-404, Minamidal, Nakano-KU,Tokya, Japan |
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Date of Birth/Age : |
13.03.1954 |
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Date of Appointment : |
22.05.1998 |
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Name : |
Mr. Ting Yu Chan |
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Designation : |
Director |
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Address : |
13, Green Garden Apartment N G Charya Nagar, N.L. Road, Borla Govandi,
Mumbai; 400 088. |
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Date of Birth/Age : |
08.02.1957 |
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Date of Appointment : |
22.05.1998 |
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Name : |
Mr. Arun Kumar Garg |
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Designation : |
Director |
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Address : |
A-23, Maker Kundan Garden, Juhu Tara Road, Santacruze (West),
Mumbai:400 049 |
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Date of Birth/Age : |
18.01.1967 |
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Date of Appointment : |
05.09.2000 |
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Name : |
Mr. Deepak Gupta |
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Designation : |
Director |
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Address : |
B-83, Ocean Gold Twin Tower Road, Prabhadevi, Mumbai ; 400 025 |
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Date of Birth/Age : |
13.02.1961 |
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Date of Appointment : |
05.09.2000 |
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Name : |
Mr. Fok Kin Ning Caning |
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Designation : |
Director |
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Address : |
1, King Tak Streert, 10th floor, Kowloon, Honkong |
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Date of Birth/Age : |
22.08.1951 |
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Date of Appointment : |
21.12.2000 |
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Name : |
Mr. Khoo Chek Ngee |
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Designation : |
Director |
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Address : |
1708, Park Side, Place Hong Kong |
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Date of Birth/Age : |
2.10.1942 |
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Date of Appointment : |
5.09.2000 |
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Name : |
Ms. Carole Tsang Kit May |
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Designation : |
Director |
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Address : |
Flat 1 C, Tower-19, Park Oasis, Tat Chee Avenue, Knowloon, Honkong |
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Date of Birth/Age : |
10.03.1952 |
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Date of Appointment : |
05.09.2000 |
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Name : |
Mr. Dannis Lui |
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Designation : |
Director |
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Address : |
Duplex 5, dynasty Villa-8, Hills, Knowloon, Hong kong |
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Date of Birth/Age : |
22.03.1951 |
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Date of Appointment : |
14.09.2001 |
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Name : |
Mr. Sunil sood |
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Designation : |
Manager |
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Address : |
164, Gulmahor Enclave, Sfs Flats, New Delhi -110049 |
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Date of Birth/Age : |
09.02.1961 |
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Date of Appointment : |
07.06.2001 |
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Directorship in
other companies: |
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CIN of company: |
U32200MH199PTC119108 |
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Name of the
company: |
Hutuchison Essar Limited |
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Designation: |
Managing Director |
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CIN of company: |
L64202DL1997PLC088087 |
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Name of the
company: |
Hutuchison Essar Telecom Limited |
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Designation: |
Additional Director |
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CIN of company: |
L32204WB1992PLC079998 |
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Name of the
company: |
Hutuchison Telecom East Limited |
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Designation: |
Additional Director |
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CIN of company: |
U72200DL1997PTC085764 |
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Name of the
company: |
Essar Spacetel Private Limited |
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Designation: |
Additional Director |
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CIN of company: |
U74899DL1995PLC074451 |
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Name of the
company: |
Hutchision Essar South Limited |
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Designation: |
Additional Director |
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CIN of company: |
U64201DL1997PLC088088 |
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Name of the
company: |
Aircel Digilink India Limited |
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Designation: |
Additional Director |
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CIN of company: |
U64202tz1995plc007674 |
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Name of the
company: |
Hutchison Essar Cellular Limited |
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Designation: |
Additional Director |
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CIN of company: |
U65990mh1997ptc112979 |
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Name of the
company: |
Jaykay Finholding (India) Private Limited |
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Designation: |
Director |
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CIN of company: |
U65993WB1997PTC085278 |
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Name of the
company: |
UMT Investments Limited |
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Designation: |
Director |
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CIN of company: |
UU32202WB1995PTC069502 |
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Name of the
company: |
Usha Martin Telematics Limited |
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Designation: |
Director |
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CIN of company: |
U15928MH2006PTC159281 |
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Name of the
company: |
Goldspot Merchantile Company Private Limited |
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Designation: |
Director |
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CIN of company: |
U51900MH2006PTC158894 |
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Name of the
company: |
Centrino Trading Compnay Private Limited |
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Designation: |
Director |
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CIN of company: |
U51900MH2006PTC158923 |
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Name of the
company: |
Plustech Merchantile Company Private Limited |
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Designation: |
Director |
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CIN of company: |
L64202DL1997PLC088087 |
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Name of the
company: |
Hutuhison Essar Telecom Limited |
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Designation: |
Additional Director |
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CIN of company: |
L32204WB1992PLC079998 |
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Name of the
company: |
Hutchison Telecom East Limited |
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Designation: |
Additional Director |
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CIN of company: |
U32100GJ1995PLC035282 |
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Name of the
company: |
Fascel Limited |
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Designation: |
Additional Director |
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CIN of company: |
U74899DL1995PLC074451 |
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Name of the
company: |
Hutchison Essar South Limited |
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Designation: |
Additional Director |
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CIN of company: |
U64201DL1997PLC088088 |
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Name of the
company: |
Aircel Digilink India Limited |
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Designation: |
Additional Director |
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CIN of company: |
U64202TZ1995PLC007674 |
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Name of the
company: |
Hutchision Essar Cellular Limited |
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Designation: |
Additional Director |
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CIN of company: |
U72200DL1997PTC085764 |
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Name of the
company: |
Essar Spacetel Private Limited |
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Designation: |
Additional Ditrector |
KEY EXECUTIVES
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Name : |
Mr. Srinivas R. Varanasi |
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Designation : |
Company Secretary |
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Address : |
J,8/43, Patrkar Colony, Vijay Nagar, Naranpura, Ahmedabad;380013 |
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Date of Birth/Age : |
04.07.1965 |
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Date of Appointment : |
31.08.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mahendra Nahata |
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100 |
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Vinay Maloo |
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100 |
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Deepak Malhotra |
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100 |
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Jagdish Prasad Lakhotia |
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100 |
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Ashok Kumar Gugulia |
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100 |
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Prakash Chand Gugulia |
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100 |
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Kotak Mahindra Investment Limited |
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2002500 |
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IndusInd Telecom Networks Limited |
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150000000 |
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Trans Crystal Limited |
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245000000 |
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Kotak Mahindra Finance Limited |
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34999400 |
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Usha Martin Telematics Limited |
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49975000 |
Equity Share Break-up
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in providing cellular services in Gujarat under Licence from DOT on revenue sharing basis. The company’s services include roaming, short messaging, call management, voice mail, SMS services, dial up services, W & P, bill on web, IN system, etc. Subject also holds a Basic Telephone Services Licence from DOT - issued on 29.01.2001, which is also yet to be explored. |
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Products : |
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Exports : |
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Countries : |
USA, Europe, Africa, Middle East and Singapore. |
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Imports : |
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Products : |
capital goods, raw materials, components and spares,
consumables, stores and other items from reputed manufacturers |
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Countries : |
Japan, Hong Kong, Israel, Europe and USA |
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Terms : |
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Purchasing : |
locally against 90 days terms. L/C upto 180 days terms |
GENERAL
INFORMATION
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Suppliers : |
˜ Nokia, Japan (GSM, M/W equipments, SMCL, WAP Gateway for mobile, Switches, upgradation international area, etc.) ˜ Shinawatra, Bang Kot, Thailand (Billing System) ˜ Comverse, Israel (Voice Mail System, Prepaid System, etc.) Subject mainly undertakes technology upgradation and changes of the machineries / equipments supplied by the above suppliers. ˜ Sechlumberger, Germany (Sim Cards) ˜ Sharon Global, Singapore (Sim Cards) ˜ Orga (Sim Cards) ˜ GemPlus (Sim Cards) (Sim cards are supplied from their Delhi Offices in India). |
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No. of Employees : |
650 |
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Bankers : |
˜ Bank of Baroda, Ahmedabad, Gujarat ˜ Central Bank of India, Ahmedabad, Gujarat ˜ The Hongkong & Shanghai Banking Corporation Limited, Ahmedabad, Gujarat ˜ The Hongkong & Shanghai Banking Corporation Limited, 82/90, M. G. Road, Fort, Mumbai - 400 001 Facility : Credit : Rs. 2 billions dated 19.07.2001 against hypothecation of machinery and land and building (joint deed of hypothecation) ˜ ICICI Bank, Ahmedabad, Gujarat ˜ IDBI Bank, IDBI Complex, Near Lal Bunglow, C. G. Road, Ahmedabad - 380 006, Gujarat Facility : Term Loan : Rs. 1200 millions dated 20.03.1998 Short Term Loan : Rs. 350 millions dated 02.03.2000 ˜ Indian Bank, Ahmedabad, Gujarat ˜ IndusInd Bank Limited, Ahmedabad, Gujarat ˜ Standard Chartered Grindlays Bank Limited, Ahmedabad, Gujarat ˜ Bank of America, Express Tower, Nariman Point, Mumbai - 400 021 |
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Facilities : |
1)Short term Loan from HSBC and Standard Chartered Bank are secured by corporate guarantee from Hutchison Limited HK SAR and first PariPassu Charge on fixed assets of the company 2) Amount repayable within one year Rs. 2.100 Millions Pervious year Rs.3.417 Millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanklecha and Associates Chartered Accountant |
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Address : |
170, Mint Street, Chennai;600079, Tamilnadu |
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Memberships : |
Confederation of Indian Industry |
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Collaborators : |
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Associates/Subsidiaries : |
˜ Kotak Mahindra Finance Limited Mumbai, Maharashtra ˜ Usha Martin Telecommunications Limited AA-Land Mark, 228-AJC Bose Road, Kolkata – 700 020, West Bengal ˜ Shinawatra International Public Corporation Limited 1291/1, Phrayst Tower & Plaza, Phaon Yothin Road, Payathai, Bang Kok – 10400 ˜ Bezeq, The Israel Telecommunication Corporation Limited 29, Jaffa Road, Jerusalem, Israel – 94221 ˜ Hutchison Telecommunications Limited, Hong Kong ˜ Hutchison Wharnpoa Limited, Hong Kong ˜ The Hinduja Group, London ˜ Hutchison Group – An international player have joined hands with Essar Group and provide cellular services in four major metros in Delhi, Hyderabad, Bangalore and Chennai (Through Hutchison Max India Limited). Thus Hutchison took over the shares in the subject through its Mauritius subsidiary Trans Crystal Limited for Non-metro services, in Gujarat. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity Share |
Rs.10/-each |
Rs.7500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Share |
Rs.10/- each |
Rs.5000.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9000.000 |
9000.000 |
5000.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3359.000 |
6035.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1288.700) |
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NETWORTH |
12359.000 |
15035.000 |
3711.300 |
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LOAN FUNDS |
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1] Secured Loans |
1750.000 |
4250.000 |
2100.000 |
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2] Unsecured Loans |
29219.000 |
36118.000 |
914.550 |
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TOTAL BORROWING |
30969.000 |
40368.000 |
3014.550 |
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DEFERRED TAX LIABILITIES |
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|
79.580 |
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TOTAL |
43328.000 |
55403.000 |
6805.430 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18190.000 |
20430.000 |
6804.910 |
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Capital work-in-progress |
0.000 |
0.000 |
102.42 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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Accured Billing Revenue |
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|
147.800 |
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Inventories |
14583.000 |
25444.000 |
11.320 |
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Sundry Debtors |
6936.000 |
5514.000 |
429.700 |
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Cash & Bank Balances |
11681.000 |
1271.000 |
301.540 |
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Other Current Assets |
3800.000 |
3428.000 |
0.000 |
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Loans & Advances |
30.000 |
30.000 |
1112.370 |
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Total
Current Assets |
37030.000 |
35687.000 |
2002.730 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
11877 |
702.000 |
1896.260 |
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Provisions |
15.000 |
12.000 |
207.350 |
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Total
Current Liabilities |
11892.000 |
714.000 |
2103.610 |
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Net Current Assets |
25138.000 |
34973 |
(100.89) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.99 |
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TOTAL |
43328.000 |
55403.000 |
6807.430 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
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Sales Turnover |
|
9019.660 |
7265.470 |
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Other Income |
|
80.730 |
43.630 |
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Total Income |
|
9100.390 |
7309.100 |
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Profit/(Loss) Before Tax |
|
2963.500 |
1899.160 |
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Provision for Taxation |
|
175.300 |
400.400 |
|
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Profit/(Loss) After Tax |
|
2788.200 |
1498.760 |
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Expenditures : |
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|
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Salaries, Wages, Bonus, etc. |
|
206.469 |
174.890 |
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Managerial Remuneration |
|
2.774 |
5.771 |
|
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Payment to Auditors |
|
3.875 |
3.956 |
|
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Interest |
|
146.599 |
224.177 |
|
|
Insurance Expenses |
|
8.788 |
8.595 |
|
|
Power & Fuel |
|
134.750 |
80.921 |
|
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Depreciation & Amortization |
|
1121.260 |
1047.290 |
|
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Other Expenditure |
|
4512.375 |
3864.340 |
|
Total Expenditure |
|
6136.890 |
5409.940 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
--
|
30.63 |
20.50 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
32.85 |
26.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
5.36 |
-- |
|
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.23 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.04 |
-- |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11
|
49.98 |
-- |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
FASCEL LIMITED |
|
Presented By |
V. Srinivas,
company Secretary and A.V.P (Legal) |
|
1) Date and description of instrument creating the change |
A joint Deed of Hypothecation dated 31st March 2003
executed between fascel limited (Comp[any) and the Hong Kong and Shanghai
Banking Corporation Limited (HSBC)and Standard Chartered Bank (Stan Chart.) .
A certified copy of the said Deed of Hypothecation is enclosed |
|
2) Amount secured by the charge/amount owing on the securities of charge |
1. HSBC:
Rs.2000.000 Millions 2. Standard
Chartered Bank Rs.3800.000
Millions Total
Rs.5800.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the company’s
present and future plant and machinery wheresoever situated, held or kept in India,
including borrower’s premises/ Factories/godowns or held any third party to
order the dispositions of the borrower and /or in transit and all documents
of title, negotiable instruments, policies, insurance or other documents and/
or instruments relating thereto, as per the Annexure Attached |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
At the request of
the Company HSBC and Stn Chart (herinafter reffered to as ‘Banks) sanctioned
to the company financial facility of Rs. 2000.000 Millions and Rs. 3800.000
Millions respectively In consideration
of the said Banks sanctioning the financial facilities to the company, the
company had Hypothecated Assets mentioned in item no.3 above creating the
First Joint Pari Passu charge in favour ofnthe said Banks. |
|
5) Name and Address and description of the person entitled to the charge. |
1) The Hong Kong
and Shanghai Banking Corporations Limited 52/60 M.G. Road, Fort, Mumbai;400 001 2) Standard
Charterd Bank 90, M.G. Road, Fort, Mumbai-400 001 |
|
6) Date and brief description of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
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Corporate
identity number of the company |
U99999GJ1999PTC003582 |
|
Name of the
company |
FASCEL LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6TH
Floor, Salar Iiellis Bridge, Ahmedabad 6, Gujarat India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
U66020MH1995PTC095507 IL and FS Trust Company
Limited IL & FS
Finsncial Centre, Plot No.C-22, G Block, BA Kurla Complex
Bandra (East), Mumbai ; 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dt 22 February 2006 excuted by the Company in favour of IL&FS
Trust Company Limited as Security Trustee- Details in Annexure I |
|
Date of
instrument Creating the charge |
22.02.2006 |
|
Amount secured by
the charge |
Rs.67100.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
-- |
|
Description of
the property charged |
Plant and
Machinery, Furniture and Fixture, Stock in trade, Book Debts, Vehicles , Fixed deposits and Intangible Assets |
|
Particulars of the
property charged |
- |
Fixed Assets
Intangible Asset
- Computer software
- License Fees
Tangible Assets
- Freehold Land
- Lease hold Land
- Building
- Leasehold improvement
- Plant and Machinery
- Computer Hardware
- Office Equipments
- Furniture and Fixture
- Vehicles
HISTORY
Subject was incorporated on 5th March, 1995 at New Delhi having Company Registration Number 66342.
The Registered Office of the company has been shifted from New Delhi to Ahmedabad in Gujarat with effect from 11.01.1999 and a New Company Registration Number 35282 of Gujarat ROC was obtained.
Subject was promoted by Himachal Futuristic Communications Limited. Later on, Shinwantra Group, Bezeq : The Israel Telecom Corporation Limited and Kotak Mahindra Group joined hands and tookover the management and shareholding of the subject. 30% of the shareholding was held by Himachal Futuristic Communications Limited was then bought by the Hindujas Later. Then Hutchison Group through its subsidiary Trans Crystal Limited, Mauritius bought the shareholding of Shinwantra Group, Thailand and Bezeq, Israel.
Now, the company is owned and managed by Hutchison Group.
The holding company Hutchison Group is an International player and has joined hands with Essar Group and provide cellular services in four major metros : Delhi, Hyderabad, Bangalore and Chennai (Through Hutchison Max India Limited).
Thus Hutchison took over the shares in the company through its Mauritius based Subsidiary : Trans Crystal Limited - for non-metro services in Gujarat.
The company operates from caption owned office premises of area admeasuring approximately 10000 sq.ft. including the entire 6th floor of Sakar II). The company also leased half portion of 7th floor and ¼ of 4th floor of the same building recently. All the 13 branch offices in Gujarat are owned by the company.
The company pays 12% to 15% of the revenues earned to DOT every year, as per the Ongoing Revenue Sharing Agreement, and later settles the actual amounts and dues.
Subject holds an ISP License from DOT, sanctioned on 12.11.1999 and has started to provide internet services from 2003.
Subject anticipate bright business prospects for the coming years. Its customer base almost doubles every year and is proposed to cover the entire state of Gujarat, with cost effective schemes and better services to its customers.
The company has freehold and leasehold immovable properties (plots of land and built up facilities) - Tower at the following locations :
˜ At Village, Chhadavad, Taluka & District Ahmedabad, Gujarat
˜ At Village Vadadala, Taluka & District Bharuch, Gujarat
˜ At Village Antroli, Taluka Matar, District Kaira, Gujarat
˜ At Village Adalaj, Taluka & District Gandhinagar, Gujarat
˜ At Village Umarwada, Taluka Choryasi, District Surat, Gujarat
˜ At Village Mandali, Taluka & District Mehsana, Gujarat
˜ At Village Karjan, Taluka Karjan, Gujarat
The company has more than 300 towers in Gujarat (Base Transceiver Station).
holding company
˜ Hutchison Group
˜ Hutchison Telecommunications Limited, Hong Kong
- 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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
|