MIRA INFORM REPORT
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Report Date : |
22.01.2007 |
IDENTIFICATION DETAILS
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Name : |
BHARATI
SHIPYARD LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1976 |
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Com. Reg. No.: |
11-19092 |
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CIN No.: [Company Identification No.] |
U61100MH1976PLC019092 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMB11876E |
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PAN No.: [Permanent Account No.] |
AAA
1688 E |
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Legal Form : |
Public limited liability
company. The company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Engaged
in business of shipbuilding, shipping, naval architecture, marine engineering
and ocean engineering jobs for all kinds of ships, river, sea going and
amphibian vessels. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 5000000 |
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Status : |
Satisfactory |
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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 progressive company having established satisfactory
track records. The company’s first IPO was successful. Financial
position is good and now improving fast. Trade
relations are fair. Payments are usually correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22679090 |
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Fax No.: |
91-22-22654044 |
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E-Mail : |
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Website : |
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Head Office : |
Ø
Mirya Bunder,
Ratnagiri, Tel. 91-2352-232340 / 232371 Fax. 91-2352-232524 Ø
Ghodbunder,
District Thane, Tel. 91-22-28111497 / 28111093 Fax. 91-22-28103360 |
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Corporate Office : |
302
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Tel. No. : |
91-22-23028
9200 / 23028 9201 |
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Fax No. : |
91-22-23028
9222 |
DIRECTORS
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Name : |
Mr.
Prakash Chandra Kapoor |
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Designation : |
Managing
Director |
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Address : |
7/8,
Krishna Kunj, |
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Age : |
61
years |
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Qualification : |
B.
Tech. |
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Experience : |
36
years |
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Date of Appointment : |
07.06.2004 |
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Previous Employment : |
Mazgaon
Dock Limited |
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Name : |
Mr.
Vijay Kumar |
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Designation : |
Managing
Director |
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Address : |
410/411,
Mittal Park, |
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Age : |
61
years |
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Qualification : |
B.
Tech. |
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Experience : |
36
years |
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Date of Appointment : |
07.06.2004 |
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Previous Employment : |
Mazgaon
Dock Limited |
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Name : |
Mr.
Suresh Mohan Jagtiani |
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Designation : |
Director |
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Address : |
28,
Jaikiran, 7th Floor, Cuffe Parade, Mumbai – 400 005, |
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Name : |
Mr.
J M Gandhi |
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Designation : |
Director |
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Name : |
Ms.
Sherali M. Sheikh |
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Designation : |
Director |
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Name : |
Mr.
B L Patwardhan |
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Designation : |
Director
[Nominee – SBI] |
KEY EXECUTIVES
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Name : |
Mr.
U. A. Patel |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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PROMOTERS HOLDING |
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Promoters |
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Indian
Promoters |
9999200 |
44.44 |
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Persons
acting in Concert |
4200 |
0.02 |
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Sub – Total |
10003400 |
44.46 |
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Non Promoters Holding |
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Mutual
Funds and UTI |
4674573 |
20.78 |
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Banks,
Financial Institutions, Insurance Companies [Central / State Government
Institutions/Non Government Institutions] |
443799 |
1.97 |
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FIIs |
4332011 |
19.25 |
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Sub-Total |
9450383 |
42.00 |
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Others |
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Private
Corporate Bodies |
1090468 |
4.85 |
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Indian
Public |
1835270 |
8.16 |
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NRIs/
OCBs |
57441 |
0.26 |
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Any
other |
63038 |
0.28 |
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Sub-Total |
3046217 |
13.54 |
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Total |
22500000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged
in business of shipbuilding, shipping, naval architecture, marine engineering
and ocean engineering jobs for all kinds of ships, river, sea going and amphibian
vessels. |
GENERAL INFORMATION
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Customers : |
Ø Tartos Port General Company, Ø AL Jabar Shipping Agencies And Marine Works, Ø Reliance Industries Limited Ø Great Eastern Shipping Company Limited Ø Halul Offshore Services Company, |
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No. of Employees : |
550 |
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Bankers : |
> State Bank of > State Bank of > State Bank of Travancore > Andhra Bank > ICICI Bank |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Ø
Shantilal Mehta
& Company Chartered Accountants Address
: 6, Tel.
No.: 91-22-22048464 / 22881912 Ø
Bhuta Shah
& Company Chartered Accountants |
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Associates : |
Ø Bharati Shipping and Dredging Company Private Limited Ø Pinky Shipyard Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity
Shares |
Rs. 10 Each |
Rs. 400.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22500000 |
Equity
Shares |
Rs. 10 Each |
Rs. 225.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED
BALANCE SHEET
|
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 |
225.000 |
225.000 |
92.360 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1586.657 |
1146.328 |
243.097 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1811.657 |
1371.328 |
335.457 |
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LOAN FUNDS |
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1] Secured Loans |
931.258 |
229.510 |
221.953 |
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2] Unsecured Loans |
4538.251 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
5469.509 |
229.510 |
221.953 |
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DEFERRED TAX LIABILITIES |
152.902 |
8.205 |
7.942 |
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TOTAL
|
7434.068 |
1609.043 |
565.352 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
720.094 |
128.662 |
130.429 |
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Capital work-in-progress
|
297.439 |
66.965 |
0.000 |
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INVESTMENT
|
24.528 |
65.116 |
0.012 |
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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
|
1993.018 |
805.864 |
436.324 |
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Sundry Debtors
|
687.725 |
243.541 |
113.353 |
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Cash & Bank Balances
|
4713.429 |
6.520 |
3.080 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
532.393 |
795.336 |
302.745 |
Total Current Assets
|
7926.565 |
1851.261 |
855.502 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
1297.343 |
351.660 |
363.678 |
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Provisions
|
286.142 |
205.492 |
56.913 |
Total Current Liabilities
|
1583.485 |
557.152 |
420.591 |
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Net Current
Assets
|
6343.080 |
1294.109 |
434.911 |
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MISCELLANEOUS EXPENSES
|
48.927 |
54.191 |
0.000 |
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TOTAL
|
7434.068 |
1609.043 |
565.352 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
2950.269 |
1929.780 |
1217.405 |
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Profit/(Loss) Before Tax
|
781.539 |
375.011 |
93.158 |
Provision for Taxation
|
270.865 |
101.435 |
33.201 |
Profit/(Loss) After Tax
|
510.674 |
273.576 |
59.957 |
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Export Value
|
1909.941 |
328.465 |
231.263 |
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Import Value
|
0.000 |
846.549 |
443.812 |
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Total Expenditure
|
2168.730 |
1554.769 |
1124.247 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2006 (1st Quarter) |
30.09.2006 (2nd Quarter) |
Sales Turnover
|
|
673.100 |
754.900 |
Other Income
|
|
86.100 |
95.400 |
Total Income
|
|
759.200 |
850.300 |
Total Expenditure
|
|
538.800 |
610.800 |
Operating Profit
|
|
220.400 |
239.500 |
Interest
|
|
26.800 |
36.100 |
Gross Profit
|
|
193.600 |
203.400 |
Depreciation
|
|
9.900 |
10.600 |
Tax
|
|
52.800 |
2.300 |
Notes
200606
Quarter 1
Other Income Includes Subsidy Rs.71.280
million Other Income Rs 14.832 million Expenditure Includes Consumption of Raw
Materials & Stores Rs 385.342 million Staff Cost Rs 64.946 million Other
Expenditure Rs 88.542 million Tax Includes Provision for Current Tax Rs 52.082
million Deferred Tax Rs 9.733 million Fringe Benefit Tax Rs 0.659 million EPS
is Basic & 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 04 Complaints disposed off during the quarter 04
Complaints unresolved at the end of the quarter Nil 1. The above unaudited
financial results were reviewed by Audit Committee and taken on record by the
Board of Directors of the their meeting
held on July 29, 2006. 2. The Company is engaged in a single business segment
of design and construction of seagoing, coastal, harbor and inland vessels. 3.
Figures have been regrouped / rearranged wherever necessary. 4. The order book
position is as on June 30, 2006 Total Order Book - Rs 14637.704 million Order
Book Pending Execution - Rs 10350.818 million 5. The Institute of Chartered
Accountants of India has issued a revised Accounting Standard on Employees
Benefits (AS-15) effective from April 1,2006. The liabilities for defined
benefit plan are being reviewed in terms of the requirement of the said
Accounting Standard and accordingly necessary adjustments will be carried out
at the end of the current financial year.
Notes:
200609 Quarter 2
EPS
is Basic Status of Investor Complaints for the quarter ended 30.09.2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 03 Complaints disposed off during the quarter 03 Complaints
unresolved at the end of the quarter Nil 1. The above unaudited financial
results were reviewed by Audit Committee and taken on record by the Board of
Directors at this meeting held on 20.10.2006. 2. During the quarter, the
Company has commissioned three wind power energy mills with total capital
capacity of 4.95 MW with total capital outlay of Rs 321.90 million. 3. The
figures have been regrouped / rearranged wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Debt Equity Ratio
|
1.88 |
0.29 |
0.99 |
Long Term Debt Equity Ratio
|
1.58 |
0.05 |
0.19 |
|
Current Ratio |
3.04 |
1.99 |
1.41 |
TURNOVER RATIO
|
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|
|
|
Fixed Assets |
4.28 |
3.05 |
5.82 |
Inventory
|
1.44 |
0.75 |
2.05 |
|
Debtors |
4.32 |
2.61 |
7.03 |
Interest Cover Ratio
|
9.00 |
5.57 |
2.19 |
|
Operating Profit Margin (%) |
44.46 |
99.06 |
21.44 |
Profit Before Interest And Tax Margin (%)
|
43.73 |
98.11 |
20.96 |
|
Cash Profit Margin (%) |
26.13 |
59.66 |
7.82 |
|
Adjusted Net Profit Margin
(%) |
25.40 |
58.71 |
7.33 |
|
Return On Capital Employed
(%) |
20.37 |
47.01 |
39.86 |
|
Return On Net Worth (%) |
33.64 |
35.35 |
27.74 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.416.00/- |
|
Low |
Rs.415.05/- |
LOCAL AGENCY FURTHER INFORMATION
Capital
During
the year under review the Authorised Capital was increased from Rs.250 millions
to Rs. 400 millions consisting of 4,00,00,000 Equity Shares of Rs.10/- each and
Issued, Subscribed and Paid Up Capital remained unchanged at Rs.225 millions.
Dividend
Directors
recommended the Dividend out of the available surplus, at the rate of 25% on
Paid Up Equity Shore Capital of Rs.2250 millions i.e. @ Rs.2.507- per share on
2,25,00,000
Operating Results and Profits
During
the year under review the Company has achieved it’s highest ever sales of
Rs.2950.3 millions. Their Company has achieved profit after tax Rs.510.7
millions as against Rs.273.6 millions in the previous year, an upsurge of
86.66%.
Company's
quality, competitive prices and timely delivery of vessels has resulted in
getting repeal orders from the satisfied customers and enlarging its customer
base including well known buyer from Prance Bourbon Supply Investments. Their
Company has order book position worth Rs.14.6 millions, which includes orders
from customers like The Great Eastern Shipping Company Limited, Reliance
Industries Limited, Bourbon Supply Investments, Nor Lines AS, Sea Cargo AS, M.
K. Shipping Company Limited and other well known and established companies all
over the Globe.
Finance
The
Company issued Foreign Currency Convertible Bonds of US $ 100 millions to
foreign investors during the year. The Company intends to use the net proceeds
of the offering primarily for the construction of a new shipyard at Mangalore.
As
at the end of financial year, the company has working capital facilities of
Rs.10000 millions (both fund based of Rs. 500 millions as well as non-fun based
of Rs. 9500 millions) by way of consortium finance where State Bank of
Biodata
Subject
is a private sector Indian shipyard engaged in design and construction of
various types of sea-going, coastal, harbour and inland crafts and vessels. Its
product range has been upgraded from the simple inland cargo barges to deep-sea
trawlers and dredgers to maneuverable and power-packed ocean-going tractor
tugs, cargo ships, tankers and vessels required by the offshore industry.
Subject is promoted by P C Kapoor and Vijay Kumar, both of whom are qualified
naval architects from IIT, Kharagpur, and have a long experience in ship
building and management.
From an output of only one small ship on inception, subject has achieved an
output of six vessels in a year. It has constructed and delivered 49 maneuverable
vessels till date. Of this, 34 vessels were delivered from 1997. Currently, 13
vessels are under construction. The company also repair ships at its shipyards.
The management expects around 20% of the total revenue from repairs after
expansion is complete.
Presently, subject is capable of fabricating and erecting up to 14 vessels of
various sizes with a maximum length up to 120 meters and breadth up to 18
meters simultaneously
Key Events of the Company
since Inception:
1976:
Incorporated as a Private Ltd Company on 22nd June, 1976 under the Companies
Act, 1956
1985:
Bagged our first export order for construction of 5 Barges from
1991:
Received order for 2 Specialized Tractor Tugs with installed power of over 4000
BHP from Cyprus Port Authority
1995: Received EEPC Export Performance Award:
Became the recipient of National Corporate Excellence Award.
1996:
Received EEPC certificate of Highest, Export Performance for the year 1995-96
1997:
Received order for supply of 2 maneuverable tugs to Reliance India Ltd.
Received order for two nos. 80 mtrs long 2,100 ton mini bulk carriers to
Greatship Singapore.
2000:
Received orders from Qatar Shipping Co. for supply of 4 nos. 5,000 HP Azimuthal
Stern Drive Tugs. Received orders from A1 Jabar Establishment,
2003:
Received repeat order from Al Jabar Establishment,
Became
ISO certified in the area of construction, supply and repair of inland, coastal
and ocean going steel ships and vessels and received certificate ISO 9001:2000
under the said scope of quality standard.
Received repeat order from M/s. Reliance Industries Ltd for a 52 tons Bollard
Pull ASD Tug within 2 months of delivery of similar Tug to them. Received
repeat order from M/s. Halul Offshore Services,
2004:
Started construction of two 7,000 BHP Anchor Handling Tugs cum supply vessel
for Great Eastern Shipping Company Ltd. Received order from Halul Offshore
Service for 2 nos. 65 Tons Bollard Pull Anchor Handling Tug Cum Supply Vessel.
During the year under report, the
turnover of the Company amounted to Rs. 1929.8 Millions as against Rs. 1217.4
Millions, in the previous year. The operating profit before Depreciation and
Taxation is Rs. 379.4 Millions as against Rs. 97.1 Millions in the precious
year. The net profit after depreciation and taxation is Rs. 273.6 Millions as
against Rs. 59.9 Millions in the previous year.
The Directors are pleased to recommend the Dividend out of the available
surplus, at the rate of 25% on Paid Up equity share capital of Rs. 225 Millions
i.e. @ Rs. 2.50/- per share on 2,25,00,000 Equity Shares of Rs. 10/- each
aggregating to Rs. 56.2 Millions as against Rs.10.8 Millions in the previous
year.
Industrial scenario and future
prospects:
The ship building industry world over is witnessing a robust growth. The
respective governments are also helping the industry with suitable policy
measures and Indian Government also has taken certain positive steps. The
Government has announced its schemes of Sagar Mala and Sethusamudram projects.
The Government of India, Ministry of Shipping, Road Transport and Highways, in
the Department of Shipping has also notified Draft Policy for Maritime Sector
(Ports, Merchant Shipping & IWT), giving a road map for a planned
development of the industry.
Initial Public Offer:
The Company came out with an IPO of 1,25,00,000 Equity Shares of Rs. 10/- each
at a premium of Rs. 56/- per share. The issue opened on 2'd December-2004 and
closed on 8' December-2004. The issue was oversubscribed by about 70 times. The
shares of their Company are now listed at Mumbai Stock Exchange (BSE) and
National Stock Exchange of India Limited (NSE).
Wind Power Project:
The Company is putting up a Wind Farm, consisting of 8 Wind Energy Generators
of 750 KW each, at Village: Brhamanvel, Taluka: Sakri, Dist: Dhule, in
Maharashtra. The project is likely to be commissioned in September-2005.
Research
and development:
Subject Limited in partnership with Goa Shipyard Limited and Indian Register of
Shipping is undertaking a research project on ship design for greater
efficiency and economy at IIT, Kharagpur.
Subject is taking part in a Design Research Project for a Safe Tug Design. In
response to demands from the offshore and oil industry for designing tug to
suit harsher environmental conditions, increased safety and comfort of crew, a
Joint Industry Project 'SAFE TUG' has been initiated by MARIN, Netherlands. The
group comprises of Oil / Gas majors, Tug operators, designers and Shipyards
Amongst the shipyards worldwide, only Bharati Shipyard, India and Damen
Shipyard, Netherlands have been chosen to be a part of this group, comprising
of Tug designers such as Robert Allen and Kooren; Oil / Gas majors such as BP,
BHP, Shell, Chevron, Exxon Mobil and Nestle Oil; Tug Operators such as Adsteam,
Smith, Svitzer, Tied water and Lamnalco. Using the knowledge within this group
the project aims at understanding the framework of Tug-terminal operations
critical Tug design and operation parameters and the effects / implications on
Tug / Terminal design and operation. In addition to participation in the SAFE
TUG Steering group, Bharati Shipyard will also be working closely with other
participants in the Working Group on Tug Design. This will create a Tug Design
Data Base, which will be available to only the participants.
Fixed Assets
Ø Land
Ø Building
Ø Plant and machinery
Ø Furniture and fittings
Ø Vehicles
Ø Computers
Ø Office Equipments
Website details are attached herewith
Company Profile
Subject
was formed in 1968 as a partnership firm of seven stake holders. The then, it was
an only organization on paper having a small shipyard at Ratnagiri. In 1973,
the partnership lowered to three with Mr. Vijay Kumar and Mr. P.C. kapoor
taking the rein of the business. The shipyard at Ratnagiri was taken over with
the intention of developing it into a modern shipbuilding yard. The company
became a private concern in 1976.
Today,
Subject is humming with the sound of myriad activities that constitute the art
and science of shipbuilding. In a giant stride, the product range has been
upgraded from the simple inland cargo barges, through sophisticated deep-sea
fishing trawlers and state-of-art dredgers, to the technological marvel of the
highly maneuverable and power-packed Ocean Going Tractor Tugs, Cargo/Container
Ships, Tankers etc.
The
latest in technology has been infused in the shipyard, both in materials and
expertise, and no efforts has been spared to achieve the single magic letter
"Q" for quality. This alone has contributed to the gamut of satisfied
customers, who have, time and again, come back to subject for their additional
requirements. From port trusts, fishing companies and water transport
authorities to commercial organizations and overseas customers, all have
benefited from concerted after-sales service drive that has been launched by
the yard to emphasize that the delivery of a vessel is only the beginning of
its commitment endorsed in the concert.
Subject
is a company whose activities cover a wide range of businesses including
shipbuilding, ship repair and offshore services. The shipyard has been in
existence since 1968. It was taken over by the present management in 1973 and
subsequently registered as a private limited company. It is now the leading
medium sized shipyard in the private sector in
• EEPC Outstanding
Export Performance Award-1994-95
• National Corporate Excellence Award -1995
• EEPC certificate for Highest Export Performance -1995-96
The centralized head office
of subject is located at Mumbai.
The following activities of
the shipbuilding division are carried out from head office:
Ø
Administration
Ø
Marketing
Ø
Design
and Product Development
Ø
Planning
and Co-ordination
Ø
Purchase
-Accounts
Ø
After
Sales Services
The ship building
activities of the company are carried out at Ratnagiri, Ghodbunder (
The shipyard is on the approved list of
many reputed clients, some of which are mentioned below:
Ø
Qatar
Shipping Company
Ø
Cyprus
Ports Authority
Ø
Reliance
Industries Limited
Ø
The
Great Eastern Shipping Company Limited
Ø
Ministry
of Surface Transport
Ø
Indian
Navy
Ø
Central
Inland Water Transport Corporation
Ø
Ø
Ø
Ø
Ø
The company is also an active
member of the following Industrial/Commercial bodies.
Ø
Shipyards
Association of
Ø
Confederation
of
Ø
Association
of Indian Fishery Industries
Ø
Engineering
Export Promotion Council of
Ø
Ø
Indian
Register of Shipping.
Ø
Indian
Merchants Chamber.
The company has built up a reputation
for technical excellence, quality of workmanship and for meeting delivery
commitments
Quality Policy
The
shipyard has constructed vessels to the stringent requirements of international
classification societies like Lloyds Register of Shipping - U.K, Bureau Veritas
- France, The American Bureau of Shipping, Cyprus Bureau of Shipping -
The
shipyard based on its past performance has built up a reputation for a high
degree of professionalism, technical excellence, and a high standard of
workmanship on the vessels constructed by them.
Separate
checks are made by the shipyard's own quality control cell at various stages of
construction i.e. plate preparation, units assembly erection and fitting out in
the order to ensure that the materials and workmanship are of the highest
quality.
Since
the quality of welding is one of the critical determinants in shipbuilding,
special care is taken by the quality control cell of the yard to ensure that
the welding conforms to the best shipbuilding standards. Facilities for
radiography are available in house.
The
in-house X-ray department ensures the quality of workmanship. This department
has been set up after receipt of approval from Bhaba Atomic Research Centre.
Subject bags order from
GE Shipping
The
Bureau
Mumbai,
August 23
Subject
is a private sector shipyard, has received a repeat order for two 80-tonne
anchor handling tug-cum-supply vessels (AHTSs) from the GE Shipping Company
Limited.
According
to an official statement, the first vessel is scheduled for delivery in the
beginning of 2005. The vessels are designed for offshore duties, including
anchor handling and supply to offshore installations.
The
vessels, which will be fitted with modern control systems, will be classed with
the American Bureau of Shipping and the Indian Register of Shipping. GESCO had
earlier placed orders for four AHTSs of 120-tonne and 80-tonne capacity, with
subject.
The
statement quoting Mr P.C. Kapoor, Managing Director, Bharati Shipyard, said:
"The increased ship-building activity in the country will help save
foreign exchange and at the same time give more employment to skilled
personnel."
CMT REPORT [Corruption, Money laundering &
Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No 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.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|