MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BPL MOBILE COMMUNICATIONS LIMITED |
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Registered Office : |
XL-5115, 2ND Floor,
Ashish Building, Shanmugham Road, Ernakualm, Cochin – 682031, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1975 |
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Com. Reg. No.: |
09-2757 |
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CIN No.: [Company
Identification No.] |
U29299KL1975PLC002757 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB06449C |
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Legal Form : |
A Closely Held Public Limited liability company. |
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Line of Business : |
The Company is engaged in the business of providing Cellular Mobile
Telephone service in Mumbai, Navi Mumbai and Kalyan Telecom Districts. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 3860930 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company in Indian Mobile Industry, but
face fierce and cut-throat competition from fellow players, such as Vodafone,
Airtel, Tata, Reliance, etc. Company’s profitability is under severer
pressure. It has huge accumulated losses. Payments are reported as slow and
delayed. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
XL-5115 Ashish Building, Shanmugham Road, Cochin – 682031, Kerala,
India |
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Tel. No.: |
91-491-534968 |
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Fax No.: |
91-484-382282 |
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E-Mail : |
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Website : |
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Corporate Office : |
127, Manmala Tank Road, Talkai Wadi, Mahim, Mumbai – 400016,
Maharashtra, India |
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Gallery : |
Located at : v
Andheri v
Borivali v
Chembur v
Churchgate v
Dombivali v
Fort v
Ghatkopar v
IRLA v
Kandivali v
Lokhandwala v
Mahim v
Malad v
Mira-Bhayander v
Mohammed Ali Road v
Mulund v
Opera House v
Panvel v
Santacruz v
Thane v
Vashi v Vile Parle |
DIRECTORS
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Name : |
Mr. Jayabharath Reddy K |
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Designation : |
Director |
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Address : |
Prashanti 6-3-1186/6, Begumpet Road, Hyderabad – 500016, Andhra
Pradesh, India |
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Date of Birth/Age : |
12.04.1937 |
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Date of Appointment : |
23.12.2005 |
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Name : |
Mr. Vikash Saraf |
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Designation : |
Director |
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Address : |
2 B, Saker Apartments, 71 Pochkhanawals Road, Worli, Mumbai – 400025,
Maharashtra, India |
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Date of Birth/Age : |
18.12.1968 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. Prem Rajani |
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Designation : |
Director |
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Address : |
11, Palekar Chambers, 4th Floor Dhobi Taleo, Mumbai,
Maharashtra |
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Date of Birth/Age : |
30.01.1967 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. Mukhopadyay Kumar Tapan |
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Designation : |
Director |
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Address : |
Flat No. 10 C, Rajhans Hasting Park Road, Alipore Kolkata – 700017,
West Bengal, India |
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Date of Birth/Age : |
03.09.1949 |
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Date of Appointment : |
18.12.2002 |
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Name : |
Ms. Ruia Anushuman |
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Designation : |
Director |
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Address : |
67 Walkeswar Road, Opposite Birla School Walkeshwar, Mumbai – 4000006,
Maharashtra, India |
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Date of Birth/Age : |
11.03.1971 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Ms. Bindu Saxena |
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Designation : |
Director |
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Address : |
M 233, Greater Kailash – II, New Delhi |
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Date of Birth/Age : |
20.05.1958 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Vijay Chandok |
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Designation : |
Director |
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Address : |
501, ICICI Bank Apartments, Near Kirti College, Prabhadevi Dadar,
Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
23.02.1968 |
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Date of Appointment : |
06.06.2003 |
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Name : |
Mr. Satish Sitaram Rao |
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Designation : |
Director |
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Address : |
Kalpataru Gardens Tower, 2 B Flat No 41, Swayambhu Ganesh Mandir Marg,
Off Ashok, Chakravorty Road, Kandivali -
400101, Maharashtra, India |
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Date of Birth/Age : |
24.10.1957 |
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Date of Appointment : |
20.06.1997 |
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Name : |
Mr. S Subramaniam |
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Designation : |
Additional Director |
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Address : |
B-21, Hindu Colony, Nanganallur, Chennai – 600061, Tamilnadu, India |
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Date of Birth/Age : |
28.11.1960 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mrs. Sangeeta Lakhi |
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Designation : |
Director |
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Address : |
7/709 Supriya Apartments, 4th Road, Parsee Colony, Mumbai –
400014, Maharashtra, India |
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Date of Birth/Age : |
18.01.1969 |
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Date of Appointment : |
15.12.2006 |
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Name : |
Mr. Tapan Kumar Mukhopadhyay |
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Designation : |
Nominee Director |
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Address : |
224-B, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025,
Maharashtra, India |
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Date of Birth/Age : |
03.09.1949 |
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Date of Appointment : |
17.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
No. of Shares |
|
Kerala State Industrial Development Corporation |
2000 |
|
S Sankaranarayanan |
01 |
|
Sathe Kamlakar Girish |
01 |
|
Vyas Babulal Narottam |
01 |
|
Nucent Technologies Private Limited |
01 |
|
BPL Communications Limited |
63740931 |
|
Asia Pacific Systems Limited |
13790882 |
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Essar Teleholdings Limited |
8605360 |
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ICICI Bank Limited |
1500 |
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Industrial Development Bank of India |
25000000 |
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Infrastructure Development Finance Corporation Limited |
50 |
As on 31.03.2007
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
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|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
16.00 |
|
Bodies corporate |
84.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of providing Cellular Mobile
Telephone service in Mumbai, Navi Mumbai and Kalyan Telecom Districts. |
GENERAL
INFORMATION
|
Suppliers : |
v Vishwakarma
Furniture Works v Indo Flexi Pack v Nikeda Art
Printers Private Limited |
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Bankers : |
Axis Bank Limited Fort Branch, Sir,
P. M. Road, Fort, Mumbai – 400001 v
Deutsche
Bank v
Bank
of America v
Corporation
Bank v
CITI
Bank v
Indusind
Bank v Vysya Bank |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Srei Infrastructure Finance Limited, Vishwa Karma, 86C, Topsia Road,
P. S. Beniapukur, Kolkata – 700046, West Bengal, India Infrastructure
Development Finance Company Limited, ITC Centre, 3rd Floor, 760, Anna
Salai, Chennai – 600002, Tamilnadu, India |
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Auditors : |
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Name : |
A. F. Ferguson and Company Chartered Accountants |
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Address : |
Maker Towers “E”, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Associates/Subsidiaries : |
BPL Communications Limited CIN No.: U85110KA1993PLC015093 v
Birla
AT and T Communication Limited v
Tata
Cellular Limited v
BPL
Limited |
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Holding Company : |
v BPL Mobile
Cellular Limited [BCL] v BPL Broadband
Networks Limited [BBNL] v BPL Net.Com
Limited v BPL AFX
Information Service s Private Limited [BPL AFX] v Oye India
Internetworks Limited v Vechtra Stocks
and Securities Private Limited v Maharashtra
Broadband Networks Limited [MBNL] v India
Netexchange Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
136000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1360.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86139177 |
Equity Shares |
Rs. 10/- each |
Rs. 861.392
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.01.2006 to 31.03.2007 |
01.04.2005 to 31.12.2005 |
01.04.2004 to 31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
861.392 |
861.392 |
861.392 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3433.099 |
2876.369 |
2876.369 |
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4] (Accumulated Losses) |
(3522.305) |
(3522.305) |
(3276.634) |
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NETWORTH |
772.186 |
215.456 |
461.127 |
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LOAN FUNDS |
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1] Secured Loans |
6426.482 |
6931.036 |
6733.774 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
6426.482 |
6931.036 |
6733.774 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7198.668 |
7146.492 |
7194.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5693.051 |
6012.727 |
6150.439 |
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Capital work-in-progress |
561.318 |
407.574 |
282.526 |
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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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Inventories |
4.164
|
3.777 |
9.650 |
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Sundry Debtors |
614.071
|
637.153 |
675.319 |
|
|
Cash & Bank Balances |
393.377
|
423.789 |
217.650 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
1625.431
|
2269.174 |
1750.591 |
|
Total
Current Assets |
2637.043
|
3333.893 |
2653.210 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1690.476
|
2664.173 |
1904.124 |
|
|
Provisions |
11.660
|
14.022 |
10.996 |
|
Total
Current Liabilities |
1702.136
|
2678.195 |
1915.120 |
|
|
Net Current Assets |
934.907
|
655.698 |
738.090 |
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MISCELLANEOUS EXPENSES |
0.000 |
5.962 |
23.846 |
|
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Advance for Capital Expenditure |
9.392 |
64.531 |
0.000 |
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|
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|
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TOTAL |
7198.668 |
7146.492 |
7194.901 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
01.01.2006 to 31.03.2007 |
01.04.2005 to 31.12.2005 |
01.04.2004 to 31.03.2005 |
|
|
|
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|
|
|
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Sales Turnover |
7290.917 |
4393.562 |
5354.255 |
|
|
Other Income |
63.044 |
19.677 |
28.537 |
|
|
Total Income |
7353.961 |
4413.239 |
5382.792 |
|
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|
|
|
|
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|
Profit/(Loss) Before Tax |
561.643 |
(239.732) |
525.928 |
|
|
Provision for Taxation |
4.914 |
4652.970 |
1.650 |
|
|
Profit/(Loss) After Tax |
556.729 |
4892.702 |
524.278 |
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Roaming Income |
769.579 |
427.251 |
408.360 |
|
|
Other Earnings |
0.000 |
0.000 |
35.659 |
|
Total Earnings |
769.579 |
427.251 |
444.019 |
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Imports : |
|
|
|
|
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Total Imports |
NA |
NA |
314.638 |
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Expenditures : |
|
|
|
|
|
|
SIM Cards and Accessories |
0.000 |
0.000 |
49.236 |
|
|
Operating Expenses |
0.000 |
0.000 |
2490.980 |
|
|
Marketing Expenses |
0.000 |
0.000 |
377.717 |
|
|
Purchases made for re-sale |
37.115 |
30.003 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
238.026 |
189.311 |
0.000 |
|
|
Interest |
766.459 |
471.738 |
758.295 |
|
|
Insurance Expenses |
5.950 |
4.216 |
0.000 |
|
|
Power & Fuel |
163.461 |
74.536 |
0.000 |
|
|
Depreciation & Amortization |
1354.749 |
926.973 |
1151.171 |
|
|
Other Expenditure |
4226.557 |
2956.194 |
29.464 |
|
Total Expenditure |
6792.318 |
4652.971 |
4856.864 |
|
KEY RATIOS
|
PARTICULARS |
|
01.01.2006 to 31.03.2007 |
01.04.2005 to 31.12.2005 |
01.04.2004 to 31.03.2005 |
|
PAT / Total Income |
(%) |
7.57
|
110.86 |
9.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.70
|
105.90 |
9.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.74
|
49.78 |
5.97 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
21.60 |
1.14 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
10.53
|
44.60 |
18.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.24 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 30th December, 1975 under the
name of “BPL Systems and Projects Limited”.
Its name was changed to “Power Systems and Project Private Limited” on 9th
June 1982.
Again its name was changed to present from 12th March 1996.
Form 8
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Name of the company |
BPL MOBILE COMMUNICATIONS LIMITED |
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Presented By |
Axis Bank
Limited, p. m. Road, Fort, Mumbai – 400001 |
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1) Date and description of instrument creating the change |
Composite
Hypothecation deed dated 04.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 312.000
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 |
Hypothecation by
way of Pari Pass second charge on entire present and future current assets
viz; Plant and
Machinery comprising of tangible movable machineries, fixtures, fittings,
other accessories, vehicles together with spares, tools and accessories and
all other articles lying on the premises at Mumbai or elsewhere or in the
godowns, or held by any party anywhere to order and disposition of the
Company or in the course of transit. Movable goods and
assets, stocks or raw materials, work in progress semi finished goods and
finished goods, packing materials, consumable stores and spares etc.
whatsoever situate and or in transit. Book debts, outstanding
monies, receivables, claims, bills, contracts, securities, investments,
rights and assets due and owing to the company in the course of its business.
|
|||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
The aforesaid
assets are given to secure the following limits granted by the Bank with
Commission as under :
|
|||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited Fort Branch, Sir,
P. M. Road, Fort, Mumbai – 400001 |
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299KL1975PLC002757 |
|
Name of the
company |
BPL MOBILE COMMUNICATIONS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
XL-5115 Ashish Building, Shanmugham Road, Kochin – 682031, Kerala,
India |
|
Type of charge |
v
Book Debts v
Movable
Property |
|
Particular of
charge holder |
Infrastructure Development
Finance Company Limited ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Deed
of Hypothecation dated June 12, 2007 executed in favour of IDFC |
|
Date of
instrument Creating the charge |
12.06.2007 |
|
Amount secured by
the charge |
Rs. 400.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest on the
principal amount of the Rupee Loan outstanding from time to time, on the 15th
day of each month in arrears. The applicable interest ate for each disbursed tranche
shall be at a rate equal to 2.75 % p.a. over and above year IDFC Benchmark
Rate, Prevailing on the date of such disbursement. Terms of
repayment : The Company shall
repay the Rupee Loan in 12 equal monthly installments commencing from the
expiry of 24 months from the date of first disbursement of the Rupee Loan. Extent and
operation of the charge : -
A second
charge by way of hypothecation of all the company’s moveable assets,
including moveable machinery, spares, tools, book debts, operating cash
flows, receivables, commissions, revenue whatsoever nature and wherever
arising present and future relating to the project -
An Exclusive
charge on all the assets to be procured from the proceeds of the loan -
First charge
on all insurance contracts / insurance proceeds relating to the expansion
project. |
|
Short particulars
of the property charged |
A pari-passu
second charge by way of hypothecation of all the company’s moveable assets,
including moveable machinery, spares, tools, book debts, operating cash
flows, receivables, commissions, revenue whatsoever nature and wherever
arising present and future. |
Contingent
Liabilities not provided for:
Rs in Millions
|
Counter guarantees given to bankers against guarantees issued by
them |
265.224 |
|
|
|
|
Demand on account of service tax on value of SIM Cards sold, made by
the Commissioner of Central Excise, Mumbai on which sales tax has already
been paid |
15.369 |
|
|
|
|
Demand on account of penalty in respect of Central Sales Tax, made by
the Asst. Commissioner of Sales Tax, Mumbai |
--- |
|
|
|
|
Demand on account of Excise Duty in respect of the erection of base
transceiver station sites, made by the Commissioner of Central Excise, Mumbai
|
152.740 |
Note: The Company is in
further appeal in these matters.
FIXED ASSETS
v
Land
v
Building
v
Network
Equipment
v
Furniture and
Fixture
v
Vehicles
Services
v
Prepaid
Connection
v
Post
Paid Connection
v
Recharge
Coupons
v
Bill
Payments
v
Value
Added Services (VAS)
v
Enquiries
v
Selling
Handsets
v
SIM
Replacement
AS PER WEBSITE
Profile
Having started its services in 1995, BPL Mobile currently
operates in Mumbai city with more than 1 million happy and satisfied
subscribers.
In the latest TRAI (Telecom Regulatory Authority of India) benchmark study on
quality of service of mobile phone service providers across all GSM & CDMA
operators places BPL Mobile amongst the top in Mumbai in December, 2006. BPL
Mobile topped in satisfaction scores on critical parameters of overall customer
satisfaction with a score of 99%, billing performance scoring 99% on post paid
and 98.5% of connections with good voice quality.
This achievement is a result of BPL Mobile's philosophy to give the consumer a
truly world class experience through technology, services and a network that
gives Superior Coverage and Amazing Clarity. BPL Mobile has revolutionized the
mobile communications industry in India with its state of the art technology,
which includes the unique network design, the Qualnet, Camel Phase 2
Intelligent Network (IN) platform and GPRS providing cutting edge services like
Multimedia Messaging (MMS), mobile browsing, Java based mobile games amongst
others.
Press
Releases
BPL Mobile slashes pre-paid rates; Now call and SMS anywhere
in India at Re. 1/- Focus shifts to the large base of pre-paid subscribers with
reduction in call rates by nearly 50% BPL Mobile first to offer All Calls and
SMS, both local and STD @ Re. 1/-for prepaid users
Mumbai, January 10th, 2008: Having significantly enhanced network
bandwidth, BPL Mobile - Mumbai’s leading cellular service provider now equipped
to play the volume game, announced a further slash in pre-paid call rates.
Subscribers will now enjoy all local and STD calls any where in India from BPL
Mobile to any mobile service and landline for a flat Re. 1/- per minute. This
reduction sees call rates drop by nearly 50%. Short Message Service or SMS
across India will also be at Re. 1/-. This makes BPL Mobile the first cellular
service provider to offer all Calls and SMS, both local and STD @ Re. 1/-for
prepaid users
Subscribers to this special offering will be able to avail the same for a daily
rental of Re. 1/-. (Rs 30 would be deducted as advance rental. After 30 days,
Rs 1/day rental would be applicable). Subscribers will need to SMS India to
50505 (toll-free), which would give them more details on One India Prepaid.
Recharge vouchers are also available.
Announcing this Mr. S. Subramaniam, CEO and Director, BPL Mobile said, “The
pre-paid market, which is a highly price-sensitive market, constitutes more
then 70% of the subscriber base. In a way this significant reduction in call
rates is the new year’s gift to the loyal customers. They continuously look at
adding value to the subscribers, this new offering is another step in that
direction”.
BPL Mobile has strengthened its network capacity taking the no. of cell sites
to nearly 1,100. BPL Mobile a few months back revolutionized the pre-paid
market by offering the lowest lifetime pre-paid at Rs. 444/-. This was followed
by ‘Mini Validity’, a path breaking product that provided the subscriber
unmatched value, flexibility and convenience of staying mobile at the lowest
possible cost.
BPL Mobile doubles its network strength; announces ‘Network
Trial’ Offer to offer new pre-paid subscribers ‘free talktime’ to experience
superior network quality!
Mumbai, October 28th 2007:In an initiative that would take
the mobile service offering in the country to a new level, BPL Mobile, Mumbai’s
leading mobile service provider, today announced ‘Network Trial’ – a first ever
campaign inviting new subscribers to try and experience BPL Mobile’s top
quality network strength. This attractive offer will function as a tool to
gauge the company’s confidence in their network capacity, which has doubled in
the last one year.
BPL Mobile is launching ‘Network Trial Packs’ for this activity wherein, any
new user who wants to take the ‘Network Trial’ can buy this pre-paid pack at
Rs.150 and get 5 minutes of free local talktime daily for 120 days to
experience the best quality network and try finding fault in the same. The five
minutes if unused, lapses at the end of every day and next day starts afresh!
This makes BPL Mobile the only mobile service provider to offer Rs.1200 worth
talktime to every person who is accepting the ‘Network Trial’ in a reiteration
of their network strength. The company recently rejuvenated and refreshed the
BPL Mobile brand following substantial investment of Rs.2000 millions in major
network expansion and technology up-gradation. BPL Mobile has over 1000 cell
sites currently and aims to add another 300 cell sites by the fiscal year end.
Commenting on this unique ‘Network Trial’ campaign, Mr. S. Subramaniam, CEO
- BPL Mobile said, “They are confident that they provide seamless coverage
and to pass on this assurance to the subscribers, they have announced the
‘Network Trial’ offer. They are inviting new subscribers to try us out and
experience the best quality network themselves. Today, the biggest challenge
for any mobile service provider is managing network quality. Offering an open
challenge to test the network quality in a metro like Mumbai, where the tele
density is about 60-65%, is a proof enough to confirm the conviction in the
commitment towards providing the subscribers quality network and best
services.”
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 :
The 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.
The 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. 43.21 |
|
UK Pound |
1 |
Rs. 85.72 |
|
Euro |
1 |
Rs. 67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
40 |
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 prince pal 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. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|