MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
B. L. KASHYAP AND SONS LIMITED |
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Registered Office : |
B-1/A-21, Mohan Co-operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.05.1989 |
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Com. Reg. No.: |
36148 |
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CIN No.: [Company
Identification No.] |
L74899DL1989PLC036148 |
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PAN No.: [Permanent
Account No.] |
AAACB0205F |
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Legal Form : |
The Public Limited Liability Company. The Company’s Shares are Listed
on the Stock Exchange. |
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Line of Business : |
Construction of commercial
complexes / offices, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20062390 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and financially strong real estate
developer having satisfactory track. However, due to global – slowdown and expected depressed market
conditions in realty, the company may face difficult time – ahead. Their trade relations are fair. Payments are reported as slow as in
industry most of dues are not settled in time as per commitments. In view of
the aforesaid, the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-1 Extension/ E-23, Mohan Co-operative Industrial Estate,
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Tel. No.: |
91-11-4167 9800 / 4050 0200 |
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Fax No.: |
91-11-4167 9815 |
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E-Mail : |
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Corporate Office 1 : |
B-1 Extension/E-23, Mohan Co-operative Extension, |
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Tel. No.: |
91-11-4050 0300 |
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Fax No.: |
91-11-4050 0333 |
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E-Mail : |
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Corporate Office 2 : |
F-002, Eden Hall, 245, Defence Colony |
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Tel. No.: |
91-80-2520 1394/ 2520 3933 |
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Fax No.: |
91-80-2529 5499 |
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E-Mail : |
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Corporate Office 3 : |
181/1/2, Sai Empire, Office No. 101/102, 1st floor, |
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Tel. No.: |
91-20-2720 7012/3/4 |
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Fax No.: |
91-20-2720 7015 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vineet Kashyap
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Designation : |
Managing Director |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.A. |
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Date of Appointment : |
08.05.1989 |
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Name : |
Mr. Vinod Kashyap |
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Designation : |
Chairman |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.A. |
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Date of Appointment : |
08.05.1989 |
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Name : |
Mr. Vikram Kashyap |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
45 Years |
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Date of Appointment : |
08.05.1989 |
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Name : |
Mr. Prashant Tyagi |
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Designation : |
Director |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B.A. |
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Date of Appointment : |
08.05.1989 |
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Name : |
Justice C. K.
Mahajan |
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Designation : |
Director |
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Name : |
Mr. H. N. Nanani |
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Designation : |
Director |
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Name : |
Mr. Naveen Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Pushpak Kumar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2008
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Names of
Shareholders |
No. of Shares |
Percentage of Holding |
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Promoter's holding |
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Promoters |
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- Indian Promoters |
14544000 |
70.79 |
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Sub-Total |
14544000 |
70.79 |
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Non-Promoters Holding |
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Institutional Investors |
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- Mutual Funds & UTI |
1486900 |
7.23 |
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- Foreign Insitution Investors |
3053694 |
14.86 |
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Others |
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- Private Corporate Bodies |
797090 |
3.88 |
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- Indian Public |
554747 |
2.70 |
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- NRIs/OCBs |
58144 |
0.28 |
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- Trust |
200 |
0.00097 |
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- Clearing Member |
30762 |
0.15 |
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- Hindu Undivided Family |
18231 |
0.09 |
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- Any other : Represents the balance shares pending for credit
to respective allottees demat a/c |
232 |
0.0011 |
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Sub- Total |
6000000 |
29.21 |
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GRAND
TOTAL |
20544000 |
100 |
BUSINESS DETAILS
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Line of Business : |
Construction of commercial
complexes / offices, etc |
GENERAL INFORMATION
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Customers : |
[ |
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No. of Employees : |
Around Above 1000 |
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Bankers : |
S Canara bank [South Extension – Part I] S
ICICI
Bank Limited S
Induslnd
Bank Limited S
State
Bank of S
HDFC
Bank Limited S
Standard
Chartered Bank S
HSBC
Bank |
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Facilities : |
NOTES: Working Capital Facility from Banks i) (Secured against
Hypothecation of Work in Progress,Material at site and Book Debts whether documentary
or clean,outstanding monies receivables, both presents or future , First
parri passu charge on all Fixed Assets except which are specifically charged
to banks/financial Institutions for the Term Loans availed against them and
personal guarantees of Whole-time Directors. Loans Secured Against
Hypothecation of Plant and Machinery and personal guarantee of Whole-time
Directors i) From ABM Amro Bank
N.V.: Loans outstanding as at 31st March, 2008 - Rs. 91,80,8607- (Previous Year - Rs.
24.277 Millions) Principal amount repayable within 12 months from the date of
Balance Sheet Rs. 91.808 Millions (Previous Year Rs. 150.968 Millions) ii) From ICICI Bank Ltd.:
Loans outstanding as at 31st March,2008
Rs. 94.570 Millions (Previous Year- Rs.215.588 Millions) Principal amount
repayable within 12 months from the date of Balance Sheet Rs. 94.570 Millions
(Previous Year -Rs.12.101 Millions) iii) From Kotak Mahindra
Bank Limited.: Loans outstanding as at 31st March, 2008 Rs.334.774 Millions (Previous Year -
NIL) Principal amount repayable within 12 months from the date of Balance
Sheet Rs.119.783 Millions (Previous Year - NIL) iv) From HDFC Bank
Limited.: Loans outstanding as at 31st March,2008 - Rs. 408.189 Millions (Previous Year
- NIL) Principal amount repayable within 12 months from the date of Balance
Sheet 135.097 Millions (Previous Year - NIL) v) From Reliance Capital
Limited.: Loans outstanding as at 31st March, 2008 - Rs. 269.226 Millions (Previous Year
- NIL) Principal amount repayable within 12 months from the date of Balance
Sheet Rs. 86.060 Millions (Previous Year - NIL) Loans Secured Against
Hypothecation of Cars and personal guarantee of Whole-time Directors i) From ICICI Bank
Limited.: Loans outstanding as at 31st March,2008 - Rs. 8.540 Millions - (Previous Year
- Rs.23.281 Millions) Principal amount repayable within 12 months from the
date of Balance Sheet Rs. 0.613 Million (Previous Year - Rs. 12.945 Millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sood Brij & Associates Chartered Accountants |
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Address : |
C-72, South Extension Part-II, New
Delhi-110 049 |
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Associates/Subsidiaries : |
S B L K Lifestyle Limited Line of Business: Manufacturer of all wooden UPVC Machine Item S Security Information System India Limited Line of Business: Service Providers for security S Soul Space Projects Limited S
B.L.K.
Financial Services Limited S
B.L.K.
Securities Private Limited S
Ahuja
Kashyap Malts Private Limited S
Bezel
Investments & Finance Private Limited S
B.L.
Kashyap & Sons S
Kashyap
Enterprises S
Aiyana
Trading Private Limited S
Chrysalis
Trading Private Limited S
BLK
Reality Projects (P) Limited S
EON
Auto Industries Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10272000 |
Equity Shares |
Rs. 10/- each |
Rs.102.720 Millions |
Note: Of the above 7241700 equity share of
Rs.10/- each has been issued as fully paid up Bonus Shares by capitalizing of
the Reserve and Surplus
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
102.720 |
102.720 |
102.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3909.758 |
2852.269 |
2339.227 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4012.478 |
2954.989 |
2441.947 |
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LOAN FUNDS |
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1] Secured Loans |
1077.401 |
931.791 |
194.736 |
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2] Unsecured Loans |
100.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1177.401 |
931.791 |
194.736 |
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DEFERRED TAX LIABILITIES |
26.135 |
0.000 |
0.000 |
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TOTAL |
5216.014 |
3906.886 |
2653.131 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1263.971 |
699.528 |
427.556 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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0 |
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INVESTMENT |
672.880 |
1454.231 |
1405.044 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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1936.851 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2588.012 |
1158.215 |
575.687 |
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Sundry Debtors |
2990.910 |
1979.474 |
882.461 |
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Cash & Bank Balances |
577.063 |
385.101 |
396.282 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2229.162 |
1125.829 |
430.545 |
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Total
Current Assets |
8385.147
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4648.619
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2284.975
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3925.215 |
2432.927 |
1257.944 |
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Provisions |
1212.359
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507.835
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270.138
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Total
Current Liabilities |
5137.574
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2940.762
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1528.082 |
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Net Current Assets |
3247.572 |
1707.857 |
756.893 |
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MISCELLANEOUS EXPENSES |
31.590 |
47.270 |
63.638 |
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TOTAL |
5216.014 |
3906.886 |
2653.131 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Construction Job works |
15427.436 |
8080.969 |
4655.231 |
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Other Income |
218.744 |
79.538 |
32.778 |
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Total Income |
15646.180 |
8160.507 |
4688.009 |
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Profit/(Loss) Before Tax |
1744.212 |
853.848 |
424.985 |
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Provision for Taxation |
590.581 |
297.656 |
143.262 |
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Profit/(Loss) After Tax |
1153.631 |
556.192 |
281.723 |
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Imports : |
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Raw Materials |
0.000 |
0.668 |
25.835 |
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Expenditures : |
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Construction
Materials |
7685.846 |
4182.590 |
2396.034 |
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Wages including
Benefits |
4369.329 |
2032.130 |
1305.990 |
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Freight &
Cartage |
154.366 |
95.755 |
39.474 |
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Employees Remuneration
& Benefits |
545.474 |
281.535 |
123.881 |
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Administrative
& Other expenses |
830.038 |
565.373 |
314.152 |
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Interest &
Bank Charges |
161.085 |
49.782 |
40.848 |
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Depreciation |
155.830 |
99.494 |
42.645 |
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Total Expenditure |
13901.968 |
7306.659 |
4263.024 |
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QUARTERLY RESULTS
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PARTICULARS |
|
30.06.2008 |
30.09.2008 |
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Type |
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1st Quarter |
2nd Quarter |
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Sales Turnover |
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4141.200 |
4026.100 |
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Other Income |
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103.300 |
31.400 |
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Total Income |
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4244.500 |
4057.500 |
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Total Expenditure |
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3649.000 |
3611.700 |
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Operating Profit |
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595.500 |
445.800 |
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Interest |
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45.500 |
28.900 |
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Gross Profit |
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550.000 |
416.900 |
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Depreciation |
|
45.400 |
46.900 |
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Tax |
|
149.600 |
127.200 |
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Reported PAT |
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361.800 |
242.500 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
07.37 |
10.46
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6.01
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Net Profit Margin (PBT/Sales) |
(%) |
11.30 |
10.57
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9.13
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.89 |
15.97
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15.67
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Return on Investment (ROI) (PBT/Networth) |
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0.43 |
0.29
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0.17
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Debt Equity Ratio (Total Liability/Networth) |
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1.57 |
1.31
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0.71
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Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.58
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1.50
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LOCAL AGENCY FURTHER INFORMATION
Trade Reference
S
Shri Balaji International
[Mr. Ishwar Khandelwal]
Trade Creditor
S
Aaren Industries
[Mr. Naresh Gupta]
FINANCIAL
PERFORMANCE
The Company has achieved all time high robust growth in its operations, supported
by a motivated management team, better working capital management and overall
higher turnaround of assets adjusted by the Company, the Gross Turnover of the
Company crossed Rs.15000 Millions and recorded sales of Rs.15427.4 Millions
against Rs.8080.9 Millions during the financial year ended March 31st 2007,
thereby, registering growth of 91%. Profit after tax is Rs.1153.6 Millions
which is higher by over 107.41% as compared to Rs.556.2 Millions of last
year.
APPROPRIATIONS
DIVIDEND
The Directors recommend a dividend and 80% (Rs. 4/- per Equity Share) on the
Equity Share of the face value of Rs. 5/- each (previous year Rs 3.50/- per
Equity Share of Rs 10/- each), amounting to Rs 82.176 Millions (previous year
Rs 35.952 Millions) out of the current year's profit on Rs.20.544 Millions
Equity Shares of Rs. 5/-each (previous year Rs.10.272 Millions Equity Shares of
R- 10/- each) The payout ratio of dividend (together with Dividend distribution
tax) works out to 8.34% of the Net Profit After Tax.
TRANSFER
TO RESERVES
They propose to transfer Rs.375.0 Millions to the general reserve and Rs.682.4
Millions is proposed to be retained in the Profit & Loss Account. The
cumulative balance of Profit & Loss account is Rs.1404.2 Millions.
MICROSOFT DYNAMICS NAVISION
PROGRAMME
During the year the Company has successfully implemented Enterprise Resource
Planning (ERP) i.e. Microsoft Dynamics Navision Software. Out of its various
Modules Accounting , Purchases, Inventory and Work Order has been started w.e.f
1st January, 2008 and HR, Payroll, Attendance and Fixed Assets has been started
w.e.f. 1 St April, 2008.The Management is of the belief that after successful
integration of its all the module, the Company shall be able to match
substantial savings in its logistics cost, and hence contributing to better
margins.
SUBSIDIARY COMPANIES AND CONSOLIDATED
FINANCIAL STATEMENTS
The Audited Balance Sheet as at 31st March, 2008 and Profit & Loss Accounts
for the year ending as on that date together with the Reports of Directors' and
Auditors' thereon of M/s Soul Space Projects Limited, M/s B L K Lifestyle
Limited, M/s Security Information Systems (India) Limited, the Subsidiary
Companies and Soul Space Realty Limited and Soul Space Hospitality Limited step
down Subsidiary Companies are provided elsewhere in the Annual Report.
Statement as required under Section 212 of the Companies Act, 1956 is also
annexed herewith. The consolidated Balance Sheet of B.L. Kashyap & Sons
Limited and its subsidiary companies and step down Subsidiary Companies for the
Financial Year ended 31st March, 2008 and Profit and Loss Account for the
Financial Year ended on that date together with the Schedules is attached
hereto.
SUB-DIVISION
OF EQUITY SHARES
With effect from 29th October, 2007 (Record date), the Company has sub-divided
one Equity Share of nominal value of Rs 10-
Equity Shares having nominal value of Rs. 5/- each.
The sub-divided shares were credited by NSDL and CDSL on 30th October, 2007 in
the demat accounts of respective shareholders holding shares in demat mode. The
Company had dispatched the physical Share Certificates to those shareholders
who held the shares in physical form
MANAGEMENT
DISCUSSION AND ANALYSIS
Overview
The Indian economy is at critical juncture of its development process.
Construction Industry is witnessing a boom in view of the significant economic
activity in all sectors of the economy, It has emerged as one of the dynamic
sector in
Construction activity is an integral part of a country's infrastructure and
industrial development. Construction is a vehicle for the growth of
civilization. It builds structures that sustain a nation's economy. In
The construction sector is an important sector due to the labour intensive
nature of the construction activity and the priority being given to employment
generation in the economy.
OPPORTUNITIES AND THREATS
Opportunities
The company appears to be in a good position to add new clients and good
projects. The company is creating right set of Infrastructure/people in place to
add additional niche areas to its portfolio to enable a steady growth and
continuous revenue streams over next several years.
There are immense opportunities in developing and upgrading civic
infrastructure for the sector as well. Out of 5500 towns and cities, only few
of them have waste water collection, treatment and disposal systems. Most of
the Country's population does not have access to basic sanitation facilities.
With due incentives from municipal bodies, providing these facilities would itself
mean a windfall for the construction industry.
The contribution of the construction sector to
The total amount of unexecuted work on hand as on 31 st March, 2008 was Rs.
31000 Millions.
Threats
Rising steel and cement prices have an impact on the margins of the construction
industry, albeit the Company is insulated from the same as majority price
effect are passed on the clients as per the Contract Agreements.
The construction sector is one of the largest employers in the country. It
employs over 30 million people, many of them women and migrants who are
unskilled. Therefore, there is a need to expand the training and skill of the
labour force engaged in construction activity. A major source of concern for
the Company is the shortage of skilled workforce going forward.
The rise in interest rates is causing a serious concern among companies. With
inflation touching an all time high, there has been a substantial increase in
the interest cost on both short-term and long-term loans as banks have already
started hiking PLR. Higher cost of funds will affect industry, construction and
other economic activities. Growing interest costs will result in reduced
consumption and investment expenditures although Companies shall feel actual
impact only around the third or fourth quarter and also gauging the behavior of
the Equity Market and the interest levels of the foreign investors.
Any change in Government policies or focus may affect business and results of
operations.
B.L. Kashyap and Sons Limited has adequate internal control systems and
processes in place for the smooth conduct of business which is periodically
reviewed for their effectiveness.
The Internal Control systems have been designed to provide reasonable assurance
that assets are safeguarded, and protected against loss from unauthorised use
or disposition, transactions are executed in accordance with the management's
authorisation and are properly recorded, accounting records are adequate for
preparation of financial statements and other financial informations.
Internal Controls are further strengthened by conducted periodic audits by the
internal and statutory auditors and regular meetings of the Audit Committee of
the Board of Directors.
The internal control systems of the Company ensures that any vulnerability in
the achievement of the Company's objectives caused by risk factors whether
internal or external, existing or emerging, is detected and reported in a
timely manner and is meted out with appropriate corrective action.
FINANCIAL PERFORMANCE
(CONSOLIDATED)
Income from Operations:
During the period under consideration, the Company has recorded consolidated
turnover of Rs.15787.5 Millions, registering a growth of 92.45% over last year.
Profit prior to taxes was Rs. 1729.1 Millions up by 92.71% while Profit after
taxes was 1141.9 Millions up by 95.33%.
Fixed Assets :
The Consolidated Gross Block of the Company's fixed assets as on 31st March,
2008 was Rs.1836.6 Millions. The Net Block as on 31st March, 2008 was Rs.1437.8
Millions. During the year, there were additions to the fixed assets to the
extent of Rs. 880.4 Millions.
Other Income:
Other Income for the year was Rs.199.6 Millions. Other Income comprises of
Interest, Dividend, Profit on Sale of Land, Profit on Sale of Investments and
other miscellaneous income.
Expenditures
Construction and Other Materials:
Expenditure towards Construction and Other materials was Rs. 7768.4 Millions.
This represents cost of various raw materials consumed during the year.
Salary Wages and Employee's Benefits:
The Company's personnel cost increased from Rs. 2298.7 Millions to Rs. 4941.0
Millions.
Interest and Bank Charges:
During the Financial year 2007-2008, the interest and bank charges increased
from Rs. 66.9 Millions to Rs. 255.9 Millions.
Dividend:
The Directors recommend a dividend @ 80% (Rs. 4/-per Equity Share of the face
value of Rs. 5/- each) as compared to @ 35% (Rs 3.50/- per Equity Share of Rs
10/- each) in the previous year.
Depreciation:
During Financial Year 2007-08, depreciation increased from Rs. 100.8 Millions
to 174.5 Millions.
Provision for Taxation:
The Provision for current tax was made to the extent of Rs. 312.6 Millions as
compared to 58.71 in the previous year.
HUMAN RESOURCES
The company recognizes the importance of human resource development and in this
regard several initiatives have been taken aimed at motivating the employees.
During the year there was continued focus on empowering their skilled knowledge
work force. The Company has implemented employee-friendly policies that help
attract and retain engineering and other resources.
The work environment gives employees, the freedom to take decision within the
defined standard operating procedures. The Company believes in talent
acquisition and retention and to ensure to augment their skills sets and career
growth in its entity.
CAUTIONARY STATEMENT
Statements in Management Discussion and Analysis describing the Company's
objectives, projections, estimates and expectation may be 'forward looking'
within the meaning of applicable laws and regulations. Actual results might
differ materially from those expressed or implied.
FIXED ASSETS
- Building
- Plant and Machinery
- Machinery
- Office Equipments
- Cellular Phones
- Electrical Equipments
- Computer Systems
- Air Conditioners
- Refrigerators
- Coolers
- Fans
- Generators
- Vehicles
- Cycle
- Shuttering Material
- Furniture and Fixtures
Hotel Unit
- Freezer
- Kitchen Equipments
- Crockery and Utensils
- Sports Equipments
- Televisions
- Furniture and Fixture
AS PER WEBSITE
Change in registered office address
This is to inform you that the registered office of all the
BLK Group Companies has been changed from A-12, Kailash Colony,
CORPORATE OVERVIEW
Founded in 1978 as a partnership firm, BLK owes its success to B L Kashyap, a veteran construction professional. It was his vision to create an organization that would be admired and sought out for its professionalism and quality of work. This inspiration is still alive in their work ethic and forms the foundation of their success.
Incorporated as a limited company in 1989, BLK is now promoted by his sons Vinod Kashyap, Vineet Kashyap and Vikram Kashyap, and managed by a team of management and industry professionals.
Today, BLK is one of
INFRASTRUCTURE
Behind BLK's ability to offer world-class construction
solutions is modern infrastructure across their offices and works
establishments in North, South and
At the heart of their success is the perfect blend of man and machine, working in unison and to a precise plan, to create world-class constructions and infrastructure.
Continuing investments in machinery and equipment backed by consistent repairs and maintenance allows BLK to provide customers with world-class constructions at any location.
PROJECT MANAGEMENT
BLK's success and reputation of excellence is a direct result of their superior project management systems. This ensures perfect synchronization of manpower, equipment, construction schedules, materials sourcing and availability. The result is optimal utilization of men, machines, finances and resources to deliver quality constructions on time and to defined costs.
BLK seamlessly manages a combination of in-house teams, partnered resources and outsourced services, ensuring smooth implementation of projects irrespective of size, complexity or deadline.
Materials are sourced or procured directly from manufactures, their agents or from reputed sources, quality checked, warehoused at their godowns or delivered to construction sites as required.
Dedicated site teams engaged in primary construction activities are supported by back-end teams to ensure timely implementation of the project and quality of the highest standards. All linked together by efficient communications and Information Technology.
National Safety Award for the Year 2005-06
B. L. Kashyap and Sons Limited, the only Construction Industry to be selected for the National Safety Award "Karnataka Chapter" for the year 2005-06.
Subject had proved its mettle once again in the field of Safety by competing with 367 Industries out of which 33 Industries had been selected for the award, they being one of them.
Subject has been appreciated by the Life University, Georgia (
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.50.52 |
|
|
1 |
Rs.75.54 |
|
Euro |
1 |
Rs.63.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|