MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HATHWAY CABLE AND DATACOM PRIVATE LIMITED |
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Formerly Known As : |
CHICS DISPLAY SERVICES PRIVATE LIMITED |
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Registered Office : |
Rahejas, 4th Floor, Corner of Main Avenue and
V. P. Road, Santacruz (West), Mumbai – 400054, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.08.1959 |
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Com. Reg. No.: |
11-11421 |
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CIN No.: [Company
Identification No.] |
U74994MH1959PTC011421 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07346D |
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PAN No.: [Permanent
Account No.] |
AAACC6814B |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Providing of Cable Transmission and Internet Services. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 45 days |
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Litigation : |
Clear |
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Comments : |
Financial position of the company can be regarded as moderate having accumulated losses. Payments are reported as slow by average 45 days to local suppliers. Trade relations are fair.
The company is controlled by Rahejas who are resourceful real estate developers turned industrialists. Their aggregate means are huge.
The company can be considered normal for business dealings
at usual trade terms and conditions with slight caution. |
LOCATIONS
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Registered Office : |
Rahejas, 4th Floor, Corner of Main Avenue and
V. P. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India |
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Tel. No.: |
91-22-26001306 / 26055041 / 56628825/ 56789800 |
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Fax No.: |
91-22-26001307 |
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E-Mail : |
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Website : |
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Corporate Office : |
Trade World, "B" Wing, 10th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (W), Mumbai- 400 013 Tel: 91 22 5662 3333, Fax: 91 22 24933355
AB- 6, Safdurjung Enclave, New Delhi- 110029 Tel: 91 11 2618 8548 / 8741, Fax: 91 11 26188547
Shree Complex, 4th Floor, 73, St. John's Road, Bangalore- 560042 Tel: 91 80 25545625/680/679/597, Fax: 91 80 25545597
“House of Lords”, Flat No. GB, Door No-29, Luz Avenue , Mylapore, Chennai - 600 004 Tel: 91 44 2499 3115/ 4776/ 4716, Fax: 91 44 24993080
3-6-20/21, 2 nd Floor, Sadhana Building , Hyderguda, Hyderabad- 500 0 29 Tel: 91 40 23222418, Fax: 91 40 5566 7285
3rd Floor, Sterling Plaza , Above UTI Bank, Junglee Maharaj Road , Pune – 411 004 Tel: 91 20 2403 0696/97/98, Fax: 91 20 4013847
2nd Floor, Shiledar Bhavan, Opp. Fire Brigade Office, Shingadaalav, Nasik - 422 002 Tel: 91 253 2599513 / 2599401, Fax: 91 253 2599 987
D.No. 29-15-3, Ankur Apartments, 1st & 2 nd Floor, Sheshadri Shastry Street , Governorpet, Vijayawada - 520002 Tel: 91 866 2574555, Fax: 91 866 2573966
Office No. 5 & 6, 5 th Floor, The Mall Plaza , The Mall Fountain Chowk, Ludhiana – 140 001 Tel: 91 161 2430788, Telefax: 91 161 2430788
Surya Tower, Near Lal Ratan Cinema, Nakodar Chowk, Jalandhar (Punjab) Ph: 91 181 5077030-040 |
DIRECTORS
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Name : |
Mr. Kalyanasundaram Jayaraman |
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Designation : |
Managing Director |
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Address : |
909, Brindaban,
II-B, Poonam Nagar, Andheri (East), Mumbai-400093, Maharashtra, India |
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Date of Birth/Age : |
16.05.1961 |
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Date of Appointment : |
08.02.2004 |
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Name : |
Mr. Rajan B. Raheja |
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Designation : |
Director |
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Address : |
Rahejas, 87/1, G.
B. Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
19.06.1953 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mr. James R. Murdoch |
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Designation : |
Director
(Foreign) |
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Address : |
Hongkong |
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Date of Birth/Age : |
13.12.1972 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mr. Bruce J. Churchill |
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Designation : |
Director
(Foreign) |
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Address : |
Hongkong |
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Date of Birth/Age : |
30.08.1958 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mr. Jagdishkumar G. |
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Designation : |
Director |
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Address : |
Powai |
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Date of Birth/Age : |
18.01.1962 |
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Date of Appointment : |
03.07.2000 |
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Name : |
Mr. Peter B. Mukerjea |
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Designation : |
Alternate
Director |
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Address : |
62/B, Marlowe
Building, Pochkhanawala Road, Worli, Mumbai-400025, Maharashtra |
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Date of Birth/Age : |
21.11.1955 |
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Date of Appointment : |
29.06.2006 |
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Name : |
Mr. Vinayak P. Aggarwal |
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Designation : |
Director |
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Address : |
502, Gladioli,
Off Yari Road, Versova, Andheri (West), Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
12.04.1969 |
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Date of Appointment : |
14.06.1996 |
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Name : |
Mr. Satish B. Raheja |
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Designation : |
Director |
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Address : |
CP 3153, 1211,
Geneva, Switzerland |
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Date of Birth/Age : |
03.01.1961 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mr. Akshay R. Raheja |
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Designation : |
Director |
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Address : |
Rahejas, 87/1, G.
B. Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
25.05.1982 |
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Date of Appointment : |
07.09.2000 |
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Name : |
Mrs. Liza D.
Newnham |
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Designation : |
Director |
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Address : |
Flat No.2801, Wun
Sha Tower, 33-45, Wun Sha Street, Taj Hang, Hong Kong |
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Date of Birth/Age : |
04.03.1971 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Nitin Atroley |
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Designation : |
Director |
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Address : |
E-63, Vasant Marg,
Vasant Vihar, New Delhi-110057, India |
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Date of Birth/Age : |
26.04.1966 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Viren K.
Raheja |
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Designation : |
Alternate
Director |
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Address : |
Rahejas, 87/1, G.
B. Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
13.06.1984 |
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Date of Appointment : |
24.02.2004 |
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Name : |
Mr. Sanjay Johar |
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Designation : |
Alternate
Director |
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Address : |
12, Aarti, V.P. Road,
Santacruz (West), Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
06.05.1964 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. May Yin Oh |
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Designation : |
Alternate
Director |
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Address : |
5/C, Vienna Court,
41, Conduit Road, Midlevel, Hong Kong |
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Date of Birth/Age : |
14.08.1968 |
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Date of Appointment : |
29.06.2006 |
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Name : |
Mr. Michelle Sun
Hung |
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Designation : |
Director |
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Address : |
Flat No.A 4/F, Albion
Gardens, 17-21 La Salle Road, kowloon, Hong Kong |
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Date of Birth/Age : |
26.04.1968 |
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Date of Appointment : |
29.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. Milind D. Karnik |
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Designation : |
Company Secretary |
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Address : |
E/30, Sai Krupa,
Ram Mandir Road, Babhai, Borivali (West), Mumbai-400092, Maharashtra, India |
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Date of Birth/Age : |
02.12.1960 |
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Date of Appointment : |
01.01.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 23.09.2005)
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Names of Shareholders |
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No. of Shares |
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Hathway Investments Private Limited |
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4833600 |
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Mr. Akshay R. Raheja |
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8094200 |
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Mr. Viren Raheja |
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7970200 |
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Spur Cable & Datacom Private Limited |
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2550000 |
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Asian Cable Systems Private Limited |
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8238500 |
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Total |
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31686500 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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26.00 |
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Bodies Corporate |
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23.30 |
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Directors or relatives of directors |
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50.70 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing of Cable Transmission and Internet Services. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
Khar (West) Branch, Mumbai, Maharashtra, India
Universal Insurance Building, P.M. Road, Fort, Mumbai-400001, Maharashtra, India
Ramon House, 169B, Ackbay Reclamation, H. T. Parekh Marg,
Mumbai-400020, Maharashtra, India |
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Auditors : |
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Name : |
G. M. Kapadia and Company Chartered Accountants |
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Address : |
Tamarind House, 36-B, Tamarind Lane, Mumbai – 400001,
Maharashtra, India |
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Financial
Institution : |
3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Subsidiaries : |
U64200AP1996PTC023212
U74140MH1987PTC045344
U74999TN1995PTC030929
U74300TN1995PTC032771
U31300MH2000PTC129830
U64204DL1996PTC083083
U99999MH1999PTC123302
U64200MH1999PTC123303
U92132MH2001PTC130548 |
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Associates : |
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Joint Venture/Subsidiaries: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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39800000 |
Equity Shares |
Rs.10/- each |
Rs.398.000
Millions |
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200000 |
Preference Shares |
Rs.10/- each |
Rs.2.000
Millions |
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Total |
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Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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31686500 |
Equity Shares |
Rs.10/- each |
Rs.316.865 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
316.865 |
316.865 |
316.865 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3612.965 |
3612.964 |
3612.964 |
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4] (Accumulated Losses) |
(2414.327) |
(833.338) |
(702.982) |
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NETWORTH |
1515.503 |
3096.491 |
3226.847 |
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LOAN FUNDS |
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1] Secured Loans |
1435.738 |
909.958 |
779.094 |
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2] Unsecured Loans |
257.500 |
0.000 |
0.000 |
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TOTAL BORROWING |
1693.238 |
909.958 |
779.094 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Capital Suspense |
0.480 |
0.000 |
0.000 |
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TOTAL |
3209.221 |
4006.449 |
4005.941 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2707.397 |
2002.447 |
1989.755 |
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Capital work-in-progress |
432.955 |
638.573 |
738.622 |
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INVESTMENT |
241.415 |
308.607 |
348.497 |
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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 |
24.736
|
3.496 |
0.000 |
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Sundry Debtors |
535.342
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332.958 |
340.949 |
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Cash & Bank Balances |
242.212
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73.243 |
106.512 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
593.775
|
1387.382 |
1104.400 |
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Total
Current Assets |
1396.065
|
1797.079 |
1551.861 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1556.276
|
732.991 |
622.308 |
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Provisions |
12.562
|
8.732 |
7.105 |
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Total
Current Liabilities |
1568.838
|
741.723 |
629.413 |
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Net Current Assets |
(172.773)
|
1055.356 |
922.448 |
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MISCELLANEOUS EXPENSES |
0.227 |
0.461 |
0.874 |
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Indirect Expenses |
0.000 |
1.005 |
5.745 |
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TOTAL |
3209.221 |
4006.449 |
4005.941 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2489.260 |
1652.510 |
1319.420 |
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Other Income |
74.580 |
33.350 |
50.110 |
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Total Income |
2563.840 |
1652.510 |
1369.530 |
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Profit/(Loss) Before Tax |
(611.110) |
(124.860) |
(91.410) |
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Provision for Taxation |
6.960 |
5.150 |
40.890 |
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Profit/(Loss) After Tax |
(618.070) |
(130.010) |
(132.300) |
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Expenditures : |
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Financial Charges |
122.600 |
83.300 |
38.140 |
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Depreciation & Amortization |
0.000 |
0.000 |
0.000 |
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Other Expenditure |
3052.350 |
1790.899 |
1422.800 |
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Total Expenditure |
3174.950 |
1874.199 |
1460.940 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(24.11)
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(7.87) |
(9.66) |
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Net Profit Margin (PBT/Sales) |
(%) |
(24.55)
|
(7.56) |
(6.93) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(14.89)
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(3.29) |
(2.58) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.40)
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(0.04) |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.15
|
0.23 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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0.89
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2.42 |
2.46 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
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Corporation identity number or foreign company registrations number of
the company |
U74994MH1959PTC011421 |
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Name of the company |
HATHWAY CABLE & DATACOM PRIVATE LIMITED |
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Address |
Rahejas, 4th Floor, Corner of Main Avenue and V. P. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Movable property (not being pledge) |
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Particular of the charge holder
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Housing Development Finance Corporation Limited, Ramon House, 169B, Ackbay Reclamation, H. T. Parekh Marg, Mumbai-400020, Maharashtra, India E-Mail : securities@hdfc.com |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 14.10.2006. |
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Date of the instrument creating charge |
14.10.2006 |
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Amount Secure by the charge |
Rs.350.000 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest ROI on tranche 1 of Rs.275 millions is equivalent to six months USD
LIBOR rate (USD-LIBOR-BBA) Plus 450 basis points calculated on actual/360
days basis, which shall be reset on 1st May and 1st
November of each year as applicable under the loan terms. ROI on second tranche of Rs.75 millions is
equivalent to HDFC CPLR+/- spread as applicable under the loan terms. Terms of repayment For 1st tranche on Rs.275 millions the term is 24 months
commencing on 01.09.2006 out of which Rs.150 millions will be repaid on
30.04.2008 and Rs.125 millions shall be repaid on 31.08.2006. the 2nd
tranche of Rs.75 millions shall be for a period of 60 months commencing from
01.10.2006 and payable in 14 quarterly installments commencing from 30.06.2006. Extent and operation of the charge The loan is secured by the borrower by hypothecation of its movable
and immovable assets as and by way of extension of charge to the lenders
ranking pari passu with the charges created in favour of IL and FS Limited
and Axis Bank Limited for the repayment of loan and monies including
interest, liquidated damages, charges, expenses. |
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Particulars of the Property charged
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Present and future movable and immovable capital equipments, plant and
machinery purchased and or to be purchased by borrower which is/or to be
purchased by borrower which is/are lying/stored in borrowers head ends,
offices, premises and godowns/whether the same held by borrower/ in the
course of transit/ on high seas/in possession/control and belonging to
borrower by of substitution, addition, ranking pari passu with the charges
created in favour of IL and FS Limited and UTI Bank Limited b way of
extension of earlier pari passu charge created by borrower. |
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Name of the company |
HATHWAY CABLE & DATACOM PRIVATE LIMITED |
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Presented By |
Mr. Milind
Karnik, Company Secretary |
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1) Date and
description of instrument creating the change |
Composite
hypothecation deed dated 31.01.2003, executed by the company in favour of
Axis Bank Limited |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.175.000
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 |
Company’s head
end equipments, movable goods and assets both present and future including
purchased out of financial assistance from UTI Bank Limited and company’s
present and future book debts. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge operates as security for the due repayment by the company
of the financial assistance by UTI Bank Limited for Rs.175 millions
comprising of fund based limit of Rs.100 millions @PLR (present 12%) and Non
fund based limit of Rs.500 millions. |
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5) Name and
Address and description of the person entitled to the charge. |
Axis Bank Limited Registered Office : Trishul, 3rd Floor, Opposite
Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad-380006 Branch: Universal Insurance Building, Sir P.M. Road, Fort,
Mumbai-400001 |
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6) Date and brief description of instrument
modifying the charge |
Supplementary
deed of hypothecation (current assets and movables) dated 21.03.2005 |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
31.01.2003-
Original charge of Rs.175 millions (Registered on 25.02.2003 Doc. No.126) 31.05.2003 –
Amount secured by the charge increased to Rs.400 millions (Registered on
27.06.2003 Doc. No.134) 26.06.2003 –
Amount secured by the charge increased to Rs.500 million hereby L/C Limit
increased to Rs.450 millions (i.e. increased by Rs.100 millions from Rs.300
millions and by converting CC facility of Rs.50 millions to L/C facility and
thereby leaving CC facility of Rs.50 millions) (Registered on 22.07.2003 Doc.
No.135) 02.12.2003 – The
L/Cs to the tune of Rs.65 millions, out of the L/C outstanding, being
converted into Overseas Buyer Line of Credit for a period of 180 days from
the due date of L/Cs issued by UTI Bank Limited (Registered on 08.04.2004
Doc. No.145) 22.01.2004 – The
L/C to the extent of Rs.250 millions out of the L/C limit of Rs.450 millions
(including Overseas Buyer’s Line of Credit) converted into Term Loan and the
L/C limit stands reduced to Rs.75 millions.
(Registered on
08.04.2004 Doc. No.146) 05.10.2005 –
Amount secured by the charge increased to Rs.425.000 millions Now vide above
referred supplementary deed of
hypothecation dated 21.03.2005, the working capital limits are renewed
and enhanced as given below :
The security by
way of hypothecation of company’s head end equipments, movable goods and
assets, book debts given earlier as pari passu charge are also extended to
secure enhanced limit. |
TRADE REFERENCE:
- Acme Enterprise
- Ark Electronics
- Network Electronics
- Panjam Electronics
- Shri Om Engineering Works
- Vasundhara Engineering Works
- Bhansali Cable And Condusters Private Limited
CORPORATE OVERVIEW:
They at subject are guided by a vision - "To be a single point access provider bringing into the home and work place, the converged world of information, entertainment and services."
Being one of the largest Cable TV services companies of India, spurs them to be the best in whatever they do. Established in 1995, subject provides quality Cable TV services in ten cities across the nation. With fiber optic backbone across its networks and state-of-the-art distribution set ups, they bring the digital age through Cable transforming the way viewers receive information and entertainment.
Currently subject has three broad service areas.
Cable TV - Subject currently provides cable TV services in the following 10 cities:
Mumbai, Delhi , Chennai, Bangalore , Hyderabad , Pune, Nashik, Ludhiana , Jalandhar and Vijaywada
Digital Cable TV - Subject becomes the largest Cable TV service provider to roll out Digital Cable TV services in
3 metros- Mumbai, Delhi & Chennai
Hathway Cable Internet - "Pioneers in Cable Internet technology in India." Hathway Cable Internet is the largest
Cable ISP providing Cable Internet services in 10 cities across the nation:
Mumbai, New Delhi, Chennai, Bangalore, Hyderabad, Pune,
Nashik and Ludhiana, Mysore and Baroda, Aurangabad, Chandigarh,
Coimbatore, Tirupur, Trichy.
Subject also has under its umbrella - Cine Channel (CCC), a movie based entertainment channel, C-News, a local centric news capsule, I TV, a unique dial in interactive music channel and various local channels like WIN Delhi, C-Hyderabad, C-Bangalore
Hathway STAR
Strategic Alliance
In September 2000 subject entered into a strategic alliance with one of the
largest content providers in the world, STAR. This alliance will see the launch
of enhanced and digital interactive TV all across the country. Enabling the
subscriber to access world-class broadband services on their TV sets.
The Rajan Raheja Group:
The Rajan Raheja Group is well diversified with interests in a multitude of businesses with great emphasis on being market leaders in their respective areas. Having laid a strong foundation in the areas of Real Estate and Construction, Automotive Batteries, Cement, Ceramic Tiles, Mutual Funds, Hotels, it has now ventured into Media, Entertainment, Networking and Broadband Internet, Retailing.
Some of the group Companies include
Real Estate – The real estate division of the Rajan Raheja group is known for quality homes and constructions.
Exide Industries Limited -
India's number one company in automotive and Industrial Batteries controlled by
the Raheja Group with a market share of 85% of automotive batteries in India.
Prism Cement Limited - The largest single-phase kiln cement plant in India with a 2 million tone per annum capacity, set-up in collaboration with F.L. Smidth and IFU of Denmark.
H&R Johnson Tiles- Pioneers of the Indian wall and floor tile industry, is a member of Johnson Ceramics International, UK one of the top five ceramic tile companies in the world.
RMC Readymix Company - promoters along with the world's largest manufacturers of Ready mix concrete, RMC Group plc, UK
Globus Stores Private Limited - This is a retail Chain venture of the group and has set up Globus stores at Mumbai, Delhi, Chennai, Bangalore and Indore , plans to launch more stores across the nation.
Outlook – India's most
exciting weekly news magazine with a circulation of over 2.5 lac copies per
week.
Outlook Traveller - The most
comprehensive travel magazine covering India & abroad, also has a portal
outlooktraveller.com.
Outlook Money - India 's only
personal finance magazine with a circulation of over 0.1 million copies per
week.
Asianet Satellite Communications Limited – The
Company has state-of-the-art cable TV distribution network in the state of
Kerala.
The R. Raheja Group also has its presence in various other industries like:
Petrochemicals - Investment interests in the petrochemical sector has led to the formation of Supreme Petrochem Limited in association with Supreme Industries Limited.
Asset Management – The group has a stake in Templeton Asset Management Company Private Limited, a joint venture with Franklin Templeton Group, which manages over US$220 billion worldwide.
Software - A significant investor in Sonata Software, a company which today has the distinction of being among the top software companies in India.
Hospitality - The Group has entered into a joint venture with The Oberoi Group to have a chain of hotels across India under the brand name Trident.
Awards
Subject is Winner of Best Cable TV service provider of the Year consecutively for 2002 & 2003 for its quality Cable TV and broadband Cable Internet 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 :
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 |
Rs47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.66.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|