MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NOVOTLE HYDERABAD AIRPORT DIVISION OF INTERGLOBE HOTELS PRIVATE
LIMITED |
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|
|
Registered Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110 001, Delhi |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.2004 |
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Com. Reg. No.: |
55-128567 |
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CIN No.: [Company
Identification No.] |
U55101DL2004PTC128567 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI05041B |
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PAN No.: [Permanent
Account No.] |
AABCI2732H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Hotel Business. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Accor Group Worldwide and having strong capital
base. The company has some accumulated losses. Trade relations are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vijay Kishor |
|
Designation : |
Finance Controver |
|
Date : |
16.09.2008 |
LOCATIONS
|
Registered Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110 001, Delhi, India |
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Tel. No.: |
91-11-43513200 |
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E-Mail : |
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Website : |
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Corporate Office : |
Rajiv Gandhi International Airport, Hyderabad – 501 218, Andhra
Pradesh, India |
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Tel. No.: |
91-40-66250000 |
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Fax No.: |
91-40-66250001 |
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|
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Hotel Address : |
Near Hitec City, Izzatnagar, Kondapur – 500 081, Hyderabad, India |
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Tel. No.: |
91-40-66824422 |
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Fax No.: |
91-40-66844422 |
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E-Mail : |
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Website : |
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Area : |
15 Acre |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Kapil Bhatia |
|
Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, New Delhi – 110 030,
Maharashtra, India |
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Date of Birth/Age : |
01.06.1932 |
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Date of Appointment : |
24.08.2006 |
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|
Name : |
Mr. Rahul Bhatia |
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Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, New Delhi – 110 030,
Maharashtra, India |
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Date of Birth/Age : |
10.06.1960 |
|
Date of Appointment : |
24.08.2004 |
|
|
|
|
Name : |
Mr. Michael Issenberg |
|
Designation : |
Director |
|
Address : |
44, Burrawong Avenue, Mosman 2088, Australia |
|
Date of Birth/Age : |
05.06.1959 |
|
Date of Appointment : |
07.03.2005 |
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|
|
Name : |
Mr. Kim John Mooney |
|
Designation : |
Director |
|
Address : |
5, West Street, Balgowlah Heights, NSW 2093, Australia |
|
Date of Birth/Age : |
11.03.1955 |
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Date of Appointment : |
07.03.2005 |
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|
Name : |
Mr. Patrick Basset |
|
Designation : |
Director |
|
Address : |
President Path Oak, 14 B, Sukhumuit , 24, 10110, Bangkok, Thailand |
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Date of Birth/Age : |
17.06.1956 |
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Date of Appointment : |
07.03.2005 |
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|
Name : |
Mr. Gaurav Bhushan |
|
Designation : |
Director |
|
Address : |
Level 30, Angel Place, 123 Pitt Street, Sydney, NSW 2000, Australia |
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Date of Birth/Age : |
30.08.1971 |
|
Date of Appointment : |
07.04.2006 |
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|
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|
Name : |
Mr. Anil Parashar |
|
Designation : |
Director |
|
Address : |
E-367, Grater Kailash, Part – I, New Delhi, India |
|
Date of Birth/Age : |
17.08.1958 |
|
Date of Appointment : |
07.04.2006 |
|
|
|
|
Name : |
Mr. Uttam Dave |
|
Designation : |
Director |
|
Address : |
A-51, Vasant Marg, Vasant Vihar, New Delhi, India |
|
Date of Birth/Age : |
23.02.1958 |
|
Date of Appointment : |
30.06.2005 |
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|
Name : |
Mrs. Nandini Brajesh Raghav |
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Designation : |
Director |
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Address : |
906/2, Acharya Puri, Ganga Vihar, Haryana, Punjsb, India |
|
Date of Appointment : |
01.08.2005 |
|
|
|
|
Name : |
Mr. Dennis Edward Oldfield |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.10.1954 |
|
Date of Appointment : |
07.04.2006 |
|
|
|
|
Name : |
Mr. Anil Chanana |
|
Designation : |
Director |
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Date of Birth/Age : |
29.11.1946 |
|
Date of Appointment : |
30.11.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Avaneesh Singh |
|
Designation : |
Secretary |
|
Address : |
89, DDA Flat, Lado Sarai, New Delhi – 110 030, India |
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Date of Birth/Age : |
18.02.1982 |
|
Date of Appointment : |
01.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Equity Shareholders |
No. of Shares |
|
Kapil Bhatia |
50 |
|
Rahul Bhatia |
50 |
|
AAPC Hotels Management Pte Limited |
200000 |
|
Interglobe Enterprises Limited |
8675 |
|
Gallileo India Private Limited |
230675 |
|
Anil Chanana |
29250 |
|
Calleo Consolidated Technologies Limited |
900 |
|
Interglobe Technology Quotient Private Limited |
30400 |
|
|
|
|
Total |
500000 |
(As on 31.03.2007)
|
Names of Preference Shareholders |
No. of Shares |
|
AAPC Hotels Management Pte Limited |
53717 |
|
Interglobe Enterprises Limited |
7701 |
|
Gallileo India Private Limited |
64239 |
|
Anil Chanana |
4737 |
|
Calleo Consolidated Technologies Limited |
1910 |
|
|
|
|
Total |
132304 |
List of Allotment as on 23.03.2007
|
Names of Allottees |
No. of Shares |
|
Interglobe Enterprises Limited |
3675 |
|
Anil Chanana |
2250 |
|
AAPC Hotels Management Pte Limited |
24998 |
|
Interglobe Technology Quotient Private Limited |
30400 |
|
Gallileo India Private Limited |
272 |
|
Calleo Consolidated Technologies Limited |
900 |
|
|
|
|
Total |
62495 |
List of Allotment as on 23.03.2007
|
Names of Allottees |
No. of Shares |
|
Interglobe Enterprises Limited |
7721 |
|
Anil Chanana |
4737 |
|
AAPC Hotels Management Pte Limited |
53717 |
|
Gallileo India Private Limited |
64239 |
|
Calleo Consolidated Technologies Limited |
1910 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution (s),
Non-resident Indian(s) or Overseas corporate bodies or Others |
40.12 |
|
Bodies corporate |
54.48 |
|
Directors or relatives of directors |
5.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Hotel Business. |
GENERAL
INFORMATION
|
No. of Employees : |
500 |
|
|
|
|
Bankers : |
Standard Chartered Bank State Bank of India Commercial Branch, 6th Floor, Palm Court Building, Gurgaon
– 122 001, Haryana, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
Golfview Corporate Tower, B, Sector 42, Sector Road, Gurgaon – 122
002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
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|
|
|
Associates : |
·
Gallileo India Private Limited ·
AAPC Hotels Management Private Limited ·
Interglobe Enterprises Limited ·
AAPC Thailand Limited ·
Interglobe Technologies Quotient Limited |
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|
|
|
Subsidiaries : |
Sirlanand Mansions Private Limited |
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|
|
|
Joint Venture : |
Tech Park Hotels Private Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.1000/- each |
Rs.1000.000 millions |
|
200000 |
Preference Shares |
Rs.1000/- each |
Rs.200.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.1200.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.1000/- each |
Rs.500.000
millions |
|
132304 |
Preference Shares |
Rs.1000/- each |
Rs.132.304
millions |
|
|
|
|
|
|
|
Total |
|
Rs.632.304 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
632.304 |
437.505 |
|
|
2] Share Application Money |
|
6.699 |
230.555 |
|
|
3] Reserves & Surplus |
|
1190.736 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(34.949) |
(26.617) |
|
|
NETWORTH |
|
1794.790 |
641.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.204 |
0.542 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.204 |
0.542 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1794.994 |
641.985 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
246.829 |
48.356 |
|
|
Capital work-in-progress |
|
618.389 |
340.413 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
446.316 |
50.241 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
33.245 |
26.550 |
|
|
Other Current Assets |
|
0.069 |
0.023 |
|
|
Loans & Advances |
|
423.289 |
154.137 |
|
Total
Current Assets |
|
456.603 |
180.710 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
67.843 |
11.860 |
|
|
Provisions |
|
2.422 |
0.651 |
|
Total
Current Liabilities |
|
70.265 |
12.511 |
|
|
Net Current Assets |
|
386.338 |
168.199 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
Expenditure during construction period |
|
97.122 |
34.776 |
|
|
|
|
|
|
|
|
TOTAL |
|
1794.994 |
641.985 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Total Income |
|
3.498 |
5.972 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(7.621) |
(11.049) |
|
|
Provision for Taxation |
|
0.711 |
0.505 |
|
|
Profit/(Loss) After Tax |
|
(8.332) |
(11.554) |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Capital Goods |
|
21.133 |
0.000 |
|
Total Imports |
|
21.133 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Personnel Expenses |
|
2.930 |
5.404 |
|
|
Administrative Expenses |
|
7.642 |
11.177 |
|
|
Depreciation & Amortization |
|
0.547 |
0.440 |
|
Total Expenditure |
|
11.119 |
17.021 |
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(238.19) |
(193.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.08) |
(4.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.04 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
6.50 |
14.44 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered office of the company has been shifted from 66 Janpath,
New Delhi – 110 001, India to the present address w.e.f. 01.10.2006
Form No. 8
|
Corporate
identity number of the company |
U55101DL2004PTC128567 |
|
Name of the
company |
INTERGLOBE HOTELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110 001, Delhi, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of
Maharashtra 1295, Sushant
Lok, Gurgaon – 122 002, Haryana, India Email : bom1295@mahabank.co.in |
|
Nature of
instrument creating charge |
1.
Memorandum
regarding deposit of title Deeds to create additional mortgage. 2.
Mortgagor’s
letter of confirmation of equitable mortgage |
|
Date of
instrument Creating the charge |
06.08.2007 |
|
Amount secured by
the charge |
Rs.305.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Since the charge has already created on the land by Pegasus Buildtech Private
Limited who is owner of the land and Interglobe Hotels Limited (Borrower) is
having equitable mortgage on the same land on which both land owner and
Interglobe Hotels Limited is constructing building. It is just nothing with
ROC, New Delhi that Interglobe Hotels is having equitable mortgage on the
land. Corporate Guarantee has been is provided by land owner. Hence in this
case interest does not apply. ·
Terms of
repayment Since this is not a direct loan as charge has already in favour of
Bank. Its nothing with the ROC, New Delhi regarding equitable mortgage of
Interglobe Hotels Private Limited on land since corporate guarantee has been
provided by the land owner in favour of Bank for granting loan to Interglobe
Hotels Private Limited ·
Margin Since this is not a direct loan as charge has already created in
favour of Bank. Its nothing with the ROC, New Delhi regarding equitable
mortgage of Interglobe Hotels Private Limited on land since corporate
guarantee has been provided by the land owner in favour of Bank for granting
loan to Interglobe Hotels Private Limited ·
Extent and
operation of the charge Since this is not a direct loan as charge has already created in
favour of Bank. Its nothing with the ROC, New Delhi regarding equitable
mortgage of Interglobe Hotels Private Limited on land since corporate
guarantee has been provided by the land owner in favour of Bank for granting
loan to Interglobe Hotels Private Limited ·
Others As above said |
|
Particulars of
the property charged |
Wazirabad Kuchha Road,
Near Sector – 53, Wazirabad Opp. DLF Phase V, Gurgaon Khasra No. 2405/1
(1-8-03), 2409/1 (0-10-16), 2403/2/1 (1-0-9), 2409/2 (0-13-10) and 2412/1
(0-14-15). Total Area 4 Bigha 7 Biswa 13 Biswani i.e.4418 Sq. Yards |
Web Details
Contemporary in design, the
spacious Novotel features luxurious rooms and suites in close proximity to
Rajiv Gandhi International Airport in Hyderabad. Opened in October 2008,
Novotel Hyderabad is a luxurious 5-star hotel designed to satisfy the needs of
business and leisure guests. Along with its advanced technology and impressive
conference centre, the hotel also comes with a host of relaxing facilities and
services ideal for families travelling with children. Beautifully designed and
yet functional, our rooms and suites are filled with an air of peace and quiet,
making it the perfect private space, customer can rest and unwind. Catch up on
the emails while working on the desk, or simply lay back on the cosy bed while
watching world news. In free time, why not have a swim in the outdoor pool,
workout in the gym or unwind in the exclusive spa. After that, head to the
restaurants for delicious cuisine before ending the night with a drink in the
bar.
Number of rooms : 305
Check in : 12:00 - 12:00 hour
Check out : 12:00 - 12:00 hour
Creditcards : American Express, Visa, Euro/Mastercard
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 |
Rs.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|