MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIABULLS PROPERTIES PRIVATE LIMITED |
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Registered Office : |
F -60, Malhotra Building , 2nd
Floor, Connaught Place, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.03.2005 |
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Com. Reg. No.: |
134232 |
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CIN No.: [Company
Identification No.] |
U45201DL2005PTC134232 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI05323D MUMI07820B |
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PAN No.: [Permanent
Account No.] |
AABCI3417R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction of Commercial and
Residential Buildings. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 21000000 |
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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 Indiabulls Group. Trade relations are fair.
General financial position is good. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Amit Malani |
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Designation : |
Account
Department |
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Date : |
23.09.2008 |
LOCATIONS
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Registered Office : |
F -60, Malhotra Building , 2nd
Floor, Connaught Place, New Delhi – 110 001, India |
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Tel. No.: |
91-11-41523700/ 51523700 |
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Fax No.: |
91-11-41529071/ 51529071 |
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E-mail: |
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Website : |
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Corporate Office : |
S. P. Center, C-Wing, 41-44, Minoo Desai Marg, Near Radio Club. Colaba,
Mumbai – 400005, Maharashtra, India |
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Tel. No.: |
91-22-39895555 |
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Fax No.: |
91-22-67430522/ 67430557 |
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Branches
Office: |
Gurgaon
Office: Plot No- 448-451, Udyog Vihar, Phase - V, Gurgaon - 122 001, Haryana, INDIA Tel: 91-124-4308 020/ 3989555 / 666 Chennai
Office: New No.27, New MGR Main Road, Perungudi - Taramani Bypass Road, Kandanchavadi, Chennai - 600 096, INDIA Tel: 91-44-2496 0763 / 64 /65. |
DIRECTORS
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Name : |
Mr. Divyesh Shah |
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Designation : |
Director |
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Address : |
1302, Tirupati Apartment, A – Block Amar Building , Bhula
Bhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
13.10.1970 |
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Date of Appointment : |
16.06.2005 |
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Name : |
Mr. Vikas Saxena |
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Designation : |
Director |
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Address : |
88, Vivekanand Puri, Delhi – 110 007, India |
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Date of Birth/Age : |
06.07.1969 |
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Date of Appointment : |
28.03.2006 |
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Name : |
Mr. Manish Rustagi |
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Designation : |
Director |
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Address : |
A -15, Chet Ram Marg, Moujpur Delhi – 110 053, India |
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Date of Birth/Age : |
14.09.1979 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Vipul Bansal |
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Designation : |
Director |
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Address : |
305/B, Blue Haven Plot No. 10, Raheja Vihar, Chadivali Farm Road, Poqwai Saklinaka, Mumbai– 400 072, Maharashtra, India |
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Date of Birth/Age : |
24.08.1972 |
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Date of Appointment : |
12.06.2006 |
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Name : |
Mr. Tejunderpal Singh |
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Designation : |
Director |
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Address : |
A – 1/180, Safdarjung Enclave , New Delhi – 110 029, India |
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Date of Birth/Age : |
01.08.1974 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Rajiv Rattan |
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Designation : |
Director |
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Address : |
B -4/157, Safdarjung , New Delhi – 110 029, India |
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Date of Birth/Age : |
07.06.1973 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Gagan Banga |
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Designation : |
Director |
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Address : |
122, Maker Tower A – Wing, 12th Floor, Cuffe Parade, Mumbai – 400 013, Maharashtra, India |
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Date of Birth/Age : |
22.08.1975 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Miglani Singh |
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Designation : |
Director |
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Address : |
A 1/180, Ground Floor, Safdarjung Enclave, New Delhi – 110 029, India |
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Date of Birth/Age : |
01.08.1974 |
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Date of Appointment : |
18.03.2005 |
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Name : |
Mr. Arun Tyagi |
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Designation : |
Director |
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Date of Birth/Age : |
24.07.1973 |
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Date of Appointment : |
03.04.2007 |
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Name : |
Mr. Venkatraman Sundar |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Name : |
Mr. Yatendra Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
35 years |
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Name : |
Mr. Mehul C. Johnson |
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Designation : |
Director |
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Name : |
Ms. Raji Vishwanathan |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Equity Shares |
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India Bulls Real
Estate limited |
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1371618 |
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Mr. Rajiv Rattan |
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10 |
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Mr. Ashok Sharma |
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10 |
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Fim Limited |
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10 |
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Sriston Investments
Subs limited |
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144449 |
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1516097 |
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Preference shares |
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Fim Limited |
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64012939 |
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Debentures Shares |
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Fim Limited |
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776329 |
(As on 31.03.2007)
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Equity Share Break Up |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
52.00 |
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Bodies corporate |
48.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction of Commercial and
Residential Buildings. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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GENERAL
INFORMATION
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Bankers : |
HDFC Bank, Fort Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSR and
Associates Chartered
Accountants |
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Address : |
4 B DLF,
Corporate park, DLF Citi , Phase – III, Gurgaon – 122 002, Haryana, India |
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Group Companies: |
·
India Bulls Resources Limited (U45201DL2006PLC146528) ·
Indiabulls Natural Resources Limited (U74991DL2006PLC148801) ·
Indiabulls Land Holdings Limited (U45201DL2005PTC142718) ·
Nilgiri Software Solutions Private Limited (U72200DL2005PTC143654) ·
Nilgiri Land Development Private Limited (U45201DL2005PTC143977) ·
Indiabulls Engineering Limited (U45203DL2006PLC146531) ·
Nilgiri Lands Limited (U45201DL2006PLC146527) ·
Indiabulls Commercial Estate Limited (U45201DL2006PLC146530) ·
Indiabulls Infrastructure Project Limited (U45201DL2006PLC146529) ·
Nilgiri Land Holding Limited (U4520DL2006PLC147254) ·
Nilgiri Infrastructure Limited (U70109DL2006PLC148835) ·
Nilgiri Buildwell Limited (U70101DL2006PLC148645) ·
Nilgiri Commercial Estate Limited (U70101DL2006PLC148833) ·
Nilgiri Infra Estate Private Limited (U70101DL2006PTC148806) |
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Holding
Company: |
·
FIM Limited (from 1st April 2006 to 19 November 2006) ·
Indiabulls Real Estate Limited (from 20 November 2006 to 28 March 007) |
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Associate
Company: |
·
Indiabulls
Financials Services Limited (from 1 April 2006 to 30 April 2006) ·
FIM
Limited (from 20 November 2006 to 31 March 2007) ·
Indiabulls
Real Estate Limited (from 1 May 2006 to 19 November 2006 and
29 March 2007 to 31 March 20007) |
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Subsidiaries
Company:: |
·
India
Bulls Real Estate Company Private Limited ·
Indiabulls
Infrastructure Limited ·
Indiabulls
Estate Limited ·
Indiabulls
Construction Limited (from 13 June 2006 to 31 March 2007) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs.10/- each |
Rs.30.000
millions |
|
55000000 |
Preference Shares
|
Rs.10/- each |
Rs.550.000
millions |
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Total |
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Rs.580.000 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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|
2860534 |
Equity shares |
Rs.10/- each |
Rs.28.605 millions |
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54012939 |
Preference Shares
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Rs.10/- each |
Rs.540.129 millions |
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Total |
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Rs.568.734 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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568.734 |
20.986 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3714.742 |
1893.912 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4283.476 |
1914.898 |
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LOAN FUNDS |
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1] Secured Loans |
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2410.499 |
885.120 |
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2] Unsecured Loans |
|
776.329 |
1515.437 |
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TOTAL BORROWING |
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3186.828 |
2400.557 |
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DEFERRED TAX LIABILITIES |
|
1.220 |
0.000 |
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TOTAL |
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7471.524 |
4315.455 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.982 |
2.671 |
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Capital work-in-progress |
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0.000 |
8.577 |
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INVESTMENT |
|
470.211 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.054 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4653.423 |
3158.447 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
2252.924 |
121.628 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
482.152 |
1078.690 |
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Total
Current Assets |
|
7388.499 |
4358.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
419.590 |
52.719 |
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Provisions |
|
3.578 |
1.893 |
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Total
Current Liabilities |
|
423.168 |
54.612 |
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Net Current Assets |
|
6965.331 |
4304.153 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
7471.524 |
4315.455 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
NA |
90.236 |
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Other Income |
|
NA |
0.037 |
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Total Income |
|
NA |
90.273 |
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|
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Profit/(Loss) Before Tax |
|
[11.747] |
84.763 |
|
Provision for Taxation |
|
[35.198] |
28.990 |
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Profit/(Loss) After Tax |
|
[46.945] |
55.773 |
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|
|
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Total Expenditure |
|
11.747 |
5.510 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
NA |
61.78 |
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|
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Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
93.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[0.15] |
1.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.84 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
|
|
17.45 |
79.81 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8;-
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Corporation identity number or foreign company registrations number of
the company |
U45201DL2005PTC13432 |
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Name of the company |
INDIABULLS
PROPERTIES PRIVATE LIMITED |
|
Address |
F - 60, Malhotra Building , 2nd
Floor, Connaught Place, New Delhi – 110 001, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
IDBI Trusteeship Services Limited Address: Asian Building, Ground Floor, 17 R Kamani Marg, Ballard
Estate, Mumbai – 400 001, Maharashtra, India E-Mail;: itsl@idbitrustee.co.in
|
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Date of the instrument creating charge |
30.11.2006 |
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Amount Secure by the charge |
Rs.774.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 10.50% p.a (2.75% p.a per annum below the ICICI Bank Bench mark advance
rate prevailing on the date of disbursement
plus applicable Interest tax or other statutory levy. Margin: 150% Extent and Operation of the charge: Mortgage as security for the repayment / payment of facility with all
Interest and all monies payable by the borrower to ICICI bank in respect
thereof. |
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Short particulars of the Property charged |
Land bearing CTS No. 841 and 842 Admeasuring 44974.6 Sq.mtrs and located at Balasheth Murudkar Marg, Adjacent To Senapati Bapat
Marg, Elphistone Road, Mumbai – 400 013 together with all buildings and
structures to be constructed thereon. |
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Name of the company |
INDIABULLS PROPERTIES PRIVATE LIMITED |
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Presented By |
Gagan Banga, Director |
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1) Date and description
of instrument creating the change |
Indenture of
mortgage dated 15.10.2005 executed by
IPPL (therein and hereinafter referred to as borrower ) in favour of IDBI
Trusteeship Services Limited (therein and hereinafter referred to as IDBI
Trusteeship”) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan of
Rs.3000 million (therein and hereinafter
referred to as the facility) granted to IPPL (the borrower) |
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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 |
Mortgage on the
and bearing CTS No. 841 and 882 admeasuring 44974.6 Sq.mtrs and located at
Balasheth Murudkar Marg, Adjacent to
senapati Bapat Marg, Elphistone Road,
Mumbai – 400013 together with all buildings and structures to be constructed
thereon |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of ICICI Bank having agreed to extend / grant to the
borrower / the Mortgagor the Facility agreement and declaration by the
borrower / the mortgagor inter alia as follows: Covenant by the borrower to repay the facility and pay Interest and
all other monies in the manner set out in the facility agreement) between the
borrower and ICICI Bank and to comply with the terms and conditions of the
said facility agreement. The said immovable properties were thereby mortgaged to IDBI
Trusteeship Services limited as and
by way of first mortgaged as se3curity for the repayment / payment of the
facility with al Interest , including
any increase as a result of devaluation / revaluation / fluctuation in the rates of exchanges of the foreign currencies involved )
liquidated damages commitments charge, premia on prepayment or on redemption
, costs, charges and expenses and all other monies payable by the borrower to
ICICI Bank in respect thereof. The borrowernthe Mortgagor to keep the said immovable properties in
marketable and good condition and also insured as provided therein. Power of entry , power to take charge and or possession of seize ,
recover , receive , appoint receives
of and remove and or sale by public auction or Private contact or
dispatch for all realisation or
otherwise dispose off or deal with all or any part of the said immovable
properties, etc as provided therein. |
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5) Name and
Address and description of the person entitled to the charge. |
IDBI Trusteeship Services Limited Address: 10th Floor, Nariman Bhavan , 227 Vinay K Shah
Marg, Nariman Point , Mumbai - 400
021 |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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.
|
NA |
WEBSITE DETAILS:-
Parent Company:-
The company is India’s leading Financial Services and Real Estate company having over 640 branches all over India. Subject serves the financial needs of more than 4,50,000 customers with its wide range of financial services and products from securities, derivatives trading, depositary services, research and advisory services, consumer secured and unsecured credit, loan against shares and mortgage and housing finance. With around 4000 Relationship Managers, subject helps its clients to satisfy their customized financial goals. The company through its group companies has entered Indian Real Estate business in 2005. It is currently evaluating several large-scale projects worth several hundred million dollars.
“Indiabulls Financial Services Limited is listed on the National Stock Exchange, Bombay Stock Exchange and Luxembourg Stock Exchange. The market capitalization of Indiabulls is around USD 6,300 million (31st December, 2007). Consolidated net worth of the group is around USD 905 million (31st December, 2007). The company and its group companies have attracted more than USD 800 million of equity capital in Foreign Direct Investment (FDI) since March 2000. Some of the large shareholders of Indiabulls are the largest financial institutions of the world such as Fidelity Funds, Goldman Sachs, Merrill Lynch, Morgan Stanley and Farallon Capital.
Summary
Business of the company has grown in leaps and bounds since its inception. Revenue of the company grew at a CAGR of 159% from FY03 to FY07. During the same period, profits of the company grew at a CAGR of 184%.
The company became the first company to bring FDI in Indian Real Estate through
a JV with Farallon Capital Management LLC, a respected US based investment
firm. Subject has demonstrated deep understanding and commitment to Indian Real
Estate market by winning competitive bids for landmark properties in Mumbai and
Delhi.”
Group Companies:
Indiabulls Real Estate Company Private Limited
IRECPL is jointly promoted by Indiabulls and Farallon Capital. The
company is currently developing a Commercial Development with a total
construction of about 2.3 million square feet.
Indiabulls Estate Limited
IEL is jointly
promoted by Indiabulls and Farallon Capital. The company is currently
developing residential and commercial development near Delhi spread over 150
acres.
Kenneth Builders and Developers Limited
KBDL is promoted by Indiabulls Infrastructure Limited. The company is
currently developing a premium residential development near South Delhi.
Indiabulls Infrastructure Development Limited
IIDL is promoted by the company and its investors include Farallon
Capitall and Mr. L. N. Mittal. The company is currently developing a
Multi-Product SEZ at Raigarh District of Maharashtra spanning over 6000 acres.
Noble Realtors Limited
NRL is promoted by the company. The company is currently developing a
premium residential development at Gurgaon.
Diana BuildwellPrivate Limited
DBPL is promoted by the company. The company is currently developing a
luxury resort sprawling over 21 acres along Vagator Beach , Goa .
Indiabulls Industrial Infrastructure Limited
IIIL is promoted by Indiabulls in partnership with MIDC. The company is
currently developing a multi-product Special Economic Zone (SEZ), spanning an
area of 3,000 acres in the Nashik District of Maharashtra.
Indiabulls Builders Limited
IBL is promoted by the company. The company is currently developing a
multi-product Special Economic Zone (SEZ), spanning an area of 6,000 acres in
the Thane District of Maharashtra.
Selene Estate Private Limited
SEPL is promoted by the company. The company is currently developing a
large integrated residential project at Chennai, located next to the I.T.
Corridor at Old Mahabalipuram Road (OMR).
Fama Land Development Private Limited
FLDPL is promoted by the company. The company is developing a large
integrated mixed-use project located near National Highway 5 in the Northern
area of Chennai.
Indiabulls Real Estate Limited
IBREL, through its wholly owned subsidiaries, is currently developing a
large integrated township at Panvel, Mumbai.
PROJECTS
The Castlewood project entails development of 550 premium luxury
apartments in New Delhi. Surrounded by 500 acres of greenery, it is comprehensively
linked to all life style destinations and modern convenience.
The Elphinstone Mills Project will be designed to cater to Corporate Offices
with a total leaseable area of 1.5 million square feet.
The project entails residential and commercial development near Delhi,
spread over 150 acres.
The Raigarh SEZ Project is being developed as a multi-product SEZ with
an area of 6,000 acres under development.
The project entails development of an exclusive housing enclave in the
National Capital Region, Delhi, covering a total area of 1.97 million sq. ft.
This luxurious resort destination is being developed on a property
sprawling over 21 acres along the Vagator Beach at Goa.
Nashik SEZ is a multi-product Special Economic Zone admeasuring 3,000
acres.
This multi-product Special Economic Zone (SEZ) project spans over 6,000
acres in Thane district, Maharashtra.
This is a 50 acre site entailing an exclusive housing enclave in
Chennai.
This premium commercial and residential development will be the most
significant development in North Chennai.
This integrated township development in Panvel spans over 600 acres and
is strategically located along the Mumbai-Pune expressway.
Indiabulls
Power Services Limited (IBPSL)
Founded in
September 2007, Indiabulls Power Services Limited (IBPSL) is part of Indiabulls
Group. IBPSL has been founded as a subsidiary of Indiabulls Real Estate Limited
(IBREL). The company has ventured into the power business to take advantage of
the opportunity presented by the huge gap in Demand and Supply of power in
India. With Electricity Act 2003 easing the regulatory environment and with
State Utilities becoming financially healthy over the last couple of years,
private participation in the Power Sector is booming, providing excellent
opportunities for investment and nation building.
The National
Electricity Policy (NEP) notified in 2005 has envisaged an ambitious target of
creation of 5% spinning reserve by 2012. This requires obliteration of energy
shortage across the country. However, even after one year of NEP notification,
the statistics diverge significantly from what is envisaged. Instead of
reduction in peak and energy shortages, they have increased significantly. In
fact for the period between April 2006 and May 2006 energy shortage and peak
shortage in the country were 10.7% and 13.1% respectively.
India’s installed
power generation capacity is 132,330 MW as of March 31, 2007. Another 78,530 MW
capacity is proposed to be added in the 11th 5 year plan (2007-08 to 2011-12)
to meet the growing demand for electricity in the country. According to
industry estimates, domestic and foreign private companies will need to invest
a total of about USD 100 billion in power projects to bridge this deficit and
take India closer to the goal of power self sufficiency.
Recognizing this
opportunity, the company put together a team of highly qualified professionals
having years of experience in the Power Sector, both Thermal and Hydro. With
backing of considerable Financial Strength of the Indiabulls group and its
extensive reach across the country, IBPSL is very well positioned to be the top
player in the Indian Power industry.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|