MIRA
INFORM REPORT
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Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
ELDECO INFRASTRUCTURE AND PROPERTIES LIMITED |
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Registered
Office : |
201-212, Splendor Forum, IInd Floor, Jasola Distrtict Centre, New
Delhi-110025 |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
16.03.2000 |
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Com. Reg. No.: |
55-104510 |
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CIN No.: [Company Identification
No.] |
U74899DL2000PLC104510 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELE02054D |
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PAN No.: [Permanent Account No.] |
AAACE8177D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Construction Activity. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
201-212, Splendor Forum, IInd Floor, Jasola Distrtict Centre, New
Delhi-110025, |
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Tel. No.: |
91-11-40655000/ 100/ 46503900 |
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Fax No.: |
91-11-40655111 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2009
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Name : |
Mr. Shiv Kumarg Garg |
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Designation : |
Chairman Cum Managing Director |
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Address : |
289l, Hema Kanha, Eldeco Greens, Gomti Nagar, |
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Date of Birth/Age : |
16.02.1942 |
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Date of Appointment : |
16.03.2000 |
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Name : |
Mr. Pankaj Bajaj |
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Designation : |
Managing Director |
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Address : |
A-2, Greater Kailash Part-I, New Delhi-11048, |
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Date of Birth/Age : |
23.01.1972 |
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Date of Appointment : |
16.03.2000 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
98, Surya Nagar, |
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Date of Birth/Age : |
11.06.1943 |
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Date of Appointment : |
16.03.2000 |
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Name : |
Mr. Arvind Bajaj |
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Designation : |
Director |
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Address : |
98, Surya Nagar, |
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Date of Birth/Age : |
29.11.1968 |
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Date of Appointment : |
16.03.2000 |
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Name : |
Ms. Bandana Kohli |
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Designation : |
Director |
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Address : |
A-2, Greater Kailash Part-I, New Delhi-110048, |
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Date of Birth/Age : |
08.08.1974 |
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Date of Appointment : |
01.06.2004 |
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Name : |
Mr. Joel Frank |
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Designation : |
Nominee Director |
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Address : |
39, |
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Date of Birth/Age : |
14.04.1955 |
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Date of Appointment : |
18.07.2008 |
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Name : |
Mr. Balaji Shrinivasan |
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Designation : |
Alternate Director of Mr. Joel Frank |
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Address : |
# 204, Footprints, # 1, 7th Cross, 7th Main, HAK
II Stage, Indiranagar, Bangalore-560038, Karnatka, India |
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Date of Birth/Age : |
25.09.1966 |
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Date of Appointment : |
28.09.2009 |
ADDITIONAL DIRECTOR
As on 19.05.2010
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Name : |
Mr. Sundareswaran Sri Shankar |
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Designation : |
Alternate Director |
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Address : |
A 001/101, Iris Block 1, Springfiels Apartments, |
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Date of Birth/Age : |
30.09.1970 |
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Date of Appointment : |
19.05.2010 |
KEY EXECUTIVES
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Name : |
Ms. Anjana Lutra |
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Designation : |
Company Secretary |
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Address : |
VB-58, Lane No. 2, Virender Nagar, New Delhi-110058, |
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Date of Birth/Age : |
10.04.1978 |
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Date of Appointment : |
22.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
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Names of Shareholders |
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No. of Shares |
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735200 |
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Asha Bajaj |
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59000 |
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Pankaj Bajaj |
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4667789 |
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Shiv Kumar Garg |
|
100 |
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Arvind Bajaj |
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372800 |
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Rashi Bajaj |
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45200 |
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Varija Bajaj |
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39100 |
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O.P. Bajaj HUF |
|
250000 |
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Bandana Kohli |
|
4655988 |
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Amif Re Investments XII Limited, |
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1072582 |
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Amif I Limited |
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179114 |
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Total |
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12076873 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
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Percentage of
Holding |
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Foreign Holdings (Foreign Institutional Investor(s), Foreign Comapnie(s)
Foreign Financial institution(s), Non-resident Indian (s) or overseas
corporate bodies other others) |
|
10.36 |
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Directors or relatives of directors |
|
89.64 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activity. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions: |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building No. 8, Tower B, 7th and 8th Floor, |
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Associates/Subsidiaries : |
Maskad Estate and Hardware Limited U70101DL1996PLC076570 Savana Realtors Company Limited U45201DL2005PLC134381 Amazon Infracon Limited U45201DL2005PLC139485 Amazon Real Estate Limited U00500DL2005PLC139875 S M Buildcon Limited U45201DL2005PLC133852 Savana Builders Company Limited U45201DL2005PLC134380 Swabhiman Computech Limited U72200DL2005PLC133372 Shrinikhla Buildwell Limited U70101DL2005PLC138810 Eldeco Sidcul Industrial Park Limited U45201UR2006PLC031843 Eldeco MIDC SEZ Limited U45202MH2007PLC176033 U45201DL2003PLC121660 Eldeco County Limited U45201UP2005PLC029430 A.P. Projects Limited U74899DL1992PLC047576 Adhikari Properties Limited U74899DL1994PLC060176 Shri Ajitnath Buildcon Limited U45201DL2005PLC138710 Amazon Infra Realtors Limited U45201DL2005PLC139484 Mansarover Realtors Limited U70101DL2005PLC140399 Best View Properties Limited U46101DL2006PLC14476 Green Park Buildwell Limited U46101DL2006PLC144777 Pigeon Properties Limited U46101DL2006PLC144778 Green Park Infrastructure Limited U45201DL2006PLC145950 Pigeon Infrastructure Limited UI452010DL2006PLC145949 Apollo Builders Limited U45200DL2006PLC153050 Apollo Infracon Limited U70109DL2006PLC151806 Green Park Infracon Limited U45200DL2006PLC153047 Hi- Choice Infracon Limited U70109DL2006PLC152051 Savana Infrastructure and Properties Limited U452010R2007PLC009220 Adhikari Infrastructure and Builders Limited U45400DL2007PLC163848 Maksad Properties Limited U45400DL2007PLC163910 Eldeco Hospitality Limited U74120DL2008PLC175054 A.P. Utility Services Limited U70101DL2003POLC123057 Chiranjiv Builders Limited U74899DL1995PLC068461 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9585782 |
Equity Shares |
Rs. 10/-
each |
Rs. 95.858
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
95.858 |
85.132 |
85.132 |
|
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2] Share Application Money |
25.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2991.135 |
1584.446 |
1012.152 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3111.993 |
1669.578 |
1097.284 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
3084.722 |
3223.728 |
2839.729 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3084.722 |
3223.728 |
2839.729 |
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DEFERRED TAX LIABILITIES |
11.049 |
5.419 |
0.000 |
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TOTAL |
6207.764 |
4898.725 |
3937.013 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
416.867 |
88.334 |
170.416 |
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Capital work-in-progress |
34.178 |
351.982 |
301.990 |
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INVESTMENT |
684.398 |
142.713 |
50.401 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.783 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
31.502
|
42.329 |
3055.162 |
|
|
Sundry Debtors |
0.000
|
6.046 |
3.695 |
|
|
Cash & Bank Balances |
627.291
|
378.463 |
578.112 |
|
|
Project in progress |
4704.287
|
4179.265 |
0.000 |
|
|
Other Current Assets |
22.325
|
13.515 |
10.031 |
|
|
Loans & Advances |
1578.848
|
1660.765 |
1589.596 |
|
Total
Current Assets |
6964.253
|
6280.383 |
5236.596 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
435.561
|
291.906 |
188.855 |
|
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Other Current Liabilities |
1453.664
|
1670.610 |
1633.154 |
|
|
Provisions |
2.707
|
2.171 |
1.164 |
|
Total
Current Liabilities |
1891.932
|
1964.687 |
1823.173 |
|
|
Net Current Assets |
5072.321
|
4315.696 |
3413.423 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6207.764 |
4898.725 |
3937.013 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
|
|
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|
|
|
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Revenue from Operations |
1889.661 |
2022.298 |
2179.426 |
|
|
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Other Income |
178.232 |
514.133 |
82.402 |
|
|
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TOTAL (A) |
2067.893 |
2536.431 |
2261.828 |
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|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Construction and other Direct Cost |
1170.699 |
2271.062 |
1910.359 |
|
|
|
Increase/ Decrease in Unfinished stock |
162.577 |
[708.960] |
[12.435] |
|
|
|
Employees Remuneration and Benefits |
84.372 |
116.025 |
98.308 |
|
|
|
Administrative and Other Expenses |
247.330 |
92.515 |
87.273 |
|
|
|
Increase/ Decrease in Unsold Finished Stock |
[0.345] |
[0.010] |
[390.168] |
|
|
|
Prior period Adjustment |
0.000 |
0.011 |
0.000 |
|
|
|
TOTAL (B) |
1664.633 |
1770.643 |
1693.337 |
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|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
403.260 |
765.788 |
568.491 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
112.631 |
122.442 |
2.258 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
290.629 |
643.346 |
566.233 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.995 |
11.355 |
9.828 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
274.634 |
631.991 |
556.405 |
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|
|
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|
|
|
|
Less |
TAX (H) |
31.771 |
59.698 |
78.707 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
242.863 |
572.293 |
477.698 |
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1584.446 |
1012.152 |
534.455 |
|
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|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1827.309 |
1584.445 |
1012.153 |
|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
26.21 |
67.22 |
134.92 |
|
|
|
Diluted |
24.49 |
67.22 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
11.74
|
22.56 |
21.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.53
|
31.25 |
25.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.72
|
9.92 |
10.29 |
|
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.38 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
3.11 |
4.25 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68
|
3.20 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Register office of the company has been shifted from
SU-12-13, Bhikaji Cama Bhavan, Bhikaji Cama Placel,
FINANCIAL
PERFORMANCE
The total income of the Company for the year is Rs. 2068.238 Millions as
against Rs. 2536.441 Millions in the previous year, thus representing a
decrease of about 18.46% over the previous financial year. The profit after tax
(PAT) stood at Rs. 242.863 Millions as against PAT of Rs. 572.293 Millions in
the previous year thus representing a decrease of about 57.56% over the
previous financial year.
The key highlights pertaining to the business of the Company including
its subsidiaries for the year (2008-09) are given hereunder:
The period beginning in September last year was the period where the
economy begun to touch the lower ebb of a business cycle, which came in the
natural course of business cycle. The Real Estate Industry was the worst
affected during this period and even the Company had to face the burnt of the
economic slow-down resulting into decreased turnover and pressure on the profit
margins and financing costs. However, the Company took aggressive steps to meet
the challenges through major initiatives on the Costs front like phasing of
projects; reschedulement of debts and cutting sales and administrative
overheads to some extent and on the Revenue side adopting innovative measures
to boost sales including price re-sets, extending benefits to customers in
company’s projects etc. These initiatives helped the company in sustaining
growth, cost –optimization, process improvement and efficient management of the
working capital. The Company also raised Foreign Direct Investment
(FDI)/private equity to the tune of Rs.1180.000 Millions (round off) from AMIF
RE INVESTMENTS XII Limited Through a structured focus on rescheduling loans,
reducing prices and raising equity, they have considerably bridged and the
Company today is in a relatively much stronger financial position.
The Company shifted its registered office from SU 12-13, Bhikaiji Cama
Bhawan, Bhikaiji Cama Place, New Delhi – 110066 to 201-212, 2nd Floor Splendor
Forum, Jasola District Centre, New Delhi-110025.The Company also got the
leasehold title of in its name of land of about 1008.36 hectares in respect of
Special Economic Zone (SEZ) project bagged by it during the last financial year
at Amravati, Maharashtra to be developed in joint venture with Maharashra
Industrial Development Corporation (MIDC).During the year, Eldeco Sidcul
Industrial Park at Sitarganj, Uttarakhand , the Company’s joint venture with
SIDCUL (a nodal agency of Government of Uttarakhand) developing state of the
art about 1200 acres Industrail Park at Sitarganj, Uttarakhand formed a Special
Purpose Company (in joint venture with Jindal Water Infrastructure Limited) in
the name Jindal ESIPL CETP (Sitarganj) Limited for setting up of a Common
Effluent Treatment Plant (CETP)in the Industrial Park.
Going forward, the focus of the Company will be on the residential
segment with a stress on developing affordable housing. The Company intends to
focus on exploiting its existing land bank to develop its future projects in
order to improve the cash realization from its projects. In addition, the
Company plans to acquire new land very selectively and only when it considers
that the acquisition affords an exceptional value proposition. Completion and
delivery of ongoing projects and launching marketing of the new projects will
be Company’s key challenges for 2009-10.The Company intends to concentrate its
future construction and development activities towards projects that are
pre-sold. Besides, the Company also intends to venture into the activities like
contracting/sub-contracting/construction/infrastructure development projects
etc. in view of the fact that even the Government offers various stimulus
packages into these kinds of Projects thus commanding good margins and further
projected good future of the Company. The Directors believe that with this
business model of the Company, not only the performance of the Company will be
revived but also there will be substantial increase in the turnover and
profitability of the Company in the near future followed by positive trend thus
furthering the growth of the Company in times to come.
MATERIAL CHANGES
ETC.
Pursuant to the Fourth Supplemental executed between the Company; Eldeco
Jalandhar Properties Private Limited (“EJPPL”) and Xander Investment Holding
III Limited (“ Xander”) and its affiliates M/s Narlonrod Limited and M/s Zoraba
Limited on 20th May, 2009, the investment of the Company in (a joint
venture of the company with Xander Investment Holding III Limited) EJPPL stands
diluted to about 36% and the shares of EJPPL are reclassified into Class A
(Xander’ Holding) shares and Class B shares (Company’s Holding) wherein the
holders of Class A Shares are entitled to receive preferential returns over the
holders of Class B Shares .Further, in terms of the Fourth Supplemental , the
terms of the Company’s investment in 3503154 Share Warrants of EJPPL are also
modified thereby resulting in conversion of (a) 39,886 Share Warrants into
26,524 Class B shares (b) 34,63,268 Share Warrants into 36,88,052 mandatory
fully convertible debentures (FCD’s).
Ms. Bandana Kohli was re-appointed as Whole-time Director of the Company
in the Extra-Ordinary Meeting of the members held on 29th June, 2009
for a further period of five years w.e.f 1st June, 2009.
The Company has also filed an application with the Greater Noida
Industrial Development Authority (GNIDA) for surrender /exit
(proportionate/partial) of its lease hold Plot” No. GH-03, Sector- Omicron -1,
Greater Noida under Project “ Eldeco Aurum ,allotted to the Company by the
GNIDA pursuant to stimulus package offered by GNIDA in the wake of global
economic melt down and financial crisis particularly in Real Estate Sector in
India
The Company allotted 24,91,091 fully paid up equity shares to the
Promoters viz 12,45,546 equity shares to Mr Pankaj Bajaj and 12,45,545 equity
shares to Ms. Bandana Kohli respectively, at par on preferential basis on 20th
July,2009 in terms of the Shareholders’ Agreement executed between the
Company, AMIF RE INVESTMENT XII LIMITED and Mr. Pankaj Bajaj and Ms. Bandana
Kohli on June 12, 2008 and amendments thereto.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U74899DL2000PLC104510 |
||||||||||||||
|
Name of the
company |
ELDECO INFRASTRUCTURE AND PROPERTIES LIMITED |
||||||||||||||
|
Address of the
registered office or of the principal place of business in |
201-212, Splendor Forum, IInd Floor, Jasola Distrtict Centre, New
Delhi-110025, |
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|
This form is for |
Creation of
Charge |
||||||||||||||
|
Type of charge |
Immovable Property Others |
||||||||||||||
|
Particular of
charge holder |
Housing Development Finance Corporation Limited, Ramon House, 169
Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
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Nature of
instrument creating charge |
Master Facility
Agreement Dated 03.10.2009 and Hypothecation Agreement dated 03.10.2009 |
||||||||||||||
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Date of
instrument Creating the charge |
03.10.2009 |
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Amount secured by
the charge |
Rs. 370.000
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable rate
of interest shall be linked to HDFC’s – CPLR, and shall always be 75 basis
points lower than the prevailing HDFC’s- CPLR The current applicable rate of
interest shall be 14.00% Terms of
Repayment The principal
amount of the loan shall be paid as per given below.
Extent and Operation
of the charge As per Master
Facility Agreement Dated 3.10.2009 and Hypothecation Agreement dated
03.10.2009 |
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|
Short particulars
of the property charged |
As per Master
Facility Agreement Dated 3.10.2009 and Hypothecation Agreement dated 03.10.2009 |
Fixed Assets:
·
·
·
Leasehold Improvement
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Electrical Installations
·
Vehicles
AS PER WEBSITE
History:
The Eldeco group was founded in 1975 by Mr. S K Garg in
1975 - 1984 : ECPL undertakes real estate and
construction projects in
1985 : Eldeco Housing and Industries Limited (EHIL) goes public and is
listed on the Bombay Stock Exchange. Public issue hailed by investors in
Eldeco's catchment area as a source of local pride.
1985 - 1993 : Eldeco strengthens its position as the
market leader in UP. Establishes strong presence in
1993 : Mr. O P Bajaj, a prominent
1996 : Mr. Pankaj Bajaj, son of Mr.
O P Bajaj, joins Mr. S K Garg as a promoter director on the board of EHIL. His background
includes a B Com. (Hons.) with distinction from Shri Ram College of Commerce
(1993),
1996 - 1999 : The Group expands its operations in
2000 : Mr. Pankaj Bajaj forms a new company, Eldeco Infrastructure and Properties Limited (EIPL), under the
chairmanship of Mr. S K Garg. EIPL's focus is to have projects in the NCR of Delhi.
2000-2004 : EIPL expands rapidly
in the NCR of Delhi with a number of successful residential projects especially
in the Noida and Greater Noida region. EHIL continues its leadership position
in
2005 onwards : Eldeco group expands rapidly with the integrated township format to
Sonepat, Panipat,
GROUP PROFILE:
ELDECO GROUP
The Eldeco group has been at the forefront of real estate development in
Eldeco Housing and Industries Limited (EHIL) : Incorporated in
1985, EHIL has held an
uninterrupted market leadership position in most major towns of UP, most
notably
Eldeco Infrastructure and Properties Limited
(EIPL) : Incorporated in 2000 to professionally undertake projects in the NCR,
EIPL in recent years has had
rapid growth in other regions as well. EIPL is a closely held unlisted company
that also acts as the promoting company for many project specific special
purpose companies.
MANAGEMENT
The group is professionally managed under the chairmanship of Mr. S K Garg, who has
over 30 years experience in real estate business. He has received several
awards acknowledging his and Eldeco's contribution in the field of construction
and housing. Mr. Pankaj Bajaj is
the Managing Director of both EIPL and EHIL. He is an MBA from Indian Institute
of Management, Ahmedabad with over 10 years experience in construction and real
estate development. Business heads and other senior managers in the group are all well-qualified
professionals with wide experience in their respective fields.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.