MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SWAN ENERGY LIMITED (w.e.f. 16.12.2008) |
|
|
|
|
Formerly Known
As : |
SWAN MILLS LIMITED |
|
|
|
|
Registered
Office : |
6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg, Ballard
Estate, Mumbai - 400 001, |
|
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.02.1909 |
|
|
|
|
Com. Reg. No.: |
11-000294 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17100MH1909PLC000294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37252F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS7890Q |
|
|
|
|
Legal Form : |
A public limited
liability company. The company’s shares are listed on the Stock
Exchange. |
|
|
|
|
Line of Business
: |
The subject is engaged in developing real estate projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4927000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an old and well established company having fine track. Financial
position of the company appears to be sound. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Arun S. Agarwal |
|
Designation : |
Finance Controller and Company Secretary |
|
Contact No.: |
91-22-40587349 |
|
Date : |
08.04.2011 |
LOCATIONS
|
Registered Office : |
6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg, Ballard
Estate, Mumbai - 400 001, |
|
Tel. No.: |
91-22-40587349/ 40587350 |
|
Fax No.: |
91-22-40587360 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq ft (Approximately) |
|
Location : |
Owned |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Navinfbhai Chandulal Dave |
|
Designation : |
Chairman |
|
Address : |
39, Shanti Niketan, 95 A, |
|
Date of Birth/Age : |
25.10.1938 |
|
Date of Appointment : |
16.11.1998 |
|
DIN No.: |
01787259 |
|
|
|
|
Name : |
Mr. Nikhil Vasantlal Merchant |
|
Designation : |
Managing Director |
|
Address : |
H-2, Breach Candy Apartment, |
|
Date of Birth/Age : |
06.07.1960 |
|
Qualification : |
B.S. ( |
|
Experience : |
27 Years |
|
Date of Appointment : |
24.09.2009 |
|
DIN No.: |
00614790 |
|
|
|
|
Name : |
Mr. Nagardas Hariram Panchal |
|
Designation : |
Director |
|
Address : |
12, Veer, 16, |
|
Date of Birth/Age : |
03.07.1925 |
|
Date of Appointment : |
04.03.2004 |
|
DIN No.: |
01787226 |
|
|
|
|
Name : |
Mr. Shobhan Indravadan Diwanji |
|
Designation : |
Director |
|
Address : |
Akropolis B, Little Gib’s Road, Mumbai - 400
006, |
|
Date of Birth/Age : |
18.08.1955 |
|
Date of Appointment : |
22.12.2005 |
|
DIN No.: |
01667803 |
|
|
|
|
Name : |
Mr. Rajat Kumar Dasgupta |
|
Designation : |
Director |
|
Address : |
1064, Eternia, B Wing, 16th Floor, |
|
Date of Birth/Age : |
02.11.1936 |
|
Date of Appointment : |
16.08.2007 |
|
DIN No.: |
01725758 |
|
|
|
|
Name : |
Mr. Pitamber Siroomal Teckchandani |
|
Designation : |
Director |
|
Address : |
39, Tarangiri Apartment, |
|
Date of Birth/Age : |
07.02.1938 |
|
Date of Appointment : |
22.12.2005 |
|
DIN No.: |
00319820 |
|
|
|
|
Name : |
Mr. Dhiren Maheshkumar Desai |
|
Designation : |
Director |
|
Address : |
D-2, Kamala Apartments, Shreyas Railway Crossing, Opposite Sharda
Society, Ambawadi, Ahemdabad:- 380015, |
|
Date of Birth/Age : |
17.05.1957 |
|
Date of Appointment : |
16.08.2007 |
|
DIN No.: |
00812325 |
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|
|
|
Name : |
Mr. Paresh Vasantlal Merchant |
|
Designation : |
Executive Director |
|
Address : |
A-5, Snha Sadan, |
|
Date of Birth/Age : |
19.09.1963 |
|
Qualification : |
B.Com., MEP (IIM) |
|
Experience : |
24 Years |
|
Date of Appointment : |
24.09.2009 |
|
DIN No.: |
00660027 |
|
|
|
|
Name : |
Mr. Rajkumar Sukhdevsinhji |
|
Designation : |
Additional Director |
|
Address : |
502, Shivala, |
|
Date of Birth/Age : |
06.08.1936 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
00372612 |
|
|
|
|
Name : |
Mr. Gopal Navinbhai Dave |
|
Designation : |
Director |
|
Address : |
39, Shanti Niketan, 95 A, |
|
Date of Birth/Age : |
31.03.1965 |
|
Date of Appointment : |
29.06.1990 |
|
Date of Ceasing : |
20.04.2010 |
|
|
|
|
Name : |
Mr. Vilas Anant Gangan |
|
Designation : |
Additional Director |
|
Address : |
11, Silver Sand, Veer Savarkar Marg, Mahim, Mumbai – 400 016, |
|
Date of Birth/Age : |
01.12.1948 |
|
Date of Appointment : |
29.09.2009 |
|
Date of Ceasing : |
29.04.2010 |
|
DIN No.: |
00281984 |
KEY EXECUTIVES
|
Name : |
Mr. Arun S. Agarwal |
|
Designation : |
Finance Controller and Company Secretary |
|
Address : |
V-2/402, Sundar Nagar, Malad (West), Mumbai – 400 064, |
|
Date of Birth/Age : |
14.08.1961 |
|
Date of Appointment : |
02.03.2009 |
|
PAN No.: |
ACLPA1982E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Public financial companies |
|
0.75 |
|
Nationalised or other banks |
|
0.05 |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others) |
|
3.96 |
|
Bodies corporate (not mentioned above) |
|
80.87 |
|
Directors or relatives of directors |
|
0.05 |
|
Others |
|
14.32 |
|
Total |
|
100.00 |
As on 31.03.2010
|
Categories of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters and associates |
76875429 |
80.92 |
|
Mutual funds / LIC / UTI |
711050 |
0.75 |
|
Banks |
50700 |
0.05 |
|
Insurance Companies |
100 |
0.00 |
|
Foreign Institutional Investors |
2804578 |
2.95 |
|
Bodies Corporate |
9054188 |
9.53 |
|
Indian Public |
4583438 |
4.83 |
|
NRIs |
919467 |
0.97 |
|
Trusts |
1050 |
0.00 |
|
Total |
95000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in developing real estate projects. |
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|
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Terms : |
|
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Selling : |
Cash |
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|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
Notes: (a) Secured by mortgage
of properties financed, i.e., receivables and land at Sewri and Kurla and
present and future construction thereon. (b) Secured by
mortgage of property at (c) Secured by
mortgage of property at Ahmedabad for Textile project. (d) Secured by pledge of part of Equity Shares held by the promoters. (e) Secured by hypothecation of Vehicles. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
3i Infotech
Trusteeship Services Limited, 3rd
to 6th Floor, International Infotech Park, Tower No.5,
Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
V.R. Renuka and Company Chartered Accountants |
|
Address : |
414, Dattani Trade Centre, |
|
|
|
|
Associates : |
Ami Industries ( |
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|
|
|
Subsidiaries : |
Cardinal Energy
and Infrastructure Private Limited CIN No.: U40102MH2008PTC184568 Address: 6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg,
Ballard Estate, Mumbai - 400 001, Line of Business: The subject is engaged in developing real estate
projects. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs.1000.000 millions |
|
15000 |
11% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1.500 millions |
|
10000 |
11% Cumulative Preference Shares |
Rs.100/- each |
Rs.1.000 million |
|
|
Total |
|
Rs.1002.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000000 |
Equity Shares |
Rs.2/- each |
Rs.190.000
millions |
|
|
|
|
|
Of the
above, the following Shares were allotted for consideration other than cash:
1) 2,00,000 Equity Shares of Rs.2 each fully paid up pursuant to a contract.
2) 66,20,000 Equity Shares allotted as fully paid up Bonus Shares by way of Capitalisation of Reserves.
3) 9,250 11% Cumulative Redeemable Preference Shares of Rs.100 each fully paid up and 20,00,000 Equity Shares of Rs. 2 each fully paid up in terms of the Scheme of Amalgamation of the Jubilee Mills Limited with the Company.
4) 24,80,000 Equity Shares of Rs.2 each fully paid up in terms of the Scheme of Amalgamation of the Coorla Spg and Wvg Company Limited with the Company.
5) 5,000 11% Cumulative Preference Shares of Rs.100 each fully paid up shares and 4,50,000 Equity Shares of Rs. 2 each fully paid up in terms of the Scheme of Amalgamation of Basanti Cotton Mills Limited with the Company.
6) 8,29,20,000 Equity Shares of Rs.2 each fully paid up
issued in lieu of conversion of Subordinated Unsecured Loans brought in by
Promoters Associates in terms of BIFR Orders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
190.000 |
191.425 |
191.425 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1041.762 |
676.918 |
360.668 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1231.762 |
868.343 |
552.093 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2381.951 |
475.461 |
1513.257 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2381.951 |
475.461 |
1513.257 |
|
|
DEFERRED TAX LIABILITIES |
2.441 |
2.191 |
2.049 |
|
|
|
|
|
|
|
|
TOTAL |
3616.154 |
1345.995 |
2067.399 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
322.799 |
316.760 |
107.023 |
|
|
Capital work-in-progress |
397.870 |
74.564 |
94.216 |
|
|
|
|
|
|
|
|
INVESTMENT |
2132.066 |
276.942 |
101.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2350.023
|
3047.284 |
2907.322 |
|
|
Sundry Debtors |
728.247
|
100.802 |
458.904 |
|
|
Cash & Bank Balances |
1110.984
|
577.276 |
529.237 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
178.940
|
512.776 |
531.282 |
|
Total
Current Assets |
4368.194
|
4238.138 |
4426.745 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1864.167 |
233.397 |
274.112 |
|
|
Other Current Liabilities |
1583.559
|
3268.315 |
2360.377 |
|
|
Provisions |
157.049
|
58.697 |
27.496 |
|
Total
Current Liabilities |
3604.775
|
3560.409 |
2661.985 |
|
|
Net Current Assets |
763.419
|
677.729 |
1764.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3616.154 |
1345.995 |
2067.399 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
5348.049 |
1749.707 |
455.674 |
|
|
|
Other Income |
24.871 |
446.649 |
273.895 |
|
|
|
TOTAL (A) |
5372.920 |
2196.356 |
729.569 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Variation in Stock in Trade |
697.261 |
(139.962) |
(741.705) |
|
|
|
Purchase of Materials |
620.367 |
4.550 |
447.591 |
|
|
|
Expenditure towards construction activities |
3398.892 |
1855.441 |
746.740 |
|
|
|
Operating and Other Expenses |
88.377 |
32.006 |
31.802 |
|
|
|
TOTAL (B) |
4804.897 |
1752.035 |
484.428 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
568.023 |
444.321 |
245.141 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
19.015 |
67.205 |
0.091 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
549.008 |
377.116 |
245.050 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.658 |
2.028 |
4.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
546.350 |
375.088 |
240.937 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
157.333 |
58.838 |
28.291 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
389.017 |
316.250 |
212.646 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
1.425 |
-- |
-- |
|
|
|
Dividend on Preference Shares |
1.724 |
-- |
-- |
|
|
|
Dividend Tax on above |
0.293 |
-- |
-- |
|
|
|
Proposed Dividend - Equity Shares |
19.000 |
-- |
-- |
|
|
|
Dividend Tax on above |
3.156 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
363.419 |
316.250 |
212.646 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
188.497 |
-- |
NA |
|
|
TOTAL IMPORTS |
188.497 |
-- |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.09 |
3.33 |
2.24 |
|
Expected Sales (2010-2011): Rs.7500.000 millions
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
107.800 |
137.570 |
182.980 |
|
Total Expenditure |
94.350 |
101.090 |
162.960 |
|
PBIDT (Excl OI) |
13.450 |
36.480 |
20.020 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
13.450 |
36.480 |
20.020 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
13.450 |
36.480 |
20.020 |
|
Depreciation |
0.600 |
1.900 |
1.200 |
|
Profit Before Tax |
12.850 |
34.580 |
18.820 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
12.850 |
34.580 |
18.820 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
12.850 |
34.580 |
18.820 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.24
|
14.40 |
29.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.22
|
21.44 |
52.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.65
|
8.23 |
5.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.43 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.86
|
4.65 |
7.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.19 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
1864.167 |
233.397 |
274.112 |
|
|
|
|
|
Note:
The registered office of the company has been shifted from 15, Tokersey
Jivraj Roadsewri West, Mumbai – 400 015,
Redemption of Preference Shares
During the year, the Company has
redeemed 9,250 11% Cumulative Redeemable Preference Shares of Rs.100/- each and
5,000 11% Cumulative Preference Shares of Rs.100/- each, along with the arrears
of dividend till the financial year ended 31st March, 2010.
Operations
During the year, the construction work of Sewree residential
project ‘Ashok Garden’, comprising of two towers, have nearly been completed
and estimated expenditures likely to be incurred for its completion have been
provided for in the books of accounts. The sales proceeds of the flats sold are
accounted for during the year under consideration.
At its
Kurla commercial project ‘
The Company has also carried out business activities of
trading in fabrics during the year.
FUTURE PLANS
A) ENERGY SECTOR
The Company has so far paid
Rs.1230.000 millions to GSPC Pipavav Power Company Limited (GPPC) towards share
application money for the proposed joint venture CDM power project with Gujarat
State Petroleum Corporation (GSPC). The project is at the advanced stage of
negotiation and implementation. The Company has already sought approval of the
members at the Annual General Meeting held on 24th September, 2008
to make investment upto Rs.3800.000 millions in the Equity shares of GPPC.
However, subsequent to execution of ‘Share Subscription and Shareholders
Agreement’ with GPPC, approval of the members is now sought to increase the
limit of investment in the Equity shares of GPPC upto Rs.5000.000 millions at
this AGM.
B) REAL ESTATE DEVELOPMENT
Except for the completion of its
Kurla commercial project ‘
C) TEXTILE
The construction of the industrial shed and installation of
imported and indigenous machineries for setting up of a state of art Process
House at Ahmedabad,
Subsidiary
The Company has invested Rs.0.100 million, (being 99.98% of
the share capital) in the share capital of ‘Cardinal Energy and Infrastructure
Private Limited’. However, the subsidiary company has not yet started any
commercial activities.
FORM
8:
|
Corporate
identity number of the company |
L17100MH1909PLC000294 |
|
Name of the
company |
SWAN ENERGY
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
6, Feltham House, 2nd Floor, 10, J.N. Herdia Marg, Ballard
Estate, Mumbai - 400 001, E-Mail: swan@swan.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
ICICI Bank
Limited, E-Mail: shanthi.venkatesan@icicibank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
indenture of mortgage |
|
Date of
instrument Creating the charge |
17/09/2010 |
|
Amount secured by
the charge |
Rs.1500.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: I-base 7.50%+Term
Premia-0.20%+Spread5.2%. As on date, applicable interest rate is 12.50% p.a. Terms of
Repayment: The Borrower
agrees and undertakes to repay to ICICI Bank the principal and interest
thereon in 9 monthly installments in accordance with the repayment schedule.
The first such installment of repayment shall fall due on January 15, 2012. Margin: Not applicable Extent and
Operation of the charge: Pari-passu charge
along with ICICI Home Finance Company Limited on mortgage of: 1) property
together with all buildings and structures thereon; 2) scheduled receivables
of other projects under the documents entered into, all insurance proceeds;
3) charge/assignment by way of security of all rights, title, interest,
claims, benefits, demands under the project documents; 4) Escrow and DSR
account, all monies credited therein and all investments in respect thereof |
|
Short particulars
of the property charged |
All that piece or
parcel of land admeasuring about 22,577.20 sq. mtrs. situate, lying and being
at CTS No. 81,81/1 to 30 of village Kurla-IV, Taluka Kurla, AH Wadia Marg,
Kurla, Mumbai-400070. |
CONTINGENT LIABILITIES
|
Particulars |
31.03.2010 (Rs. in millions) |
|
a) Arrears of cumulative Pref. Share Dividend |
-- |
|
b) Income Tax |
34.320 |
FIXED ASSETS:
·
Land
·
Plant and Machinery
·
Furniture and Equipment
·
Motor Vehicles
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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.