MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
Note: Given address could not be confirmed
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
30.06.2009 |
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Date of
Incorporation : |
14.03.1997 |
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Com. Reg. No.: |
04-31906 |
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CIN No.: [Company Identification
No.] |
U45102GJ1997PLC031906 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Providing Auditing, Function Testing and Recertification for Vessels. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 620000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is at a part of Reliance Group. It is a well established and reputed
company having satisfactory track. There appears some losses incurred by the
company in the current year i.e. 2008-2009. However networth appears to be
satisfactory. Trade relations are
reported as fair. Business is active. Payments are reported at usually made
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 |
INFORMATION DECLINED BY
MANAGEMNT NON COOPERATIVE
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-288-2313641 |
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E-Mail : |
DIRECTORS
AS ON 31.12.2009
|
Name : |
Mr. Subhash Chandra Malhotra |
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Designation : |
Director |
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Address : |
602, Tulsi Shyam CHS, Limited, Highway Junction Road, Wagle Estate,
Thane (West), Thane-400 604, Maharashtra, India |
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Date of Birth/Age : |
13.11.1940 |
|
Date of Appointment : |
23.03.1997 |
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Name : |
Mr. Sandeep Hemendra Junnarkar |
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Designation : |
Director |
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Address : |
Flat No.1702, Wallace apartments, Naushir Sharucha Marg, Mumbai-400
007, |
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Date of Birth/Age : |
02.07.1951 |
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Date of Appointment : |
23.03.1997 |
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Name : |
Mr. Sandeep Tondon |
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Designation : |
Director |
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Address : |
4A, Shree Vijaya Bhavan, 2B, Altamount 5 Road, Mumbai-400 026, |
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Date of Birth/Age : |
11.11.1949 |
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Date of Appointment : |
29.08.2002 |
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Name : |
Mr. Raja Ramchandran Kolumum |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1956 |
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Date of Appointment : |
09.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Vishvanath Rachappa Indi |
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Designation : |
Manager |
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Date of Birth/Age : |
17.03.1959 |
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Date of Appointment : |
01.05.2007 |
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Name : |
MS. Geeta Kalyandas Fulwadaya |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
17.11.1980 |
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Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2009
|
Names of Shareholders (Equity Shareholders) |
|
No. of Shares |
|
Jigna Fiscal Services Private Limited, |
|
76500000 |
|
Shangrila Investments and Trading Comp-any Private Limited, |
|
76200000 |
|
Yashasvi Holdings Private Limited, |
|
70000000 |
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Aavaran Textiles Private Limited, |
|
155922000 |
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Riyaz Trading Private Limited, |
|
30000000 |
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Yashasvi Holdings Private Limited, |
|
7181000 |
|
Shangrila Investments and Trading Company Private Limited, |
|
270000000 |
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Yashasvi Holdings Private Limited, |
|
75000000 |
|
Proline Investments Private Limited, |
|
100000 |
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Jigna Fiscal Services Private Limited, |
|
149900000 |
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Reliance Utilites Private Limited, |
|
809197000 |
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Total |
|
1720000000 |
|
Names of Shareholders (Preference Shareholders) |
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No. of Shares |
|
Axis Trustee services limited, |
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19479167 |
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Axis Trustee services limited, |
|
28333333 |
|
Axis Trustee services limited, |
|
37187500 |
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Monica Texturising Private Limited – Series 1 |
|
4700000 |
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Monica Texturising Private Limited – Series 2 |
|
4700000 |
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Monica Texturising Private Limited – Series 3 |
|
4700000 |
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Monica Texturising Private Limited – Series 4 |
|
4700000 |
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Monica Texturising Private Limited – Series 5 |
|
4700000 |
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Monica Texturising Private Limited – Series 6 |
|
4700000 |
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Monica Texturising Private Limited – Series 7 |
|
4700000 |
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Monica Texturising Private Limited – Series 8 |
|
4700000 |
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Monica Texturising Private Limited – Series 9 |
|
4700000 |
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Monica Texturising Private Limited – Series 10 |
|
4700000 |
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Total |
|
132000000 |
As on 31.12.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Auditing, Function Testing and Recertification for Vessels. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
Axis Trustee Services Limited, |
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Facilities : |
1. Term Loans
from Banks in Foreign currency are secured by a first ranking pari passu
mortgage and charge: a) over all moveable
assets of the additional port and marine facilities (New Port Facilities) -
"Project", including currents assets (floating charge), but
excluding the Dividend Account and assets and investments created there from; b) by way of
assignment of the Company’s right, title, interest, benefit, claims and
demands under each of the Key Project Agreements; c) by way of
assignment of the Company’s rights, titles and interest under or in respect
of all permits, approvals, clearances, contractor guarantees, warranties and
performance bonds relating to the Project; d) over the
Company’s right, title and interest in the immovable property (along with the
fixed assets attached thereto) situate at Village Nanikhawdi, Taluka
Jamnagar, 2. Term Loans from Banks and Financial Institution in Indian currency
to the extent of Rs. 29404.800 millions (Previous Year Rs.33785.500 millions)
are secured by first ranking pari passu charge: a) over the
Company's rights, title and interest in the immovable properties inclusive of
the leasehold interest in the leasehold lands both situate at Village Sikka,
Taluka Jamnagar and used for rendering
Port Infrastructure services under the Contract Documents pertaining to old
port facilities; b) over the
movable fixed assets and current assets used for rendering Port
Infrastructure service under the Contract Documents pertaining to old port
facilities; c) on the right,
title and interest of the Company in the designated account, investments made
out of balance proceeds lying in the designated account and debt service
reserve account and an assignment of Company's right, title and interest in,
to or in respect of the Contract Documents and insurance policies pertaining
to old port facilities. 3. Term Loans from Banks in Indian currency to the extent of Rs.41.800
millions (Previous Year Rs. Nil) are secured by hypothecation of commercial
vehicles acquired out of the proceeds of the loan extended for this purpose
relating to Transportation and Logistics division 4. Term Loans
from Banks in Indian currency to the extent of Rs.4558.300 millions (Previous
Year Rs. Nil) are secured by a first pari passu mortgage and charge over
fixed assets, all current assets (excluding receivables), all receivables
including any proceeds received or arising under any insurance claim the
Trust and Retention Account and all amounts credited therein relating to
Pipeline Infrastructure division. 5. Term Loans from Banks in Indian currency to the extent of Rs.
6000.000 millions (Previous Year Rs.Nil) are secured by a first charge by way
of hypothecation of entire moveable assets acquired out of the proceeds of
the loan / facility (including movable machinery, machinery spares, tools and
accessories acquired) pertaining to Engineering, Construction and SEZ
Co-developer division. |
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Banking
Relations : |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers,
212, Nariman Point, Mumbai-400 021, |
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Associates/Subsidiaries : |
·
Aavaran Textiles Private Limited ·
Sanatan Textrade Private Limited ·
Reliance Engineering (Middle East) DMCC
(Incorporated in |
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·
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000000 |
Equity Shares |
Rs.1/- Each |
Rs.50000.000 millions |
|
2500000000 |
Preference Shares |
Rs.10/- Each |
Rs.25000.000 millions |
|
|
Total |
|
Rs.75000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1720000000 |
Equity Shares |
Rs.1/- Each |
Rs.1720.000
millions |
|
19479167 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- A) |
Rs.10/- Each |
Rs.194.800
millions |
|
28333333 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- B) |
Rs.10/- Each |
Rs.283.300
Millions |
|
37187500 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- C) |
Rs.10/- Each |
Rs.371.900
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 1 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 2 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 3 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 4 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 5 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 6 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 7 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 8 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 9) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 10 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
|
Total |
|
Rs.3040.000 millions |
Notes:
*Each of the Series
A, Series B and Series C - 10% Non-Cumulative Compulsorily Convertible
Preference Shares (CCPS) of Rs. 10 each issued at a premium of Rs. 90 each is
convertible into 2 Equity Shares of Rs. 1 each fully paid up at a premium of
Rs. 49 per Equity Share during the period:-
Beginning on
October 1, 2015 and ending on September 30, 2016 in the case of Series A
Beginning on
October 1, 2017 and ending on September 30, 2018 in the case of Series B
Beginning on October 1, 2019 and ending on September 30, 2020 in the
case of Series C
In addition to the
10% dividend, in the event of the Company declaring / paying any dividend or
distribution to equity shareholders or any other class of shareholders, the
Company shall also declare / pay to holders of CCPS, a proportionate dividend /
distribution calculated on a fully diluted basis (assuming full conversion into
Equity Shares).
**Each of the
Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7, Series 8,
Series 9 and Series 10 - 10% Non-Cumulative Compulsorily Convertible Preference
Shares (CCPS) of Rs.10 each issued at a premium of Rs. 990 each is convertible
into 5 Equity Shares of Re. 1 each fully paid up at a premium of Rs. 199 per
Equity Share as under;
Series 1 31st
March 2014
Series 2 31st March
2015
Series 3 31st
March 2016
Series 4 31st
March 2017
Series 5 31st
March 2018
Series 6 31st
March 2019
Series 7 31st
March 2020
Series 8 31st
March 2021
Series 9 31st
March 2022
Series 10 31st
March 2023
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3040.000 |
2570.000 |
1720.000 |
|
|
2] Share Application Money |
0.000 |
1750.000 |
8500.000 |
|
|
3] Reserves & Surplus |
161047.100 |
75456.800 |
67828.990 |
|
|
4] (Accumulated Losses) |
(9802.300) |
0.000 |
0.000 |
|
|
NETWORTH |
154284.800 |
79776.800 |
78048.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
63957.400 |
55350.500 |
54297.182 |
|
|
2] Unsecured Loans |
12035.100 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
75992.500 |
55350.500 |
54297.182 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Compulsory Convertible Debentures |
66300.000 |
66300.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
296577.300 |
201427.300 |
132346.172 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51284.000 |
31501.200 |
31561.334 |
|
|
Capital work-in-progress |
3463.800 |
24403.900 |
26188.997 |
|
|
|
|
|
|
|
|
INVESTMENT |
235897.300 |
27683.900 |
4470.382 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2246.900
|
1.700 |
2.055 |
|
|
Sundry Debtors |
4104.600
|
604.400 |
1582.301 |
|
|
Cash & Bank Balances |
10049.700
|
11825.000 |
8.478 |
|
|
Other Current Assets |
4055.700
|
0.500 |
0.399 |
|
|
Loans & Advances |
17757.600
|
119146.500 |
81987.171 |
|
Total
Current Assets |
38214.500
|
131578.100 |
83580.404 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5607.700
|
1569.500 |
|
|
|
Other Current Liabilities |
26009.700
|
11199.000 |
12779.786 |
|
|
Provisions |
664.900
|
971.300 |
675.159 |
|
Total
Current Liabilities |
32282.300
|
13739.800 |
13454.945 |
|
|
Net Current Assets |
5932.200
|
117838.300 |
70125.459 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
296577.300 |
201427.300 |
132346.172 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
49803.500 |
12363.100 |
1237492.600 |
|
|
|
Other Income |
4462.300 |
2944.800 |
6812.400 |
|
|
|
TOTAL (A) |
54265.800 |
15307.900 |
1244305.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating, Establishment and other Expenses |
28779.300 |
1106.600 |
110209.700 |
|
|
|
Variation in Stock |
11.500 |
0.000 |
0.000 |
|
|
|
Purchase |
226.200 |
711.300 |
108539.000 |
|
|
|
Adjustment pursuant to the Scheme of Amalgamation including write off
of Investments in Transferor Companies |
(21018.100) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
50035.100 |
1817.900 |
218748.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4230.700 |
13490.000 |
102557.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5156.000 |
2892.500 |
312040.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(925.300) |
10597.500 |
713517.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8386.000 |
1581.200 |
74970.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(9311.300) |
9016.300 |
638546.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
496.400 |
905.000 |
65831.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(9807.700) |
8111.300 |
572714.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33732.000 |
25625.400 |
1927324.2000 |
|
|
|
|
|
|
|
|
|
|
Excess provision
for Tax for earlier years |
5.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(33732.000) |
0.000 |
62500.000 |
|
|
|
Charge on account of transitional provision under Accounting Standard |
0.000 |
4.700 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9802.300 |
33732.000 |
25625.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.72 |
3.33 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
(18.07)
|
52.99 |
46.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.70)
|
72.93 |
51.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.40)
|
5.53 |
554.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
0.11 |
8.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.87 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
9.58 |
6.21 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
30.06.2009 (Rs. in millions) |
30.06.2008 (Rs. in millions) |
30.06.2007 (Rs. in millions) |
|
Sundry
Creditors - |
|
|
|
|
-
Micro Small and Medium Enterprises |
0.000 |
0.000 |
NA |
|
-
Others |
5607.700
|
1569.500 |
NA |
Amalgamation of wholly-owned
subsidiaries of the Company with the Company:
Anadha Mercantile
Private Limited, Anumati Enterprise Private Limited, BecRel Engineering Private
Limited, Pipeline Infrastructure (
The successful
implementation of the Scheme has resulted in enhancement of shareholder value.
Financial Results:
The assets and
liabilities of the Transferor Companies and their operating results have been incorporated
in the Company’s books with effect from April 1, 2008; hence the figures of
financial year 2008-2009 are not comparable with those of the previous year.
The figures of the nine Transferor Companies are for the 15 month period
commencing from April 1, 2008 to June 30, 2009.
Operations:
During the year ,
the Company has successfully commissioned additional port and marine facilities
at
During the year,
the income from operations has increased from Rs.12363.100 to Rs.49803.500
millions. The Profit before Interest, Depreciation, Tax and adjustment pursuant
to the Scheme of Amalgamation for the year has increased from Rs.13490.000
millions to Rs.25248.800 millions.
Subsidiary
Companies:
During the year,
Reliance Engineering Associates Private Limited, Reliance Engineering (Middle
East) DMCC, BecRel Engineering Private Limited, Reliance Logistics Private
Limited, Pipeline Infrastructure (
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10074361 |
|
Corporate
identity number of the company |
U45102GJ1997PLC031906 |
|
Name of the
company |
|
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Immovable property Any interest in immovable property |
|
Particular of
charge holder |
Axis Trustee Services Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
Mortgage dated 8th February, 2008 being filed as an Addendum. |
|
Date of
instrument Creating the charge |
08.02.2008 |
|
Amount secured by
the charge |
Rs.23000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest applicable shall be the rate per annum which is the sum of LIBOR on
the Quotation Date for that Interest Period and the then prevailing Applicable
Margin. Terms of
Repayment The Borrower
shall repay the Facility by repaying on each of the first seven Repayment
Dates an amount equal to US$37,750,000 and on each of the following five
Repayment Dates an amount equal to US$47,150,000. Margin Not Applicable. Extent and
Operation of the charge As per Clause 3
and Schedule to the Indenture of Mortgage being filed as an Addendum. |
|
Short particulars
of the property charged |
As per Schedule
to the Indenture of Mortgage dated 8th February, 2008 being filed as an
Addendum. |
|
Particulars of
the present modification |
The Company has
now created additional security by way of legal mortgage in English form on
its additional immovable properties pertaining to the Project located within
the State of |
Fixed Assets:
·
Freehold land
·
Leasehold land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Commercial Vehicle
·
Vehicle
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
NO |
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.