MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
Note: The
registered office of the company has been shifted from Puravankaras No. 227 S V Road,
Bandra West, Mumbai-400050,
IDENTIFICATION DETAILS
|
Name : |
PURAVANKARA PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
No.130/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
03.06.1986 |
|
|
|
|
Com. Reg. No.: |
08-051571 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200KA1986PLC051571 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP10885A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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|
|
|
Line of Business
: |
Construction Activity. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 56000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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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 usually correct 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 DECLINED BY
|
Name : |
Mr. Murthi |
|
Designation : |
Accounts Department |
|
Date : |
03.01.2011 |
LOCATIONS
|
Registered Office : |
No.130/1, |
|
Tel. No.: |
91-80-25599000 |
|
Fax No.: |
91-80-43439381 |
|
E-Mail : |
DIRECTORS
As on 29.06.2010
|
Name : |
Mr. Ravi Puravankara |
|
Designation : |
Chairman |
|
Address : |
182 Whitefield, |
|
Date of Birth/Age : |
25.05.1952 |
|
Date of Appointment : |
03.06.1986 |
|
|
|
|
Name : |
Nani R Choksey |
|
Designation : |
Director |
|
Address : |
No. 93, Coffee Board, Layout 10th Main 6th Cross
Kempapura Hebbal, Bangalore-560029, |
|
Date of Birth/Age : |
18.08.1951 |
|
Date of Appointment : |
03.06.1986 |
|
|
|
|
Name : |
Mr. Ashish Puravankara |
|
Designation : |
Whole Time Director |
|
Address : |
182 Whitefield, |
|
Date of Birth/Age : |
27.03.1979 |
|
Date of Appointment : |
14.07.2000 |
|
|
|
|
Name : |
Mr. Anup S Shah |
|
Designation : |
Director |
|
Address : |
129, 6th Main, Sanjay Nagar, Bangalore-560094, |
|
Date of Birth/Age : |
25.06.1957 |
|
Date of Appointment : |
01.06.2005 |
|
|
|
|
Name : |
Mr. Ravi Ramu |
|
Designation : |
Director |
|
Address : |
47, Rajdeep, Cunningham, Cross Road, Bangalore-560052, |
|
Date of Birth/Age : |
23.10.1958 |
|
Date of Appointment : |
01.10.2006 |
|
|
|
|
Name : |
RVS Rao |
|
Designation : |
Director |
|
Address : |
332/6, Gurukripa, 14th Main Sadashivanagar,
Bangalore-560080, |
|
Date of Birth/Age : |
15.03.1944 |
|
Date of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
Address : |
701 |
|
Date of Birth/Age : |
06.06.1952 |
|
Date of Appointment : |
26.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Kiran Chappar |
|
Designation : |
Secretary |
|
Address : |
211 Block II, Brundavan Presidency, 19th Main HSR Layout,
Sector II, Bangalore-560102, |
|
Date of Birth/Age : |
06.02.1980 |
|
Date of Appointment : |
19.04.2008 |
|
|
|
|
Name : |
Mr. Murthi |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
191,988,480 |
89.96 |
|
|
11,520 |
0.01 |
|
|
5,760 |
- |
|
|
5,760 |
- |
|
|
192,000,000 |
89.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
192,000,000 |
89.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,958,723 |
0.92 |
|
|
10,940 |
0.01 |
|
|
1,881,275 |
0.88 |
|
|
13,786,123 |
6.46 |
|
|
17,637,061 |
8.26 |
|
|
|
|
|
|
701,811 |
0.33 |
|
|
|
|
|
|
2,504,626 |
1.17 |
|
|
90,636 |
0.04 |
|
|
490,201 |
0.23 |
|
|
242,203 |
0.11 |
|
|
245,998 |
0.12 |
|
|
2,000 |
- |
|
|
3,787,274 |
1.77 |
|
Total Public shareholding (B) |
21,424,335 |
10.04 |
|
Total (A)+(B) |
213,424,335 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Promoter GroupBUSINESS DETAILS
|
Line of Business : |
Construction Activity. |
GENERAL INFORMATION
|
No. of Employee: |
Information Denied |
|||||||||||||||||||||||||||||||||
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Bankers : |
Lord Krishna Bank
Limited, |
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Facilities : |
(a) Term loans from banks i. On 8 September 2008, the Company entered into a term loan agreement
with HSBC for Rs.1,100 million, out of which Rs.350 million has been drawn as
of 30 June 2009. This facility is secured by mortgage of the properties
purchased at ii. On 3 June 2008, the Company entered into an agreement with ICICI
Bank for a term loan facility up to a maximum of Rs.1,250 million. This
facility is secured by mortgage of the properties together with all buildings
and structures thereon, both present and future, scheduled receivables of
Purva Venezia and (b) Term loan from financial institution On 4 December 2008, the Company entered into an agreement with Life
Insurance Corporation of (c) Term loan from others On 30 May 2008, the Company entered into a term loan agreement with
ICICI Home Finance Company Limited for a term loan of Rs.1,250 million. Out
of the sanctioned limit, the Company had drawn Rs.1,130 million as on 31
March 2009 and the balance of Rs.120 million in April 2009. This facility is
secured by mortgage of the properties together with all buildings and
structures thereon, both present and future and scheduled receivables of
Purva Venezia and Purva Highlands and is also backed by the personal guarantee
of Mr. Ravi Puravankara, the Chairman and Managing Director, Mr. Nani R.
Choksey and Mr. Ashish Puravankara, Directors of the Company, repayable in 16
monthly installments commencing 15 June 2009. However, this loan was
restructured in July 2009 such that it is repayable in 16 monthly
installments commencing 15 October 2010 including Rs.78.1 million due on 15
June 2009. The outstanding as on 31 March 2010 was Rs. 1,250 million. (d) Debentures The Company had on 10 September 2008, issued 55 Secured Redeemable
Non-Convertible Debentures of face value of Rs.10,000,000/- each for cash at
par to ICICI Prudential Real Estate Securities Fund. These debentures are due
for redemption on 30 November 2010. Interest is payable on 10th September of
every year till redemption. (e) Cash credit and other loans
from banks i. On 19 August 2004, the Company entered into an agreement with
Andhra Bank for a cash credit facility of Rs.150 million which was further
enhanced to Rs.200 million in the month of October 2008 and Rs. 500 million
in the month of March 2010. This facility is secured against the properties
of the Company. The outstanding as on 31 March 2010 was Rs. 490.16 million. ii. On 20 June 2008, the Company entered into an agreement with IDBI
Bank for a working capital facility of Rs.1,000 million which is secured
against the properties of the Company and personal guarantee of Mr. Ravi
Puravankara, the Chairman and Managing Director of the Company. The
outstanding as on 31 March 2010 was Rs. 983.41 million. iii. On 20 November 2008, the Company has availed a Secured Overdraft
facility from Andhra Bank for Rs 800 million which is secured against the
land together with the buildings and structure thereon at Geddalahalli,
Bangalore and is also backed by the personal guarantee of Mr. Ravi
Puravankara, the Chairman and Managing Director, Mr. Nani R Choksey and Mr.
Ashish Puravankara, Directors of the Company. The outstanding as on 31 March
2010 was Rs. 535.04 million. iv. On 5 August 2006, the Company entered into a term loan agreement
with Standard Chartered Bank for Rs. 1,000 million towards construction and
development of its projects and for existing debt repayment, repayable in 24
monthly installments from the 15th month of the date of first drawdown (date
of the first drawdown : 16 November 2006). This facility is secured by
mortgage of the land and building of certain specified projects and their
project receipts and is also backed by the personal guarantee of Mr. Ravi
Puravankara, the Chairman and Managing Director of the Company. Additional
facility of Rs.200 million was availed on 5 April 2007 against the same
security as above, repayable in 24 monthly installments starting from 16
February 2008. In June 2009 this term loan has been rescheduled such that the
monthly installments due of Rs.50 million for next 8 months were migrated to
overdraft as and when the installment fell due. The resultant overdraft
balance of Rs.400 million shall be repayable in 12 monthly installments of
Rs.33.33 million starting from 16 May 2010. As a result, from June 2009 to
March 2010 an amount of Rs. 400 million has been migrated from term loan to
overdraft. The outstanding as on 31 March 2010 on this overdraft account was
Rs. 356.85 million. v. On 8 January 2008, the Company entered into a term loan agreement
with HSBC for Rs.1,350 million which was originally payable in quarterly
installments from October 2008 till October 2009 and Rs. 350 million was
payable in quarterly installments, from January 2009 till October 2009.
However, this loan was restructured in June 2009 such that the installments
due as of 29 June 2009 and also remaining amounts were migrated into
overdraft on the due dates of the installments as per the earlier repayment
schedule. The resultant overdraft is repayable in 13 monthly installments
after a moratorium of 14 months. From June 2009 to December 2009 an amount of
Rs.832.5 million has been migrated from term loan to overdraft which is
secured by mortgage of the land and building of Purva Swanlake project and receivables
of Purva Swanlake and Purva Moneto. The outstanding as on 31 March 2010 on
this overdraft account was Rs. 683.69 million. vi. Other loans represent loans taken for purchase of vehicles. These loans are secured by a charge against respective vehicles. The outstanding as on 31 March 2010 was Rs. 2.94 million. |
|
Financial Institution: |
Kotak Mahindra Prime Limited, 36-38 A, Nariman Bhavan, 227, Nariman
Point, Mumbai-400021, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountant |
|
Address : |
Wings, First Floor, 16/1, |
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|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 29.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
320000000 |
Equity Shares |
Rs.5/- each |
Rs.1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
213424335 |
Equity Shares |
Rs.5/- each |
Rs.1067.121
Millions |
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 |
1067.121 |
1067.121 |
1067.121 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13166.711 |
12050.827 |
10643.642 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14233.832 |
13117.948 |
11710.763 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7669.229 |
7154.675 |
5072.875 |
|
|
2] Unsecured Loans |
85.000 |
40.000 |
750.000 |
|
|
TOTAL BORROWING |
7754.229 |
7194.675 |
5822.875 |
|
|
DEFERRED TAX LIABILITIES |
8.650 |
22.758 |
10.121 |
|
|
|
|
|
|
|
|
TOTAL |
21996.711 |
20335.381 |
17543.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
356.536 |
458.845 |
496.705 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
527.445 |
527.445 |
523.862 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
PROPERTIES HELD FOR DEVELOPMENT |
11536.776 |
12058.336 |
11224.283 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Cash and cash equivalents |
468.234
|
250.902 |
344.320 |
|
|
Inventories |
226.811
|
197.345 |
170.687 |
|
|
Trade debtors |
994.077
|
1146.147 |
823.638 |
|
|
Properties under development |
6070.107
|
5501.573 |
3855.714 |
|
|
Properties held for sale |
852.453
|
973.504 |
909.508 |
|
|
Loans & Advances |
4333.967
|
3741.586 |
3838.880 |
|
Total
Current Assets |
12945.649
|
11811.057 |
9942.747 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
512.273
|
1039.325 |
919.259 |
|
|
Other Current Liabilities |
2578.873
|
3466.898 |
3214.632 |
|
|
Provisions |
278.549
|
14.079 |
509.947 |
|
Total
Current Liabilities |
3369.695
|
4520.302 |
4643.838 |
|
|
Net Current Assets |
9575.954
|
7290.755 |
5298.909 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21996.711 |
20335.381 |
17543.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from projects |
4983.125 |
4375.219 |
5606.905 |
|
|
|
Rental income |
25.729 |
37.980 |
31.118 |
|
|
|
Income from interiors |
29.323 |
35.842 |
20.123 |
|
|
|
TOTAL (A) |
5038.177 |
4449.041 |
5658.146 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of revenues |
2973.536 |
2596.358 |
3071.158 |
|
|
|
Selling Expenses |
71.809 |
199.955 |
237.909 |
|
|
|
General and Administrative Expenses |
234.797 |
249.601 |
212.193 |
|
|
|
TOTAL (B) |
3280.142 |
3045.914 |
3521.260 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1758.035 |
1403.127 |
2136.886 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(16.188) |
(7.739) |
(98.185) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1774.223 |
1410.866 |
2235.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
110.564 |
55.357 |
58.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1663.659 |
1355.509 |
2176.496 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
298.079 |
1274.178 |
66.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1365.580 |
1329.535 |
2109.498 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
149.877 |
161.871 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.40 |
6.23 |
10.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
950.600 |
1157.200 |
|
Total Expenditure |
|
604.300 |
858.800 |
|
PBIDT (Excl OI) |
|
346.300 |
298.400 |
|
Other Income |
|
0.000 |
9.300 |
|
Operating Profit |
|
346.300 |
307.700 |
|
Interest |
|
(4.700) |
000 |
|
PBDT |
|
351.000 |
307.700 |
|
Depreciation |
|
9.300 |
9.900 |
|
Profit Before Tax |
|
341.700 |
297.800 |
|
Tax |
|
31.800 |
17.500 |
|
Profit After Tax |
|
309.900 |
280.300 |
|
Net Profit |
|
309.900 |
280.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
27.10
|
29.88 |
37.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.39
|
30.98 |
38.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.51
|
11.04 |
20.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.10 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.89 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.84
|
2.61 |
2.14 |
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 |
|
|
|
|
Total outstanding dues to micro enterprises and small
enterprises |
4.041 |
6.582 |
0.000 |
|
Total outstanding dues to creditors other than micro enterprises and small enterprises |
508.231 |
1032.743 |
0.000 |
|
Others |
0.000 |
0.000 |
919.258 |
|
Total |
512.272 |
1039.325 |
919.258 |
Bankers Charges
Report as per Registry
|
Name of the company |
PURAVANKARA PROJECTS LIMITED |
||||||||
|
Presented By |
Mr. Nani R.
Choksey, Director |
||||||||
|
1) Date and description of instrument creating the change |
12th
March 1997, Overdraft agreement, memorandum of mortgage, demand promissory
note. |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
|
||||||||
|
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 |
|
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Tenor of OD: 1
Years Tenor of DL: 20
Months DL to be rapaid by
10 monthly installments of Rs.1.000 millions, initial repayment holiday 10
months OD to carry
interest at the rate of 22.75% p.a. or such rate fixed by bank from time to
time. Same rate
applicable to DL also. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Lord Krishna Bank
Limited, |
||||||||
|
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 |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
L45200KA1986PLC051571 |
|
Name of the
company |
PURAVANKARA
PROJECTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.130/1, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Kotak Mahindra Prime Limited, 36-38 A, Nariman Bhavan, 227, Nariman
Point, Mumbai-400021, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
First and
exclusive charge on land admeasuring 18.33 acres Mortgage Deed dated
19/10/2010 executed by Puravankara Projects Limited in favour of Kotak Mahindra
Prime Limited. |
|
Date of
instrument Creating the charge |
19.10.2010 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 16.5% per annum Terms of
Repayment Puravankara
Projects Limited to pay Kotak Mahindra Prime Limited Rs. 250.000 Millions on
or before 36 months with interest at 16.50% p.a. and that the first interest
payment to commence from 1.11. 2010 and thereafter, payable on or before 1st
of every month. Extent and
Operation of the charge First and
exclusive charge on land admeasuring 18.33 acres Mortgage Deed dated
19/10/2010 executed by Puravankara Projects Limited in favour of Kotak
Mahindra Prime Limited. |
|
Short particulars
of the property charged |
I)
First
and exclusive charge on land admeasuring 18.33 acres of land together with II)
coconut
trees, mango trees, farm house with 3 wells and tiled pump set room |
Fixed Assets:
- Building
- Plant and Machinery
- Office Equipments
- Computers
- Furniture and Fixtures
- Vehicles
- Computer Software
- Shuttering Material
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.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
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 |
5 |
|
--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 |
|
49 |
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.