MIRA
INFORM REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
HAZIRA LNG PRIVATE LIMITED |
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Registered Office : |
101/ 103, Abhijeet- II, Mithakhali, Circle, Ahmedabad-380006, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.10.2000 |
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Com. Reg. No.: |
04-38780 |
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CIN No.: [Company
Identification No.] |
U40100GJ2000PTC038780 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00868A |
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PAN No.: [Permanent
Account No.] |
AAACH9143C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Distributor and Supplier of Natural Gas, Liquified Natural Gas
and Compressed Natural Gas |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an e company having moderate track. There appears some accumulated
losses recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution. |
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
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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 PARTED BY
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Name : |
Mr. Bhavik |
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Designation : |
Accountant |
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Date : |
04.01.2011 |
LOCATIONS
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Registered Office : |
101/ 103, Abhijeet- II, Mithakhali, Circle, Ahmedabad-380006, |
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Tel. No.: |
91-79-30011100 |
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Fax No.: |
91-79-30011101 |
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E-Mail : |
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Website : |
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Area : |
5000 sq.ft (approximately) |
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Location : |
Owned |
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Branches : |
1001-1005, |
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Tel. No.: |
91-11-26483003/26429249/26483004 |
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Fax No.: |
91-11-26472341 |
DIRECTORS
As On 24.09.2010
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Name : |
Mr. Virkam Singh Mehta |
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Designation : |
Director |
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Address : |
18, New Friends Colony, |
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Date of Birth/Age : |
30.10.1952 |
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Date of Appointment : |
11.10.2000 |
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DIN No. : |
00041197 |
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Name : |
Mr. Nitin C
Shukla |
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Designation : |
Director |
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Address : |
13, Basant Bahar,
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Date of Birth/Age : |
14.04.1952 |
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Date of Appointment : |
25.03.2002 |
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DIN No. : |
00041433 |
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Name : |
Mr. Nicolas John Poulteney |
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Designation : |
Director |
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Address : |
75, Friends Colony, West, |
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Date of Birth/Age : |
04.06.1962 |
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Date of Appointment : |
22.08.2009 |
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DIN No. : |
02769573 |
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Name : |
Mr. Ate Sjoerd Visser |
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Designation : |
Director |
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Address : |
Koepelweg, 11, Noordwijjk, 2202AJ, |
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Date of Birth/Age : |
04.10.1956 |
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Date of Appointment : |
16.09.2009 |
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DIN No. : |
02810448 |
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Name : |
Mr. Denis Giorno Dit Journo |
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Designation : |
Director |
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Address : |
14 Allee Sisley –
78560 LE Port Marly – |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Jean Pierre
Junqua Salanee |
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Designation : |
Alternate Director |
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Address : |
75, Friends
Colony West, |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Jacques
Chambert Loir |
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Designation : |
Director |
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Address : |
46 Rue De La
Paroisse 78000, |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Jean Pierre
Junqua Salanne |
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Designation : |
Alternate
Director |
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Address : |
75, Friends
Colony West, |
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Date of Appointment : |
24.03.2005 |
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Name : |
Mr. Douglas
Robert Mckay |
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Designation : |
Director |
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Address : |
Shell Gas and
Power Gas Power Department, |
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Date of Birth/Age : |
25.09.1956 |
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DIN No. : |
02281578 |
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Name : |
Mr. Christophe
Jeanemilecornil Miaux |
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Designation : |
Director |
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Address : |
75, Friends
Colony West, |
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Date of Birth/Age : |
28.04.1956 |
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DIN No. : |
02208046 |
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KEY EXECUTIVES
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Name : |
Mr. Surit Mitra |
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Designation : |
Company Sercretay |
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Address : |
F-302, Tulip Citadel, B/H. Shreyas Foundation, Near Manekbaug Hall,
Ahmedabad – 380015, |
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Date of Birth/Age : |
17.04.1964 |
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Date of Appointment : |
09.12.2006 |
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Pan No. : |
AGCPM2750R |
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Name : |
Mr. Bhavik |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Shell |
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533054934 |
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Total Gaz Electricite Holdings, |
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187289571 |
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B.V. Petroleum Assurantie Maatschappij |
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1 |
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Total |
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720344506 |
As On 24.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Distributor and Supplier of Natural Gas, Liquified Natural Gas
and Compressed Natural Gas |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building 8, 7th and 8th Floor, Tower – B, |
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Pan No. : |
AAEFP3641G |
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Holding Company : |
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Company Holding Substantial Interest: |
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Under Common Control : |
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Fellow Subsidiaries : |
Address: 101/ 103, Abhijeet- II,
Mithakhali, Circle, Ahmedabad-380006,
Address: 101/ 103, Abhijeet- II,
Mithakhali, Circle, Ahmedabad-380006,
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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870000000 |
Equity shares |
Rs. 10/- each |
Rs. 8700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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720344506 |
Equity shares |
Rs. 10/- each |
Rs. 7203.445
Milions |
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Note:
Of the above 533054934 (previous year
533054934) equity shares are held by Shell Gas B.V., The Hague Netherlands, the
Holding Company and 187289571 (previous year 187289571) equity shares are held by
Total Gaz Electricite Holdings, France.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7203.445 |
7203.445 |
7203.445 |
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2] Share Application Money |
0.000 |
0.000 |
0.067 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3218.745) |
(4677.219) |
(1487.847) |
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NETWORTH |
3984.700 |
2526.226 |
5715.665 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
12782.553 |
14447.645 |
11349.830 |
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TOTAL BORROWING |
12782.553 |
14447.645 |
11349.830 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16770.253 |
16973.871 |
17065.495 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11273.064 |
12392.443 |
13267.175 |
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Capital work-in-progress |
33.342 |
19.412 |
144.446 |
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INVESTMENT |
5309.000 |
3401.500 |
151.538 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1051.088
|
1817.670 |
3307.623 |
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Sundry Debtors |
24.577
|
1907.617 |
2976.649 |
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Cash & Bank Balances |
28.768
|
15.260 |
16.353 |
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Other Current Assets |
52.180
|
221.644 |
213.168 |
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Loans & Advances |
23.864
|
38.652 |
50.663 |
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Total
Current Assets |
1180.477
|
4000.843 |
6564.456 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
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Sundry Creditors |
1013.383 |
2387.339 |
2161.096 |
|
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Other Current Liabilities |
25.016
|
464.162 |
913.308 |
|
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Provisions |
1.556
|
2.201 |
3.141 |
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Total
Current Liabilities |
1039.955
|
2853.702 |
3077.545 |
|
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Net Current Assets |
140.522
|
1147.141 |
3486.911 |
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MISCELLANEOUS EXPENSES |
11.325 |
13.375 |
15.425 |
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|
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|
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|
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TOTAL |
16767.253 |
16973.871 |
17065.495 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
20179.546 |
62589.027 |
47948.450 |
|
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Other Income |
227.304 |
190.910 |
80.498 |
|
|
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TOTAL (A) |
20406.850 |
62779.937 |
48028.948 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of goods sold |
17516.293 |
57765.740 |
43576.235 |
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Operating and other expenses |
1376.876 |
2872.384 |
2047.562 |
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Personnel expenses |
245.861 |
236.312 |
197.745 |
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|
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Selling, Administration and other expenses |
236.436 |
134.148 |
502.627 |
|
|
|
Loss/(Gain) on foreign exchange fluctuation |
(1608.757) |
3601.424 |
(1308.888) |
|
|
|
Miscellaneous expenditure written off |
2.050 |
2.050 |
2.050 |
|
|
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TOTAL (B) |
17768.759 |
64612.058 |
45017.331 |
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2638.091 |
(1832.121) |
3011.617 |
|
|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.140 |
35.875 |
28.175 |
|
|
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2627.951 |
(1867.996) |
2983.442 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1169.277 |
1316.253 |
2681.617 |
|
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|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1458.674 |
(3184.249) |
301.825 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.200 |
5.123 |
4.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1458.474 |
(3189.372) |
297.614 |
|
|
|
|
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|
|
|
|
|
ADJUSTMENT FOR
CHANGE IN ACCOUNTING POLICY |
0.000 |
0.000 |
(0.888) |
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4677.219) |
(1487.847) |
(1784.573) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3218.745) |
(4677.219) |
(1487.847) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Support Services Rendered |
5.811 |
- |
- |
|
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TOTAL EARNINGS |
5.811 |
- |
- |
|
|
|
|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
7.963 |
94.956 |
NA |
|
|
|
Finished Goods-LNG |
16071.577 |
53619.441 |
NA |
|
|
|
Stores & Spares |
28.354 |
28.946 |
NA |
|
|
TOTAL IMPORTS |
16107.894 |
53743.343 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.02 |
(4.43) |
0.41 |
|
Expected Sales (2010-2011): Rs. 50000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.15
|
(5.08) |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.23
|
5.09 |
0.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.71
|
(19.42) |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
1.26 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
6.85 |
2.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.40 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Micro small and medium enterprise |
- |
- |
0.034 |
|
- Others |
1013.383 |
2387.339 |
2161.062 |
|
Total |
1013.383 |
2387.339 |
2161.096 |
Trade References:
- Anmol Safety
Products Private Limited
- Supreme
Chemcial Industires,
- Vare
Engingeering Private Limited, Vadodara,
ABOUT THE
ENVIRONMENT:
There have been some significant developments in the gas market scenario
of
The Government has however responded effectively by making policy
adjustments to bolster revenue collection by bringing all gas prices closer to
market determined rates. The KG D6 gas prices have been pegged at a market
parity rate of $ 4.2/MMBtu and the APM gas prices prevailing at $ 1 79/MMBtu
have been brought up to this level. The offshore (ONGC Mumbai C Series) gas
prices have also been increased to $ 5.25/MMBtu.
The Government has set the order of priority for allocation of natural
gas as fertilisers, existing gas power plants, city gas followed by steel
plants. However, it is important to note that the cumulative current and fall
back allocation have the potential of supplying close to 53 mmscmd or nearly 60
% of total gas availability to the Power sector. This could see
ABOUT THE COMPANY:
Consequently major LNG regasification players in the market are
upscaling their current projects at Dahej,
Fixed Assets:
- Software
- Land –
freehold
- Buildings and
roads
- Plant and
machinery
- Furnitures
and fixtures
- Office
equipments
- Data
processing equipments
- Vehicles
There are
Contingent Liabilities, relating to:
|
Particulars |
31.03.2010
(Rs. in Millions) |
|
Income tax matters |
Rs. 0.051 million
(amount deposited Rs. 0.002 million) |
|
Water cess |
Rs. 0.018
millions (amount deposited Rs. 0.004 million) |
AS PER WEBSITE
Profile:
Liquefied Natural Gas, or LNG, is a
clear, colourless liquid that forms when natural gas has been cooled to -162C.
It is odourless, non-toxic and non-corrosive. In its liquid form, natural gas
is more efficiently stored and is economic to transport in dedicated LNG
carriers overseas to receiving terminals. Indeed, converting natural gas into
LNG is the only viable way to transport natural gas to places that are beyond
the reach of pipeline systems. In liquid form, natural gas takes up 600 times
less space than it does as a gas. It is like shrinking the volume of a beach
ball to that of a ping-pong ball.
LNG is warmed into a gas again where needed (known as regassification) and introduced into
the existing natural gas pipelines. From there it has residential uses (e.g. heating
homes, cooking); commercial uses (e.g. heating buildings, providing fuel for
natural gas transport); and industrial uses (e.g. as a fuel for turbines that
produce electricity).
As the world searches for greener forms of energy, demand
for natural gas – the cleanest-burning hydrocarbon – is expected to double over
the next two decades. Power made from natural gas transported as LNG typically
emits about half as much carbon as coal, even with the extra energy needed for
liquefying and shipping.
Natural gas liquefaction dates back to the 19th century when
the first practical compressor and refrigeration machine was built in
LNG is already a growing part of the world’s energy supply
and is produced in many countries that have abundant natural gas reserves and
facilities to produce LNG for export. These facilities include:
·
Storage facilities: used for keeping a
reliable supply of natural gas close to consumers
·
Export terminals: used for liquefying
and transporting LNG from production regions
·
Receiving Terminals: used to regasify
natural gas for delivery to consumers.
THE PORT
Hazira (
Hazira (
Hazira (
Hazira (Surat) Port has an approach channel of about 1000 m, turning radius of
600 m and dredged depth of (-12) m chart datum with a capacity to accommodate
larger vessels using tidal variance.
The expansion of the functionality of the port to handle
Containers as well as bulk cargo will involve additional investments
potentially up to another Rs 30000.000 Millions
News:
SHELL-TOTAL PARTNERSHIP COMMISSIONS HAZIRA LNG TERMINAL
HAZIRA LNG TERMINAL AND PORT DEDICATED TO NATION
Commercial operations in Q2 2005
First LNG Carrier Gemmata docks and discharges cargo
First supplies from
Hazira first merchant LNG terminal
First customers in
Investment in excess of Rs 30000.000 Millions in LNG
Receiving Terminal & Port
Capacity of 5 million tonnes per annum with initial
throughput capacity of 2.5 million tonnes per annum
Multi-cargo all-weather port at Hazira
New Delhi, April 21, 2005: Royal Dutch/Shell Group (“The Shell
Group”) and Total Gaz Electricité Holdings France, two of the largest private
LNG providers in the world, formally announced the inauguration today of the
Hazira LNG Terminal & Port at Hazira (Surat) in Gujarat with the unloading
of the first cargo of LNG from the ship Gemmata. The Hazira LNG Terminal &
Port was dedicated to the Nation this afternoon by Shri Mani Shankar Aiyar,
Union Minister for Petroleum and Natural Gas and Shri Narendra Modi, Chief
Minister of Gujarat at simultaneous ceremonies at
Representing an investment in excess of Rs 30000.000
Millions, the Hazira LNG terminal project is one of the largest
Capacity of 5 million tonnes
The Hazira Project is the largest of Shell’s and of Total’s
ventures in
Speaking at the event from
On his side, Mr. Yves-Louis Darricarrere, President of Total
Gas and Power said: “Hazira is just one of the many steps Total is taking as we
grow and strengthen our activities in the LNG industry. With the inauguration
of this terminal we further secure access to a fast growing market for the
benefit of our upstream LNG projects. This project illustrates how Total’s commitment
to develop its activities in all segments of the gas industry makes us a
preferred partner for large gas projects worldwide.”
Mr. Vikram Singh Mehta, Chairman Shell Group of companies in
A Global first in LNG industry: Flexible Contracts
“Hazira is a global first for the LNG industry. The
traditional model for gas import calls for long-term contracts (often 20 years
or more) with rigid contractual terms. In contrast, Hazira aims to offer
flexibility in contract duration and to match fluctuations in customer demand
profile. By virtue of their presence across a number of LNG supply projects
around the globe, Shell and Total are well positioned to organize LNG supply in
a tight market,” said Mr. Marc den Hartog, Director (Gas & Power), Shell
India.
"Hazira location is strategic due to its proximity to
the LNG supply sources located in the Middle East, where the Total Group holds
stakes in three existing LNG plants (
Circle of prosperity
Mr Nitin Shukla, Director and Group CEO of the Hazira
venture companies, Hazira LNG Pvt. Ltd and Hazira Port Pvt. Ltd. said: “The
large investment has created a long term asset in the state of
Shell-Total Partnership
The Hazira LNG Terminal and Port is partnered by Shell Gas B.V.,
a member of the Royal Dutch/Shell Group of Companies and Total. Total has a
shareholding of 26% in each of the companies that comprise the project.
Shell is a technology leader and has designed more LNG
plants than any other company in the world. Shell is also one of the largest
LNG vessel users in the world. With possibilities to ship LNG from
Shell-partnered plants in Oman, Australia, Brunei and Malaysia as well as the
new plant under construction in Sakhalin Island, the multiplicity and geographical
spread of Shell’s LNG sourcing will support its aim to become India’s most
consistent and reliable supplier of LNG.
Total is a world leader in natural gas production and
marketing as well as power generation. It has Interests in five of the world’s
largest liquefaction plants, which represent around 40% of global LNG
production capacity, nearly one-quarter of the Group’s gas production is
dedicated to the LNG industry. Total has LNG production in
Accessing markets
After the berthing and first cargo unloading, the Hazira
terminal will complete commissioning activities and is expected to be supplying
gas commercially later this quarter.
The Hazira LNG terminal is accessing existing pipeline
infrastructure for transportation and delivery of gas to the customers. A 17 Km
Pipeline from Hazira to Mora has been laid to connect to the
Subject to access to inter-state pipelines, the markets in
The Hazira Advantage
A combination of factors went into choosing Hazira as the
site for the LNG Terminal and an all weather port. Hazira is situated in the
midst of one of the most industrialized areas in the country and has a ready
market for gas in the immediate vicinity. It is also well sited for connecting
to the gas grid in Gujarat as well as both the HBJ pipeline and the prospective
Dahej-Uran pipeline that can enable access to key markets in Maharashtra,
Gujarat and Rajasthan as well as locations to the North along the HBJ pipeline.
About Shell in
Shell’s presence in
Shell in
About Total in
Total has been present in
The Group is one of the Indian market leaders in the lubricant sector (450
distributors and 35,000 dealers), Special Fluids and Solvents, and is pursuing
research programs in refining process.
It also has LPG marketing activities through its 100% Total’s owned subsidiary
Elf Gas India Limited and is developing a large storage facility in Andhra
Pradesh in association with HPCL.
Total chemicals branch comprises 480 people and is present in
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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.44.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.