MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HERRENKNECHT INDIA PRIVATE LIMITED |
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Registered
Office : |
11, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.05.2007 |
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Com. Reg. No.: |
18 - 170774 |
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Capital
Investment / Paid-up Capital : |
Rs 122.533 Millions |
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CIN No.: [Company Identification
No.] |
U74900TN2007PTC070272 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing Tunnel Boring Machines (TBM) and the related tools and
spares. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 617000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has been successful wipping-off the accumulated losses of the previous year.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Head Office / Factory : |
11, |
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Tel. No.: |
91-44-27984371 / 27984370 |
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Fax No.: |
97-44-27984063 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Himmelsbach Dominik |
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Designation : |
Director |
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Address : |
No – 152, |
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Date of Birth/Age : |
17.10.1973 |
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Date of Appointment : |
11.05.2007 |
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DIN No.: |
01349849 |
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Name : |
Mr. Eric Bouchard |
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Designation : |
Director |
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Address : |
No – 152, |
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Date of Birth/Age : |
16.10.1974 |
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Date of Appointment : |
11.05.2007 |
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DIN No.: |
01572723 |
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Name : |
Mr. Frank Josef Hurst |
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Designation : |
Managing Director |
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Address : |
Burgstr 32, 77704 Oberkrich |
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Date of Birth/Age : |
23.12.1969 |
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Date of Appointment : |
15.11.2007 |
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DIN No.: |
01930474 |
KEY EXECUTIVES
|
Name : |
Mrs. Kalyani Srinivasan |
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Designation : |
Secretary |
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Address : |
1262, HAL 3rd Stage, Pithusandra, |
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Date of Appointment : |
01.02.2008 |
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PAN No.: |
AAGTP5618K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Herrenknecht Asia Headquarters Pte. Limited ( |
|
12253269 |
|
Dr. Steefried Richard Schwung |
|
01 |
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Total |
|
12253270 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Tunnel Boring Machines (TBM) and the related tools and
spares. |
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tunnel Boring Machine - Spares |
Nos |
NA |
2970 |
1784 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Rs In Millions
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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
ASV N Ramana Towers, 52, |
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PAN.: |
AACFD3771D |
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Holding Company
: |
Herrenknecht Asia Headquarters Pte. Limited |
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Unlimited
Holding Company: |
Herrenknecht AG, |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
12253270 |
Equity Shares |
Rs.10/- each |
Rs 122.533
Millions |
Note:
1.
Out of the above, 12253269
Shares of the Company are held by Herrenknecht Asia Headquarters Pte Limited,
2.
The Unlimited Holding
Company is Herrenknecht AG,
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 |
122.533 |
88.368 |
88.368 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.709 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(12.338) |
(18.543) |
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NETWORTH |
154.242 |
76.029 |
69.825 |
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LOAN FUNDS |
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1] Secured Loans |
85.267 |
0.526 |
0.760 |
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2] Unsecured Loans |
0.000 |
110.000 |
202.500 |
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TOTAL BORROWING |
85.267 |
110.526 |
203.260 |
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DEFERRED TAX LIABILITIES |
1.502 |
0.000 |
0.000 |
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TOTAL |
241.011 |
186.555 |
273.085 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
317.477 |
278.821 |
235.901 |
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Capital work-in-progress |
1.202 |
0.343 |
24.653 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
6.400 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
72.111
|
57.434 |
6.897 |
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Sundry Debtors |
40.167
|
86.241 |
20.926 |
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Cash & Bank Balances |
0.950
|
1.760 |
56.459 |
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Other Current Assets |
2.260
|
5.187 |
0.000 |
|
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Loans & Advances |
25.948
|
22.482 |
10.487 |
|
Total
Current Assets |
141.436
|
173.104 |
94.769 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Sundry Creditors |
195.772
|
223.366 |
36.148 |
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Other Current Liabilities |
16.633
|
29.982 |
45.942 |
|
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Provisions |
6.699
|
18.765 |
0.148 |
|
Total
Current Liabilities |
219.104
|
272.113 |
82.238 |
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Net Current Assets |
(77.668)
|
(99.009) |
12.531 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
241.011 |
186.555 |
273.085 |
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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 |
216.164 |
382.633 |
30.536 |
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Other Income |
31.076 |
2.558 |
0.030 |
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TOTAL (A) |
247.240 |
385.191 |
30.566 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
176.690 |
382.079 |
48.970 |
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PROFIT BEFORE
TAX (E-F) (G) |
70.550 |
3.112 |
(18.404) |
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Less |
TAX (I) |
26.503 |
(3.093) |
0.139 |
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PROFIT AFTER TAX
(G-I) (J) |
44.047 |
6.205 |
(18.543) |
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Amount
transferred to Reserve during the year |
31.709 |
(12.337) |
(18.543) |
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EARNINGS IN
FOREIGN CURRENCY |
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|
4.460 |
0.000 |
- |
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Income from Services |
0.805 |
0.625 |
0.000 |
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TOTAL EARNINGS |
5.265 |
0.625 |
0.000 |
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IMPORTS |
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Raw Materials (including material in Transit) |
16.095 |
35.640 |
4.968 |
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Traded Goods |
44.451 |
127.133 |
25.569 |
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Capital Goods |
5.928 |
0.337 |
0.175 |
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TOTAL IMPORTS |
66.474 |
163.110 |
30.712 |
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Earnings Per
Share (Rs.) |
4.43 |
0.70 |
(15.43) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.81
|
1.61 |
(60.66) |
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Net Profit Margin (PBT/Sales) |
(%) |
32.64
|
0.81 |
(60.27) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.33
|
0.69 |
(5.22) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.04 |
(0.26) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
5.03 |
4.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
0.64 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from Ready Money
Mension, 43,
Background:
The company was incorporated on 11.05.2007 with the primary objective of
manufacturing cutters and muck buckets for Tunnel Boring Machines (TBM) and the
related tools and spares. The company also provides man power service by
providing technician of Tunnel Boring Machine at its customers place. The
company has commenced its trading of operation (supply of imported TBM spares
to customers) during the period ended 31.03.2008. A part of manufacturing
activity / operation was commenced during the previous year ended 30.03.2009.
During the current year ended 31.03.2010, the Company has also started
exporting manufactured TBMJ spares
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10178700 |
|
Corporate
identity number of the company |
U74900TN2007PTC070272 |
|
Name of the
company |
HERRENKNECHT INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
11, |
|
Type of charge |
Immovable
Property Any Interest in
immovable property Movable Property Others |
|
Particular of
charge holder |
The Hongkong And Shanghai Banking Corporation Limited, 76 Chthedral
road, Chennai – 600086, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum Of
Entry and Declaration dated 30.10.2009. |
|
Date of
instrument Creating the charge |
30.10.2009 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the borrower on the credit facility as per bank tariffs, however
that the bank shall have the right to change the rate of interest after
giving due notice to the borrower. Terms of
Repayment In consideration
of credit facility sanctioned by the bank to the borrower, HWPL has Equitably
mortgaged to the bank by deposit of the title deeds by way of exclusive
charge. The assets mentioned in the deed of hypothecation and properties as
per schedule of memorandum of entry to secure the repayment of the credit
facility together with interest cost and all other charges by the borrower to
the bank. Margin The borrower
shall maintain such margin as may be specified by the bank from time to time. Extent and
Operation of the charge In case the
borrower fails to fulfill its obligation under the credit facility. The bank
shall be entitled to take possession of the subject assets and sell them by
public auction or private contract and utilize the proceeds in full or part
settlement of its claims under the credit facility. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
15.140.2009 |
|
Particulars of
the present modification |
The charge is now
modified to include mortgage on properties. All part and parcel of land in
the villages of Azhinjivakkam and Athipedu Ponneri Taluk Thiruvallur
District, Tamilnadu dated 30.10.2009 along with plant and machinery filed
earlier on 15.10.2009. exclusive charge for Rs 100.000 millions . |
FIXED ASSET:
- Freehold land
- Buildings
- Plant and Machinery
- Computers
- Office Equipments
- Furniture and Fixture
- 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.44.38 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.