MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
DIGHI PORT LIMITED |
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Registered
Office : |
6th Floor, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.2000 |
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Com. Reg. No.: |
11-127953 |
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Capital
Investment / Paid-up Capital : |
Rs.2107.167 Millions |
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CIN No.: [Company Identification
No.] |
U35110MH2000PLC127953 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD11161D |
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PAN No.: [Permanent Account No.] |
AABCD2607A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Port and Infrastructure Services. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 7567528 |
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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 a 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 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.
INFORMATION PARTED BY
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Name : |
Mr. Vivek Dube |
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Designation : |
General Manager |
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Date : |
03.06.2011 |
LOCATIONS
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Registered Office : |
6th Floor, New |
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Tel. No.: |
91-22-22074824/ 22074825 |
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Fax No.: |
91-22-22072124 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2010)
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cdName : |
Mr. Vijay G. Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Building Wahendna Apartment, Street 75, |
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Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
27.07.2000 |
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Name : |
Mr. Vishal Vijay Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Building Wahendna Apartment, Street 75, |
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Date of Birth/Age : |
20.02.1975 |
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Date of Appointment : |
27.07.2000 |
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Name : |
Mr. Vikas Vijay Kalantri |
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Designation : |
Director |
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Address : |
Flat No.2, Building Wahendna Apartment, Street 75, |
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Date of Birth/Age : |
17.08.1978 |
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Date of Appointment : |
28.06.2005 |
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Name : |
Mr. Jaibhagwan R. Rohilla |
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Designation : |
Director |
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Address : |
Flat No.604, Building Vibhavari, |
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Date of Birth/Age : |
25.06.1955 |
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Date of Appointment : |
28.06.2005 |
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Name : |
Mr. Ashwani Kumar |
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Designation : |
Nominee Director |
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Address : |
Flat No.C-31, Building Gulmohar, 7 Street, |
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Date of Birth/Age : |
02.12.1963 |
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Date of Appointment : |
26.06.2009 |
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Nominee Company : |
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Name : |
Mr. Milind Narendra Patel |
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Designation : |
Director |
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Address : |
13-A, Vaibhav, 80, |
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Date of Birth/Age : |
18.10.1968 |
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Date of Appointment : |
29.08.2008 |
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Name : |
Mr. Mark Savio Fernandes |
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Designation : |
Director |
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Address : |
8, Colaba Chambers, N. Parekh Marg, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
11.04.1959 |
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Date of Appointment : |
17.10.2006 |
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Name : |
Mr. Arun Ramachandra |
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Designation : |
Director |
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Address : |
5th Floor, Villa Geraldine, |
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Date of Birth/Age : |
20.11.1965 |
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Date of Appointment : |
30.06.2007 |
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Name : |
Mr. Anil Kailash Khandelwal |
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Designation : |
Director |
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Address : |
184, S K Ahire Marg, Mumbai – 400018, Maharashtra, India |
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Date of Birth/Age : |
16.03.1948 |
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Date of Appointment : |
13.07.2010 |
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Name : |
Mr. Ajay Manherlal Khatwala |
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Designation : |
Director |
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Address : |
G-2, S V Road, Unique Apartments, Irla, Vile Parle (West), Mumbai –
400056, Maharashtra, India |
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Date of Birth/Age : |
02.05.1954 |
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Date of Appointment : |
13.07.2010 |
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Name : |
Mr. Gian Prakash Gupta |
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Designation : |
Director |
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Address : |
101, Neelkanth Valley, Kaveri B Wing, Ghatkoper (East), Mumbai –
400077, Maharashtra, India |
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Date of Birth/Age : |
11.01.1941 |
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Date of Appointment : |
13.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Vijay G. Kalantri |
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250100 |
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Vishal Vijay Kalantri |
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5100 |
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Mohini Kalantri |
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1000100 |
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Mahendra Kalantri |
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100 |
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Sangeeta Kalantri |
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100 |
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Vikas Vijay Kalantri |
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50100 |
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Sujata Kalantri |
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100 |
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Balaji Infra Projects Limited, Mumbai
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100611800 |
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Balaji Infrastructure and Development Company Limited, Mumbai |
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4766000 |
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Infra Structural Leasing and Financial Services Limited, Mumbai |
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47459224 |
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Vinay Kalantri |
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50000 |
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CRD Holding Private Limited, Mumbai |
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400000 |
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IL and FS Financial Services Limited, Mumbai |
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33116500 |
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Arun K. Saha and Viabhav Kapoor Trustee of IL and FS Employees Welfare
Trust |
|
3540776 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Public Financial Companies |
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42.13 |
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Bodies corporate |
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55.31 |
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Directors or relatives of directors |
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0.71 |
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Other top fifty shareholders |
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1.85 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Port and Infrastructure Services. |
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Terms : |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
Construction Company |
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No. of Employees : |
15 (Approximately) |
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Financial Institution: |
Il and Fs Trust Company Limited, Il and Fs Financial Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai - 400051, India |
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Bankers : |
Bank of Maharashtra, Fort Branch |
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Facilities : |
** 1.
The above Term Loans from financial institution
and from Schedule bank (senior loan and subdebt loans ) are secured by a
first mortgage on the immovable properties, both present and future and a
first charge by way of hypothecation of all the movables , present and
future, and first charge by way of mortgage over Project accounts including
the Trust and Retention Account and the Debt Service Reserve Account ranking
pari passu; 2.
Assignment of contractor guarantees and Project
agreements, consents and insurance policies, liquidated damages, letter of
credit, guarantee or performance bond that may be provided by any counter
party under any Project Document or contract in favour of the Company, by way
of security 3.
Undertaking of promoters to maintain their control
and their existing or future shareholding in the Company, to arrange finance
for any overruns in the financing costs of the Project and to invest 25% of
their contribution in the paid up equity share capital as unfront Equity
Contribution and remaining contribution during the construction period, as
per Concession Agreement. 4.
Pledge entire shareholding of the Promoters, both
present and future in the Company 5.
The above Term loans from financial institution (subordinate
loan ) are secured by a second mortgage on all immovable properties, and a
second charge by way of hypothecation on all assets, including movable plant
and machinery, machinery spares, tools and accessories, both present and
future 6.
Second charge on all the monies lying in the
banks accounts including Trust & Retention, assignment of all the
Company's right, title, interest, benefit and claim, to or under the Project
Document, the insurance policies and the insurance proceeds, all intangiable
assets but not limited to goodwill. 7.
Second charge over/assigment of contractor
guarantees, liquidated damages,letter of credit, guarantee or performance
bond provided by any counter party under project document or contract by way
of security 8.
Undertaking by Company to arrange finance for any
overruns in the Project cost agree to; Equity Contribution during the
construction period,and to maintain their control and their existing or
future shareholding in the Company, as per Concession Agreement. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Malpani and Associates Chartered Accountant |
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Address : |
307, Chartered House, 297/299, dr. Hormasji Street, Near Marine Lines
Church, Mumbai – 400002, Maharashtra, India |
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Holding Company : |
Balaji Infra Projects Limited, India |
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Group COmpany : |
Balaji Infrastructure and Development Company Limited, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Share |
Rs.10/- each |
Rs.2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
189718800 |
Equity Share |
Rs.10/- each |
Rs.1897.188
Millions |
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NOTE:
(Out of the above 10,06,11,800 (PY- 9,16,11,800) equity share are held
by the Holding Company, M/S Balaji
Infra Project Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
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|
12.000 |
The above information has been parted by Mr. Vivek Dube (General
Manager)
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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|
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1] Share Capital |
1897.188 |
1803.188 |
1770.388 |
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2] Share Application Money |
0.000 |
4.041 |
0.041 |
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3] Reserves & Surplus |
0.000 |
3.827 |
15.244 |
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4] (Accumulated Losses) |
(5.306) |
0.000 |
(15.132) |
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NETWORTH |
1891.882 |
1811.056 |
1770.541 |
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LOAN FUNDS |
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1] Secured Loans |
7115.907 |
2749.996 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
7115.907 |
2749.996 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.067 |
0.067 |
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TOTAL |
9007.789 |
4561.119 |
1770.608 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1355.229 |
72.239 |
71.541 |
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Capital work-in-progress |
7931.837 |
3632.172 |
1630.140 |
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INVESTMENT |
15.002 |
24.888 |
102.244 |
|
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DEFERREX TAX ASSETS |
0.366 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
0.000
|
0.000
|
0.000 |
|
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Sundry Debtors |
2.325
|
44.716
|
0.252 |
|
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Cash & Bank Balances |
437.014
|
1016.464
|
31.547 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
672.580
|
191.991
|
38.544 |
|
Total
Current Assets |
1111.919
|
1253.171
|
70.343 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1375.397 |
407.305 |
101.443 |
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Other Current Liabilities |
23.527
|
10.929
|
0.014 |
|
|
Provisions |
7.640
|
3.117
|
2.241 |
|
Total
Current Liabilities |
1406.564
|
421.351
|
103.698 |
|
|
Net Current Assets |
(294.645)
|
831.820
|
(33.355) |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.038 |
|
|
|
|
|
|
|
|
TOTAL |
9007.789 |
4561.119 |
1770.608 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
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|
|
|
|
Income |
7.247 |
10.775 |
0.000 |
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|
|
Other Income |
27.196 |
7.952 |
40.328 |
|
|
|
TOTAL (A) |
34.443 |
18.727 |
40.328 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Establishment Cost and Other Costs |
36.331 |
18.620 |
3.750 |
|
|
|
TOTAL (B) |
36.331 |
18.620 |
3.750 |
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|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.888) |
0.107 |
36.578 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.334 |
5.296 |
21.051 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2.222) |
(5.189) |
15.527 |
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.657 |
1.925 |
0.000 |
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|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(3.879) |
(7.114) |
15.527 |
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|
|
|
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|
|
|
|
Less |
TAX (H) |
5.255 |
4.303 |
1.341 |
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|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(9.134) |
(11.417) |
14.186 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.827 |
15.244 |
1.058 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5.306) |
3.827 |
15.244 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.03) |
(0.06) |
0.08 |
|
KEY RATIOS
|
|
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(26.52)
|
(60.97)
|
35.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(53.53)
|
(66.02)
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.16)
|
(0.54)
|
10.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.50
|
1.75
|
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.50
|
2.97
|
0.68 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
- Contractor and Subcontractor |
1336.178 |
407.305 |
0.000 |
|
Sundry Creditors
– CWIP |
37.470 |
0.000 |
0.000 |
|
Sundry Creditors - Expenses |
1.749 |
0.000 |
101.442 |
OPERATIONS
The Company’s Gross Receipts during the year is Rs.34.443 Millions as against Rs. 18.727 Millions earned last year. The Company’s Net Profit/(Loss) after Tax during the year is (Rs.9.134) Millions as against Net Profit/(Loss)after Tax of(Rs.11.418 ) Millions. The Company’s Operations during the year is excellent as the Directors are pleased to inform the Members that the Company has commenced Commercial Operations at existing Jetty at Dighi as compared to last year due to Certain Developments at Dighi Port, Dist. Raigad but Other Income has increased substantially due to higher Interest Income during the Current Year. Due to higher Establishment Cost, the Company has declared Net Profit/(Loss) after Tax of (Rs. 9.134) Millions as compared to Net Profit/(Loss) after Tax of Rs. (11.418) Millions last year.
The Director have pleasure in informing the Members that the Company has commenced its Commercial Operations during the year.
The Directors are pleased to inform that as mentioned in the last Director’s Report, the Work on the First Berth has commenced in 2009 and the Company is confident that the remaining 3-4 Berths will be operational by end of 2010.
The Company is also pleased to inform that the Total Capital Dredging Work completed is approx. 23 million cubic meters with a channel depth of 12.5 meters achieved.
The Directors are further pleased to inform that the Company has successfully completed the tie-up with Lenders and the Company has successfully done the Financial Closure with the Lenders and the Draw Down of Loan is progressing successfully.
The Directors are pleased to inform the Members that the Company is making all efforts for Rail Connectivity to the Port by roping in Konkan Railway Corporation Limited (KRCL) to establish rail connectivity to the Dighi Port.
The Directors wish to inform that the Road Connectivity to Dighi Port will be completed as Scheduled and is under progress.
The Directors are also pleased to inform the Members that the Company has procured imported 2 new Gottwald Mobile Harbour Cranes of 100 ton capacity on 19th June, 2010 under the Export Promotion Capital Goods (EPCG) Scheme and the Erection, Testing and Commissioning of these Cranes has been completed and put to use.
The Directors are pleased to inform that the Company has executed a Memorandum of Understanding (MOU) with Container Corporation of India Limited on 5th January, 2010 to develop, operate and maintain facilities, services with the objective of providing comprehensive logistics from source to onward ship at Dighi Port.
The Directors are pleased to inform that the Company has invested till June, 2010 approx. Rs.9000.000 Millions on the Dighi Port Project.
The Directors are also pleased to inform that the Company has completed the process of Land Registration and approx. 466.88 Acres of Land Registration has been completed and the Government Land Lease Agreement of 191 Acres has been completed by the Company.
The Directors are also pleased to inform that the Company has done various marketing tie-ups with leading corporates in India i.e. Jaiprakash Associates Limited, Ashapura Minechem, Essar Steel Limited, Uttam Galva Steels Limited and POSCO-India Pune Distribution Private Limited
The Directors are pleased to inform that as a good Corporate Social Responsibility (CSR), the Company has undertaken various Social Initiatives like funding for Fishermen Welfare, Organising Local Tournaments, Funding Villages for setting up of Local Hospitals and Schools for Socio-Economic Development and Welfare of various Villages under development.
The Directors wish to inform that as mentioned last in the Director’s Report, a Public Interest Litigation (PIL) had been filed by the Dighi Koli Samaj, Mumbai Rahivasi Sangh in Mumbai High Court in January, 2009 and the Mumbai High Court had passed a favorable Order dated 9th July, 2009 in the matter and has dismissed the PIL filed with a directive that the Company should arrange the supply of Water and Electricity to the Local Residents at Dighi
Village, Dist. Raigad, and comply the same within 6 months from the date of Mumbai High Cour’s Order. However, the Dighi Koli SamaJ has filed a Contempt Petition in the Mumbai High Court on 12th July, 2010, seeking direction on the Mumbai High Court for compliance of the aforesaid conditions.
FORM 8:
|
Corporate identity number of the company |
U35110MH2000PLC127953 |
|
Name of the company |
DIGHI PORT LIMITED |
|
Address of the registered office or of the
principal place of business in |
New Excelsior Building, A. K. Nayak Marg,
Fort, Mumbai – 400001, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Movable Property Goodwill Others |
|
Particular of charge holder |
IL AND FS TRUST COMPANY LIMITED |
|
Nature of instrument creating charge |
Indenture Of Mortgage Date 4th February,
2010 Executed By Dighi Port Limited (Dpl) In Favour Of Il and Fs Trust Co.
Limited (Copy Attached). |
|
Date of instrument Creating the charge |
04/02/2010 |
|
Amount secured by the charge |
Rs.750.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 14% Per Annum Payable Qtrly. As Applicable
In Sanction Letter Of Respective Banks Amended From Time To Time. Terms of Repayment Repayment Of The Loan Shall Be In 38
Unequal Quarterly Installments, Commencing From The Earlier Of Either
(A) 6 Months From Actual Date Of
Commercial Operation Of The Project, Or (B) The End Of The Moratorium Period. Extent and Operation of the charge Second Charge On Mortgaged Properties As
Detailed In Indenture of Mortgage Dt 04/02/2010 To Secure The Subordinate
Debt Of Rs.750.000 Millions In Favour of Il and Fs Trust Co. Limited Acting
As A Security Trustee. Others |
|
Short particulars of the property charged |
All That Pieces And Parcels Of Leasehold
Plot Of Lands Bearing Nos. 54/1, 54/2, 54/4 To 7,54/9 To 11, 55, 56, 57/1 To 3,
58/1, 58/2, 58/4 To 7, 59/1, 59/2, 59/3 Pt, 59/5 Pt 59/6 To 8, 62/1 To 4, 63.
64/1, To 6, 65/1 To 6 And 66/2 Totally Admeasuring About 114 Acres Lying And
Being Situated At Village Dighi, Taluka Shrivardhan, District Raigad. All
That Pieces And Parcels Of Lands Admeasuring 151.19 Acres, Situated At
Villages Dighi, Nanavali and Maneri, Taluka Shrivardhan And At Village
Telawade, Taluka: Murud, Dist.Raigad All That Pieces And Parcels Of Lands
Admeasuring 77.33.90 Hectares, Situated At Villages Dighi, Nanavali and
Maneri, Taluka Shrivardhan And At Village Telawade, Taluka: Murud,
Dist.Raigad All And Singular, The Company's Moveable Assets Tangible And
Intangible Moveable Assets (Both Present And Future). All Right, Title,
Interest, Benefit, Claims And Demands Whatsoever Of The Borrower, In Or Under
Or In Respect Of All Project Documents. All Right, Title, Interest, Benefit,
Claims, Authority And Demands Whatsoever Of The Company In Respect Of Its All
Accounts Including The Trust and Retention Account and Debt Service Reserve
Account. All Amounts Owing To And Received And/Or Receivable By, The Company,
Including Book Debts And Receivables, Intellectual Property Rights, Goodwill,
Undertakings. All Right, Title, Interest, Benefit, Claims And Demands
Whatsoever Of The Company In Respect Of The Insurance Contracts, Both Present
And Future For The Immovable And Movable Assets. |
FIXED ASSETS:
· Land
· Residential Flat
· Computers
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· Jetty
· Motor Car
· Software Expenses
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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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 |
|
27 |
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.