BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
TEBMA SHIPYARDS LIMITED |
Principal Name 1 |
MR. P.K. BALASUBRAMANIAN |
|
Status |
MODERATE |
Principal Name 2 |
MR. AJAY DHAGAT |
|
|
|
Registration # |
18-010994 |
|
Street Address |
NO.5/360, RAJIV GANDHI SALAI ( |
||
|
Established Date |
09.07.1984 |
SIC Code |
-- |
|
Telephone# |
91-44-24968200 |
Business Style 1 |
THE COMPANY IS ENGAGED IN CARRYING OUT REPAIRS TO SHIPS, FERRIES AND
TUGS. |
|
Fax # |
91-44-24967717 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
ABOUT 20
(APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.77,781,800/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER’S HOLDING – 57.93% NON-PROMOTERS HOLDING – 56.93% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
NO |
Business Period |
27 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
B
(30) |
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Related
Company |
|||
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Relation
|
Country
|
Company
Name |
CEO |
|
ASSOCIATES/
SUBSIDIARIES |
-- |
TEBMA GARDENS LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,797,947,000 |
Current Liabilities |
2,254,947,000 |
|
Inventories |
1,195,955,000 |
Long-term Liabilities |
4,296,086,000 |
|
Fixed Assets |
1,983,351,000 |
Other Liabilities |
14,500,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,565,533,000 |
|
Invest& other Assets |
129,606,000 |
Retained Earnings |
579,304,000 |
|
|
|
Net Worth |
(458,674,000) |
|
Total Assets |
6,106,859,000 |
Total Liab. & Equity |
6,106,859,000 |
|
Total Assets (Previous Year) |
7,086,153,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,622,074,000 |
Net Profit |
(1,864,326,000) |
|
Sales(Previous yr) |
3,114,846,000 |
Net Profit(Prev.yr) |
(778,388,000) |
MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEBMA SHIPYARDS LIMITED |
|
|
|
|
Registered
Office : |
No.5/360, Rajiv Gandhi Salai ( |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
09.07.1984 |
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|
|
|
Com. Reg. No.: |
18-010994 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.77.782 millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L27209TN1984PLC010994 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00687B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACT1281B |
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|
Legal Form : |
A Closely Held Public
Limited Liability Company |
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|
|
|
Line of Business
: |
The company is
engaged in carrying out repairs to ships, ferries and tugs. |
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|
|
|
No. of Employees
: |
About 20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
-- |
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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 established company having moderate track. 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.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
No.5/360, Rajiv Gandhi Salai ( |
|
Tel. No.: |
91-44-24968200 |
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Fax No.: |
91-44-24967717 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Leased |
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Corporate Office : |
3rd Floor, Khaleeli Centre, |
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Tel. No.: |
91-44-28271009/3638/3118/28553040/42/4845/4078/4616 |
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Fax No.: |
91-44-28257475/28553655 |
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Shipyard 1: |
“ |
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Tel. No.: |
91-0820 2521376 |
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Fax No.: |
91-0820 2538901 |
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E-Mail : |
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Shipyard 2 : |
Temba Shipyard, Harbour III Complex, Chennai, |
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Shipyard 3 : |
No. 7, |
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Tel No.: |
91-22-27565252/53 |
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Shipyard 4 : |
No.6, |
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Shipyard 5: |
Above Syndicate Bank, |
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Tel No.: |
91-820-2538284/ 94/ 3208080 |
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Fax No.: |
91-820-2538901 |
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Branches : |
10, Old |
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Factory: |
2nd Floor, |
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Tel. No.: |
91-484 2364004/ 4006 |
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Fax No.: |
91-484 2364008 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. P.K. Balasubramanian |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
816/817, |
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Date of Birth/Age : |
28.12.1951 |
|
Date of Appointment : |
01.04.2007 |
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|
|
|
Name : |
Mr. Sumit Chandwani |
|
Designation : |
Director |
|
Address : |
2001 Building Eraiti Marathon, Next Gen Ganpatrao Kadam Marg, Lower
Parel, Mumbai-400 013, |
|
Date of Birth/Age : |
11.11.1967 |
|
Date of Appointment : |
31.07.2007 |
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|
|
|
Name : |
Mr. M.M. Kamath |
|
Designation : |
Director |
|
Address : |
Ramakrishna Pai, Compund Main Nagudda, Mangalore-575 003, |
|
Date of Birth/Age : |
15.08.1940 |
|
Date of Appointment : |
30.04.2007 |
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|
|
|
Name : |
Mr. T. Raghunandana |
|
Designation : |
Director |
|
Address : |
Old No.42, New No.2, Luz Avebue, Lylapore, Chennai-600 004, |
|
Date of Birth/Age : |
03.11.1960 |
|
Date of Appointment : |
20.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. P.R. Kannan |
|
Designation : |
Company Secretary |
|
Address : |
52/7, Thanbiam Reddy Street, West Mambalam, Chennai-600 033, |
|
Date of Birth/Age : |
24.05.1957 |
|
Date of Appointment : |
01.06.2006 |
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|
|
|
Name : |
Mr. N. Ramanathan |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
A. 1. Promoter’s Holding |
|
|
|
Promoters |
|
|
|
- Indian
Promoters |
4505936 |
57.93 |
|
- Foreign
Promoters |
-- |
-- |
|
2. Persons acting
in concert |
-- |
-- |
|
Sub Total |
4505936 |
57.93 |
|
B. Non-Promoters Holding |
|
|
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3. Institutional Investors |
|
|
|
a. Mutual Finds
and UTI |
23100 |
0.30 |
|
b. Banks,
Financial Institutions, Insurance Companies (Central / State Government
Institutions/ Non-Government Institutions) |
-- |
-- |
|
c. FIIs |
35333 |
0.45 |
|
Sub Total |
58433 |
0.75 |
|
|
|
|
|
4. Others |
|
|
|
a. Private Corporate
Bodies |
341110 |
4.39 |
|
b. Indian Public |
2350127 |
30.21 |
|
c. NRIs/ OCBs |
511474 |
6.58 |
|
d. Other |
11100 |
0.14 |
|
Sub
Total |
3213811 |
41.32 |
|
TOTAL |
7778180 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in carrying out repairs to ships, ferries and
tugs. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
About 20 (Approximately) |
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Bankers : |
Ř
Canara Bank, Teynampet Branch, Chennai - 600 018,
Ř
ICICI Bank Limited, Nungambakkam, Chennai – 600
034, Ř
State Bank of Mauritius Limited Ř
Bank
of Ř
The Dhanalakshmi Bank Limited Ř
Andhra Bank, Mount road Branch, 95 Annal Salai,
Chennai-600 001, Ř
Syndicate Bank Ř
State Bank of Ř
HDFC Bank Limited Ř
ABN Amro Bank Ř
IDBI Bank Limited Ř
Centurion Bank of Punjab Limited Ř
Corporation Bank Ř
Development Credit Bank Limited Ř
State Bank of Travancore Ř
State Bank of Ř
State Bank of Ř
Standard Chartered Bank Ř
YES Bank Limited Ř
Axis Bank Limited Ř
State Bank of Ř
Oriental Bank of Commerce Ř
The Federal Bank Limited Ř
Barclays Bank PLC Ř
Citi Bank N.A. Ř
State Bank of Ř
Punjab National Bank |
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Facilities : |
Notes: 1. Term Loan from Banks are secured by: i) Pari passu charge on Malpe Fixed Assets and second charge current
assets ii) Assignment of license agreement of Malpe yard; and iii) Personal guarantee of Mr. P.K. Balasubramanian, Chairman 2. In respect of the term loan principal amount repayable within one
year as at 31.03.2010 is Rs.206.700 millions 3. packing credit loans and working capital facilities are secured by: i) ) Pari passu first charge on current assets of the company ii) second charge on Malpe Fixed Assets of the company and pari passu
first charge on the charge on Malpe Fixed Assets of the company and pari
passu iii) Personal guarantee of Mr. P.K. Balasubramanian, chairman iv) Bank overdraft outstanding includes Rs.354.400 millions secured fully against cash deposits.
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Banking
Relations : |
- |
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Auditors : |
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Name : |
D. Rangaswamy and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Tebma Gardens Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
Total |
|
Rs.320.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7778180 |
Equity Shares |
Rs.10/- each |
Rs.77.782
millions |
|
|
|
|
|
Of the above shares
1)
4122436 shares are held
by
2)
2605690 shares were
allotted as fully paid up bonus shares by capitalization of general reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
77.782 |
77.782 |
77.782 |
|
|
2] Share Application Money |
770.000 |
700.000 |
0.000 |
|
|
3] Reserves & Surplus |
579.304 |
466.464 |
1314.236 |
|
|
4] (Accumulated Losses) |
(1885.760) |
(21.434) |
0.000 |
|
|
NETWORTH |
(458.674) |
1222.812 |
1392.018 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3411.032 |
2351.080 |
524.216 |
|
|
2] Unsecured Loans |
885.054 |
1510.549 |
2101.139 |
|
|
TOTAL BORROWING |
4296.086 |
3861.629 |
2625.355 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
20.657 |
|
|
|
|
|
|
|
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TOTAL |
3837.412 |
5084.441 |
4038.030 |
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|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1983.351 |
1781.098 |
156.967 |
|
|
Capital work-in-progress |
129.474 |
269.814 |
1020.027 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.132 |
2.368 |
3.282 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1195.955
|
774.386 |
359.735 |
|
|
Sundry Debtors |
367.737
|
298.351 |
147.478 |
|
|
Cash & Bank Balances |
850.226
|
1179.480 |
822.340 |
|
|
Other Current Assets |
1141.089
|
2421.687 |
1886.241 |
|
|
Loans & Advances |
438.895
|
358.969 |
810.565 |
|
Total
Current Assets |
3993.902
|
5032.873 |
4026.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
811.502
|
464.927 |
1128.935 |
|
|
Other Current Liabilities |
1443.445
|
1528.794 |
|
|
|
Provisions |
14.500
|
7.991 |
39.670 |
|
Total
Current Liabilities |
2269.447
|
2001.712 |
1168.605 |
|
|
Net Current Assets |
1724.455
|
3031.161 |
2857.754 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3837.412 |
5084.441 |
4038.030 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1622.074 |
3114.846 |
4389.741 |
|
|
|
Other Income |
467.081 |
98.650 |
46.957 |
|
|
|
TOTAL (A) |
2089.155 |
3213.496 |
4436.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw material and components
for shipbuilding projects |
1208.707 |
1778.712 |
2873.049 |
|
|
|
Other Expenditure |
2046.307 |
1804.702 |
706.489 |
|
|
|
Prior Period Adjustment |
1.394 |
5.262 |
(10.185) |
|
|
|
TOTAL (B) |
3256.408 |
3588.676 |
3569.353 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1167.253) |
(375.180) |
867.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
486.510 |
309.205 |
133.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1653.763) |
(684.385) |
733.390 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
210.563 |
94.124 |
34.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1864.326) |
(776.509) |
699.343 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(20.143) |
64.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1864.326) |
(756.366) |
634.696 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1173.662 |
1051.724 |
1088.714 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1090.508 |
1618.443 |
2647.360 |
|
|
|
Capital Goods |
94.568 |
83.631 |
27.264 |
|
|
TOTAL IMPORTS |
1185.076 |
1702.074 |
2674.624 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(239.69) |
(97.24) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(89.24)
|
(23.54)
|
14.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(114.93)
|
(24.93)
|
15.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.19)
|
(11.40)
|
16.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.05
|
(0.64)
|
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(14.31)
|
4.79
|
2.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
2.51
|
3.45 |
LOCAL AGENCY FURTHER INFORMATION
FNANCIAL
PERFORMANCE:
During the year, The Company has incurred a loss of Rs.1864.326 millions
far the operational period from 01.04.2009 to 31.03.2010 as against Rs.756.366
millions loss for the earlier period. The total Income has decreased from
Rs.3213.496 millions to Rs.2089.155 millions resulting in loss before tax of
Rs.1862.932 millions as against the lass of Rs.771.247 millions recorded in the
previous year.
Due to a host of factors, the financial condition of the company had
deteriorated and this situation had arisen on account of the following:
Industry faced determent and cancellation of orders by customers and
many shipyards resorted to giving deep discounts to save these orders from
cancellation.
During the year, the company also received notice of intention to cancel
the contracts. The Company negotiated and offered deep discounts to save the
order book. Agreements were reached with the customer to retain the orders but
to defer the deliveries. One vessel was delivered to the Customer as per the
agreement. But In the meantime, financial condition of one of their customer
deteriorated and they could not honour its commitment for stage payments. Their
company had served notices of cancellation of order. Their customer
reciprocated with its own cancellation notice and has also sent notice of
Invocation of Bank Guarantee. The Company had taken all steps to obtain a stay
order from the court, initiate arbitration process and also simultaneously
settle the issue amicably through negotiations
The Statutory Auditors, however, have insisted on reversal of profits
recognized on these ships under POC method including the subsidies recognized
on them in respect of yard Nos. 118 and 119 the customer as only challenged
their cancellation but not cancelled the contract or involved the Bank
Guarantee. The management is confident of selling these vessels at the
originally contracted price. Hence profits and subsidiary recognition on these
two ships have not been reversed. The Auditors have qualified for not providing
so. For The other 4 ships, the company has reversed the profits and subsidies
accrued.
The company has received the Price Reasonableness Certificate from the
Ministry of Shipping Government of India for 6 ships at a much lower value as
compared to the claim made by the company. While the company has appealed for
review of the certificate, the auditors have insisted on reversal of all
subsidies for the higher value recognized.
Due to their financial condition, the company has not been able to
Import materials after September 2009. This has affected the flow of material
and has resulted in delay in completion of most at their vassals. They had to
make provision in their books of account for the expected liquid damages on all
such delays. Many of these events are post Balance Sheet development but they
had to give impact for this as required by AS4.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L27209TN1984PLC010994 |
|
Name of the
company |
TEBMA SHIPYARDS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.5/ 360, Rajiv Gandhi Salai ( |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10174008 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of India,
Leather International Branch, MVJ Towers, Ponnamallee High Road, Kilpauk,
Chennai-600 010, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Equitable
Mortgage was extended on 10/04/2010
the details of the properties |
|
Date of
instrument Creating the charge |
10.04.2010 |
|
Amount secured by
the charge |
Rs.18852.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter of respective Banks Terms of
Repayment As per sanction
letter of respective Banks Margin As per sanction
letter of respective Banks Extent and
Operation of the charge As security for
the fund based and Non-fund based working capital limits, aggregating to Rs.1885.27 Crores sanctioned
to the Company by a Consortium of bankers, comprising of SBI,SBT,SBH, SBBJ,
IDBI, AB, SYB and PNB on pari passu second charge basis |
|
Short particulars
of the property charged |
Entire immovable
properties of the Company on pari
passu Second charge basis in favour of Consortium Working Capital Lenders. (Term Loan
Lenders viz., State bank of India, State Bank of Hyderabad, State Bank of |
|
Particulars of
the present modification |
Equitable
Mortgage on pari passu second charge
basis was created in favour of a Consortium Working Capital Lenders
for an aggregate sum of Rs.18852.700 millions in respect of the properties |
FIXED ASSSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fittings
· Office Equipment
· Vehicle
· Miscellaneous Assets
·
Air Conditioner
WEBSITE DETAILS:
Subject is one of the private shipyard in
Subject incorporated in 1984, is primarily engaged in the design and construction of vessels catering to the offshore segment viz. PSVs, MPSVs and AHTS.
Tebma has made rapid strides during the past few years in the design and construction of world class vessels for off-shore support segment.
In fiscal 2007, IAF- VI (an ICICI Venture Private Equity Fund) Tebma's current Promoter, acquired an equity stake of 25,66,800 Equity Shares, representing an approximate interest of 33%, subsequent to which IAF-VI acquired a 20% stake pursuant to an open offer made in terms of the SEBI Takeover Regulations. IAF-VI presently holds 53% of the paid up equity share capital of Tebma, and is the single largest shareholder. P.K Balasubramanian and IAF-VI are the current Promoters.
Tebma has a rich experience of having constructed and delivered over 114 vessels in the last 20 years to various domestic and international clients.
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
30 |
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.