MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
30.06.2010 |
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Date of
Incorporation : |
14.03.1997 |
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Com. Reg. No.: |
04-31906 |
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Capital Investment
/ Paid-up Capital : |
Rs.3040.000 millions |
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CIN No.: [Company Identification
No.] |
U45102GJ1997PLC031906 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Providing Auditing, Function Testing and Recertification for Vessels. |
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No. of Employees : |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 640000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Group. It is a well established and
reputed company having fine track. The company is doing well. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. Geeta |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-288-2313641 |
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Date : |
07.06.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-288-2313641 |
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E-Mail : |
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Corporate Office : |
3rd Floor, Maker Chambers, IV 222, Nariman Point, Mumbai –
400021, Maharashtra, India |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Subhash Chandra Malhotra |
|
Designation : |
Director |
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Address : |
602, Tulsi Shyam CHS, Limited, Highway Junction Road, Wagle Estate,
Thane (West), Thane-400 604, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1940 |
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Date of Appointment : |
23.03.1997 |
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Din No.: |
00013967 |
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Name : |
Mr. Sandeep Hemendra Junnarkar |
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Designation : |
Director |
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Address : |
Flat No.1702, Wallace apartments, Naushir Sharucha Marg, Mumbai-400
007, |
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Date of Birth/Age : |
02.07.1951 |
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Date of Appointment : |
23.03.1997 |
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Din No.: |
00003534 |
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Name : |
Mr. Sandeep Tondon |
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Designation : |
Director |
|
Address : |
4A, Shree Vijaya Bhavan, 2B, Altamount 5 Road, Mumbai-400 026, |
|
Date of Birth/Age : |
11.11.1949 |
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Date of Appointment : |
29.08.2002 |
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Din No.: |
00022875 |
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Name : |
Mr. Raja Ramchandran Kolumum |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1956 |
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Date of Appointment : |
09.06.2007 |
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Din No.: |
00006673 |
KEY EXECUTIVES
|
Name : |
Mr. Vishvanath Rachappa Indi |
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Designation : |
Manager |
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Date of Birth/Age : |
17.03.1959 |
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Date of Appointment : |
01.05.2007 |
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PAN No.: |
AADPI6022K |
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Name : |
Ms. Geeta Kalyandas Fulwadaya |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
17.11.1980 |
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Date of Appointment : |
20.03.2006 |
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PAN No.: |
AAFPF7961G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders (Equity Shareholders) |
|
No. of Shares |
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Jigna Fiscal Services Private Limited, |
|
1 |
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Proline Investments Private Limited, India |
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1 |
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Shangrila Investments and Trading Company Private Limited, India |
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1 |
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Yashasvi Holdings Private Limited, |
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1 |
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Reliance Property Management Services Private Limited, India |
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1 |
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Reliance Utilites Private Limited, India |
|
809197000 |
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Priyash Commercials Private Limited, India |
|
910802995 |
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Total |
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1720000000 |
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Names of Shareholders (Preference Shareholders) |
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No. of Shares |
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Axis Trustee services limited, |
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19479167 |
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Axis Trustee services limited, |
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28333333 |
|
Axis Trustee services limited, |
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37187500 |
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Monica Texturising Private Limited – Series 1 |
|
4700000 |
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Monica Texturising Private Limited – Series 2 |
|
4700000 |
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Monica Texturising Private Limited – Series 3 |
|
4700000 |
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Monica Texturising Private Limited – Series 4 |
|
4700000 |
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Monica Texturising Private Limited – Series 5 |
|
4700000 |
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Monica Texturising Private Limited – Series 6 |
|
4700000 |
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Monica Texturising Private Limited – Series 7 |
|
4700000 |
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Monica Texturising Private Limited – Series 8 |
|
4700000 |
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Monica Texturising Private Limited – Series 9 |
|
4700000 |
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Monica Texturising Private Limited – Series 10 |
|
4700000 |
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Total |
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132000000 |
As on 31.12.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Auditing, Function Testing and Recertification for Vessels. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
Axis Trustee Services Limited, |
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Facilities : |
Notes: 1.
Term Loans from Banks in Foreign Currency are
secured by a first ranking pari passu mortgage and charge (a)
over all moveable assets of the additional port
and marine facilities (New Port Facilities) - "Project", including
currents assets (floating charge), but excluding the Dividend Account and
assets and investments created there from (b)
by way of assignment of the Company’s right,
title, interest, benefit, claims and demands under each of the Key Project
Agreements (c)
by way of assignment of the Company’s rights,
titles and interest under or in respect of all permits, approvals,
clearances, contractor guarantees, warranties and performance bonds relating
to the Project (d)
over the Company’s right, title and interest in the
immovable property (along with the fixed assets attached thereto) situate at
Village Nanikhawdi, Taluka Jamnagar, Gujarat, pertaining to the Project,
inclusive of the leasehold interest under the Land Lease Agreement. 2.
Rupee Loans from Banks and Financial Institution
to the extent of Rs. 24709.700 millions (Previous Year Rs. 29404.800 millions
) are secured by a first ranking pari passu charge: (a)
over the Company's rights, title and interest in
the immovable properties inclusive of the leasehold interest in the leasehold
lands both situate at Village Sikka, Taluka Jamnagar and used for rendering
Port Infrastructure services under the Contract Documents pertaining to old
port facilities; over the movable fixed assets and current assets used for
rendering Port Infrastructure service under the Contract Documents pertaining
to old port facilities; (b)
over the movable fixed assets and current assets
used for rendering Port Infrastructure service under the Contract Documents
pertaining to old port facilities; Rupee Loans from Banks to the extent of Rs
4000.000 millions (Previous Year Rs. 6000.000 millions) are secured by a
first charge by way of hypothecation of entire moveable assets acquired out
of the proceeds of the loan / facility (including movable machinery,
machinery spares, tools and accessories acquired) pertaining to Engineering,
Construction and SEZ Co-developer division. (c)
on the right, title and interest of the Company
in the designated account, investments made out of balance proceeds lying in
the designated account and debt service reserve account and an assignment of
Company's right, title and interest in, to or in respect of the Contract
Documents and insurance policies pertaining to old port facilities. 3.
Rupee Loans from Banks to the extent of Rs. 28.300
millions (Previous Year Rs. 41.800 millions) are secured by hypothecation of
commercial vehicles acquired out of the proceeds of the loan extended for
this purpose relating to Transportation and Logistics division 4.
Rupee Loans from Banks to the extent of Rs.
4101.200 millions (Previous Year Rs. 4558.300 millions) are secured by a
first pari passu mortgage and charge over fixed assets, all current assets
(excluding receivables), all receivables including any proceeds received or
arising under any insurance claim the Trust and Retention Account and all
amounts credited therein relating to Pipeline Infrastructure division. 5.
Rupee Loans from Banks to the extent of Rs
4000.000 millions (Previous Year Rs. 6000.000 millions) are secured by a
first charge by way of hypothecation of entire moveable assets acquired out
of the proceeds of the loan / facility (including movable machinery,
machinery spares, tools and accessories acquired) pertaining to Engineering,
Construction and SEZ Co-developer division. on the right, title and interest
of the Company in the designated account, investments made out of balance
proceeds lying in the designated account and debt service reserve account and
an assignment of Company's right, title and interest in, to or in respect of
the Contract Documents and insurance policies pertaining to old port
facilities. (Rs. In
Millions)
Notes : 1.
Non Convertible Debentures aggregating to Rs
5000.000 millions are redeemable at par in two tranches of Rs. 2000.000
millions and Rs. 3000.000 millions on June 6, 2013 and June 6, 2014
respectively. The Company and the Investors have Call and Put option
respectively for early redemption of Non Cumulative Debentures at Par in June
2012. 2.
Non Debentures at par in June 2012.Non
Convertible Debentures aggregating to Rs. 5000.000 millions (Previous Year
Rs. 5000.000 millions ) are redeemable at par in two tranches of Rs. 2000.000
millions and Rs. 3000.000 millions on June 2, 2013 and June 2, 2014
respectively. The Company and the Investors have Call and Put option
respectively for early redemption of
Non Cumulative Debentures at par in June 2012. 3.
Non Convertible Debentures aggregating to Rs
10000.000 millions (Previous Year Nil) are redeemable at par on February 27,
2015. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers,
212, Nariman Point, Mumbai-400 021, |
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Holding Company
: |
·
Priyash Commercial Private Limited (from 29th May
2010) |
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Subsidiary
Company : |
·
Aavaran Textiles Private Limited ·
Sanatan Textrade Private Limited ·
Reliance Engineering (Middle East) DMCC ·
India Utilities and Power Limited (from 6th
February 2010) ·
Relcom Venture Capital Private Limited (from 28th
May 2010) ·
Jagadanand Investments and Trading Company
Private Limited (from 28th May 2010) ·
Jagdishwer Investments and Trading Company
Private Limited (from 28th May 2010) |
|
|
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|
Fellow
Subsidiary : |
·
Reliance Utilities Private Limited ·
Reliance Gas Transportation Infrastructure
Limited ·
Reliance Utilities and Power Private Limited ·
Relogistics Infrastructure Limited |
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Joint Venture
Company : |
·
Infinite Logistics Solutions Private Limited |
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Associate
Company : |
·
The Indian Films Combine Private Limited ·
Reliance Jamnagar Infrastructure Limited ·
Reliance Singapore Holdings Pte. Limited ·
Reliance Group Investment and Holding Private
Limited ·
Reliance Group Holdings Private Limited ·
Reliance Enterprises Holding Private Limited ·
Shangrila Investments and Trading Company Private
Limited ·
RAL Investment Private Limited |
CAPITAL STRUCTURE
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000000 |
Equity Shares |
Rs.1/- Each |
Rs.50000.000 millions |
|
2500000000 |
Preference Shares |
Rs.10/- Each |
Rs.25000.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.75000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1720000000 |
Equity Shares |
Rs.1/- Each |
Rs.1720.000
millions |
|
19479167 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- A) |
Rs.10/- Each |
Rs.194.800
millions |
|
28333333 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- B) |
Rs.10/- Each |
Rs.283.300
Millions |
|
37187500 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- C) |
Rs.10/- Each |
Rs.371.900
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 1 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 2 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 3 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 4 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 5 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 6 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
– 7 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 8 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 9) |
Rs.10/- Each |
Rs.47.000
Millions |
|
4700000 |
10% Non-Cumulative Compulsorily Convertible Preference Shares (Series
- 10 ) |
Rs.10/- Each |
Rs.47.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.3040.000 millions |
Notes:
*Each of the Series
A, Series B and Series C - 10% Non-Cumulative Compulsorily Convertible
Preference Shares (CCPS) of Rs.10/- each issued at a premium of Rs. 90/- each
is convertible into 2 Equity Shares of Re. 1/- each fully paid up at a premium
of Rs. 49/- per Equity Share during the period:-
Beginning on October 1, 2015 and ending on September 30, 2016 in the
case of Series A
Beginning on October 1, 2017 and ending on September 30, 2018 in the
case of Series B
Beginning on
October 1, 2019 and ending on September 30, 2020 in the case of Series C
In addition to the
10% dividend, in the event of the Company declaring / paying any dividend or
distribution to equity shareholders or any other class of shareholders, the
Company shall also declare / pay to holders of CCPS, a proportionate dividend /
distribution calculated on a fully diluted basis.
**Each of the
Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7, Series 8,
Series 9 and Series 10 - 10% Non- Cumulative Compulsorily Convertible
Preference Shares (CCPS) of Rs.10/- each issued at a premium of Rs. 990/- each
is convertible into 5 Equity Shares of Re. 1/- each fully paid up at a premium
of Rs. 199/- per Equity Share as under;
Series 1 31st
March 2014
Series 2 31st
March 2015
Series 3 31st
March 2016
Series 4 31st
March 2017
Series 5 31st
March 2018
Series 6 31st
March 2019
Series 7 31st
March 2020
Series 8 31st
March 2021
Series 9 31st
March 2022
Series 10 31st
March 2023
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3040.000 |
3040.000 |
2570.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1750.000 |
|
|
3] Reserves & Surplus |
157578.500 |
161047.100 |
75456.800 |
|
|
4] (Accumulated Losses) |
0.000 |
(9802.300) |
0.000 |
|
|
NETWORTH |
160618.500 |
154284.800 |
79776.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
56061.700 |
63957.400 |
55350.500 |
|
|
2] Unsecured Loans |
22009.100 |
12035.100 |
0.000 |
|
|
TOTAL BORROWING |
78070.800 |
75992.500 |
55350.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Compulsory Convertible Debentures |
66300.000 |
66300.000 |
66300.000 |
|
|
|
|
|
|
|
|
TOTAL |
304989.300 |
296577.300 |
201427.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
39377.500 |
51284.000 |
31501.200 |
|
|
Capital work-in-progress |
1634.100 |
3463.800 |
24403.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
267425.900 |
235897.300 |
27683.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2930.900
|
2246.900
|
1.700 |
|
|
Sundry Debtors |
3777.600
|
4104.600
|
604.400 |
|
|
Cash & Bank Balances |
3918.100
|
10049.700
|
11825.000 |
|
|
Other Current Assets |
6810.500
|
4055.700
|
0.500 |
|
|
Loans & Advances |
26475.600
|
17757.600
|
119146.500 |
|
Total
Current Assets |
43912.700
|
38214.500
|
131578.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3737.800 |
5607.700
|
1569.500 |
|
|
Other Current Liabilities |
41986.000
|
26009.700
|
11199.000 |
|
|
Provisions |
1637.100
|
664.900
|
971.300 |
|
Total
Current Liabilities |
47360.900
|
32282.300
|
13739.800 |
|
|
Net Current Assets |
(3448.200)
|
5932.200
|
117838.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
304989.300 |
296577.300 |
201427.300 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
51179.300 |
49803.500 |
12363.100 |
|
|
|
Other Income |
1817.500 |
4462.300 |
2944.800 |
|
|
|
TOTAL (A) |
52996.800 |
54265.800 |
15307.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating, Establishment and other Expenses |
25169.800 |
28779.300 |
1106.600 |
|
|
|
Variation in Stock |
38.300 |
11.500 |
0.000 |
|
|
|
Purchase |
58.500 |
226.200 |
711.300 |
|
|
|
Adjustment pursuant to the Scheme of Amalgamation including write off
of Investments in Transferor Companies |
4.000 |
(21018.100) |
0.000 |
|
|
|
TOTAL (B) |
25270.600 |
50035.100 |
1817.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27726.200 |
4230.700 |
13490.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5051.800 |
5156.000 |
2892.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22674.400 |
(925.300) |
10597.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10464.300 |
8386.000 |
1581.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12210.100 |
(9311.300) |
9016.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1626.100 |
496.400 |
905.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10584.000 |
(9807.700) |
8111.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9802.300 |
33732.000 |
25625.400 |
|
|
|
|
|
|
|
|
|
|
EXCESS PROVISION
FOR TAX FOR EARLIER YEARS |
4.900 |
5.500 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(683.000) |
(33732.000) |
0.000 |
|
|
|
Charge on account of transitional provision under Accounting Standard |
0.000 |
0.000 |
4.700 |
|
|
BALANCE CARRIED
TO THE B/S |
93.800 |
9802.300 |
33732.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
0.000 |
18.600 |
101.000 |
|
|
|
Services |
12083.100 |
2651.400 |
901.800 |
|
|
TOTAL EARNINGS |
12083.100 |
2670.000 |
1002.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
437.000 |
797.400 |
1632.400 |
|
|
|
Others |
1590.000 |
1768.500 |
691.100 |
|
|
TOTAL IMPORTS |
2027.000 |
2565.900 |
2323.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.21 |
4.72 |
3.33 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
19.97 |
(18.07)
|
52.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.60 |
(18.70)
|
72.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.65 |
(10.40)
|
5.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
(0.06)
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78 |
0.70
|
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.18
|
9.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
30.06.2010 (Rs. In millions) |
30.06.2009 (Rs. in millions) |
30.06.2008 (Rs. in millions) |
|
Sundry Creditors - |
|
|
|
|
- Micro Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
- Others |
3737.800 |
5607.700
|
1569.500 |
NOTE :
The registered office address of the company has been shifted from
Village Magpar / Padana, Taluka Lalpur, District Jamnagar, Gujarat, India to
present address w.e.f. 16.07.2008.
AMALGAMATION OF WHOLLY-OWNED
SUBSIDIARIES OF THE COMPANY WITH THE COMPANY:
Anadha Mercantile
Private Limited, Anumati Enterprise Private Limited, BecRel Engineering Private
Limited, Pipeline Infrastructure (
The successful
implementation of the Scheme has resulted in enhancement of shareholder value.
OPERATIONS:
During the year,
the income from operations has increased from Rs. 49803.500 millions to Rs.
51179.300 millions. The Profit before Interest, Depreciation, Tax and
adjustment pursuant to the Scheme of Amalgamation for the year has increased
from Rs. 25248.800 millions to Rs. 27730.200 millions.
FORM : 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
10074361 |
|
Corporate
identity number of the company |
U45102GJ1997PLC031906 |
|
Name of the
company |
|
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Immovable property Any interest in immovable property |
|
Particular of
charge holder |
Axis Trustee Services Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of Mortgage
dated 8th February, 2008 being filed as an Addendum. |
|
Date of
instrument Creating the charge |
08.02.2008 |
|
Amount secured by
the charge |
Rs.23000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest applicable shall be the rate per annum which is the sum of LIBOR on
the Quotation Date for that Interest Period and the then prevailing
Applicable Margin. Terms of
Repayment The Borrower shall
repay the Facility by repaying on each of the first seven Repayment Dates an
amount equal to US$37,750,000 and on each of the following five Repayment
Dates an amount equal to US$47,150,000. Margin Not Applicable. Extent and
Operation of the charge As per Clause 3
and Schedule to the Indenture of Mortgage being filed as an Addendum. |
|
Short particulars
of the property charged |
As per Schedule
to the Indenture of Mortgage dated 8th February, 2008 being filed as an
Addendum. |
|
Particulars of
the present modification |
The Company has
now created additional security by way of legal mortgage in English form on
its additional immovable properties pertaining to the Project located within
the State of |
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Commercial Vehicle
·
Vehicle
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. 44.74 |
|
|
1 |
Rs. 73.25 |
|
Euro |
1 |
Rs. 65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.