MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MAHANAGAR GAS LIMITED |
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Registered Office : |
MGL House, Block No. G-33, Bandra – Kurla Complex, Bandra (E),
Mumbai – 400051, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.05.1995 |
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Com. Reg. No.: |
11-88133 |
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CIN No.: [Company
Identification No.] |
L40200MH1995PLC088133 |
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Legal Form : |
A Closely held public limited liability company |
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Line of Business : |
Dealers and Distributors of Natural Gas |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 31000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint Venture Between GAIL ( The company can be considered good for normal business 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co operative
LOCATIONS
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Registered Office : |
MGL House, Block No. G-33, Bandra – Kurla Complex, Bandra
(E), Mumbai – 400051, |
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Tel. No.: |
91-22-66785000 / 66952941 |
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Fax No.: |
91-22-26540092 / 66756491 |
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E-Mail : |
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Website : |
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Corporate Office : |
Pay & Accounts Buildings, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051 |
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Tel. No.: |
91-22-26591705 /26591708 / 26594555 |
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Fax No.: |
91-22-26592156 |
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Project offices : |
ANDHERI (WEST) Gala No. L/29, Laxmi
Industrial Estate, New Tel No.: 91-22-26350281 / 0278 Fax No.:91-22-26350281 KANDIVALI Row House No. 2, Shivalik Tower, Trishul Complex, Behind Zagdu Singh, Polytechnic, Thakur Complex, Near Asha Nagar, Kandivli (East), Mumbai – 400 101, Maharashtra, India Tel. No.: 91-22-28701258 / 1259 Fax No.: 91-22-28701260 CITIGATE
STATION Opp. Anik BEST Depot, Sion, Mumbai 400022,
Tel: 91-22-24045785 / 24031720 / 21 CHAKALA G/13, Nahar And Seth Industrial Estate,
Chakala, Andheri (East), Mumbai - 400 093. G-3 & 4, Ground
Floor, Giriraj Tower, Saibaba Nagar, Mira Road (East), Maharashtra, India 1 & 2, Dhanshri Building, P. G.
Solanki Marg, Near Minerva Cinema, Grant Road, Mumbai - 400 007. MULUND Shop No. 10, Ground Floor, Arunodaya
Shopping Complex, Arunodaya Nagar, Mulund (East), Mumbai - 400 081,
Maharashtra, India KALINA 158 Dani Corporate Park, Dani Mill
Compound, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, THANE
101 & 102, Landmark Arcade, Eastern VILE
PARLE Avion Hotel, ANDHERI
(EAST) 712,Solitaire
Corporate Park, Andheri-Ghatkopar Link Road, Chakala, Andheri (East), Mumbai
– 400093, Maharashtra, India |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. Alan Derek Fisher |
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Designation : |
Chairman |
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Address : |
Flat no.2901, Evita Apartment, |
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Date of Birth / Age : |
13.10.1950 |
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Date of Appointment : |
21.11.2008 |
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Name : |
Mr. Shadi Lal Raila |
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Designation : |
Director |
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Address : |
503, New Delhi Apartments, 7, Vasundhara Enclave, New Delhi-110 096,
Delhi, India |
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Date of Birth / Age : |
26.05.1953 |
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Date of Appointment : |
26.03.2010 |
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Name : |
Mr. Azeez Mehdi Khan |
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Designation : |
Director |
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Address : |
Yashodhan 32, 5th Floor, |
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Date of Birth / Age : |
05.05.1953 |
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Date of Appointment : |
19.06.2008 |
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Name : |
Mr. Walter AF Simpson |
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Designation : |
Director |
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Address : |
Flat No.2801, Evita Apartment, |
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Date of Birth / Age : |
29.03.1963 |
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Date of Appointment : |
27.08.2010 |
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Name : |
Mr. Jitendra Wason |
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Designation : |
Director |
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Address : |
A-3/ 70, Janak Puri, |
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Date of Birth / Age : |
16.02.1954 |
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Date of Appointment : |
12.10.2009 |
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Name : |
Dr. Basudeb Sen |
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Designation : |
Director |
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Address : |
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Date of Birth / Age : |
16.06.1948 |
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Date of Appointment : |
21.03.2006 |
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Name : |
Mr. Jainendra K Jain |
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Designation : |
Director |
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Address : |
C – 018 Gail Emplyees Co-op Group HSG Soc Limited, Plot
No. GH – 9, Sector – 56, |
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Date of Birth / Age : |
21.10.1945 |
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Date of Appointment : |
02.01.2008 |
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Name : |
Mr. Pankaj Chandra |
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Designation : |
Director |
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Address : |
Indian institude of Management Development Centre,
Bannerghtta Road, Bangalore-560 076, |
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Date of Birth / Age : |
28.02.1959 |
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Date of Appointment : |
07.05.2008 |
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Name : |
Mr. Vipin Chandra Chittoda |
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Designation : |
Managing Director |
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Address : |
A-104, B-9/1, Sector 62, GB Nagar, Noida-201 307, |
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Date of Birth / Age : |
18.09.1954 |
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Date of Appointment : |
22.04.2010 |
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Name : |
Mr. William Harvey Adamson |
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Designation : |
Director |
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Address : |
Flat No.41, Apsara Apartments, |
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Date of Birth / Age : |
15.11.1950 |
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Date of Appointment : |
07.12.2007 |
KEY EXECUTIVES
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Name : |
Mr. Manoj R. Kulgutkar |
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Designation : |
Company Secretary |
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Address : |
D-4/16, Hariratan Co operative Housing Society, Bangur Nagar, Goregaon
(west), Mumbai, Maharasahtra, India |
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Date of Birth/Age : |
27.06.1964 |
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Date of Appointment : |
03.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
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Names of Shareholders |
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No. of Shares |
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10 |
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Raghu Ramaraju |
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10 |
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Munish P. Sharma |
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10 |
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Deepak L. Adlakha |
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10 |
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N. K. Nagpal |
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10 |
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BG Asia Pacific Holdings Private Limited ( |
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44449960 |
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GAIL ( |
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44449960 |
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Governor State of Maharashtra |
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441600 |
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Raj Kumar Goel |
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10 |
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M. Ravindran |
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10 |
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R. C. Arora |
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10 |
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Total |
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89341600 |
As on 27.08.2010
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Category |
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Percentage of
Holding |
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Government (Central and State) |
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0.49 |
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Foreign Holdings |
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49.75 |
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Government Companies |
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49.75 |
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Other top 50 shareholders |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers and Distributors of Natural Gas |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divuled by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Promoter Venturer: |
Gail India Limited |
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Investing Company : |
BG Asia Pecific Holdings Pte. Limited(BGAPHPL) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
89341600 |
Equity Shares |
Rs.10/- each |
Rs.893.416 millions |
Of
the above:
18131300 Shares have been allotted as fully
paid pursuant to a contract, without payments being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
893.416 |
893.416 |
893.416 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6905.376 |
5860.770 |
4913.311 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7798.792 |
6754.186 |
5806.727 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
50.000 |
128.820 |
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2] Unsecured Loans |
110.006 |
110.006 |
110.006 |
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TOTAL BORROWING |
110.006 |
160.006 |
238.826 |
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DEFERRED TAX LIABILITIES |
572.763 |
544.883 |
515.233 |
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TOTAL |
8481.561 |
7459.075 |
6560.786 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5208.452 |
4778.620 |
4335.818 |
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Capital work-in-progress |
2486.662 |
1800.431 |
1327.047 |
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INVESTMENT |
955.456 |
865.769 |
709.879 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
139.583
|
130.968 |
128.394
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Sundry Debtors |
939.566
|
819.931 |
729.315
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Cash & Bank Balances |
393.995
|
393.018 |
353.135
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
604.598
|
473.738 |
356.051
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Total
Current Assets |
2077.742
|
1817.655 |
1566.895 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
839.542
|
784.052 |
610.020 |
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Other Current Liabilities |
815.001
|
482.079 |
285.734
|
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Provisions |
592.208
|
537.269 |
483.099
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Total
Current Liabilities |
2246.751
|
1803.400 |
1378.853
|
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Net Current Assets |
(169.009)
|
14.255 |
188.042
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8481.561 |
7459.075 |
6560.786 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
7718.373 |
6385.921 |
5905.392 |
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|
|
|
9.698 |
8.091 |
1.484 |
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Other Income |
161.439 |
147.182 |
113.725 |
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TOTAL (A) |
7889.510 |
6541.194 |
6020.601 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Natural Gas Cost |
3458.215 |
2560.244 |
2345.985 |
|
|
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Cost of Traded items Sold |
8.138 |
7.033 |
1.312 |
|
|
|
Personnel Cost |
206.864 |
145.508 |
135.870 |
|
|
|
Operating and other Expenses |
1281.149 |
1199.163 |
948.321 |
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TOTAL (B) |
4954.366 |
3911.948 |
3431.488 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2935.144 |
2629.246 |
2589.113 |
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Less |
FINANCIAL
EXPENSES (D) |
18.734 |
14.521 |
19.918 |
|
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|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2916.410 |
2614.725 |
2569.195 |
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
480.933 |
405.594 |
372.123 |
|
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|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
2435.477 |
2209.131 |
2197.072 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
817.880 |
739.047 |
728.440 |
|
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|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1617.597 |
1470.084 |
1468.632 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5036.888 |
4236.930 |
3385.662 |
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
312.696 |
312.696 |
312.696 |
|
|
|
Proposed One- Time Special Dividend |
178.683 |
134.012 |
89.342 |
|
|
|
Corporate Dividend Tax |
81.612 |
75.918 |
68.326 |
|
|
|
Transfer to General Reserve |
162.500 |
147.500 |
147.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5918.994 |
5036.888 |
4236.930 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.11 |
16.45 |
16.3444 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.50
|
22.47 |
24.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
31.55
|
34.59 |
37.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.67
|
33.56 |
37.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.32 |
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.29 |
0.28
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.08 |
1.14
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors*
|
|
|
|
|
Total outstanding
dues of micro and small enterprises |
20.334 |
4.224 |
5.961 |
|
Total outstanding
dues of creditors other than micro and small enterprises |
819.208 |
779.828 |
604.059 |
Note * includes capital creditors Rs.246.462 millions, previous year
257.422 millions)
Finance:
The Company continued to have a healthy cash flow. The net worth of the
Company as on March 31, 2010 is Rs.7851 millions. During the year, the
outstanding amount of External Commercial Borrowings was repaid. Hence, the
Company does not have any secured loans as on March 31, 2010. The Company has
not accepted any fixed deposits from the public.
For the year 2009-10, long term rating of the Company has been retained
at LAAA by ICRA. This is a result of the financial soundness of the Company.
Low debt equity ratio will enable the Company to raise debt finance for
ambitious expansion plans to realize the valuable potential of new areas around
Mumbai for which the PNGRB has granted authorization to the Company.
Management
Discussion and Analysis:
Operations and
Business performance:
Mumbai is a densely populated and congested city. Building
infrastructure in the city has always been a challenge for the Company. Further
more, as compared to other utilities whose infrastructure is mostly already
laid in the limited colfldors available, City Gas Distribution has the last
move in” disadvantage in Mumbai. This involves laying extensive new
infrastructure in narrow corridors already overcrowded by other utilities.
The Company has successfully continued scaling up of the infrastructure
during the year in Mumbai, Thane and
Mira-Bhayander and has successfully commissioned its trunk pipeline supplying
gas to Navi Mumbai. The Company is setting up distribution infrastructure in
Navi Mumbai and other contiguous industrial areas of Taloja, Ambernath,
Badlapur and
Continuous additions to the number of domestic connections and vehicles
converted to CNG have ensured that the Company retains its position as the
largest City Gas Distribution Company in
The average gas sates volume of the Company during the financial year
2009-10 has increased to 16,57,635 SCM per day representing a growth of around
11% over the previous year. The highest daily volume throughout has reached a
peak of 19,83,392 SCM per day during the year.
During the year 2009-10, the Company made substantial investments in
network expansion and upgrading CNG infrastructure. The projects undertaken during
the year have progressed well.
During the year, apart from domestic connections, the Company has also
made progress in increasing gas supply to Commercial and Industrial consumers.
CNG business continued to grow at a rapid pace during the year . Mahanagar
Gas added 8 CNG stations taking the total number of stations to 144. An
additional 10,134 vehicles were converted on CNG during the year taking the
total number of converted CNG vehicles to over 2,00,000. The peak daily sale of
CNG exceeded 10,35,207 Kgs per day during the year, registering a growth of
more than 22% over the peak daily demand in the previous year. The growth in
demand for CNG is expected to continue and the Company is preparing to seize
this opportunity by significantly investing further in the CNG infrastructure
in the city of
Some of the major
milestones achieved during the year were:
(I) The Company on June 05, 2009 signed a Gas Sales and Transportation
Contract (GSTC) for APM gas supplies for a maximum Daily Contract Quantity
(DCQ) of 2.0 MMSCMD valid upto March 31,2021.
(ii) The PNGRB on August 04, 2009 formally granted marketing exclusivity
for 5 years to the Company for Geographical Area -2 (GA-2) comprising of Mira
Bhayender, Navi Mumbai, Thane City, Ambernath, Bhiwandi, Kalyan, Dombivili,
Badlapur, Ulhasnagar, Panvel, Kharghar and Taloja.
(iii) The Company on September 18, 2009 signed a Gas Sales and Purchase
Agreement (GSPA) with the consortium of RIL-NECO for sourcing 0.37 MMSCMD of
gas for the domestic PNG and CNG segments, valid upto March 31,2014.
(iv) The Company on September 18, 2009 signed a Gas Transportation
Agreement (GTA) with Reliance Gas Transportation Infrastructure Limited (RGTIL)
for transportation of KG-D6 gas.
(v) The Company on September 25, 2009 signed a Gas Sales Agreement (GSA)
with GAIL (
(vi) The Company on November 13, 2009 signed a Spot Gas Sales Framework
Agreement (SGFA) with GAIL to source spot RLNG.
(vii) The Company on November 13, 2009 signed a Gas Supply Framework
Agreement (SFA) with M/s BG India Energy Solutions Private Limited (BGIES) to
source spot RLNG.
(viii) The Company obtained Environmental Clearance from the Maharashtra
Pollution Control Board (MPCB) for commencement of project activities in new
areas of GA-2.
(ix) The Company’s Thane-Belapur steel trunk pipeline was commissioned
from Thane to Turbhe, bringing gas to the towns of Airoli, Ghansoli, Kopar
Khairane, Vashi and Sanpada of Navi Mumbal thus enabling commissioning of the
first online mother CNG station at NMMT depot and gas supply to households in
Navi Mumbai.
(x) The Company was awarded first prize in this year’s Confederation of
Indian Industry (CII) Western Region Safety awards (Service Sector - Large) by
Mr. Kirit Parikh, former member, Planning Commission, Government of India in
March 2010.
(b) Commencement of drawl of Non APM Gas and commissioning of MGI’s 2nd
City Gate Station (CGS) at Mahape, Navi Mumbai:
On October 07, 2009, the Company started gas drawlftom the KG-D6 NELP
block of MIs. RIL and NIKO. Further, the gas supply from the C-series fields is
likely to be available in MGL’s system shortly.
While MGL’s existing City Gate Station at Wadala, Mumbai, gets gas from
ONGC’s Mumbai High gas fields, MGL’s second City Gate Station, constructed at
Mahape in Navi Mumbai is undergoing trial runs and is expected to be
commissioned shortly. The commissioning of this CGS will enable MGL to directly
source gas from all the remaining major sources of gas in the country viz, the
LNG terminals at Dahej, Hazira and Dabhol as well as the prolific NELP gas
fields oft the east coast of India.
Further to ensure greater geographical spread, security of supply and
flexibility of operations during the year 201 0-11, the Company is planning to
set up two more City Gate Stations atTaloja and Ambernath in MGL’s GA-2.
Development in Gas
Pricing:
Government of
In view of this substantial increase in APM gas price and increase in
MGL’s weighted average gas purchase cost due to incremental volumes
continuously being sourced at market price to cater to the ever increasing
demand in the priority segments of domestic PNG and CNG, in June 2010, the
Company has increased its selling prices of CNG, Domestic PNG from Rs.24.65 per
KG and Rs.13.60 per SCM to Rs.31.47 per KG and Rs.17.74 per SCM respectively by
effectively passing through the increased gas cost. The selling prices were
increased with effect from June 17, 2010 without the occurrence of any untoward
incidents.
Opportunities and
Challenges:
The recognition of MGL’s Central Government authorization by PNGRB and
its grant of exclusivity for MGL’s existing and expansion areas combined with
the availability of additional gas from New Exploration Licensing Policy (NELP)
blocks and gas from other domestic and imported sources provide a tremendous
scope of growth for MGL.
Major challenges before the Company are to roil out the City Gas
Distribution infrastructure in a time bound manner and meet all regulatory
targets and obligations in the face of limited resources available in the
market in terms of skilled manpower, materials, contractors etc in view of
exponential growth in City Gas Distribution business all over India and also to
source long term gas at competitive rates and terms.
To address these challenges, MGL is focusing on refining its robust
processes, strengthening manpower, developing more and more vendors and
contractors and strengthening its gas sourcing and regulatory functions with
the support of its promoters GAlL and
BG.
Future Outlook:
In the next 5 years, MGL’s sales volumes are expected to be more than double.
The Company has ambitious expansion plans which inter alia include
commissioning of 2 more city gate stations at Ambernath and Taloja in addition
to the City Gate Station at Mahape which is likely to be commissioned shortly.
In the next five years, the Company has plans to increase its customers’
base to over 8 lakh households covering a population of over 50 lakhs, operate
over 220 CNG stations, expand the steel pipeline network to around 450 KM and
PE pipeline network over 3600 KM (including 1500 KM MP Network). As regards
investment for expanding its CGD infrastructure, the Company has plans for
additional investment of Rs. 1500 Crores in the next five years.
Further through bidding route, the Company is targeting development of
City Gas Distribution infrastructure in the areas of
Form 8:
|
Name of the company |
MAHANAGAR GAS LIMITED |
|
Presented By |
SURESH MANGLANI, COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
03.11.1999. Deed of
hypothecation excuted by the company in favour of Industrial Development Bank
of India (IDBI). A certified copy of the said Deed of hypothecation is
enclosed. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs. 590.000 Millions agreed to be lent and advanced by IDBI to the company
together with interest, additional interest, etc and all other money payable
by the company to IDBI in terms of the Loan Agreement dated 03.11.1999
between the company of the One part and the IDBI of the other part. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
movable properties of the company including its movable plant and machinery,
machinery spares, etc both present and future whether installed or not and
whether now lying loose or in case or which are now lying or stored in or
about or shall hereafter from time to time during the continuance of the
security be brought into or upon or to stored or to be in or about the
company’s factories premises and godowns or wherever else the same may be or
held by any party to the order or disposition of the company or in the course
of transit or on high seas or on order, or delivery, howsoever and whatsoever
in the possession of the company and either by way of substitution or
addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security inter alia for the sue repayment by the company to IDBI
of its Term Loan of Rs. 590.000 Millions together with interest, additional
interest, etc and all other moneys payable by the company to IDBI in terms of
the said loan agreement. The charge in
favour of IDBI under the said deed of hypothecation or subject to the charge
created and / or to be created by the company in favour of its bankers on the
goods and consumable stores and book debts and such other movables as may be
specially permitted to secure its working capital requirement in the ordinary
course of business. The company has
undertaken to keep the goods hypothecated in marketable and good conditions
at its own costs and to insure the same in the joint names of the company and
the lenders. All the goods
hypothecated and all realizations and insurances proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of the lenders. The security
created under the said deed of hypothecation is to be a continuing
security. |
|
5) Name and Address and description of the person entitled to the charge. |
Industrial Development
Bank of India, IDBI Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
Fixed Assets:
- Buildings,
Bunk houses
- Roads and
Fences
- Electricals
Installations
- Plant and
Machinery
- Gas
Distribution System
- Computers
- Office
Equipments
- Communication
Systems
- Furniture and
Fixtures
- Motor Cars
- Software
Expenditure
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.