MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GEMINI COMMUNICATIONS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.02.1995 |
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Com. Reg. No.: |
18-030087 |
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CIN No.: [Company Identification
No.] |
L32301TN1995PLC030087 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is wireless broadband system provider. The company is engaged
in the provision of network product and related services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 4100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. 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 normal for 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.
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-24660570/24660571 |
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Fax No.: |
91-44-24995062 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
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International Office : |
Located at
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DIRECTORS
As On 31.03.2010
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Name : |
Mr.
R. Vijaykumar |
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Designation : |
Group Chairman |
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Name : |
Mr.
R. Ramkumar |
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Designation : |
Chairman |
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Name : |
Mr.
B. Sreekrishna |
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Designation : |
Managing Director |
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Name : |
Mr. B
Srinivasan |
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Designation : |
Director
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Name : |
Mr. Hari Sethuraman
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Designation : |
Director (From 30.12.2009) |
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Name : |
Mr. Eswaran Annamalai |
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Designation : |
Director |
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Name : |
Mr. L. Sathyanarayanan |
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Designation : |
Director |
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Name : |
Mr. V. K. Venugopal |
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Designation : |
Director |
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Name : |
C. V. Bhaskar |
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Designation : |
Non Executive Director (upto 30.12.2009) |
KEY EXECUTIVES
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Name : |
Mr. J. Chandramouli |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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43,730,108 |
40.91 |
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43,730,108 |
40.91 |
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Total shareholding of Promoter and Promoter Group (A) |
43,730,108 |
40.91 |
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(B) Public Shareholding |
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22,000 |
0.02 |
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2,757,705 |
2.58 |
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7,740,011 |
7.24 |
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10,519,716 |
9.84 |
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18,305,083 |
17.12 |
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13,949,513 |
13.05 |
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19,643,425 |
18.38 |
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750,155 |
0.70 |
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2,000 |
- |
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748,155 |
0.70 |
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52,648,176 |
49.25 |
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Total Public shareholding (B) |
63,167,892 |
59.09 |
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Total (A)+(B) |
106,898,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
106,898,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to BUSINESS DETAILS
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Line of Business : |
Subject is wireless broadband system provider. The company is engaged
in the provision of network product and related services. |
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Products : |
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GENERAL INFORMATION
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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 : |
CNGSN and
Associates Chartered
Accountants |
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Address : |
“Agastyar Manor” New No 20, Old No 13, |
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Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000000 |
Equity Shares |
Rs. 1/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100142900 |
Equity Shares |
Rs. 1/- each |
Rs. 100.143
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
100.143 |
97.180 |
97.180 |
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2] Share Warrant |
50.723 |
20.100 |
20.100 |
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3] Reserves & Surplus |
884.548 |
756.567 |
756.461 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1035.414 |
873.847 |
873.741 |
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LOAN FUNDS |
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1] Secured Loans |
1448.258 |
1168.174 |
1123.303 |
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2] Unsecured Loans |
828.734 |
833.213 |
837.092 |
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TOTAL BORROWING |
2276.992 |
2001.387 |
1960.395 |
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DEFERRED TAX LIABILITIES |
113.319 |
74.276 |
37.194 |
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TOTAL |
3425.725 |
2949.510 |
2871.330 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
947.874 |
872.254 |
956.314 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
557.785 |
394.540 |
178.683 |
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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 |
342.992
|
258.506 |
229.109 |
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Sundry Debtors |
1935.151
|
1700.454 |
1220.643 |
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Cash & Bank Balances |
83.626
|
89.776 |
520.995 |
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Other Current Assets |
153.570
|
88.356 |
53.753 |
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Loans & Advances |
476.693
|
175.977 |
16.475 |
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Total
Current Assets |
2992.032
|
2313.069 |
2040.975 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
764.612
|
568.019 |
225.476 |
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Other Current Liabilities |
270.285
|
46.340 |
22.254 |
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Provisions |
37.069
|
15.994 |
56.911 |
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Total
Current Liabilities |
1071.966
|
630.353 |
304.641 |
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Net Current Assets |
1920.066
|
1682.716 |
1736.334 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3425.725 |
2949.510 |
2871.330 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2133.729 |
1954.774 |
2016.436 |
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Other Income |
7.864 |
81.321 |
90.992 |
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TOTAL (A) |
2141.593 |
2036.095 |
2107.428 |
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Less |
EXPENSES |
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Cost of materials and project expenses |
1370.464 |
1322.917 |
1366.228 |
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Salaries and staff welfare |
168.786 |
124.529 |
77.943 |
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Administrative Expenses |
80.360 |
72.590 |
79.622 |
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Selling and distribution expenses
|
2.893 |
9.440 |
8.895 |
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Increase/Decrease in stock |
(84.486) |
(29.397) |
(35.815) |
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TOTAL (B) |
1538.017 |
1500.079 |
1496.873 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
603.576 |
536.016 |
610.555 |
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Less |
FINANCIAL
EXPENSES (D) |
238.362 |
247.549 |
165.902 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
365.214 |
288.467 |
444.653 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
212.315 |
235.284 |
112.752 |
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PROFIT BEFORE
TAX (E-F) (G) |
152.899 |
53.183 |
331.901 |
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Less |
TAX (I) |
69.428 |
47.392 |
74.473 |
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PROFIT AFTER TAX
(G-I) (J) |
83.471 |
5.791 |
257.428 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
292.757 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
25.743 |
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Proposed Dividend @5% |
5.007 |
4.859 |
15.477 |
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Tax on Dividend @16.995% |
0.851 |
0.826 |
2.630 |
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BALANCE CARRIED
TO THE B/S |
77.613 |
0.106 |
506.335 |
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Earnings Per
Share (Rs.) |
0.86 |
0.06 |
2.65 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
401.630 |
595.080 |
752.120 |
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Total Expenditure |
231.860 |
431.170 |
598.340 |
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PBIDT (Excl OI) |
169.770 |
163.910 |
153.780 |
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Other Income |
0.910 |
0.620 |
2.640 |
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Operating Profit |
170.680 |
164.530 |
156.430 |
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Interest |
72.350 |
63.510 |
48.320 |
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PBDT |
98.330 |
101.010 |
108.110 |
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Depreciation |
75.250 |
75.250 |
75.250 |
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Profit Before Tax |
23.080 |
25.760 |
32.860 |
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Tax |
7.850 |
8.760 |
11.170 |
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Profit After Tax |
15.230 |
17.000 |
21.680 |
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Net Profit |
15.230 |
17.000 |
21.680 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.90
|
0.28 |
12.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.17
|
2.72 |
16.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.88
|
1.67 |
11.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.06 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.23
|
3.01 |
2.59 |
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Current Ratio (Current Asset/Current Liability) |
|
2.79
|
3.67 |
6.70 |
LOCAL AGENCY FURTHER INFORMATION
SUBSIDIARIES:
M/s.Gemini Traze
RFID Private Limited, Chennai M/s. PointRed Telecom
Private Limited,
two wholly owned subsidiary companies of Gemini Communication Limited in
Gemini Traze RFID: The last few years have
seen RFID deployment slowing down on account of the recession.
However there are evidences to suggest a healthy growth trend in the
coming years in the country The industry is becoming more sensitive to the
changing environment and has been aggressively addressing the pain points that
have been plaguing its growth. They witness the following trends that are
likely to have a positive impact on this industry:
1. Cost of passive tags has come down - a trend to continue further
resulting in mass deployments of RFID
2. RFID standards are harmonized
3. Rising realization of business benefits of RFID propelling companies
to adopt this technology.
4. Niche applications like solar panel identification by government to
leapfrog RFID deployment.
PointRed Telecom: Financial year 2010 has been a
successful year for PointRed. PointRed
booked revenues for the BSNL WiMAX Rural-1 project
and also grabbed the order for 304 Crores for BSNL WiMAX Rural-2 project by beating the competitions such as
ZTE, Huawei, Motorola, Samsung , Aviat
and Alvarion. PointRed
holds 38% Market share in BSNL WiMAX deployments in
Being the only 4G
the growth in the 4G space.
M/s. Gemini Infotech Limited was floated by
the Company in
M/s. Veeras Infotek
Private Limited, Chennai was acquired during June 2008 through M/s. Gemini Infotech,
MANAGEMENT DISCUSSION AND ANALYSIS
Company Profile
Gemini Communication is one of the trusted partners in System
Integration space covering the entire gamut of Telecom and IT Services,
including Network, Security, Services, Storage, LAN, WAN, e-Governance, ITeS, IT Consulting, Wireless domains including
Mobile WiMax. GCL has 18 offices, 132 service
locations geographically spread across
Gemini's subsidiaries, PointRed Telecom, being
the first to rollout WiMax in India continues to be a
pioneer in the wireless
communication space; PointRed Telecom is the World's
largest 4G system supplier and India's only 4G Equipment Manufacturer (WiMax and LTE). Gemini Traze RFID,
one of the first RFID manufacturing company in
Gemini has ventured into new avenues having a huge market
potential to become leaders in that space. There achievements on the
wireless segment are a standing example. Gemini received several coveted
awards, with the recent one being the CorpExcel
2008 Award conferred by Corporation Bank for being one of the best and
outstanding entrepreneurs in the Medium Scale sector. Gemini will
continue to expand its presence and stregthen
its base in the market both domestically and internationally.
Industry Performance and Outlook
The Indian Information Technology- Information Technology-Enabled Services
(IT-ITES) industry has continued to perform its role as the most consistent
growth driver for the economy. The growth of
Over the last five years, the IT and ITES industry has grown at a
remarkable pace. Consider some of the significant indicators for these
remarkable achievements. The Indian IT sector including the domestic and
exports segments continue to grow from strength to strength, witnessing high
levels of activity both onshore as well as offshore. Operational excellence
with low delivery cost, quality leadership and a conducive business environment
are the key to success. Favourable policy
interventions, enabling infrastructure and augmenting a wide skill base from
the government has further enhanced
IT spending in the country will grow 14% in 2010 on the back of
increased domestic consumption and investment
by the government. In 2013, the overall IT market will have risen to
about USD 89 billion posting a CAGR of 11% from 2009. The Indian PC market is
expected to grow by 19% in 2010 and by more than 21% in 2011, the Indian server
market will reach USD 551 million in 2010 and the Indian IT security market is
forecast to grow more than 20% in 2010. The IT companies' need to focus on
security, services, storage, networking and communication is further enabling
Gemini to have an increased customer base.
The System Integration (SI) industry continues to do well with total
opportunity touching 400000.000 milions including PC
Hardware market, SI, Servers, Network Storage, Security and Services. In the
wireless communication space, the major opportunities for WiMAX
lie in the developing regions where broadband deployment is still in its early
stages of adoption. WiMAX seems to be the ideal
option, which offers high-speed connectivity with reduced capital and operating
expenditures. Pointred capitalizes on this
opportunity and leveraging on their experience on these projects they are all
set to play a key role in the deployment of
All of the above had led to an increase in the market potential for
Gemini. With there presence in the market for 15 years and with employee
strength of close to 2000, they have always been ready to meet the dynamic
needs of the market. There strategy lies in Innovation and Leadership which is
the key to success in an industry that re-invents itself. They will continue to
constantly adapt there selves to these changing needs of the market and take
advantage of the huge market potential that exists to exceed the expectations.
There Performance
Gemini has grown by 25% to reach total revenue of 3494.600 millions and
has crossed the 3000.000 millions mark which is yet another significant
milestone in its growth path. Such ever-increasing growth has always been
feasible due to continuous innovations in all aspects including technology and
outstanding leadership. These have been Gemini's driving force to success right
from its inception. Gemini sees itself exceeding the existing growth pace and
is expecting to increase by close to 100% by next financial year touching
6000.000 millions. This phenomenal growth % from double digit to triple digit
is estimated to be achieved due to the subsidiary companies contribution and
Gemini is very confident of achieving this with the current order book position
of around 4000.000 millions. Its global expansion with the acquisition of Rosy
Blue Wireless and the huge market potential that exists in the wireless space
boosts its optimistic outlook further.
Contingent Liabilities:
a. The revision demand for A.Y 2001 - 02 amounting to Rs.5.33 is pending for payment.
b. The company's Income tax appeal for Assessment Year 2002 - 03 was partially allowed in favor of the company by ITAT. For the balance demand of Rs.1.045 Millions the company has filed appeals before Honorable High Court of Madras. Against this, the company has paid a sum of Rs.0.400 Millions under protest. Considering the Company's chance of success in appeal the disputed amount is not provided for in the books of accounts.
c. The Income Tax department has made an order for the Asst. Year 2006-07 demanding a sum of Rs.41.969 Millions which is stayed by the Honorable High Court of Madras. The tax demand is on account of disallowance of deduction u/s.80IC claimed by the company. Considering the Company's chance of success in appeal the disputed amount is not provided for in the books of accounts.
d. Assessment Year 2007 - 08 the A.O made an order u/s 143(1)(a) demanding Rs. 6020.700 millions for disallowance of TDS certificates for which the company has filed rectification petition before the A.O. Considering the Company's chance of reduction in demand the amount has not been provided for.
e. A.O. made an order for the Assessment Year 2008 -09 u/s 143(1)(a) demanding a sum of Rs.34.431 millions, which was disputed before High Court of Chennai and as per the directions of High Court the company has preferred representation before the A.O for rectification / modification. Considering the Company's chance of success the amount has not been provided for.
f. The Central Excise department has made an order demanding a sum of Rs.5.680 Millions for the year 2000-01 against which the company has filed an appeal before CCE (A). Considering the company's chance of success in appeal the disputed amount is not provided for in the books of accounts.
15) Obtaining of Confirmation of balances from Sundry Debtors, Sundry Creditors, Loans and Advances, Deposits and Other Current Assets are pending. Considering the huge volume of Government Departments outstanding not being confirmed by the respective departments, the confirmations and reconciliation of balances as on 31.03.2010 is still in progress.
16) In the opinion of the Management, all current assets including Sundry Debtors, Loans and Advances, Deposits and Other Current Assets are realizable in the ordinary course of the business at the values stated. On a conservative basis the management has provided for bad and doubtful debts on receivables overdue for more than 3 years amounting to Rs.14.997 Millions for the year. Against provision for bad and doubtful debts outstanding as on 31.03.2009 a sum of Rs. 20.490 millions has been collected. The balance provision for bad debts outstanding as on 31.03.2010 is Rs. 21.242 millions.
17) The company has appointed Branch Auditors u/s 228 of the Companies Act to audit the accounts of the overseas branches. The Branch Audit reports on the accounts of the branches have been obtained, which are included in the financials of the Company under report.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
Rs.
In Millions
|
|
Standalone |
|
|
Particulars |
Quarter ended 31.12.2010 |
Nine months ended 31.12.2010 |
|
a) Net Sales / Income from Operations |
752.124 |
1748.831 |
|
b) Other Operating Income |
2.641 |
4.172 |
|
Total Income |
754.766 |
1753.002 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
57.675 |
(303.510) |
|
(b) Consumption of Raw Materials |
-- |
-- |
|
(c) Purchase of traded goods and project expenses |
463.213 |
1340.078 |
|
(d) Employees Cost |
54.047 |
153.247 |
|
(e) Depreciation |
75.253 |
225.760 |
|
(f) Other Expenditure |
23.404 |
71.544 |
|
Total |
673.592 |
1487.120 |
|
Interest |
48.323 |
184.192 |
|
Exceptional Items |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
32.851 |
130.962 |
|
Tax Expenses |
11.169 |
27.775 |
|
Provision for minority interest |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
21.682 |
53.916 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
21.682 |
53.916 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
106.898 |
106.898 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
a. Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (annulised) |
|
|
|
-Basic |
0.20 |
0.50 |
|
-Diluted |
0.20 |
0.50 |
|
b. Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (annulised) |
|
|
|
-Basic |
0.20 |
0.50 |
|
-Diluted |
0.20 |
0.50 |
|
Public Share Holding |
|
|
|
- Number of Shares |
63167892 |
63167892 |
|
- Percentage of shareholding |
59.09 |
59.09 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
29761936 |
29761936 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
68.06 |
68.06 |
|
- Percentage of shares(as a % of the total share capital of the company) |
27.84 |
27.84 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
13968172 |
13968172 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
31.94 |
31.94 |
|
- Percentage of Share (as a % of the total share capital of the company) |
13.07 |
13.07 |
Note:
1. The above results were reviewed by the Audit Committee and thereafter were approved and taken on record by the board of directors in their meeting held on 27.01.2011.
2. Consolidated Financial Statements of Gemini Communication Limited includes the financial statements of all its subsidiaries.
3. Previous year figures have been regrouped wherever necessary.
4. There were no investor complaints pending at the beginning of the quarter.
5. During the quarter the company has not received any complaints from investors and there was no complaint.
6. Deferred Tax Liability will be considered at the end of the financial year.
7. During the quarter, 67,55,100 equity warrants were converted by way of second and final tranche into 67,55,100 equity shares of Rs.1/- each at a premium of Rs.17/- by Promoter , Promoter Group and Key Employees of the Company allotted through the preferential allotment. The Paid up Capital of Company has increased to Rs.106.690 millions after this allotment.
8. The Company is engaged in only one segment is Telecom
i.e., Telecommunication Equipments.
Fixed Assets:
- Land
- Building
- Plant and machinery
- Furniture’s and fixtures
- Software
- Project assets
- Vehicles
- IPR/Know-how
- Xerox machine
- Software
- Telephone
- Electrical fittings
- Modems
- Office equipments
- Dot Matrix Printers
- Computer machinery
- Networking equipments
AS PER WEBSITE DETAILS:
PROFILE:
Gemini Hi-Tech was set up as a partnership company in 1991
to manufacture monochrome monitors. In 1995, Gemini Communication Limited took
over Gemini hi-Tech
Subject offers a wide spectrum of networking, services and security solutions. The company's product portfolio includes solutions for networking, security, storage, supervision and IT services. Gemini's solutions are centered on IT Infrastructure and management and carry the message of Innovation and Leadership.
The services portfolio are broadly organized into Infrastructure Implementation Services (IIS), Infrastructure Managed Services, (IMS), Infrastructure Outsourcing Services (IOS) and Infrastructure Consultancy services (ICS) besides from its LAN, WAN and Telecom solutions. Gemini is serving various verticals such as education, banking/financial services / insurance, government, health care, IT/ITeS, call centers/BPOs/KPOs/SDCs, and various service providers like cable operators, mobile operators, and wireless carriers.
Gemini's recent acquisition of stakes in a Chennai based Veeras infotech a Security and availability solution firm strengthens Gemini's network security and business continuity capabilities, and has also increased the company’s client base. With the increased client base and its geographical reach, Gemini is all set to surmount heights.
Subject has 18 offices, 92 service locations spread
geographically with two international offices, 754 staff, INR 236.12 crores revenue and the extensive coverage of all products
and services in the IT industry. It has accomplished the status of one of the
top 5 networking companies in
While all competing networking companies focus on building LAN and WAN Infrastructure, Gemini Communication focuses its energies beyond. Gemini is the only company that can provide comprehensive understanding of Networks' performance built already or the ones getting built. They take pride in qualifying ourselves as a Network Evaluation company and not a Network Installation or Integration company.
Gemini brings varied expertise and experience of
implementing several projects in
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.