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MIRA
INFORM REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOOP MOBILE (INDIA) LIMITED (w.e.f.
20.03.2009) |
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Formerly Known As : |
BPL MOBILE COMMUNICATIONS LIMITED |
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Registered Office : |
127, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.12.1975 |
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Com. Reg. No.: |
11-193684 |
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CIN No.: [Company
Identification No.] |
U29299MH1975PLC193684 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB06449C |
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PAN No.: [Permanent
Account No.] |
AAACB9986H |
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Legal Form : |
A Closely Held Public Limited liability company. |
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Line of Business : |
The Company is engaged in the business of providing Cellular Mobile
Telephone service in Mumbai, Navi Mumbai and Kalyan Telecom Districts. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 11450000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company in the Indian Mobile Industry
and faces cut throat competition from fellow players such as Vodafone, Airtel,
Tata, Reliance etc. Profitability is under pressure. There appears some huge
accumulated losses. Payments are reported to be slow. Company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 DENIED BY
Management is Non Co-operative.
LOCATIONS
|
Registered Office : |
127, |
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Tel. No.: |
91-22-24323777 /
24371777 |
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E-Mail : |
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Website : |
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Gallery : |
Located at : ·
Andheri ·
Borivali ·
Chembur ·
Churchgate ·
Dombivali ·
Fort ·
Ghatkopar ·
IRLA ·
Kandivali ·
Lokhandwala
·
Mahim ·
Malad ·
Mira-Bhayander
·
·
Mulund ·
Opera House
·
Panvel ·
Santacruz ·
Thane ·
Vashi ·
Vile Parle |
DIRECTORS
AS ON 27.07.2010
|
Name : |
Mr. Prem Gul Rajani |
|
Designation : |
Director |
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Address : |
11, Palekar Chambers, 4th Floor Dhobi Taleo, Mumbai, |
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Date of Birth/Age : |
30.01.1967 |
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Date of Appointment : |
03.12.2004 |
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Name : |
Mr. Rajiv Rajindranath Sawhney |
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Designation : |
Director |
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Address : |
C3, Swanalok Aga, |
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Date of Birth/Age : |
18.08.1960 |
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Date of Appointment : |
23.01.2009 |
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Name : |
Mrs. Sangeeta Lakhi |
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Designation : |
Director |
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Address : |
7/709 Supriya Apartments, |
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Date of Birth/Age : |
18.01.1969 |
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Date of Appointment : |
20.07.2007 |
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Name : |
Mr. Sandip Umananda Basu |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 401, Sidhi Vinayak, |
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Date of Birth/Age : |
24.01.1961 |
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Date of Appointment : |
26.08.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Priyadarshi Sidhartha |
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Designation : |
Secretary |
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Address: |
D 1204, Jou Homes Dena Bank LBS Marg, Bhandup (W), Mumbai, |
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Date of Birth/Age : |
06.04.1977 |
|
Date of Appointment : |
16.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 27.07.2010)
|
Names of Shareholders |
No. of Shares |
|
Kerala State Industrial Development Corporation Limited – |
2000 |
|
Sankaranarayanan S |
1 |
|
Girish Kamalakar Sathe |
1 |
|
Narrotam Babulal Vyas |
1 |
|
Loop Mobile Holdings India Limited (Formerly known as BPL
Communications Limited) – |
72346292 |
|
Capital Global Limited – |
32202123 |
|
Shreekumar Raman Pariyadath |
1 |
|
|
|
|
Total |
104550419 |
(As on 27.07.2010)
|
Equity Share
Breakup |
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
30.80 |
|
Bodies corporate |
69.20 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of providing Cellular Mobile
Telephone service in Mumbai, Navi Mumbai and Kalyan Telecom Districts. |
GENERAL INFORMATION
|
Suppliers : |
·
Vishwakarma Furniture Works ·
Indo Flexi Pack ·
Nikeda Art Printers Private Limited |
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
·
Axis
Bank Limited
·
Deutsche Bank ·
Bank of ·
Corporation Bank ·
CITI Bank ·
Indusind Bank ·
Vysya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Srei Infrastructure Finance Limited Vishwa Karma, 86C, ·
Infrastructure
Development Finance Company Limited ITC Centre, 3rd Floor, 760, Anna Salai, Chennai – 600 002, |
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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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Tel. No. : |
91-22-66679000 |
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Fax No. : |
91-22-66679025 |
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Pan No. : |
AACFD4815A |
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Associates/Subsidiaries : |
·
Loop Telecom Infrastructure Limited (CIN No. :U64203MH2007PLC176486) ·
Loop Telecom Limited (CIN
No.: U72200DL1997PLC085754) ·
Loop Telecommunications Holdings India Limited. |
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|
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Holding Company : |
Loop Mobile Holdings India Limited CIN No.: U85110KA1993PLC015093 |
CAPITAL STRUCTURE
As On 27.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
129448200 |
Equity Shares |
Rs.1294.482 millions |
|
|
6551800 |
Preference Shares |
Rs.10/- each |
Rs.65.518 millions |
|
|
Total |
|
Rs.1360.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104550419 |
Equity Shares |
Rs.10/- each |
Rs.1045.504
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1045.504 |
1045.504 |
926.909 |
|
|
2] Share Application Money |
0.000 |
0.000 |
449.176 |
|
|
3] Reserves & Surplus |
5397.117 |
5397.117 |
3203.105 |
|
|
4] (Accumulated Losses) |
(3579.590) |
(2945.855) |
(2522.514) |
|
|
NETWORTH |
2863.031 |
3496.766 |
2056.676 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6500.000 |
7250.000 |
7300.000 |
|
|
2] Unsecured Loans |
478.101 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6978.101 |
7250.000 |
7300.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9841.132 |
10746.766 |
9356.676 |
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
6620.858 |
6546.680 |
5960.141 |
|
|
Capital work-in-progress |
769.112 |
412.873 |
967.739 |
|
|
|
|
|
|
|
|
INVESTMENT |
2380.150 |
2378.150 |
56.650 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.340
|
9.486
|
10.290 |
|
|
Sundry Debtors |
607.799
|
774.022
|
773.493 |
|
|
Cash & Bank Balances |
609.906
|
694.488
|
1198.910 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1824.682
|
2134.779
|
2448.586 |
|
Total
Current Assets |
3048.727
|
3612.775
|
4431.279 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1640.157
|
1185.415
|
582.226 |
|
|
Other Current Liabilities |
1307.194
|
1015.834
|
1464.757 |
|
|
Provisions |
30.576
|
32.244
|
24.877 |
|
Total
Current Liabilities |
2977.927
|
2233.493
|
2071.860 |
|
|
Net Current Assets |
70.800
|
1379.282
|
2359.419 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Advance for Capital Expenditure |
0.212 |
29.781 |
12.727 |
|
|
|
|
|
|
|
|
TOTAL |
9841.132 |
10746.766 |
9356.676 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Services |
6091.592 |
6589.149 |
6261.039 |
|
|
|
|
26.981 |
58.829 |
69.190 |
|
|
|
Other Income |
143.690 |
159.810 |
85.220 |
|
|
|
TOTAL (A) |
6262.263 |
6807.788 |
6415.449 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
SIM Cards, Handsets and Accessories |
41.118 |
52.208 |
37.577 |
|
|
|
Operating Expenses |
4567.189 |
4747.816 |
4117.909 |
|
|
|
Marketing Expenses |
231.876 |
329.453 |
393.784 |
|
|
|
TOTAL (B) |
4840.183 |
5129.477 |
4549.270 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
1422.080 |
1678.311 |
1866.179 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
884.803 |
991.208 |
801.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
537.277 |
687.103 |
1064.595 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1170.462 |
1105.566 |
1048.445 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
125.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(633.185) |
(418.463) |
(108.850) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.549 |
4.878 |
5.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(633.734) |
(423.341)
|
(114.685) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2945.855) |
(2522.514) |
(3522.395) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1114.475 |
|
|
BALANCE CARRIED
TO THE B/S |
(3579.589) |
(2945.855) |
(2522.514) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
502.197 |
540.494 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1386.712 |
952.718 |
NA |
|
|
TOTAL IMPORTS |
1386.712 |
952.718 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
(6.06) |
(4.26) |
(1.33) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(10.12)
|
(6.22)
|
(1.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.39)
|
(6.35)
|
(1.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.55)
|
(4.12)
|
(1.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
(0.12)
|
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.48
|
2.71
|
4.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.62
|
2.14 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to micro enterprises and small enterprises |
-- |
-- |
-- |
|
Due to others |
1640.157 |
1185.415 |
582.226 |
|
Total |
1640.157 |
1185.415 |
582.226 |
CHANGE OF ADDRESS
:
The Registered Office of the company has been shifted from XL-5115, 2nd
Floor,
OPERATING PERFORMANCE :
The gross revenue for the year ended 31st March,
2010 stood at Rs.6262.300 Million as against Rs.6807.700 Million during the
period ended 31st March, 2009. This shows a degrowth of 8% over the
gross revenue. However revenue net of pass through has gone up from Rs.5114.400
Million for the year ended 31st March, 2009 to Rs.51 57.000 Million
for the year ended 31st March,
2010 recording a growth of 1% in a year the industry witnessed a degrowth.
The company has been serving the communications needs of the
financial capital of the country for the past 14 years and currently serving
2.8 million happy subscribers as on March 2010. The incremental subscriber
addition over the past year can be attributed to a significantly enhanced New
Generation IP (NGIP) network, aggressive citywide penetration of the
distribution channel, and finely customized micro segmented products and innovative
VAS offerings.
The brand name change exercise the company undertook to
rename and rebrand itself from BPL Mobile to Loop Mobile has been completed and
was a comprehensive and a successful journey. The creative campaign was
developed on the platform of a 'fresh, new network with over 2 million
subscribers' with the memorable line "Maximum Mumbai. Maximum
Network." Subsequently, with the objective of launching innovative
products, E-Paid was launched which offered e-billing statements to prepaid
users for the first time in India and Mobile Karaoke which brought the fun and
excitement of the very popular karaoke to the mobile phone. With the launch of
one paise pcr second tariffing by new operators, the industry got caught up in
a spiraling price war which led to substantial decline in realization which
could only be partially offset through market expansion and enhanced usage.
Towards the end of the fiscal year, the company launched 'Loop Mobile
Friendays', a promotional offer which gave one free movie ticket on Fridays at
any Cinemax/Sterling Cinema. The company has received very encouraging response
to this offer and it has helped strengthen the company's strategic pillar of
superior value and relevant products proposition.
The past year saw many innovative offers being promoted
including the highly successful Dus Ka Gang with a unique per second
proposition and Simple fifty besides the launch of IPL Zone Offer on Wap
portal, a suite of services on USSD
and Mumbai Search on the mobile. With a revamped Retail and
Enterprise Business Units, a focused Customer Service Delivery department and
constant network roll -outs, the company is poised to capture a higher share of
incremental net additions of new subscribers.
The company has undertaken a major initiative for
strengthening the distribution set up. During the year, The company has, 37 Prepaid distributors and 14,465 Unique
Transacting Outlets (UTC) with a periodical deletion of non active outlets. The
company has also taken major initiatives to improve the distribution through
modern retail and operates with 300+
retail points through this initiative.
The company has continued its position in product innovation
and has launched a slew of products coupled with segmented approach in
marketing these products helped the company to maintain the customer market
share at -11% and the revenue market share at - 9%, despite the entry of new
operators into Mumbai circle.
Corresponding to the increase in subscriber base, the usage
of network has grown from 821 million minutes in March 09 to 943 million
minutes in March 01 (15% increase). However, the competitive pressure on
tariffing has resulted in lower realization per minute (Rs0.71 in March 09 to
0.68 March 10 for Postpaid and Rs.0.68 in March 09 to Rs.0.49 in March 10 for
Prepaid) impacting on revenue growth. During the year, the company has also
renewed the agreement with Mumbai Police for their usage as preferred network
for one year without handset subsidy.
The company with the objective of achieving deeper
penetration in the market introduced the concept of 'Mobile Shop', a smaller
version of the exclusive galleries, in a bid to reach out to customers by
expanding customer touch points. To ensure convenience for people to approach
shop and get personalized attention and effective solutions.
Form No. 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10083097 |
|
Corporate
identity number of the company |
U29299KL1975PLC002757 |
|
Name of the company
|
BPL MOBILE COMMUNICATIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
XL-5115, 2nd Floor,
Ashish Building, |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Axis Bank Limited Capital Markets
Div., Central Office, Maker Tower, F WIng, 11th Floor, Cuffe Parade, Colaba,
Mumbai – 400005, Maharashtra, India e-mail id: kulkarni.makarand@axisbank.com |
|
Nature of
instrument creating charge |
No Instrument was
executed but a mortgage by deposit of title deeds was created by IDBI (acting
for itself and as agent of Axis Bank Limited) on the properties of the
company by constructive delivery (more perticularly described in Second
Schedule of Memorandum of Entry annexed herewith) in favour of Axis Bank
Limited acting as Security Trustee for the facilities availed by the company
from Axis Bank, IDFC and IDBI aggrgating Rs. 8500.000 millions. |
|
Date of
instrument Creating the charge |
14.10.2008 |
|
Amount secured by
the charge |
Rs.8500.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest: as per schedule VIII of Common Rupee
Facility Agreement Terms of repayment: as per schedule IV of Common Rupee
Facility Agreement Extent and operation of the charge - Pari Passu First Charge on the immovable
properties of the company (as described in Second Schedule of Memorandum of
Entry attached herewith) to secure the due repayment, interest, additional
interest, commission etc. towards the facilities of the company aggregating
Rs. 8500.000 millions. |
|
Short Particulars
of the property charged |
Immovable
properties of the company situated at (i) Eastern side of Manmala Tank Road, Off Lady
Jamshedji Road, in the Registration Sub-District and District of Mumbai City
together with a building known as "BPL Centre" etc. (ii) Flat No.62
on the Sixth Floor of the building known as "Somerset House" etc., (iii) land
situated at village Dongergaon, Taluka Mawal, District Pune more specifically
described in Second Schedule of Memorandum of Entry enclosed |
|
Particulars of
the present modification |
The facilities
availed by the company aggregating Rs. 850 Cr. are further secured by
mortgage on the immovable properties of the company situated at i) Eastern side of Manmala Tank Road, Off Lady
Jamshedji Road, in the Registration District of Mumbai City together with a
building known as "BPL Centre" etc. (ii) Flat No.62 on the Sixth
Floor of the building known as "Somerset House" etc., (iii) land
situated at village Dongergaon, District Pune etc. as mentioned in Second
Schedule ofMOE annexed |
FIXED ASSETS :
- Land
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
WEBSITE DETAILS
PROFILE
Subject has had the privilege of serving the communications
needs of the financial capital of
The new identity, Loop Mobile, represents growth with continuity. While they constantly work towards giving the subscribers a better network, innovative products and a superior mobile telephony experience, the subscribers can be assured of the same focus and commitment in providing the best network coverage, billing accuracy, and an unmatched personalized customer service.
It is the firm belief that the customers deserve the best they have to offer, be it in terms of network or customer service experience. In line with this commitment, they have invested over Rs 300.000 millions to upgrade to NGIP (Next Generation IP) network. This highly efficient network upgrade enables them to offer unmatched voice clarity and extensive coverage along with high-speed data services. They are happy to inform you that they are the only GSM network in Mumbai that has met all the TRAI benchmarks on network and service quality parameters again this year. They have also been rated as the best network by Voice and Data, leading Telecom magazine, in their SAARC Mobile Users' Satisfaction Survey 2008.
They have gained a significant market share of incremental
subscriber addition in
Going forward many exciting things are being planned which will add to the customer delight. Loop Mobile will continue to ensure that the network in Mumbai is truly the best and endeavour to exceed the expectations.
Press Releases:
Loop Mobile invests Rs. 2000.000 Millions in major Network
Upgrade across ‘Maximum City’
1200 new cell
sites being installed with additional solutions for in-building areas,
basements and flyovers
Next Gen SDR
sites to be 1st metro GSM deployment, ‘Green Technology’ will reduce carbon
footprint.
Mumbai, 28.04.2009: Mumbai’s longest standing and leading mobile service provider, Loop Mobile has embarked on a major network upgrade for which the company has invested Rs. 2000.000 millions as part of its phase I capex plans. This investment will further enhance, strengthen and expand the Loop Mobile network in Mumbai to that of a next generation, superior and a state of the art one.
As part of the expansion, Loop Mobile will add 1200 new cell
sites in Mumbai making its network one of the strongest in the city.
Additionally special emphasis will be laid on enhancing network strength at
subscriber pain points including In-buildings, basements and flyovers.
In a first of its kind GSM deployment across any metro in
Commenting on this development, Mr. Sandip Basu, CEO –
Loop Mobile said, “Loop
Loop Mobile has invested over Rs. 3000.000 millions in the
last three years in strengthening its network and enhancing services in Mumbai.
This Next Generation 2.1 technology upgrade will cater to all the requirements
of the existing network. Subscribers will instantly benefit from enhanced
network quality, crystal clear voice clarity and high speed data access.
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 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 :
The 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.
The 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.44.78 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.