MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE INFRA-TECH LIMITED |
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Registered
Office : |
Survey No. 68/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.2009 |
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Com. Reg. No.: |
11-000305 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500
Million |
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CIN No.: [Company Identification
No.] |
U64200DN2009PLC000305 |
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|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Optical Fiber. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Yet to commenced business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per the available last financial the company is yet to commenced its
business activities. Trade relations are fair. Payments are unknown. The company can be considered for business dealings on a secured 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
|
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/ Factory : |
Survey No. 68/1, |
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Tel. No.: |
91-20-30514000 |
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Fax No.: |
91-20-26138083 |
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E-Mail : |
DIRECTORS
AS ON 20.09.2010
|
Name : |
Mr. Pravin Dwarkaprasad Agarwal |
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Designation : |
Director |
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Address : |
117, |
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Date of Birth/Age : |
16.10.1954 |
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Date of Appointment : |
07.12.2009 |
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Name : |
Mr. Anand Gopaldas Agarwal |
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Designation : |
Director |
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Address : |
Waterfront G 602, S. No. 212, Next to HSBC Soft Ware, |
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Date of Birth/Age : |
07.08.1967 |
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Date of Appointment : |
07.12.2009 |
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Name : |
Mr. Srinivasarao S Kattunga |
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Designation : |
Director |
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Address : |
Plat No. 3, Aditya Nagar, Near Ulka Nagar, Aurangabad-431004, |
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Date of Birth/Age : |
05.06.1970 |
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Date of Appointment : |
07.12.209 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sterlite Technologies Limited, |
|
49994 |
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Pravin Dwarkaprasad Agarwal |
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1 |
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Anand Gopaldas Agarwal |
|
1 |
|
Pratik Pravin Agarwal |
|
1 |
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Srinivasarao S Kattunga |
|
1 |
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Anupam Krishna Jindal |
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1 |
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Ajay Kumar Razdan |
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1 |
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Total |
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50000 |
AS ON 20.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Bodies
corporate |
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99.98 |
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Directors
or relatives of directors |
|
0.01 |
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Other
top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Optical Fiber. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
|
Optical Fiber |
KM |
80000000 |
GENERAL INFORMATION
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Bankers : |
ICICI Bank Limited, Landmark, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates Chartered Accountant |
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Address : |
C-401, Fourth Floor, Panchshil Techpark, Yerwada, Pune-411006, |
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Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Holding Company: |
Sterlite Technologies Limited (L31300DN2000PLC000340) |
CAPITAL STRUCTURE
AS ON 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.500 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(3.192) |
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NETWORTH |
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(2.692) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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|
65.631 |
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TOTAL BORROWING |
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65.631 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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62.939 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
0.000 |
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Capital work-in-progress |
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|
63.127 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
5.500 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.203 |
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Total
Current Assets |
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5.703 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
0.687 |
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Other Current Liabilities |
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|
5.204 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
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5.891 |
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Net Current Assets |
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(0.188) |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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62.939 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2010 |
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SALES |
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Income |
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0.000 |
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Other Income |
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0.000 |
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TOTAL (A) |
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0.000 |
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Less |
EXPENSES |
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Administrative Expenses |
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1.239 |
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TOTAL (B) |
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1.239 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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(1.239) |
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Less |
FINANCIAL
EXPENSES (D) |
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1.953 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(3.192) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
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(3.192) |
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Less |
TAX (H) |
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0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
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(3.192) |
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Earnings Per
Share (Rs.) |
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(2447.52) |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
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PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(55.97) |
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Return on Investment (ROI) (PBT/Networth) |
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1.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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(26.57) |
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Current Ratio (Current Asset/Current Liability) |
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0.97 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE OUTLOOK AND
REVIEW OF OPERATIONS
This was the first financial year of the company and the
company has incurred losses of Rs. 3.192 Milliosn as the company is in the
process of setting up its operations. Company is in the process of setting up
manufacturing facilities of optical fiber, in the notified SEZ at Shendra in
State of
Company is also looking forward to enter into new contracts and agreements for the expansion of business. The Management of the Company is confident about reporting profitability in the financial years to come.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U64200DN2009PLC000305 |
|
Name of the
company |
STERLITE
INFRA-TECH LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 68/1, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
ICICI Bank Limited, Landmark, |
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Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of hypothecation
executed between Sterlite Infra-Tech Limited (Company) and ICICI Bank Limited
(Bank) pursuant to certain secured working capital facilities for the
aggregate not exceeding Rs.855.00 million availed by the Company from the
Bank whereby charge has been created on current assets, moveable properties,
equipment, account assets, receivables of the Company. |
|
Date of
instrument Creating the charge |
28.05.2010 |
|
Amount secured by
the charge |
Rs.855.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge The first and
exclusive charge is created on current assets, moveable properties,
equipment, account assets, receivables of Sterlite Infra-Tech Limited. |
|
Short particulars
of the property charged |
I) All Current
Assets - Inventories, Debtors of Sterlite Infratech Limited situated at Plot
No. AL-23, Shendra SEZ, Shendra Industrial Area, II) All Moveable
Fixed Assets- Equipments, Machinery situated at Plot No. AL-23, Shendra SEZ,
Shendra Industrial Area, |
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 :
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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
11 |
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.