MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
USHDEV INTERNATIONAL LIMITED |
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Registered
Office : |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.05.1994 |
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Com. Reg. No.: |
11-078468 |
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Capital
Investment / Paid-up Capital : |
Rs.294.258 Millions |
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CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchange. |
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Line of Business
: |
Subject is engaged in power generation and trading of metals. |
RATING & COMMENTS
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MIRA’s Rating : |
A (59) |
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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 12000000 |
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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 well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
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 : |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra, India |
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Tel. No.: |
91-22-22672450/60/66368888 |
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Fax No.: |
91-22-22671931 |
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E-Mail : |
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Website : |
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Factory 1 : |
Taluka Dharapuram, Periyaa District, |
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Factory 2 : |
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Factory 3 : |
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Factory 4 : |
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Factory 5 : |
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Factory 6 : |
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Factory 7 : |
Andipatti Taluka, Theni District, |
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Factory 8 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Ms. Suman Gupta |
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Designation : |
Chairperson |
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Name : |
Mr. Prateek Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. Narayan Hegde |
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Designation : |
Non Executive Independent Director |
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Name : |
Mr. Vinay Kamal |
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Designation : |
Non Executive Independent Director |
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Name : |
Mr. Suresh Lakhiani |
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Designation : |
Non Executive Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
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Category of Shareholders |
Total No. of Shares
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a %
of No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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9293981 |
31.58 |
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6792170 |
23.08 |
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16086151 |
54.67 |
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Total shareholding of Promoter and Promoter Group (A) |
16086151 |
54.67 |
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(B) Public Shareholding |
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1755149 |
5.96 |
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1755149 |
5.96 |
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1538165 |
5.23 |
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174877 |
0.59 |
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9308665 |
31.63 |
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562793 |
1.91 |
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6362 |
0.02 |
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556431 |
1.89 |
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11584500 |
39.37 |
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Total Public shareholding (B) |
1339649 |
45.33 |
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Total (A)+(B) |
29425800 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
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Line of Business : |
Subject is engaged in power generation and trading of metals. |
GENERAL INFORMATION
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Bankers : |
·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Overseas Bank ·
Oriental Bank of Commerce ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Bikaner and Jaipur ·
State Bank of Travancore ·
Federal Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.P. Chitale and Company Chartered Accountants |
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Address : |
Hamam House, Ambalal Doshi Marg, Fort, Mumbai-400001, |
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Associates : |
·
Ushdev Securities Limited ·
Ushdev Commercial Services Private Limited ·
Ushdev Trade Limited ·
Montex Trading Private Limited ·
Enshrine Property Management Private Limited ·
Vijay Gupta (HUF) ·
Ushdev Mercantile Private Limited ·
Ushdev Power Holdings Private Limited (Formerly
Ushdev Exporters and Importers Private Limited) ·
P. G. Mercantile Private Limited ·
GG Trading Private Limited ·
Honest Trading Company ·
G G Corporation |
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Subsidiaries : |
·
UIL (Singapore) Pte. Limited ·
UIL Hongkong Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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29425800 |
Equity Shares |
Rs.10/- each |
Rs. 294.258
Millions |
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Notes:
a)
20,000 equity shares issued on conversion of 19%
optionally convertible redeemable
preference shares in 1997-98
b)
57,42,900 equity shares allotted as fully paid up
bonus shares by capitalization of Share Premium Account in 2007-08
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
294.258 |
294.258 |
276.258 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2728.533 |
2387.053 |
1656.985 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3022.791 |
2681.311 |
1933.243 |
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LOAN FUNDS |
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1] Secured Loans |
2225.458 |
1204.542 |
92.822 |
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2] Unsecured Loans |
1374.821 |
367.653 |
667.804 |
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TOTAL BORROWING |
3600.279 |
1572.195 |
760.626 |
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DEFERRED TAX LIABILITIES |
36.504 |
41.568 |
43.443 |
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TOTAL |
6659.574 |
4295.074 |
2737.312 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1472.432 |
1058.160 |
499.797 |
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Capital work-in-progress |
50.000 |
49.000 |
0.000 |
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INVESTMENT |
694.742 |
1.031 |
1.108 |
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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 |
149.439
|
0.000
|
0.000 |
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Sundry Debtors |
11096.851
|
5192.151
|
3178.160 |
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Cash & Bank Balances |
1620.979
|
880.202
|
401.247 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2883.753
|
1608.404
|
1097.992 |
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Total
Current Assets |
15751.022
|
7680.757 |
4677.399 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5146.401
|
1177.683 |
1926.405 |
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Other Current Liabilities |
6090.164
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3243.892
|
446.714 |
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Provisions |
72.057
|
72.299
|
67.873 |
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Total
Current Liabilities |
11308.622
|
4493.874 |
2440.992 |
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Net Current Assets |
4442.400
|
3186.883
|
2236.407 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6659.574 |
4295.074 |
2737.312 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income from Operation |
25681.512 |
17359.818 |
13804.165 |
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Other Income |
261.034 |
134.637 |
53.708 |
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TOTAL (A) |
25942.546 |
17494.455 |
13857.873 |
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Less |
EXPENSES |
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Cost of goods sold |
24425.244 |
16684.104 |
13177.304 |
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Personnel cost |
9.342 |
4.956 |
4.175 |
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Administration and other charges |
73.514 |
19.976 |
24.241 |
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TOTAL (B) |
24508.100 |
16709.036 |
13205.720 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1434.446 |
785.419 |
652.153 |
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Less |
FINANCIAL
EXPENSES (D) |
845.347 |
406.252 |
367.549 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
589.099 |
379.167 |
284.604 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.141 |
50.789 |
34.480 |
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PROFIT BEFORE
TAX (E-F) (G) |
512.958 |
328.378 |
250.124 |
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Less |
TAX (H) |
97.236 |
55.525 |
34.963 |
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PROFIT AFTER TAX
(G-H) (I) |
415.722 |
272.853 |
215.161 |
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Tax for Earlier
Years |
2.185 |
3.286 |
0.000 |
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NET PROFIT FOR
THE YEAR |
413.537 |
269.567 |
215.161 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
501.321 |
331.010 |
205.239 |
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Less |
APPROPRIATIONS |
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Proposed dividend on equity shares |
61.794 |
61.794 |
58.014 |
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Corporate distribution tax on above |
10.263 |
10.505 |
9.860 |
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Transfer to general reserves |
41.354 |
26.957 |
21.516 |
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BALANCE CARRIED
TO THE B/S |
801.447 |
501.321 |
331.010 |
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EARNINGS IN
FOREIGN CURRENCY |
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Sale of Steel |
1619.249 |
300.585 |
1002.004 |
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Repayment of Loan by Subsidiaries |
4.349 |
0.000 |
0.000 |
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TOTAL EARNINGS |
1623.598 |
300.585 |
1002.004 |
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Earnings Per
Share (Rs.) |
14.05 |
9.72 |
16.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
|
1st
Quarter |
|
Net Sales |
7387.380 |
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Total Expenditure |
7134.750 |
|
PBIDT (Excl OI) |
252.630 |
|
Other Income |
180.780 |
|
Operating Profit |
433.400 |
|
Interest |
281.390 |
|
Exceptional Items |
0.000 |
|
PBDT |
162.010 |
|
Depreciation |
23.040 |
|
Profit Before Tax |
138.970 |
|
Tax |
29.060 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
109.910 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
109.910 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.60
|
1.56 |
1.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.00
|
1.81 |
2.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
4.83 |
8.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.13 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.94
|
1.66 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.92 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
Note: Registered office
of the company has been shifted from New Herileela House, 6th Floor,
Mint road, Fort Mumbai-400001, Maharashtra, India to the present address.
PERFORMANCE DURING THE YEAR
POWER SECTOR
The Company has
carried out its expansion plan in the relevant year also and has invested an
amount of Rs. 1738.800 millions in five states i.e. Tamil Nadu, Rajasthan,
Karnataka, Gujarat and Maharashtra. They give the details of the Company
projects as below:
|
Date of Installation |
Location |
No. of WEG’s |
Installed Capacity |
Investments Rs. in Millions |
|
27.03.1997 |
Tamilnadu 1 |
11 |
2.53 MW |
140.635 |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.9 MW |
609.000 |
|
27.11.2010 |
Maharashtra 1 |
4 |
8.0 MW |
490.000 |
|
Total |
|
34 |
30.83 MW |
1738.794 |
STEEL SECTOR
The Company’s
emphasis on core competencies has paid off multifold’s. The company has been
successful in increasing its market share in the steel sector, thus in turn has
been successful in increasing its presence in the this sector. This has
resulted in an increase in top line income of 88%.
MANAGEMENT DISCUSSION AND ANALYSIS FORWARD LOOKING
STATEMENTS:
INDUSTRY STRUCTURE AND DEVELOPMENT
The Industry is on
a growth path in terms of capacities and global consumption with global demand
and supply growing in tandem.
OUTLOOK
The Company is well
respected in both aforesaid sectors i.e. Steel and Power generation. A detailed
expansion is on an anvil especially in the Power generation sector to increase
power generating capacity’s year on the most competitive terms.
DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT
TO OPERATIONAL PERFORMANCE
The financial
performance with respect to the operational performance during the year was
reasonably good. The Company is on expansion path and the Company has taken a
proactive financing strategy to pursue this growth.
MATERIAL FINANCIAL AND COMMERCIAL TRANSACTIONS
During the
financial year, there are no materially significant financial and commercial
transactions with the related parties conflicting with the interest of the
Company. The Promoters and the Directors are not dealing in the shares of the
Company.
FIXED ASSETS:
- Office Premises
- Building
- Leased Plant and Machinery
- Office Equipments
- Computer Equipments
- Furniture and Fixture
WEB SITE DETAILS
BUSINESS DESCRIPTION
Subject is engaged in power generation and trading of metals. The
Company has two segments: Power Generation and Trading (Steel). The Company
mainly focuses on trading of steel products, such as Raw Materials, including
metallurgical coal/coke and sponge iron; Flat Products, including hot roll
(H.R.) coils, H.R. pickled coils, cold roll (C.R.) sheets, corrugated sheets,
galvanized products, annealed products, pickled products, color coated sheets
and corrugated sheets, and Long Products, such as angles, beams and channels in
flat products of steel such as H.R. coils and H.R. pickled coils, C. R. sheets
and corrugated sheets. As of March 31, 2010, the Company is exporting materials
to countries, such as Italy, Switzerland, the United Kingdom, South Africa, the
United States, Spain and Germany. For the nine months ended 31 December 2010,
Subject revenues totaled RS21.13B. Net income totaled RS337.8M. Results are not
comparable as company is not reporting corresponding year consolidated
financials. The Company is engaged in power generation, trading of steel and
trading of flat products. The products traded by the company includes angles,
beams and channels in flat products and color coated sheets.
OVERVIEW
A Bombay Stock Exchange listed company with various awards and accolades
under its belt, Ushdev International Limited (UIL) is the subsidiary company of
Ushdev Group that has been incorporated in 1994 by the visionary entrepreneur
Late Mr. Vijay Gupta. The business that began its operations with the trading
of steel and steel products gradually moved on to the wind power generation.
However, the natural progression of the business kept it driving and giving
finesse to its core expertise which led to the trading of other metals.
The growth chart of Subject has been phenomenal and the company has been
constantly moving upwards to expand its business portfolio and create more and
more value for the investors. Subject has been among the companies in India
which realized the scope for growth in wind power industry. Taking the
first-movers-advantage it forayed into wind power generation through windmills
in 1997
However, as a progressive company that constantly believes in expanding
its product portfolio, Subject also has the distinction of going beyond the
core business portfolio of steel to foray into other metal space and evolve as
a wholesome trading company.
Subject has maintained an impressive track record of constantly earning
profits for its shareholders. The robust financial figure of the company is a
testimony of the fact. No wonder, in less than two decades of its
incorporation, Subject has scaled up to be the 3rd largest private
sector trading company in India. Subject is ranked as the 7th
largest Trading Co (private and public put together) in a competitive market
place of giants like MMTC, PTC, STC, etc.
This phenomenal track record of Subject clearly indicates how the
company has carried the legacy of strong foundation laid by the thinktank
behind this company, and at the same time evolved constantly with the demands
of the market. Their success speaks for itself right from Forbes, the global
corporate benchmark, to the top media ventures of India all have appreciated
the scaling up of UIL both in qualitative and quantitative terms.
ACCOLADES
• Subject has been ranked as "Best Under A Billion Companies"
by Forbes Asia in its list of Asia's 200 Companies.
• Subject has been included by Dun and Bradstreet (D&B) in India's
Top 500 Companies 2010 and is featured under the 'trading' sector.
• Subject has been awarded as the "Best performing Wind farm in the
2 MW category" for the year 2008-09 by Indian Wind Power Association.
• Subject has been ranked 297 by Business Standard magazine in their
February 2010 issue on the basis of net sales.
• Subject has been ranked 6th by Business India magazine in its December
2009 issue on the basis of Sales to Net Fixed Asset Ratio with 100% growth in
FY 2008-09 compared to previous FY 2007-08.
• Subject has received the 38th rank by Business India on the basis of
Sales to Assets Ratio in its December 2009 issue.
MANAGEMENT
PRATEEK GUPTA -
MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Mr. Prateek Gupta is Managing Director, Executive Director of Ushdev
International Limited. He has been appointed as Managing Director of the
Company w.e.f. May 01, 2009. He is a B. Com. Graduate. He has been heading the
trading and fund raising activity of the Company since 1997. He was the Co-
Chairman of the Bombay Chamber of Commerce and Industry's Power and Energy
Conservation Committee for the F.Y. 2004-0.5. His Other Directorships include
Ushdev Securities Limited, Ushdev Power Limited, Ushdev Commercial Services
Private Limited, Moments Candles (India) Private Limited.
NEWS
DISCLOSURES UNDER REG. 8A(4) OF SEBI (SAST) REGULATIONS,
1997
18 October 2011
India, Oct. 18 -- Ushdev International Limited has submitted the
disclosure under Regulation 8A(4) of SEBI (Substantial Acquisition of Shares
and Takeovers)Regulations, 1997 to BSE Date of Reporting : October 13, 2011Name
of the Company : Ushdev International Limited Total no of outstanding shares of
the Company : 29425800Name of the Entity : Montex Trading Private Limited
Details of Transaction Date of Transaction : October 12, 2011Number of Shares
Pledged : 26667Aggregate details after the transaction Total no of shares held
by the entity in the Company : 1406570Total No of shares pledged : 1406481% of
total shares pledged to total no of shares held by the entity in the Company :
99.9936%% of shares pledged to total no of outstanding shares of the Company :
4.7797%
USHDEV INTERNATIONAL RISES ON PLAN OF DILUTING
10-20% EQUITY STAKE
16 September 2011
India, Sept. 16 -- Ushdev International is currently trading at Rs 311.35,
up by 0.85 points or 0.27% from its previous closing of Rs 310.50 on the BSE.
The scrip opened at Rs 310.00 and has touched a high and low of Rs 314.95 and
Rs 302.00 respectively. So far 5901 shares were traded on the counter. The BSE
group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 495.00 on
27-Dec-2010 and a 52 week low of Rs 246.05 on 22-Jun-2011.Last one week high
and low of the scrip stood at Rs 325.00 and Rs 302.00 respectively. The current
market cap of the company is Rs 9136.700 millions. The promoters holding in the
company stood at 54.67% while Institutions and Non-Institutions held 5.96% and
39.37% respectively. Metals trading firm and wind farm operator, Ushdev
International, is eyeing to dilute around 10-20% stake in the company. For this
it is planning to rope in private equity investors and if the deal goes through
the company will be able to raise about $20-$40 million. Last year, during
April-December period the company handled 6% of the traded steel in the country.
It is currently expanding its core metals trading and wind power generation
businesses. The expansion can be via organic and inorganic routes. The company
is targeting about the expansion of its wind business further and is in the
process of a large acquisition of around 100 MW in Indian market. Currently the
company has a portfolio of 31 MW of wind farms spread across five states. The
core activities of this company are power generation and trading of steel.
Steel trading being its parent business and doing well in that, the company was
in an urge to get into an altogether new area, and thus started investing into
power generation through windmills from 1997 onwards.
USHDEV INTERNATIONAL RISES ON RECEIVING HOST
COUNTRY APPROVAL FROM THE MINISTRY OF ENVIRONMENT AND FORESTS
03 June 2011
India, June 03 -- Ushdev International is currently trading at Rs.
332.00, up by 2.70 points or 0.82% from its previous closing of Rs. 329.30 on
the BSE. The scrip opened at Rs. 331.00 and has touched a high and low of Rs.
335.00 and Rs. 330.05 respectively. So far 49571 shares were traded on the
counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week
high of Rs. 495.00 on 27-Dec-2010 and a 52 week low of Rs. 203.00 on
10-Jun-2010.Last one week high and low of the scrip stood at Rs. 335.00 and Rs.
321.00 respectively. The current market cap of the company is Rs. 9784.100
millions. The promoters holding in the company stood at 54.62% while
Institutions and Non-Institutions held 5.96% and 39.41% respectively. Ushdev
International has received Host Country Approval to CDM project for Wind Power
Project of Ushdev International in Tamil Nadu located in various villages in
Tamil Nadu namely Mottanuthu, Marikundu, Shanmugasudarapuram, Seepalaikottai
and Poomalaikundu. The Ministry of Environment and Forests, Government of India
has conveyed its approval through letter dated May 24, 2011.The company has
registered a growth of 53.38% in its net profit for the year under review at Rs
413.500 millions as compared to Rs 269.600 millions for the last year. Its net
sales have jumped by 47.94% at Rs 25681.500 millions for the year from Rs
17359.800 millions in previous year.
USHDEV INTERNATIONAL RECEIVES HOST COUNTRY APPROVAL
FROM THE MINISTRY OF ENVIRONMENT AND FORESTS
03 June 2011
India, June 03 -- Ushdev International has received Host Country
Approval to CDM project for Wind Power Project of Ushdev International in Tamil
Nadu located in various villages in Tamil Nadu namely Mottanuthu, Marikundu, Shanmugasudarapuram,
Seepalaikottai and Poomalaikundu. The Ministry of Environment and Forests,
Government of India has conveyed its approval through letter dated May 24,
2011.The company has registered a growth of 53.38% in its net profit for the
year under review at Rs 413.500 millions as compared to Rs 269.600 millions for
the last year. Its net sales have jumped by 47.94% at Rs 25681.500 millions for
the year from Rs 17359.800 millions in previous year.
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. 49.71 |
|
|
1 |
Rs. 78.08 |
|
Euro |
1 |
Rs. 68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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.