|
Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED (w.e.f. 30.03.2007) |
|
|
|
|
Formerly Known
As : |
DRIVEINDIA.COM LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
27.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-126195 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.534
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PLC126195 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMD12064D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD5823E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Importer of |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Tata Group company. It is an established company having satisfactory track. Latest
financials i.e. 2011-12 are missing from the government department from the
financial of 2011. It seems that there appears some dip in the turnover and
profitability of company. However, networth of the company appears to be
satisfactory. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
23.04.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
23.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non cooperative
LOCATIONS
|
Registered/ Corporate Office : |
7th Floor, Kamla Executive Park, Andheri (East),
Mumbai–400059, Maharashtra, India |
|
Tel. No.: |
91-22-67779000 |
|
Fax No.: |
91-22-67779001/ 9002 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.08.2012
|
Name : |
Mr. Rameshwar Singh Thakur |
|
Designation : |
Additional Director |
|
Address : |
Flat No.205, Burlington, Hiranandani Estate, Patlipada, Thane (West), Mumbai-400607,
Maharashtra, India |
|
Date of Birth/Age : |
06.09.1948 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00020126 |
|
|
|
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Additional Director |
|
Address : |
Windmere Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr. Ajay Murlidhar Ponkshe |
|
Designation : |
Director |
|
Address : |
Flat No.3 1st Floor, Yashodhan, Sahayog Mandir Path,
Naupada Thane – 400 601, |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
01663073 |
|
|
|
|
Name : |
Mr. Kanwar Rameshwar Singh Jamwal |
|
Designation : |
Additional Director |
|
Address : |
73-A, Maker Towers, Chsl, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
11.10.1965 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03129908 |
KEY EXECUTIVES
|
Name : |
Mr. M G Subramaniam |
|
Designation : |
Secretary |
|
Date of Birth/Age : |
03.05.1959 |
|
Date of Appointment : |
18.01.2012 |
|
PAN No.: |
ACLPM6816F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2012
|
Names of Shareholders |
No. of Shares |
|
Tata Industries Limited, |
350 |
|
Tata Industries Limited, |
10 |
|
Tata Industries Limited, India Jointly With K K Bhatt |
10 |
|
Tata Industries Limited, India Jointly With Dhirendrasingh Kushwah |
10 |
|
Tata Industries Limited, |
10 |
|
Tata Industries Limited, India Jointly With Deepika Bhagwagar |
10 |
|
Tata Industries Limited, India |
400000 |
|
Tata International Limited, |
400000 |
|
Tata International Limited, |
26700 |
|
Grazeilla Shoes Limited, India |
1 |
|
Tata Industries Limited, India |
26299 |
|
Tata Industries Limited, |
50 |
|
Tata Industries Limited, India Jointly With K K Bhatt |
50 |
|
Tata Industries Limited, India Jointly With Dhirendrasingh Kushwah |
50 |
|
Tata Industries Limited, |
50 |
|
Tata Industries Limited, India Jointly With Deepika Bhagwagar |
50 |
|
Tata Industries Limited, India |
2133245 |
|
Tata International Limited, |
2133500 |
|
Grazeilla Shoes Limited, India |
5 |
|
TOTAL
|
5120400 |
AS ON 29.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Mobile Handsets, Service Provider for Logistics and
Warehousing Solutions. |
|
|
|
|
Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Trishul 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad–380 006,
Gujarat, India. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and sells Chartered Accountant |
|
Address : |
1-8-384 and 385, 3rd Floor, |
|
Tel. No.: |
91-40-40312600 |
|
Fax No.: |
91-40-40312714 |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Entity holding more than 20% : |
Tata Industries
Limited CIN No.:-
U51900MH1962PLC012528 Tata
International Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
853400 |
Equity Shares |
Rs.10/- each |
Rs. 8.534
Millions |
|
|
|
|
|
NOTE
(i)
Of the above, 4,26,699 equity shares of Rs. 10 each
are held by Tata Industries Limited and its nominees and 4,26,700 equity shares
of Rs. 10 each are held by Tata International Limited.
(ii)
Of the above 8,53,000 shares were allotted as fully
paid up pursuant to a contract, without payment being received in cash.
AS ON 29.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5120400 |
Equity Shares |
Rs.10/- each |
Rs. 51.204
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.534 |
8.534 |
8.534 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
697.354 |
621.720 |
328.734 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
705.888 |
630.254 |
337.268 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1477.653 |
1984.215 |
3136.113 |
|
|
TOTAL BORROWING |
1477.653 |
1984.215 |
3136.113 |
|
|
DEFERRED TAX LIABILITIES |
5.960 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2189.501 |
2614.469 |
3473.381 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
508.834 |
451.358 |
391.457 |
|
|
Capital work-in-progress |
98.971 |
77.525 |
0.072 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
28.994 |
|
|
DEFERREX TAX ASSETS |
0.000 |
40.744 |
52.674 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1998.249
|
2044.759
|
4052.915
|
|
|
Sundry Debtors |
1378.835
|
1191.944
|
1525.426
|
|
|
Cash & Bank Balances |
289.703
|
540.452
|
952.196
|
|
|
Other Current Assets |
1.543
|
0.139
|
0.000
|
|
|
Loans & Advances |
584.116
|
532.635
|
833.523
|
|
Total
Current Assets |
4252.446
|
4309.929 |
7364.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2356.098
|
1868.474
|
3781.288 |
|
|
Other Current Liabilities |
250.786
|
359.548
|
568.995
|
|
|
Provisions |
63.866
|
37.065
|
13.593
|
|
Total
Current Liabilities |
2670.750
|
2265.087 |
4363.876 |
|
|
Net Current Assets |
1581.696
|
2044.842
|
3000.184
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2189.501 |
2614.469 |
3473.381 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10447.891 |
13170.343 |
15292.636 |
|
|
|
Other Income |
123.615 |
139.955 |
96.134 |
|
|
|
Income from Services Including Logistics |
-- |
-- |
1039.311 |
|
|
|
TOTAL (A) |
10571.506 |
13310.298 |
16428.081 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
7193.124 |
10403.387 |
12866.588 |
|
|
|
Employees Related Expenses |
331.891 |
237.043 |
-- |
|
|
|
Administrative, selling and Other Expenses |
2711.652 |
2534.945 |
-- |
|
|
|
Establishment and Other Expenses |
-- |
-- |
715.617 |
|
|
|
Logistics Related Expenses |
-- |
-- |
682.464 |
|
|
|
TOTAL (B) |
10236.667 |
13175.375 |
14264.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
334.839 |
134.923 |
2163.412 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.951 |
(412.019) |
1822.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
289.888 |
546.942 |
341.336 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.205 |
60.578 |
28.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
216.683 |
486.364 |
313.107 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
100.384 |
173.475 |
103.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
116.299 |
312.889 |
209.523 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
590.431 |
328.734 |
119.211 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.630 |
31.289 |
0.000 |
|
|
|
Dividend |
34.989 |
17.068 |
0.000 |
|
|
|
Tax on Dividend |
5.676 |
2.835 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
654.435 |
590.431 |
328.734 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
4.563 |
0.338 |
3.191 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
5813.645 |
7494.955 |
13527.637 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
136.28 |
366.64 |
245.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.10
|
2.35 |
1.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
3.69 |
2.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.55
|
10.13 |
4.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.77 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.89
|
6.74 |
22.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.90 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
0.763 |
0.942 |
9.538 |
|
Creditors due
others |
2355.335 |
1867.532 |
3771.750 |
|
TOTAL |
2356.098 |
1868.474 |
3781.288 |
NOTE
Registered office has been shifted from G-1 and 2, New Udyog Mandir 2,
Mogul Lane, Mahim (West), Mumbai, Maharashtra, India to the present address
w.e.f. 01.02.2009
OPERATING RESULTS AND
BUSINESS
The Company has
achieved an overall turnover of Rs. 10534.400
Millions (2009-10: Rs. 13310.300
Millions). There is a decrease of 20.9% in total turnover as compared to
last year and there is decrease of 14.6 % in sale quantity of devices. The
overall turnover in 2010-11 includes a
trading turnover of Rs 7959.200 Millions (previous year Rs 10897.800 Millions) and Service
Business turnover of Rs 2575.300
Millions (previous year Rs 2412.500
Millions).
There is a
decrease of 26% in Trading Turnover as compared to last year due to decrease in
CDMA Handsets sales after launch of TTSL GSM IDOCOMO and a shift towards Open
Market Handsets Sales. The Company has anticipated that over time the turnover
from handset trading will reduce and has worked to grow and build the business
of Trading in other areas such as telecommunications equipments, GSM handsets
etc., as well as in Service Business, to offset the expected gradual decline in
CDMA handset trading.
In its Service
Business portfolio (Warehousing, Distribution and Value added services), the
Company works with several Tata Group companies like Tata Teleservices, Tata
Chemicals, Voltas, Infiniti Retail, Tata Sky, Rallis, Tata Steel, Tata
Communications Banking etc and non-Tata Companies like L and T, Ballarpur
Industries, Anchor, Godrej, Huawei, ZTE, Haier, Nokia Siemens, Ganges
International, ITC, Colgate Palmolive, etc.
FUTURE OUTLOOK
Logistics is
defined as the efficient and cost effective process of planning, implementing
and controlling flow and storage of raw materials, in-process inventory,
finished goods and related information from point of origin to point of
consumption so as to meet customer requirements.
The Indian
Logistics Industry size was Rs 2.7 trillion in 2008-2009. It is expected to
grow at a CAGR of around 11 per cent to revenues of Rs 4.6 trillion by 2013-14.
Logistics spend,
which includes only primary transport modes and infrastructure, is around 8.2
per cent of the real Gross Domestic Product (GDP) in India. This is higher than
the share observed in developed nations where it averages 5-7 per cent. If the
secondary movement (from the hub to various depots) is also included, the
logistics spend increases to 10.7 per cent of GDP. Higher logistic spend as a
percentage of GDP can be attributed to the overall inefficiency in logistics
operations, multiple tax structures, inadequate infrastructure and the
unorganized nature of the industry in India.
The Indian
logistics industry is moving towards a consolidation phase due to the rising
demand for integrated services in a globalizing environment, the constant
pressure on companies to reduce costs and increase efficiency and improvements
in infrastructure. In this developing scenario, the Company perceives an
advantage over the large number of unorganized and small players, as long as
deliver greater efficiency and lower costs.
Subject as an
integrated logistics service provider anticipates strong growth in the Indian
logistics industry, based on expected GDP growth. With a large warehousing and
distribution network, that covers all states in India and a robust SAP
framework, DIESL has the potential to capture significant logistics market
share in industries such as Telecom, FMCG, Consumer Durables, etc.
Subject has
initiated action for implementation of Warehousing Management System (WMS) and
Distribution Management System (DMS) across all locations. This will help the
company in enhancing its service capabilities to existing and potential
customers.
Subject has tied
up with other Operators for Trading of High End Mobile phones. Subject has also
received handset trading purchase orders from overseas Operators which will be
executed in the next Financial Year
FORM 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10007337 |
|
Corporate
identity number of the company |
U72900MH2000PLC126195 |
|
Name of the
company |
DRIVE INDIA
ENTERPRISE SOLUTIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Agreement |
|
Date of
instrument Creating the charge |
08.04.2010 |
|
Amount secured by
the charge |
Rs.2000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Line of Credit:
BPLR - 3.75% p.a. Letter of Credit Commission: 0.40% p.a. Plus applicable
taxes, Bank Guarantee Commission: 0.75% p.a. plus applicable service tax. Terms of
Repayment On Demand Extent and
Operation of the charge Revised
Facilities Are :- Letter of Credit
- Rs.2000.000 Millions Sub-Limit of
Letter Credit:- Bank Guarantee -
Rs.1000.000 Millions Line of Credit -
Rs.750.000 Millions Loan Equivalent
Risk - Rs.50.000 Millions |
|
Short particulars
of the property charged |
First pari passu
charge on the entire current assets of the company both present and future
including the assets procured under letter of credit |
|
Date of latest modification
prior to the present modification |
24.10.2008 |
|
Particulars of
the present modification |
In present
modification the credit facilities have been reduced from Rs.2500.000
Millions to Rs.2000.000 Millions. |
FIXED ASSETS
·
Building
·
Computers
·
Office equipment
·
Furniture and Fixture
·
Plant and machinery
·
Vehicles
·
Software
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. 55.46 |
|
|
1 |
Rs. 87.62 |
|
Euro |
1 |
Rs. 71.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--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.