MIRA INFORM REPORT
|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAJ AIR LIMITED |
|
|
|
|
Formerly Known
As : |
MEGAPODE AIRLINES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Mandlik House, Mandlik Road, Colaba, Mumbai – 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.07.1993 |
|
|
|
|
Com. Reg. No.: |
11-072760 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1134.902 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63013MH1993PLC072760 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM08795D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM3005A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Private Small Planes on Hire Basis. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 520000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is owned by the Tata Group. It is an established and reputed company having satisfactory track. Latest
financials i.e. 2011-12 are missing from government department. From the
financial 2011, it seems that the company has recorded huge accumulated
losses. However, trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong holding 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 |
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
MANAGEMENT NON CO-OPERATIVE (91-22-66395515/ 67450369)
LOCATIONS
|
Registered Office : |
Mandlik House, Mandlik Road, Colaba, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66395515/ 67450369 |
|
Fax No.: |
91-22-22027442 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Taj Air Hangar, Gate No. 8, Old Airport Road, Kalina, Santacruz Mumbai
- 400029, Maharashtra, India |
|
Tel. No.: |
91-22-26157993/ 65089463/ 65089462 |
|
Fax No.: |
91-22-26157719/ 26157555 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mehernosh Sorab Kapadia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Wodehouse Apartments, 29 Wodehouse Road,
Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1953 |
|
Qualification : |
Dip. - Travel Management |
|
Date of Appointment : |
13.06.2003 |
|
DIN No.: |
00050530 |
|
|
|
|
Name : |
Phillie Dara Karkaria |
|
Designation : |
Director |
|
Address : |
43 B, Gool Mahal, 10 Naushir Bharucha
Road, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1948 |
|
Qualification : |
FCMA (London), A.F.A. |
|
Date of Appointment : |
15.01.1999 |
|
DIN No.: |
00059397 |
|
|
|
|
Name : |
Niyant Rohit Maru |
|
Designation : |
Director |
|
Address : |
Block-11, Radhanarayan, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1963 |
|
Qualification : |
B. Com, A.C.A. |
|
Date of Appointment : |
21.12.2006 |
|
DIN No.: |
00142556 |
KEY EXECUTIVES
|
Name : |
Mrs. Neha Ashok Khanna |
|
Designation : |
Secretary |
|
Address : |
Flat No. 542, Building No. 5, 4 Floor, Shantivan Apartments, Oshiwara,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1988 |
|
Date of Appointment : |
30.01.2012 |
|
PAN No.: |
BWZPK5490A |
|
|
|
|
Name : |
Mr. Dhananjay Narayan Poojary |
|
Designation : |
Manager |
|
Address : |
Tower No. 3, Flat No. 801, Soham Park, Hari Om Nagar B/H, Mulund
Octroi Naka, Mulund East, Mumbai – 400081, Maharashtra, India |
|
Date of Birth/Age : |
27.07.1969 |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
AJWPP7267M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
4200000 |
|
Kalimati Investment Company Limited, India |
|
4200000 |
|
Aftaab Investment Company Limited, India |
|
4200000 |
|
Tata Chemicals Limited, India |
|
4000000 |
|
Tata Global Beverages Limited, India |
|
4200000 |
|
Sheba Properties Limited, India |
|
4200000 |
|
Oriental Hotels Limited, India |
|
6250000 |
|
United Hotels Limited, India |
|
6250000 |
|
Tifco Holdings Limited, India |
|
15843140 |
|
Tata Consultancy Services Limited, India |
|
19000000 |
|
Tata Realty and Infrastructure Limited, India |
|
19000000 |
|
Tata Global Beverages Investment Limited, India |
|
18000000 |
|
The Indian Hotels Company Limited, India |
|
147060 |
|
Taida Trading and Industries Limited, India |
|
4000000 |
|
Total |
|
113490200 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Private Small Planes on Hire Basis. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
The Bank of Nova Scotia Asia Limited, 1, Raffles Quay, # 20-01 North
Tower, One Raffles Quay, Singapore - 048583 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Ø Tata Capital
Limited, One Forbes, Dr. V B Gandhi marg. Fort, Mumbai – 400001, Maharashtra,
India Ø GE Capital
Services India, AIFCS Building, 1st Floor, 1 Rafi Marg, New Delhi
– 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
SNB Associates Chartered Accountant |
|
Address : |
12, 3rd Floor,
Gemini Parsn Complied, 121 Mount Road, Chennai - 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABFPL7013G |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
The Indian
Hotels Company Limited CIN No.:-
L74999MH1902PLC000183 Tata Sons
Limited CIN No.:-
U99999MH1917PLC000478 Tata Realty and
Infrastructure Limited CIN No.:-
U70102MH2007PLC168300 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113,490,200 |
Equity Shares |
Rs.10/- each |
Rs. 1134.902
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 |
1134.902 |
574.902 |
574.902 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1004.254) |
(770.238) |
(363.450) |
|
|
NETWORTH |
130.648 |
(195.336) |
211.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1602.517 |
1757.129 |
1596.600 |
|
|
2] Unsecured Loans |
1253.500 |
1440.500 |
1152.500 |
|
|
TOTAL BORROWING |
2856.017 |
3197.629 |
2749.100 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2986.665 |
3002.293 |
2960.552 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2044.842 |
2151.756 |
2052.591 |
|
|
Capital work-in-progress |
579.500 |
531.155 |
731.111 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.276
|
17.172 |
10.108 |
|
|
Sundry Debtors |
17.968
|
27.622 |
30.369 |
|
|
Cash & Bank Balances |
100.287
|
66.954 |
57.599 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
428.612
|
419.559 |
302.196 |
|
Total
Current Assets |
560.143
|
531.307 |
400.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
104.406
|
124.673 |
88.576 |
|
|
Other Current Liabilities |
136.133
|
136.199 |
188.904 |
|
|
Provisions |
13.681
|
16.263 |
12.959 |
|
Total
Current Liabilities |
254.220
|
277.135 |
290.439 |
|
|
Net Current Assets |
305.923
|
254.172 |
109.833 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
56.400 |
65.210 |
67.017 |
|
|
|
|
|
|
|
|
TOTAL |
2986.665 |
3002.293 |
2960.552 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
602.105 |
544.004 |
501.625 |
|
|
|
TOTAL (A) |
602.105 |
544.004 |
501.625 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
16.642 |
20.366 |
|
|
|
|
Manufacturing service costs |
322.594 |
246.413 |
|
|
|
|
Employee related expenses |
77.232 |
94.384 |
|
|
|
|
Administrative selling other expenses |
76.614 |
63.622 |
|
|
|
|
TOTAL (B) |
493.082 |
424.785 |
368.194 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
109.023 |
119.219 |
133.431 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
233.198 |
246.346 |
94.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(124.175) |
(127.127) |
38.997 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.840 |
279.660 |
65.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(234.015) |
(406.787) |
(26.550) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(234.015) |
(406.787) |
(27.244) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(770.237) |
(363.450) |
(336.206) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1004.252) |
(770.237) |
(363.450) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
N.A. |
25.250 |
16.980 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts |
13.387 |
27.775 |
16.038 |
|
|
|
Capital Goods |
0.000 |
375.702 |
1447.698 |
|
|
TOTAL IMPORTS |
13.387 |
403.477 |
1463.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.11) |
(7.08) |
(0.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(38.87) |
(74.78) |
(5.43) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.00) |
(0.00) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.98) |
(15.16) |
(1.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.79) |
(2.08) |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
23.81 |
(17.79) |
14.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
1.92 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
104.406
|
124.673 |
88.576 |
|
TOTAL |
104.406 |
124.673 |
88.576 |
|
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 |
No |
|
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) |
No |
|
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 |
No |
BUSINESS OVERVIEW
The Indian economy
has been growing consistently over the last few years and coupled with the
stable growth, rising foreign exchange reserves and increasing inflows of Foreign
Direct Investment (FDI) set the stage for high growth expectations.
The aviation
sector in India is amongst the most promising ones, driven by a massive boom in
tourism and increasing levels of disposable incomes.
Given the Company's dominance and edge in its business, the Company is
well placed to explore new business opportunities.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U63013MH1993PLC072760 |
|
Name of the
company |
TAJ AIR LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mandlik House, Mandlik Road, Colaba, Mumbai – 400001,
Maharashtra, India Email: taher.s@tajhotels.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
GE Capital Services India, AIFCS Building, 1st Floor, 1
Rafi Marg, New Delhi – 110001, India Email: balraj.vanwari@ge.com
CIN No.: U74899DL1993ULL055761 |
|
Nature of
description of the instrument creating or modifying the charge |
Taj Air Limited
has availed a loan of Rs. 358.500 Millions from GE Capital Services India
vide loan agreement dated 12th September, 2011 (Loan Agreement). The
repayment of all the outstanding under the Loan Agreement is secured by
Falcon 2000, CFE 738-1-1-1B aircraft bearing Registration number VT-TBT,
together with engine Serial No. P105213 (L/H) and engine Serial No. P105212
(R/H) vide hypothecation deed dated 12th September, 2011 |
|
Date of
instrument Creating the charge |
12.09.2011 |
|
Amount secured by
the charge |
Rs. 358.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (a) 2.2% above
the applicable 3 month (mon) Reuters CP Rate for mon 1 - 12; (b) 2.8% above
the applicable 3 mon CP Rate from mon 13 - 36; (c) as determined
by Lender from mon 37- 60. Terms of Repayment Principal payable
in 20 equal quarterly installments in arrears. Interest payable monthly in
arrears. The payments noted above will be increased to reflect any taxes,
duties or other government imposts that may apply to the Facility. Payments must be
made by electronic transfer directly to a GE Capital designated account Margin N.A. Extent and Operation of the charge First ranking
exclusive charge over Falcon 2000, CFE 738-1-1-1B aircraft bearing Registration
number VT-TBT, together with engine Serial No. P105213 (L/H) and engine
Serial No. P105212 (R/H) vide hypothecation deed dated 12th September, 2011 |
|
Short particulars
of the property charged |
Falcon 2000, CFE
738-1-1-1B aircraft (hereinafter referred to as "the Aircraft")
bearing Registration number VT-TBT, together with engine Serial No. P105213
(L/H) and engine Serial No. P105212 (R/H). |
CONTINGENT LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Property Tax demand |
4.699 |
4.699 |
|
Claim made by
Aviators India Private Limited for commission on air charters (net of
provision made in the books Rs 4,74,726) |
6.250 |
5.383 |
|
Tax Liability raised by Service Tax Department:- |
|
|
|
1) in respect of
"part consideration" received from M/s. Indian Hotels Company
Limited as commitment charges towards the air charter services covered by the
taxable category "STGU" services for the period 16.05.2008 to 31.03.2009 |
29.736 |
29.736 |
|
2) in respect of
payment towards the import of " Telecommunication" services ( Till
31.05.2007 covered by Telephone and pager Services) during the period
18.04.2006 to 31.03.2009. |
0.036 |
0.036 |
|
3) in respect of
payments towards the import of " Advertisement Agency" Services
during the period 18.04.2006 to 31.03.2009. |
0.244 |
0.244 |
|
4 )in respect of
payments towards the import of " Business Auxiliary" Services
during the period 18.04.2006 to 13.03.2009. |
2.538 |
2.538 |
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. 54.27 |
|
|
1 |
Rs. 87.43 |
|
Euro |
1 |
Rs. 70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA / DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.