MIRA INFORM REPORT
|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASCENT HOTELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 114, Dr. E Moses Road, Mumbai - 400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-154475 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.349.717
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2005PTC154475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA26101F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Hospitality Services. |
|
|
|
|
No. of Employees
: |
Information
denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track. The company has started its
commercial business activities recently in the financial year 2010-11. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
C (Long Term Bank Facilities) |
|
Rating Explanation |
Having very high risk of default regarding
timely servicing of financial obligations. |
|
Date |
15.06.2012 |
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
|
Name : |
Mr. Arvind |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-24818910 |
|
Date : |
20.12.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 114, Dr. E Moses Road, Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66627770/ 24818910/ 24818919 |
|
Fax No.: |
91-22-66528088 |
|
E-Mail : |
DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Shiv Kumar Jatia |
|
Designation : |
Managing Director |
|
Address : |
B-50,Gulmohar Park, New Delhi - 110049, India |
|
Date of Birth/Age : |
12.10.1952 |
|
Date of Appointment : |
15.12.2010 |
|
Din No.: |
00006187 |
|
|
|
|
Name : |
Mr. Adarsh Rajkumar Katia |
|
Designation : |
Director |
|
Address : |
5th floor, Krishnabad Building, Gamadai Road, Mumbai -
400026, Maharashtra, India |
|
Date of Birth/Age : |
15.11.1980 |
|
Date of Appointment : |
06.07.2005 |
|
Din No.: |
00136214 |
|
|
|
|
Name : |
Mr. Rajkumar Subhkaran Jatia |
|
Designation : |
Director |
|
Address : |
5th floor, Krishnabad Building, Warden Road, Mumbai -
400026, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1951 |
|
Date of Appointment : |
06.07.2005 |
|
Din No.: |
00136303 |
|
|
|
|
Name : |
Mr. Vasudevan Ramamoorthy |
|
Designation : |
Director |
|
Address : |
Flat No. C10, Ivyglen Marigold Premises, Wadgaon Sheri, Pune – 411014,
Maharashtra, India |
|
Date of Birth/Age : |
26.07.1952 |
|
Date of Appointment : |
31.03.2006 |
|
Din No.: |
00013519 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Gadi Hassin |
|
Designation : |
General Manager |
|
Qualification : |
Masters in Foreign Affairs and International Law |
|
Date of Birth/Age : |
44 Years |
|
Date of Appointment : |
01.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Adarsh Rajkumar Jatia |
|
7400 |
|
Spring Leaf Investment Limited, Mauritius |
|
28294762 |
|
Vascon Engineers Limited, India |
|
6669492 |
|
|
|
|
|
Total |
|
34971654 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
80.91 |
|
Bodies
corporate |
|
19.07 |
|
Directors
or relatives of directors |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hospitality Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information
denied by the management |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
HDFC Bank, Mumbai, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
Infrastructure Development Finance Company Limited, KRM Tower, 8th
Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
D N Kanabar and Company Chartered Accountants |
|
Address : |
406, Maker Chamber, V, 221, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Pan No.: |
AABPK1577D |
|
|
|
|
Entities controlled by directors or their relatives: |
|
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34971654 |
Equity Shares |
Rs.10/- each |
Rs.349.717
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 |
349.717 |
203.634 |
203.634 |
|
|
2] Share Application Money |
37.500 |
344.990 |
3.177 |
|
|
3] Reserves & Surplus |
1048.850 |
610.603 |
610.603 |
|
|
4] (Accumulated Losses) |
(215.320) |
0.000 |
0.000 |
|
|
NETWORTH |
1220.747 |
1159.227 |
817.414 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2326.468 |
1945.014 |
1198.370 |
|
|
2] Unsecured Loans |
139.700 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2466.168 |
1945.014 |
1198.370 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3686.915 |
3104.241 |
2015.784 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3280.476 |
110.657 |
109.842 |
|
|
Capital work-in-progress |
383.942 |
2678.555 |
1281.345 |
|
|
INCIDENTAL EXPENDITURE DURING CONSTRUCTION |
0.000 |
0.000 |
323.853 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
30.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
ADVANCE TOWARDS CAPITAL EXPENDITURE |
0.000 |
0.000 |
78.657 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.521
|
0.000 |
0.000 |
|
|
Sundry Debtors |
16.243
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
33.560
|
29.227 |
15.648 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
152.082
|
348.045 |
201.735 |
|
Total
Current Assets |
230.406
|
377.272 |
217.383 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
165.188
|
57.940 |
12.699 |
|
|
Other Current Liabilities |
41.690
|
7.212 |
15.506 |
|
|
Provisions |
1.031
|
0.000 |
0.000 |
|
Total
Current Liabilities |
207.909
|
65.152 |
28.205 |
|
|
Net Current Assets |
22.497
|
312.120 |
189.178 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.909 |
2.909 |
|
|
|
|
|
|
|
|
TOTAL |
3686.915 |
3104.241 |
2015.784 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
119.464 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
175.485 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
175.485 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
(56.021) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
109.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(165.298) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
47.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE PRIOR PERIOD ADJUSTMENTS AND TAX |
|
|
(212.410) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
|
|
2.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(215.320) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(215.320) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(215.320) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Rooms/ F and B |
|
|
4.910 |
|
|
TOTAL EARNINGS |
|
|
4.910 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores, Supplies and Spare Parts |
|
|
11.026 |
|
|
|
Food and Beverages |
|
|
5.146 |
|
|
|
Capital Goods |
|
|
122.207 |
|
|
TOTAL IMPORTS |
|
|
138.379 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(6.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(180.23)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.13)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
1.73 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
5.79 |
7.70 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
|
|
|
|
|
Sundry Creditors |
165.188
|
57.940 |
12.699 |
|
|
|
|
|
|
Total |
165.188
|
57.940 |
12.699 |
|
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 |
BACKGROUND:
Subject is in
business of Construction and operation of 5 Star Hotel and Suites at Pune under
the brand name of “Hyatt Regency”. The Company has commenced commercial
operations of its Hotel block consisting of Rooms on 26th October
2010. The Project consisting of Hyatt Regency Suites is presently under
construction.
MACRO ECONOMIC
SCENARIO
India has been ranked at the second place in global foreign direct investments (FDI) in 2010 and is expected to remain among the top five attractive destinations for international investors during 2010-12, according to a report on world investment prospects titled, 'World Investment Prospects Survey 2009-2012' by the United Nations Conference on Trade and Development (UNCTAD).
India's FDI gathered momentum with the inflows growing by 310 per cent in June 2011 to touch US$ 5.65 billion, the highest monthly inflow in the last 11 years. The total FDI stood at US$ 16.83 billion during January-June 2011, nearly 57 per cent higher than the US$ 10.74 billion received during the same period last year.
Non-resident Indian (NRI) inflows in the first quarter of 2011-12 has witnessed a rise of 38 per cent as compared to the same period in 2010-11. NRIs invested US$ 1.54 billion in various NRI deposit schemes during April-June 2011.
Thus India is expected to grow at a rate of 8% and India’s long term growth potential remains intact. Therefore hospitality sector is expected to benefit from this increased inflow and growth.
FUTURE OUTLOOK
Despite short term blips, the Indian hotel industry outlook remains extremely positive. Hotels in India have a shortage of 150,000 rooms fueling hotel room rates across India. With tremendous pull of opportunity, India is a destination for hotel chains looking for growth.
As per the Travel and Tourism Competitiveness Report 2011 issued by the World Economic Forum, India is ranked 12th in the Asia Pacific region and 68th worldwide on the list of the world’s attractive destinations. However, some aspects of its tourism infrastructure remain somewhat underdeveloped (ranked 89th), with very few hotel rooms per capita by international comparison.
India’s hotel pipeline is the second largest in the Asia-Pacific region.
With the USD 23 billion software services sector pushing the Indian economy skywards, more and more IT professionals are moving to Indian metro and secondary cities. ‘Hotel Industry in India’ is set to grow at 15% a year.
Pune, the industrial city of Maharashtra is now considered to be one of the most progressive and happening cities of India. With suitable infrastructure for setting up industries in both the IT, BPO and manufacturing sectors, the recent years has seen an increase in foreign investments with major Indian companies also expanding their operations in the city.
The large additions to the room inventory in last six months of financial year 2010-2011 resulted drop in occupancy for the city of Pune with combined drop in ARR by 15-20%. Hotel could not bid for major Corporate Contracts due to opening of the hotel post corporate RFP period.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10084759 |
|
Corporate
identity number of the company |
U55101MH2005PTC154475 |
|
Name of the
company |
ASCENT HOTELS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 114, Dr. E Moses Road, Mumbai - 400018, Maharashtra, India |
|
Type of charge |
|
|
Particular of
charge holder |
Infrastructure Development Finance Company Limited, KRM Tower, 8th
Floor, No. 1, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
No due Letter
from IDFC Limited |
|
Date of
instrument Creating the charge |
19.04.2011 |
|
Amount secured by
the charge |
Rs.1450.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Common
Rupee Loan Agreement Terms of
Repayment As per Common
Rupee Loan Agreement Extent and
Operation of the charge Present charge of
Rs. 2500.000 Millions i.e.1st pari passu charge created in favour of (IDFC-TL
of Rs.1050.000 Millions, HDFC Limited-TL of Rs.860.000 Millions, Canara Bk-TL
of Rs. 310.000 Millions, Corp Bk-WC of Rs. 50.000 Millions and 2nd charge in
favour of Corp Bk- BG to the extent of Rs. 230.000 Millions) stands reduced
to Rs. 1450.000 Millions i.e.1st pari
passu charge in favour of (HDFC Limited-TL of Rs.86.000 Millions, Canara Bk
TL of Rs 310.000 Millions, CorpBk- WC of Rs. 50.000 Millions and 2nd charge
in favour of Corp Bk-BG to the extent of Rs. 230.000 Millions) |
|
Short particulars
of the property charged |
As per Indenture
of Mortgage. |
|
Particulars of
the present modification |
Present charge of
Rs. 2500.000 Millions i.e.1st pari passu charge created in favour of (IDFC-TL
of Rs.1050.000 Millions, HDFC Limited -TL of Rs.860.000 Millions, Canara
Bk-TL of Rs. 310.000 Millions, Corp Bk-WC of Rs. 50.000 Millions and 2nd
charge in favour of Corp Bk- BG to the extent of Rs. 230.000 Millions) stands
reduced to Rs. 1450.000 Millions i.e.1st
pari passu charge in favour of (HDFC Limited-TL of Rs.860.000
Millions, Canara Bk TL of Rs 310.000 Millions, Corp Bk- WC of Rs. 50.000
Millions and 2nd charge in favour of Corp Bk-BG to the extent of Rs. 230.000
Millions) |
FIXED ASSETS:
- Land
- Air Conditioner
- Furniture and Fixtures
- Office Equipments
- Generator
- Computers and Peripherals
- Vehicles
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.54.84 |
|
|
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.