|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA
STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashganga, Plot No. C 19, E Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153646 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109MH2005SGC153646 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM27049E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM2936N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company engaged in Transmission of Electricity. |
|
|
|
|
No. of Employees
: |
Information Declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 136000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a State Government Company engaged in Transmission of
Electricity. It is a well established company having a fine track record. Financial
position of the company appears to be sound. Fundaments are strong and
healthy. Trade relations are fair. Business is active. Payments are reported
to be regular and as per commitments. Since it is government company, the creditors and lenders can be
confident of their exposure in the company. The company can be considered good for normal 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
|
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 BY
|
Name : |
Ms. Jyoti |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-26595031 |
|
Date : |
20.12.2012 |
LOCATIONS
|
Registered Office : |
Prakashganga, Plot No. C 19, E Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26595031/ 5000 |
|
Mobile No.: |
91-9930444303 (Ms. Jyoti Arora) |
|
Fax No.: |
91-22-26592316 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Arvind Singh |
|
Designation : |
Chairman and Managing Director |
|
Address : |
36, Ambar Narayan Dabholkar Marg, Malber Hills, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
14.05.1963 |
|
Date of Appointment : |
21.08.2009 |
|
DIN No.: |
02780573 |
|
|
|
|
Name : |
Mr. R. M. Premkumar |
|
Designation : |
Chairman (Ceased w.e.f. 11th June 2010) |
|
|
|
|
Name : |
Mr. Subrat Ratho |
|
Designation : |
Principal
Secretary (Energy) Director (w.e.f. 22nd June 2010 till 2nd August 2011) |
|
Address : |
38, Amber Apartments, 9th floor, Narayan Dabholkar Marg,
Malba Hills, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1962 |
|
Date of Appointment : |
22.06.2010 |
|
DIN No.: |
00502716 |
|
|
|
|
Name : |
Mr. Sitaram Kunte |
|
Designation : |
Principal Secretary
(Energy) Director (w.e.f. 3rd August 2011 till 17th November 2011) |
|
|
|
|
Name : |
Mr. Vidyadhar Kanade |
|
Designation : |
Principal
Secretary (Energy) Additional Director (w.e.f. 17th November 2011) |
|
|
|
|
Name : |
Mr. Pramod G Khandalkar |
|
Designation : |
Director
(Finance) (ceased w.e.f. 7th May 2010) |
|
|
|
|
Name : |
Mr. D. D. Wavhal |
|
Designation : |
Director
(Finance) (w.e.f 7th May 2010 till 25th April 2011) |
|
|
|
|
Name : |
Mr. Pratap G Mohite |
|
Designation : |
Director (Finance)
(w.e.f 25th April 2011) |
|
|
|
|
Name : |
Mr. Uttam G Zalte |
|
Designation : |
Director
(Operations) (Appointed w.e.f 5th August 2010) |
|
Address : |
3B, Saudamini, MSEB, Officer’s Haji Ali, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1955 |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
03178875 |
|
|
|
|
Name : |
Mr. W. R. Aswar |
|
Designation : |
Director (Projects) (ceased w.e.f 3rd March 2011) |
|
Address : |
C- Soudamaini MSEB Smit Quarts, Hajiali, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
28.07.1949 |
|
Date of Appointment : |
04.03.2008 |
|
DIN No.: |
02101334 |
|
|
|
|
Name : |
Mr. Omprakash K Yempal |
|
Designation : |
Director (Projects)
(w.e.f 6th July 2011) |
|
|
|
|
Name : |
Mr. Avinash Patil |
|
Designation : |
Independent
Director (ceased w.e.f. 25th July 2011) |
|
Address : |
Lakshmi Nirmal House, Plot No. 299, N-3, Sector – CIDCO, Aurangabad –
431003, India |
|
Date of Birth/Age : |
14.10.1957 |
|
Date of Appointment : |
03.12.2008 |
|
DIN No.: |
00506035 |
KEY EXECUTIVES
|
Name : |
Ms. Jyoti Arora |
|
Designation : |
Company Secretary |
|
Address : |
508 B-Wing Meera Arcade Sector – 20, Shilpa Chowk, Kharghar, Navi
Mumbai – 410210, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1976 |
|
Date of Appointment : |
18.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Subrat Ratho |
|
49940 |
|
Arvind Singh |
|
10 |
|
D.D. Wavhal |
|
20 |
|
Kunda DS |
|
10 |
|
C.K. Jadhav |
|
10 |
|
D.K. Kharat |
|
10 |
|
Total |
|
50000 |
BUSINESS DETAILS
|
Line of Business : |
The Company engaged in Transmission of Electricity. |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by the management |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø Bank of Baroda Ø Union Bank of
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Taparia Chartered Accountants |
|
|
|
|
Joint Venture : |
Jaigad Power Transco Limited (JPTL) |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital : Rs. 50000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 0.500 Million
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Note: All the above shares
are held by nominees on behalf of Government of Maharashtra pending transfer of
same to MSEB Holding Company Limited pursuant to transfer scheme
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share capital suspense A/c |
26959.920 |
26959.920 |
26959.920 |
|
|
4] Reserves & Surplus |
7148.946 |
3855.534 |
1405.399 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34109.366 |
30815.954 |
28365.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
58396.410 |
38552.516 |
28054.258 |
|
|
2] Unsecured Loans |
1041.164 |
1111.164 |
41.163 |
|
|
TOTAL BORROWING |
59437.574 |
39663.680 |
28095.421 |
|
|
DEFERRED TAX LIABILITIES |
8042.166 |
7170.461 |
6580.246 |
|
|
|
|
|
|
|
|
TOTAL |
101589.106 |
77650.095 |
63041.486 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77464.853 |
57002.841 |
48314.677 |
|
|
Capital work-in-progress |
36839.852 |
30951.421 |
18558.898 |
|
|
|
|
|
|
|
|
INVESTMENT |
302.701 |
152.177 |
152.176 |
|
|
ASSETS NOT IN USE |
391.648 |
127.901 |
50.587 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2137.092
|
1989.992 |
2319.307 |
|
|
Sundry Debtors |
2791.207
|
1338.986 |
1693.590 |
|
|
Cash & Bank Balances |
3642.490
|
3590.779 |
5176.878 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3691.719
|
6900.846 |
8421.085 |
|
Total
Current Assets |
12262.508
|
13820.603 |
17610.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8682.246
|
9606.507 |
7639.541 |
|
|
Other Current Liabilities |
11871.433
|
9948.563 |
9029.387 |
|
|
Provisions |
5124.234
|
4849.778 |
4976.784 |
|
Total
Current Liabilities |
25677.913
|
24404.848 |
21645.712 |
|
|
Net Current Assets |
(13415.405)
|
(10584.245) |
(4034.852) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
5.457 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
101589.106 |
77650.095 |
63041.486 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20977.770 |
15997.316 |
18699.459 |
|
|
|
Other Income |
504.526 |
1083.675 |
673.683 |
|
|
|
TOTAL (A) |
21482.296 |
17080.991 |
19373.142 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating expenses |
2877.702 |
3043.315 |
3935.333 |
|
|
|
Employee costs |
5290.354 |
3939.736 |
6035.825 |
|
|
|
Administration Expenses |
1366.792 |
1034.432 |
1432.239 |
|
|
|
TOTAL (B) |
9534.848 |
8017.483 |
11403.397 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11947.448 |
9063.805 |
7969.745 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2829.963 |
2099.865 |
2561.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9117.485 |
6963.643 |
5408.295 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3686.358 |
2996.155 |
3217.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
5431.127 |
3967.488 |
2190.807 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1908.464 |
1230.215 |
790.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3522.663 |
2737.273 |
1400.666 |
|
|
|
|
|
|
|
|
|
|
SHORT PROVISION
FOR EARLIER YEAR’S TAX |
0.000 |
0.000 |
(8.225) |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
CHARGES (NET) |
(229.251) |
(287.138) |
(17.305) |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE
YEAR |
3293.412 |
2450.135 |
1375.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2163.434 |
93.899 |
6146.469 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
7103.805 |
|
|
|
Transferred to Deferred Tax Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
Contribution to Special Reserves |
0.000 |
135.200 |
93.700 |
|
|
|
Contribution to Contingency Reserves |
265.500 |
245.400 |
230.200 |
|
|
BALANCE CARRIED
TO THE B/S |
5191.346 |
2163.434 |
93.899 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.258 |
4.562 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
65868 |
49003 |
27503 |
|
|
|
Diluted
|
1.22 |
0.91 |
0.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.40
|
16.03
|
7.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.89
|
24.80
|
11.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.06
|
5.60
|
11.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.13
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
2.08
|
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48
|
0.57
|
0.81 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
For Capital Expenditure |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
|
|
|
|
Due to Others |
4307.808 |
4080.459 |
3014.624 |
|
For other than capital Expenditure |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
|
|
|
|
Due to Others |
4374.438 |
5526.048 |
4624.917 |
|
Total |
8682.246 |
9606.507 |
7639.541 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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:
Maharashtra State Electricity
Transmission Company Limited (MSETCL) was incorporated under the Companies Act,
1956 on 31 May, 2005. The Certificate of Commencement of Business was received
on 15 September, 2005 from the Registrar of Companies. The Company was
incorporated as per provisions of the notification of Maharashtra State
Electricity Reforms Transfer Scheme, 2005 (hereinafter referred to as the
Transfer Scheme) which was issued on 4 June, 2005. As per the aforesaid
notification, assets and liabilities forming part of the Transmission
Undertaking of erstwhile Maharashtra State Electricity Board as set out in
‘Schedule A’ of the said Notification were transferred and vested to the
company with effect from 6 June, 2005. The transfer of Assets and Liabilities
under the above Transfer Scheme was made by the Government of Maharashtra. The
consideration for the transfer of undertaking being excess of assets over
liabilities will be discharged by issue of Equity Shares of Rs. 26959.920
Millions to MSEB Holding Company Limited.
The assets and
liabilities of the company as on June 06, 2005 contain balances, which are
transferred under the Maharashtra Electricity Reforms Transfer Scheme, 2005
(Transfer Scheme). Accordingly, these balances are approved by MSEB Holding
Company Limited. The Final Transfer Scheme is yet to be notified by the
Government of Maharashtra, which may have an impact on the financial statements
of the Company.
FINANCIAL
HIGHLIGHT:
During the FY
2010-11, the revenue increased by 26% to 21480.000 Millions from 17080.000
Millions over the previous FY 2009-10. This increase is due to increase in
tariff from 1242.700 Millions per month to 1886.900 Millions per month w.e.f.
September 2010 vide MERC order dated September 10, 2010. In addition to this
there is a decrease in other income by 580.000 Millions from 1080.000 Millions
to 500.000 Millions. Profit before Tax for the year 2010-11 is placed at
5430.000 Millions as against 3970.000 Millions during the-previous FY 2009-10.
Profit after Tax for FY 2010-11 is placed at 3290.000 Millions as against
2450.000 Millions during the previous FY 2009-10.
JOINT VENTURE:
Jaigad Power
Transco Limited (JPTL), a joint venture between JSW Energy and Mahatransco has
commissioned its 400 KV Intra state Power Transmission project in Maharashtra.
The transmission
system has power evacuation capacity of about 2,500 MW to 3,000 MW.
The project was
set up in two phases -Jaigad New Koyna Transmission line having route length of
55 kms and circuit length of 110 kms was completed last year while the
Jaigad-Karad Transmission line with route length of 110 kms and circuit length
of 220 kms has recently been completed.
The Joint Venture
is a unique example of Public Private Partnership in transmission business
where JSW Energy holds 74% and MSETCL holds 26% equity and it’s a pioneering
effort by both JSW Energy and MSETCL to facilitate power evacuation from the
upcoming power projects in Maharashtra. MSETCL becomes the first state transmission
utility (STU) in India to promote this participative approach for development
of power transmission system.
The 400kV Jaigad
-New Koyna transmission line was completed in a record duration of less than 24
months and 400 kV Double Circuit (Quad) Jaigad-Karad Transmission line was
completed in less than 39 months.
Both the
transmission lines are presently transmitting at 1200 MW Jaigad Thermal Power
Plant to Maharashtra Grid and with the commissioning of the Intra-state
Transmission system, the region gets integrated with the EHV transmission
system of Maharashtra, augmenting transfer of power between New Koyna, a
generation node and Karad, a load centre.
FIXED ASSETS
Ø Land
Ø Leasehold Land
Ø Buildings
Ø Hydraulic Works
Ø Other Civil Works
Ø Railway Sidings
Ø Roads and Others
Ø Plant and Machinery and Equipments
Ø Lines and Cable
Network
Ø Vehicles
Ø Furniture and Fixtures
Ø Office Equipments
Ø Software
Development Expenses
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 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 : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
77 |
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.