MIRA
INFORM REPORT
|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BLUE DART AVIATION LIMITED (w.e.f. 17.06.1994) |
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Formerly Known
As : |
BLUE DART AVIATION PRIVATE LIMITED |
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Registered
Office : |
Blue Dart Centre, |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
31.05.1994 |
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Com. Reg. No.: |
11-078691 |
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Capital
Investment / Paid-up Capital : |
Rs.240.000 Millions |
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CIN No.: [Company Identification
No.] |
U35303MH1994PLC078691 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN06649G / MUMB06173G |
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PAN No.: [Permanent Account No.] |
AAACB0482A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject offers various services like Air Cargo Moment (Charters), Engineering,
Software Development, Aviation Project and Flight Handling Services. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial
position of the company seems to be slow. Profitability of the company appears
to be low. 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 promoters, 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Palaniappan Nachiappan |
|
Designation : |
Secretary |
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Contact No.: |
91-44-22568200 |
|
Date : |
07.07.2012 |
LOCATIONS
|
Registered Office : |
Blue Dart Centre, |
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Tel. No.: |
91-22-28396444 |
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Fax No.: |
91-22-28311184 / 28244131 |
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E-Mail : |
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Website : |
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Head Office : |
88-89, |
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Tel. No.: |
91-44-22568200 / 22561112 |
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Fax No.: |
91- 44-22568385 / 8389 / 8320 |
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E-Mail : |
DIRECTORS
As on 24.04.2012
|
Name : |
Mr. Tushar Kumudari. Jani |
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Designation : |
Director |
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Address : |
10 Ram Niwas, 227 Sion East, Mumbai:400022, |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
31.05.1994 |
|
DIN : |
00192621 |
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|
Name : |
Mr. Clyde Christopher Cooper |
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Designation : |
Director |
|
Address : |
7, Deepali CHS., St. Cyril’s Road, Bandra (west) Mumbai:400050, |
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Date of Birth/Age : |
11.08.1953 |
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Date of Appointment : |
25.04.2005 |
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DIN : |
00382001 |
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Name : |
Mr. Michael Mcmahon |
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Designation : |
Director |
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Address : |
34, Cunningham Apts, |
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Date of Birth/Age : |
27.09.1944 |
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Date of Appointment : |
25.04.2005 |
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DIN : |
00234293 |
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Name : |
Mr. Tulsi Nowlakha Mirchandaney |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
24.07.1950 |
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Date of Appointment : |
15.02.2008 |
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DIN : |
01842520 |
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Name : |
Mr. Robert John Hyslop |
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Designation : |
Director |
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Address : |
05-01, The Claymore, 25, Claymore Road, Singapore - 229543 |
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Date of Birth/Age : |
27.04.1963 |
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Date of Appointment : |
11.01.2012 |
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DIN : |
05109988 |
KEY EXECUTIVES
|
Name : |
Mr. Palaniappan Nachiappan |
|
Designation : |
Secretary |
|
Address : |
13/7, BF2, |
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Date of Birth/Age : |
30.11.1982 |
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PAN : |
AMNPP4660L |
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Date of Appointment : |
19.07.2007 |
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|
|
|
Name : |
Mr. Steve D’Souza |
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Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.04.2012
|
Names of Shareholders |
|
No. of Shares |
|
Blue Dart Express Limited, |
|
11759996 |
|
Tushar Kumudari Jani |
|
4080000 |
|
Clyde Christopher Cooper |
|
4080000 |
|
GACL Finance Limited |
|
4080000 |
|
Suresh Girdhar Sheth |
|
1 |
|
Yogesh Dhingra |
|
1 |
|
Anil Khanna |
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1 |
|
Clyde Christopher Cooper |
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1 |
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Total |
|
24000000 |
As on 24.04.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
66.00 |
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Directors or relatives of Directors |
34.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject offers various services like Air Cargo Moment (Charters), Engineering,
Software Development, Aviation Project and Flight Handling Services |
GENERAL INFORMATION
|
No. of Employees : |
200 [Approximately] |
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Bankers : |
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Facilities : |
Notes: · This includes Loan from Blue Dart Express Limited [Payable within a year Rs. Nil Previous year Rs. Nil] ·
This also includes Aircraft Payload Deposit
(Trade) From Blue Dart Express Limited |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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PAN No.: |
AAEFP5579P |
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Company having
substantial interest : |
·
Blue Dart Express Limited CIN No.: L61074MH1991PLC061074 |
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Subsidiary Company : |
·
Concord Air Logistics Limited CIN No.: U60230MH2004PLC146141 |
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Fellow Subsidiary Company : |
· DHL Express India Limited CIN No.: U64120MH2001PTC131743 · European Air Transport, Belgium · European Air Transport, Germany · DHL Aviation (Netherland) · DHL Air Limited (UK) ·
DHL Lemuir Logistics Private Limited CIN No.: U63090MH1996PTC099340 |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Share |
Rs. 10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,000,000 |
Equity Share |
Rs. 10/- each |
Rs.240.000
Millions |
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
240.000 |
240.000 |
240.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
89.464 |
60.641 |
60.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.281] |
|
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NETWORTH |
329.464 |
300.641 |
299.719 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
16.750 |
706.517 |
992.129 |
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2] Unsecured Loans |
2233.788 |
1339.458 |
0.000 |
|
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TOTAL BORROWING |
2250.538 |
2045.975 |
992.129 |
|
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DEFERRED TAX LIABILITIES |
57.701 |
60.876 |
40.668 |
|
|
Aircraft Payload Deposit and Advance Towards Capex |
0.000 |
0.000 |
780.795 |
|
|
TOTAL |
2637.703 |
2407.492 |
2113.311 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2865.189 |
2509.458 |
1967.281 |
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Capital work-in-progress |
16.359 |
72.563 |
291.289 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
141.777
|
131.760
|
132.010 |
|
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Sundry Debtors |
0.231
|
0.243
|
10.687 |
|
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Cash & Bank Balances |
9.680
|
5.435
|
7.612 |
|
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Other Current Assets |
0.074 |
0.035 |
0.000 |
|
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Loans & Advances |
190.398
|
247.879
|
284.539 |
|
Total
Current Assets |
342.160
|
385.352
|
434.848 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
475.508
|
478.685
|
525.333 |
|
|
Other Current Liabilities |
96.208
|
63.044
|
40.471 |
|
|
Provisions |
14.289
|
18.152
|
14.303 |
|
Total
Current Liabilities |
586.005
|
559.881
|
580.107 |
|
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Net Current Assets |
(243.845)
|
(174.529)
|
(145.259) |
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
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TOTAL |
2637.703 |
2407.492 |
2113.311 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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|
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SALES |
|
|
|
|
|
|
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Income |
5223.930 |
3842.287 |
3110.371 |
|
|
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Other Income |
113.724 |
138.942 |
141.456 |
|
|
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TOTAL (A) |
5337.654 |
3981.229 |
3251.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
74.324 |
61.907 |
|
|
|
|
Manufacturing Service Costs |
3324.885 |
2388.900 |
|
|
|
|
Employee Related Expenses |
826.846 |
723.228 |
|
|
|
|
Administrative Selling Other Expenses |
491.595 |
384.940 |
|
|
|
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TOTAL (B) |
4717.650 |
3558.975 |
2902.986 |
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|
|
|
|
|
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
620.004 |
422.254 |
348.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
193.616 |
88.255 |
127.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
426.388 |
333.999 |
221.778 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
394.541 |
308.110 |
197.685 |
|
|
|
|
|
|
|
|
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|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
31.847 |
25.889 |
24.093 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.024 |
24.967 |
20.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
28.823 |
0.922 |
3.439 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.641 |
(0.281) |
(3.720) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
29.464 |
0.641 |
(0.281) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumable and loose tools |
72.503 |
57.460 |
45.674 |
|
|
|
Capital Goods |
714.645 |
718.980 |
405.974 |
|
|
TOTAL IMPORTS |
787.148 |
776.440 |
451.648 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.20 |
0.04 |
0.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
0.54
|
0.02
|
0.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.09
|
0.67
|
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.99
|
0.89
|
1.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.09
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.61
|
8.67
|
5.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58
|
0.69
|
0.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In millions)
|
Particular
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
Micro, small and medium enterprises* |
0.141
|
0.000
|
0.000
|
|
Others |
475.367
|
478.685
|
525.333
|
|
Total |
475.508
|
525.333
|
286.610 |
|
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 |
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8) No. of employees |
Yes |
|
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 |
-- |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
FINANCIAL
PERFORMANCE
During the year, the Company has recorded a profit before tax of Rs.32.000 million as compared to profit before tax of Rs.26.000 million for the previous year.
The Company, the largest domestic freighter operator in South Asia, with a fleet of five Boeing 757 and two Boeing 737-200 freighters, has continued to support the air express leadership position of Blue Dart Express Limited during the year with a sustained focus on safety and high standards of service quality. The Company has posted a Technical Despatch Reliability (TDR) of 98.95 % for the older B737 fleet and 99.42 % for the B757 fleet, with an overall TDR of 99.26 %, during the year. Within the constraints of the developing airport environment, the shortage of parking bays and the frequent non-availability of adjacent parking bays that adversely impact smooth ground operations, the Company has posted an On-Time Performance (OTP) of 84.70 % for the B737 and 89.69 % for the B757 fleet, with an overall OTP of 87.98 %, amongst the highest in the Indian skies. With the existing resources, the Company with uplifted 90,838 tonnes on its network in 2011, compared to an uplift 78,263 tonnes in the previous year, and handled 61 charters.
For the Indian civil aviation sector, year 2011 has been one of unrest. Despite a 17 per cent growth in passenger traffic, India's civil aviation industry was hit by rising jet fuel prices and interest costs, which ate into the margins of carriers. High taxes on jet fuel and equally high airport charges were the major heads of cost for the Indian carriers, with the global airlines' body International Air Transport Association (IATA) estimating that fuel costs accounted for 45 per cent of the total costs, compared with 30 per cent for global carriers.
During the year, the Company has faced stringent organization and financial audits undertaken by the regulator, without any major observations. The Company has surmounted the difficult requirements of obtaining the regulatory approvals for the wet lease induction and operations of a B757-200 aircraft from DHL Air Limited to support the increased capacity requirements of Blue Dart Express Limited.
During the year, the Company has further strengthened its flight operations capability, achieving the first CAT III operations by the B757 crew on December 23, 2011 enablingtake off and landing in low visibility conditions.
During the year, the Company has successfully completed C check on VT-BDI and VT-BDN, 4C Check on VT-BDJ and Landing Gear changes on VT-BDI, VT-BDN and VT-BDJ. The Company has made savings through procurement of materials directly from DHL for its 2 Engine Shop Visit during the year. The Company has sold three unserviceable JT 8D engines and j udiciously used 30671 engine with high oil consumption resulting in a recovery of over USD 1 mn in engine life.
During the year, the Company has introduced Maintenance Access Tool box of Boeing after removing the unused model, which resulted in reduction of charges from Boeing. The Company has successfully inducted three JBT Main Deck Loaders to bring about greater efficiency and faster turnarounds at stations. The Company has made savings through direct dealing with shops, negotiated freight charges and consolidation of shipments.
The Company always gives high priority to safety and has implemented Safety Management System (SMS) in compliance DGCA requirements.
The Company has formed a Safety Action Group to inculcate a Safety Culture. During the year, the Company also executed Safety interface agreement with DHL.
During the year, the Company has provided X BU support to DHL in Aerologic operations and screening of Aerologic cargo.
During the year, In Hyderabad, the Company has relocated to larger, dedicated operations facility shared with Blue Dart Express for greater operational synergy.
CONTINGENT
LIABILITIES:
(Rs.
In millions)
|
Particular
|
31.12.2011
|
31.12.2010
|
|
Bank Guarantee Note: future cash outflow
can be determined only when guarantees are invoked by parties to whom it is
given. |
203.566
|
164.455
|
FIXED ASSETS:
·
Computer Software
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Equipments
·
Leasehold Improvements
·
Aircraft Rotable Parts
·
Vehicles
·
Aircraft Components and overhaul
PRESS RELEASES:
Blue Dart and DHL are Living Corporate Responsibility in India
·
Blue Dart presents Global CSR Awards
·
DHL organizes first Corporate Responsibility Day in
India
Mumbai, February 20 2012
At a glittering ceremony on 18 February 2012,
Blue Dart Express Limited, South Asia's premier courier and integrated express
package distribution Company, and part of the DHL Group presented the inaugural
Global CSR Awards. The awards recognized corporate social responsibility (CSR)
champions across various industries and were part of the first World CSR Day.
The Honorable Union Minister of Corporate Affairs, Dr. M. Veerappa Moily was
the Chief Guest at this event held at the Taj Lands End, Mumbai.
The World CSR Day/Global CSR Awards were in
conjunction with DHL's first Corporate Responsibility Day in India and
comprised of two panel discussions - CSR: The Way Forward and Public-Private
Partnership for a Greener Planet. Designed to foster discussion and awareness
of corporate responsibility within the private sector, the panel discussions
were well attended by customers and leaders in both the government as well as
the business community. Chaired by Dr. Bhaskar Chatterjee, Director General and
CEO, Indian Institute of Corporate Affairs, the panel included Malcolm
Monteiro, SVP and Area Director - South Asia, DHL Express and other esteemed
corporate leaders.
Malcolm Monteiro, SVP and Area Director -
South Asia, DHL Express, said, "As a responsible organization, we firmly
believe in striking the right balance between economic benefits and social
responsibility. The Deutsche Post DHL group has been championing the cause of
sustainability by being associated with activities that would make the planet a
better place to live in. This includes not only supporting various causes, but
also offering environmentally friendly logistics solutions to our customers,
thereby making them co-stakeholders in our efforts to minimize the impact of
our business on the environment. The need of the hour is to have sustainability
practiced in a sustained way by more corporations and we are sure that in the
days to come this cause will gain momentum in India. The day culminated with
the Blue Dart Global CSR Awards which recognized contribution across categories
such as Best Corporate Social Responsibility Practices, Support and Improvement
in Quality of Education, Diversity and Human Resource, Concern for Health,
Poverty Alleviation, Accounting for Climate Change, Carbon Footprint
Accounting, Community Development, Regulation of Corporate Social and
Environmental Behaviour, Social Entrepreneurship.
Anil Khanna, Managing Director, Blue Dart
Express Limited added, "We are proud to be associated with the 1st World
CSR Day in presenting the Global CSR Awards which have seen champions of CSR
being recognized for their contribution to make the environment a better place
for future generations. Blue Dart itself has a very strong sustainability
programme in place across platforms for which we have received accolades and we
are sure that such recognitions will only help more corporations to strive
harder for a better tomorrow."
The Blue Dart Global CSR Award jury included
Dr. Bhaskar Chatterjee, Director General and CEO, Indian Institute of Corporate
Affairs; Prof. Indira Parikh, President, Foundation for Liberal And Management
Education, India's Iconic HR Leader; Dr. T.V Rao, Chairman - T V Rao Learning
Systems Private Limited; Mr. Harish Mehta, Chairman and MD - Onward Technologies
Limited; Emeritus Chairman - World HRD Congress and Founder Member - NASSCOM;
Mr. Phil Knight, Global Chairman - Employer Branding awards; Prof. Tom Hilton,
Global Chairman - Asia Pacific HRM congress; Dr. Prasad Medury, Partner, Amrop
India Consultants Limited; Mr. Sanjay Muthal, Managing Director, NuGrid
Consulting Private Limited; Ms. Nina E. Woodard, President and Chief
"N" Sights Officer, Nina E. Woodard and Associates, a division of ND
Pendence, Inc.
About DHL
DHL is the global market leader in the
logistics industry and "The Logistics company for the world". DHL
commits its expertise in international express, air and ocean freight, road and
rail transportation, contract logistics and international mail services to its
customers. A global network composed of more than 220 countries and territories
and about 275,000 employees worldwide offers customers superior service quality
and local knowledge to satisfy their supply chain requirements. DHL accepts its
social responsibility by supporting climate protection, disaster management and
education.
DHL is part of Deutsche Post DHL. The Group
generated revenue of more than 51 billion euros in 2010. For more information:
www.dp-dhl.com
About Blue Dart
Blue Dart Express Limited, South Asia's
premier courier, and integrated express package Distribution Company, offers
secure and reliable delivery of consignments to over 35,902 locations in India.
As part of the DHL Group (DHL Express, DHL Global Forwarding and DHL Supply
Chain), Blue Dart accesses the largest and most comprehensive express and
logistics network worldwide, covering over 220 countries and offers an entire
spectrum of distribution services including air express, freight forwarding
supply chain solutions and customs clearance.
The Blue Dart team drives market leadership
through its motivated people force, dedicated air and ground capacity,
cutting-edge technology, wide range of innovative, vertical specific products
and value-added services to deliver unmatched standards of service quality to
its customers. Blue Dart's market leadership is further validated by numerous
awards and recognitions from customers for exhibiting reliability, superior
brand experience and sustainability. Some of these include SUPERBRAND and
'Reader's Digest Most Trusted Brand Gold Award' 6 years in a row, one of
'India's Best Companies to Work For' by The Great Place to Work® Institute
twice successively, 'Organization that offers the best returns to consumers' -
6th Social and Corporate Governance Awards 2010, BSE Best CSR Practice Award
and 22nd CFBP Jamnalal Bajaj Fair Business Practices Award - 2010 in the
category of Service Enterprises (Medium) to name a few.
Blue Dart accepts its social responsibility by
supporting climate protection (GoGreen), disaster management (GoHelp) and
education (GoTeach).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
|
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.