MIRA
INFORM REPORT
|
Report Date : |
02.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
NIMBUS COMMUNICATION LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.06.1987 |
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Com. Reg. No.: |
11-43940 |
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Capital
Investment / Paid-up Capital : |
Rs.615.019 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1987PLC043940 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10042E |
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PAN No.: [Permanent Account No.] |
AAACN3947L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Company is into business of production of television programming
airtime marketing, Sports marketing and services and motion pictures. |
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No. of Employees
: |
Not Divulged by the management |
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 37900000 |
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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. The
company has incurred huge loss in the current year. However, Networth appears
to be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Ms. Ruchita |
|
Designation : |
Secretary |
|
Contact No.: |
91-22-26352000 |
|
Date : |
28.02.2012 |
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|
|
|
Name : |
Mr. Lalit |
|
Designation : |
Assistant Manager |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-22-26352000 |
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Fax No.: |
91-22-26348892 / 26352123 / 26349878 |
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E-Mail : |
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|
Website: |
DIRECTORS
As on 26.12.2011
|
Name : |
Mr. Harish Kanayalal Thawani |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
701, Rendezvous, 120-121, |
|
Date of Birth/Age : |
16.04.1959 |
|
Date of Appointment : |
30.06.1987 |
|
DIN No.: |
01082908 |
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|
Name : |
Dr. Akash Chandra Khurana |
|
Designation : |
Whole Time Director |
|
Address : |
19, Dunhill, |
|
Date of Birth/Age : |
01.02.1953 |
|
Date of Appointment : |
06.05.2003 |
|
DIN No.: |
01220599 |
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|
|
|
Name : |
Ms. Shobha Harish Thawani |
|
Designation : |
Director |
|
Address : |
701, Rendezvous, 120-121, |
|
Date of Birth/Age : |
26.01.1955 |
|
Date of Appointment : |
30.06.1987 |
|
DIN No.: |
00156100 |
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|
|
|
Name : |
Mr. Rajan Mohanlal Kapur |
|
Designation : |
Director |
|
Address : |
B-281, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025,
Maharashtra, India |
|
Date of Birth/Age : |
25.11.1942 |
|
Date of Appointment : |
06.09.2007 |
|
DIN No.: |
00035113 |
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|
Name : |
Mr. Richard Dorfman |
|
Designation : |
Director |
|
Address : |
10, |
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Date of Birth/Age : |
01.01.1952 |
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Date of Appointment : |
06.09.2007 |
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DIN No.: |
01787931 |
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|
Name : |
Mr. Robin Paxton |
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Designation : |
Director |
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Address : |
23, |
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Date of Birth/Age : |
14.04.1951 |
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Date of Appointment : |
06.09.2007 |
|
DIN No.: |
01874298 |
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|
|
Name : |
Mr. Supratim Subimal Basu |
|
Designation : |
Director |
|
Address : |
302, Laxmi Gopal Building, Hatiskar Marg, Prabhadevi, Mumbai -400 025,
Maharashtra, India |
|
Date of Birth/Age : |
03.02.1970 |
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Date of Appointment : |
06.09.2007 |
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DIN No.: |
01910081 |
KEY EXECUTIVES
|
Name : |
Mr. Parthasarathy Iyengar |
|
Designation : |
Company Secretary |
|
Address : |
12/603, Palmgrove C.H.S. Limited, Patliputra Nagar, Mhada Colony,
Oshiwara, Jogeshwari Link Road, Jogeshwari (West), Mumbai – 400 102,
Maharashtra, India |
|
Date of Birth/Age : |
16.07.1980 |
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Date of Appointment : |
17.05.2010 |
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PAN No.: |
AAHPI0513K |
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|
Name : |
Ms. Ruchita |
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Designation : |
Secretary |
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|
|
|
Name : |
Mr. Lalit |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.12.2011
|
Names of Shareholders |
|
No. of shares |
|
Harish Thawani |
|
279581 |
|
Shobha Thawani |
|
1057952 |
|
Akash Khurana |
|
72800 |
|
Sunil Manocha |
|
92600 |
|
Uday Sinh Wala |
|
100 |
|
Atul Pandey |
|
100 |
|
Sudhir Mishra |
|
100 |
|
Kallol Sen |
|
100 |
|
K. M. Thawaney |
|
1000 |
|
K. K. Thawani |
|
1000 |
|
D. K. Thawani |
|
1000 |
|
Mavis Monteiro |
|
1000 |
|
Paramount Corporation Limited, |
|
12000000 |
|
Purshotamdas Naraindas Budhrani |
|
15300 |
|
Sudha Commercial Company Limited, |
|
28000 |
|
Shashi Agarwal |
|
7800 |
|
Sanjay Sharma |
|
100 |
|
Himanshu Ajmera |
|
5000 |
|
Americorp Ventures Limited, |
|
2142857 |
|
3i ( |
|
18554819 |
Equity Share Break up (Percentage of Total Equity)
As on 26.12.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
69.73 |
|
Bodies corporate |
20.27 |
|
Directors or relatives of Directors |
9.60 |
|
Other top fifty shareholders |
0.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is into business of production of television programming
airtime marketing, Sports marketing and services and motion pictures. |
GENERAL INFORMATION
|
No. of Employees : |
Not
Divulged by the management |
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Bankers : |
·
Union Bank of India, Nariman Point Branch,
(M.M.O), Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai –
400021, Maharashtra, India ·
Punjab National Bank, Large Corporate Branch, Maker
Tower ‘E’, Ground Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
Punjab National Bank, Large Corporate Branch,
Centenary Building, No. 25, M G Road, Bangalore-560001, Karnataka, India ·
Axis Bank Limited, 209, Ground Floor, Atlanta
Buiding, Nariman Point, Mumbai-400021, Maharashtra, India ·
ICICI Bank UK Limited, 21, Knightsbridge,
London-SW1X7LY ·
Indian Overseas Bank, Andheri (West), Branch,
C-201, Waterford Building, Juhu Lane, Andheri (West), Mumbai – 400058,
Maharashtra, India ·
Indian Overseas Bank, C 201, Waterford Building,
Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, India ·
State Bank of Hyderabad, Corporate Finance
Barnch, Nariman Point, Mumbai – 400021, Maharashtra, India ·
The Lakshmi Vilas Bank Limited, Swapna Sadan,
Ground Floor, Azad Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Heritage', 3rd
Floor, Near Gujarat Vidyapith, off Ashram Road, Ahmedabad - 380014, Gujarat,
India |
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PAN.: |
AACFD4815A |
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Joint Ventures : |
·
Zenith Sports Private Limited CIN
No.: U67120MH2004PTC148853 ·
Neo Sports Broadcast Private Limited CIN
No.: U92411MH2006PTC160563 |
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|
·
|
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Subsidiaries : |
·
Nirvana Television Limited CIN
No.: U92130MH1997PLC111564 ·
Nimbus Motion Pictures (A.P) Private Limited CIN
No.: U92111AP2002PTC039837 ·
Nimbus Home Entertainment Private Limited CIN
No.: U92130MH2002PTC137963 ·
Nirvana Adzone Limited ( upto June 10, 2010 ) ·
World Series Hockey Private Limited (Incorporated
on February 14, 2011) CIN
No.: U92400MH2011PTC213530 ·
Nimbus Communications Worldwide Limited,
Mauritius ·
Nimbus Media Pte. Limited, Singapore ·
Nimbus Communications Limited (BVI) ·
Nimbus Sports International Pte Limited,
Singapore ·
Neo Broadcast Limited CIN
No.: U92110MH2003PLC142256 |
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|
·
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Venturers in respect of which the reporting
enterprise is an associate (Associate) : |
·
Funderburk Enterprises Limited (w.e.f. February
09, 2010) ·
3i Sports Media ( Mauritius ) Limited ·
Paramount Corporation Limited (upto February 08,
2010) CIN
No.: U99999MH1999PLC118070 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
5000000 |
Non Cumulative Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61501870 |
Equity Shares |
Rs.10/- each |
Rs.615.019 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 |
615.019 |
615.019 |
328.244 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8864.262 |
9269.370 |
2851.298 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9479.281 |
9884.389 |
3179.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1499.025 |
3316.523 |
2484.007 |
|
|
2] Unsecured Loans |
2022.850 |
126.170 |
6017.246 |
|
|
TOTAL BORROWING |
3521.875 |
3442.693 |
8501.253 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
89.773 |
|
|
Stock Option Outstanding |
3.827 |
4.243 |
4.274 |
|
|
|
|
|
|
|
|
TOTAL |
13004.983 |
13331.325 |
11774.842 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
491.199 |
510.071 |
928.952 |
|
|
Capital work-in-progress |
1.077 |
0.940 |
0.595 |
|
|
|
|
|
|
|
|
INVESTMENT |
4516.998 |
5057.774 |
4584.550 |
|
|
DEFERREX TAX ASSETS |
135.757 |
23.644 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.708
|
9.111
|
9.651 |
|
|
Sundry Debtors |
8310.922
|
7648.156
|
4787.221 |
|
|
Cash & Bank Balances |
2329.395
|
4227.339
|
2193.675 |
|
|
Other Current Assets |
56.870
|
84.162
|
32.186 |
|
|
Loans & Advances |
857.472
|
881.632
|
609.534 |
|
Total
Current Assets |
11557.367
|
12850.400
|
7632.267 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1063.638
|
2448.684
|
478.266 |
|
|
Current Liabilities |
2620.852
|
2547.382
|
885.277 |
|
|
Provisions |
12.925
|
115.438
|
9.723 |
|
Total
Current Liabilities |
3697.415
|
5111.504
|
1373.266 |
|
|
Net Current Assets |
7859.952
|
7738.896
|
6259.001 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.744 |
|
|
|
|
|
|
|
|
TOTAL |
13004.983 |
13331.325 |
11774.842 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
4884.340 |
7372.785 |
5627.379 |
|
|
|
Other Income |
199.782 |
122.838 |
194.086 |
|
|
|
TOTAL (A) |
5084.122 |
7495.623 |
5821.465 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
339.971 |
61.022 |
|
|
|
|
Contract cost |
4372.341 |
6370.378 |
|
|
|
|
Employee related expenses |
79.665 |
59.498 |
|
|
|
|
Administrative selling other expenses |
299.067 |
218.112 |
|
|
|
|
TOTAL (B) |
5091.044 |
6709.010 |
5298.452 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(6.922) |
786.613 |
523.013 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
455.721 |
335.934 |
260.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(462.643) |
450.679 |
262.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.566 |
376.028 |
217.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(488.209) |
74.651 |
44.968 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(109.851) |
72.753 |
22.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(378.358) |
1.897 |
21.988 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
413.662 |
411.765 |
389.776 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
35.304 |
413.662 |
411.765 |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
Per Share (Rs.) |
(6.15) |
0.03 |
0.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.44) |
0.02 |
0.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.99) |
1.01 |
0.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.05) |
0.55 |
0.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.75 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76 |
0.86 |
3.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.13 |
2.51 |
5.55 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
1063.638
|
2448.684
|
478.266 |
|
Total |
1063.638
|
2448.684
|
478.266 |
Note : The registered
address of the company Oberoi Trade Centre, Oberoi-Complex, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India has been shifted to the present
address w.e.f. 14.08.2007
FINANCIAL
PERFORMANCE
The Company’s revenues decreased by Rs.2411.500 millions or 32% as compared to 2009–2010. The decrease is mainly on account of fewer international cricket matches (13 Nos.) in the current year as compared to 22 international cricket matches in the previous year.
Due to increasing economic growth, we expect that, the
emergence of
The decrease in reported EBITDA loss of Rs.6.92 millions as compared to EBITDA profit of Rs.786.61 millions in the previous year is also mainly on account of fewer international matches in the current year, non-recurring one off items like additional service tax of Rs.363.54 millions levied due to change in the regulations, IPO expenses of Rs.37.09 millions (Previous Year : Rs.12.35 millions) and provision for diminution in the value of long term investment in Nimbus Communications Worldwide Limited of Rs.68.05 millions.
The adjusted EBITDA profit for the year without these non-recurring items would be Rs.461.76 millions as compared to Rs.798.96 millions in the previous year.
The ratio of adjusted EBITDA profit to the total turnover is around 9% as compared to 11% in the previous year.
FORM 8
|
Corporate
identity number of the company |
U99999MH1987PLC043940 |
|
Name of the
company |
NIMBUS
COMMUNICATIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email: compliance@nimbus.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable Property Immovable
Property Others |
|
Particular of
charge holder |
Punjab National
Bank, Large Corporate Branch, Maker Tower 'E', Ground Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
composite deed of mortgage cum charge |
|
Date of
instrument Creating the charge |
14.11.2011 |
|
Amount secured by
the charge |
Rs. 500.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base Rate + 3.25%
i.e. 14% p.a. to be paid on monthly basis. The interest rate shall change
with the change in the base rate. Terms of repayment Repayable in 2
installments of Rs.250.000 millions each from March and April 2012. Margin NIL Extent and operation of the charge The charge to
operate to the extent of the entire Short Term Loan amount plus interest
thereon. |
|
Short particulars
of the property charged (Including location of the property) |
Primary Security a) First pari
passu charge on revenues arising from the sale/licensing of BCCI Media Rights
for events taking place in the period 1st April 2010 to 31st March 2014 by
way of i)Advertisement
revenues generated on NEO Cricket from telecast of international
matches-Revenue estimated Rs.12130.000 millions ii) Domestic
distribution revenues of NEO Sports-Revenue estimated Rs.9900.000 millions iii)
International licensing revenues from licensing of media rights to
international broadcasters and other licensees-Revenue estimated Rs.4460.000
millions iv) Revenue from
international distribution of NEO Cricket-Revenue estimated Rs.1120.000
millions b) First pari passu
charge on entire current assets of the Borrower including Present and future
book debts, outstanding decrees, money receivables, etc. (c) Assignment of
Insurance policies of One Day/T20 International Matches. d) Escrow
Account/Trust Retention Accounts. Collateral Security a) First pari
passu charge on office premises lying and being at Nimbus Centre, Oberoi
Complex, |
CONTINGENT
LIABILITIES
(a) In respect of claims against the Company not acknowledged as debts:
- Claim by a party for Rs.1.129 millions (Previous year Rs.1.129 millions) on account of a breach of contract relating to a television program.
- Claim by Doordarshan / Prasar Bharti (Broadcasting Corporation of India) for Rs.62.801 millions and interest of Rs.13.441 millions aggregating to Rs.76.242 millions (Previous year Rs.76.242 millions) pursuant to the Arbitration award passed in favour of Doordarshan and upheld by the Bombay High Court. The Company has appealed against it before a Division bench of the Bombay High Court. The Division bench has stayed the operation of the award on the Company depositing Rs.30.000 millions and furnishing a bank guarantee of Rs.40.000 millions in favour of the Prothonotary and Senior Master of the High Court.
- Claim by Via World Inc. for Rs.4.382 millions (Previous year Rs.4.382 millions) with interest at the rate of 18 % p.a. on account of a dispute relating to a contract for television logo to be designed for the Company. The Company has filed a written statement in reply to the suit and a counter claim in the Bombay High Court for Rs.8.512 millions (Previous year Rs.8.512 millions) with interest at the rate of 9 % p.a. Both the suit and the counter claim are pending for hearing and final disposal.
- Claim by a party for Rs.11.407 millions (Previous year Rs.11.407 millions ) on account of a dispute relating to scope of a contract for Information Technology related services provided to the Company.
- As at
March 31, 2010 - Claim by Board of Control for Cricket in
During the year, the Company has made provision for doubtful recovery of the balance amount of Rs.39.470 millions
(b) In respect of demands of the income tax department not provided for Rs.39.921 millions (Previous year Rs.17.840 millions)
(c) During the previous year, the Company had issued Corporate Guarantee to the holders of the Loan Notes aggregating US$ 50 Million issued by Nimbus Communications Worldwide Limited, Mauritius, wholly owned subsidiary of the Company, for the amount not exceeding US$ 75 Million (equivalent INR 3,348.75 Million) [Previous year INR 3385.500 Million] .The amount of Loan Notes outstanding including interest as at March 31, 2011 is Rs.3027.360 Million (Previous year Rs.2351.040 Million).
(d) During the year 2007-08, the Company had issued a Corporate Guarantee in favour of a party, in connection with a Media Rights Agreement (MRA) entered into between the said party and Nimbus Sport International Pte. Limited (Nimbus Sport), a step down wholly owned subsidiary of the Company for certain BCCI media rights licensed to that party. The said party has acquired these rights for a consideration payable to Nimbus Sport.
In terms of the Guarantee, the Company also guaranteed to
refund the party any advance rights fees paid to Nimbus Sports in the event a
Tour and/ or Event is Cancelled (as defined in the Media Rights Agreement). The
maximum liability in such a circumstance i.e. by reason of cancellation of
MRA has since expired. Nimbus Sport has performed all its obligations under MRA and no claim has been made or threatened by the party against Nimbus Sport.
(e) As at March 31, 2010 - In respect of a Corporate Guarantee of USD 2,022,472 (equivalent INR 91,294,386) given to ICICI Bank UK for a bank guarantee facility given by the bank to Nimbus Sports International Pte. Limited, a step down wholly owned subsidiary of the Company
(f) As at March 31, 2010 - Assignment of receivables with recourse under Factoring Agreement with a third party Rs. 38.031 millions
Note: Future ultimate outflow of resources embodying economic benefits in respect of these matters is uncertain as it depends on the final outcome of the matters involved.
FIXED ASSETS
·
Buildings
·
Audio/Video Equipment
·
Computer
·
Furniture and Fixtures
·
Office Equipment
·
Studio Equipment
·
Sports Equipment
·
News Data Equipment
·
Vehicles
·
Software
·
Television
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.49.15 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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.