MIRA INFORM REPORT
|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORRTECH INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
51, Mahagujarat Industrial Estate, Opposite Nova Petrochemicals, Sarkhej
– Bavla Highway, Village Moraiya, Changodor, Ahmedabad – 382213, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.06.1982 |
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Com. Reg. No.: |
04-038664 |
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Capital Investment
/ Paid-up Capital : |
Rs.145.450 Millions |
|
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CIN No.: [Company Identification
No.] |
U29130GJ1982PTC038664 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00080D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Subject is engaged in the business of Pipeline
Construction, Cathodic Protection Systems and Horizontal Directional Drilling
(HDD). |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4760000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Financial
detail for the year 2011 is missing from government department. However, from
the pervious year records it seems that financial condition are good. Trade
relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
BB+ (Long term Bank) |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
February, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 (Short term Bank) |
|
Rating Explanation |
Having minimal degree of safety regarding
timely payment of financial obligation it carry very high credit risk and are
susceptible to default. |
|
Date |
February, 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.
LOCATIONS
|
Registered Office/ Factory : |
51, Mahagujarat Industrial Estate, Opposite Nova Petrochemicals,
Sarkhej – Bavla Highway, Village Moraiya, Changodor, Ahmedabad – 382213,
Gujarat, India |
|
Tel. No.: |
91-2717-304100 to 199 |
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Fax No.: |
91-2717- 304150 |
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E-Mail : |
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Website : |
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Branch Office : |
22, Dhara Centre, Vijay Cross Roads, Navrangpura, Ahmedabad – 380009, |
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Tel. No.: |
91-79-26563443 / 26420119 / 39873100/ 26420118/ 26568639 |
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Fax No.: |
91-79-26431615 |
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Factory 2 : |
Shed No.7, Survey No.407, SP – 3, New Ahmedabad Industrial Estate, Near Sarvoday Hotel, Sarkhej Bavla Road, Village Moraiya, Changodor, Ahmedabad – 382213, Gujarat, India |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Amit Indrasen Mittal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Managing Director |
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|
Address : |
38,
Akashneem, Opposite Nehru Foundation, Bodakdev, Ahmedabad - 380054, Gujarat,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.08.1966 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
01644010 |
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Other Directorship :
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Name : |
Mr. Sandeep Indrasen Mittal |
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Designation : |
Director |
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Address : |
24,
New Suryanarayan Society, Ranna Park, Ghatlodia, Ahmedabad – 380061, Gujarat,
India |
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Date of Birth/Age : |
02.04.1968 |
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Date of Appointment : |
18.08.1997 |
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DIN : |
01643818 |
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Other Directorship :
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Name : |
Mr. Shailesh Dhirajlal Javia |
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Designation : |
Director |
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Address : |
F-904,
Shilalekh, Opposite Police Stadium, Shahibaug, Ahmedabad - 380004, Gujarat,
India |
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Date of Birth/Age : |
19.11.1966 |
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Date of Appointment : |
18.08.1997 |
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DIN : |
01643976 |
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|
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Name : |
Mr. Anuj Kumar |
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Designation : |
Nominee Director |
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Address : |
C 201, 2nd Floor, Ashok Garden T1, 180/188 T.J Road,
Sewree, Mumbai – 400015, Maharashtra, India |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
31.12.2010 |
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DIN No.: |
01198699 |
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Other Directorship :
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KEY EXECUTIVE
|
Name : |
Mr. Devendra Jaswantsingh Rajput |
|
Designation : |
Secretary |
|
Address : |
13, Arbudadevi Society, Part-1, Near Chandlodiya Railway Station,
Chanakapuri Road, Ahmedabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
10.10.1970 |
|
Date of Appointment : |
31.03.2009 |
|
PAN No.: |
ABMPR1234J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep Mittal |
|
2393995 |
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Amit Mittal |
|
2306060 |
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I.S. Mittal HUF |
|
121700 |
|
Kavita A. Mittal |
|
1074370 |
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Harinis. Mittal |
|
986435 |
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IEC Projects
Limited |
|
1407000 |
|
Shailesh Javia |
|
1500 |
|
Axis Infrastructure Fund
1, India |
|
3781700 |
|
In The Joint Name
of Shashibala Mittal, Amit Mittal and Kavita A. Mittal |
|
1236120 |
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In The
Joint Name of Shashibala Mittal, Sandeep Mittal and Harini S. Mittal |
|
1236120 |
|
|
|
|
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Total |
|
14545000 |
As on 30.09.2011
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
35.67 |
|
Directors or relatives of Directors |
64.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in the business of Pipeline Construction,
Cathodic Protection Systems and Horizontal Directional Drilling (HDD). |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Kotak Mahindra Bank Limited ·
HDFC Bank Limited ·
Yes Bank Limited -
|
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
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Auditors : |
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|
Name : |
Pipara and Company Chartered Accountants |
|
Address : |
Pipara Corporate House, Near Gruh Finance, Netaji Marg, Law Garden,
Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-40370370 to 374 |
|
Fax No.: |
91-79-40370376 |
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E-Mail : |
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Subsidiaries : |
CIN NO.: U40200GJ2005PTC047122
CIN NO.:
U52330GJ2000PLC037925
CIN NO.:
U74990GJ2004PTC045060
CIN NO.:
U29197GJ2006PTC047603 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,545,000 |
Equity Shares |
Rs.10/-each |
Rs.145.450 millions |
|
|
|
|
|
OF
THE ABOVE
i)
8,902,100 Shares were
allotted as fully paid up Bonus Shares out of Capital Reserves and Profits
ii) 281,700 Shares were allotted for consideration
other than in Cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
145.450 |
145.450 |
135.948 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1044.941 |
923.013 |
657.332 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1190.391 |
1068.463 |
793.280 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1049.546 |
373.615 |
276.816 |
|
|
2] Unsecured Loans |
114.219 |
63.469 |
124.520 |
|
|
TOTAL BORROWING |
1163.765 |
437.084 |
401.336 |
|
|
DEFERRED TAX LIABILITIES |
59.976 |
25.853 |
6.039 |
|
|
|
|
|
|
|
|
TOTAL |
2414.132 |
1531.400 |
1200.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1238.724 |
645.746 |
355.644 |
|
|
Capital work-in-progress |
134.948 |
39.310 |
23.354 |
|
|
|
|
|
|
|
|
INVESTMENT |
115.078 |
115.078 |
45.078 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
389.240
|
298.863 |
91.692 |
|
|
Sundry Debtors |
694.341
|
422.404 |
351.254 |
|
|
Cash & Bank Balances |
136.433
|
117.174 |
510.569 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
192.026
|
133.309 |
95.584 |
|
Total
Current Assets |
1412.040
|
971.750 |
1049.099 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
268.057
|
153.685 |
|
|
|
Other Current Liabilities |
218.455
|
78.605 |
|
|
|
Provisions |
0.146
|
8.194 |
40.259 |
|
Total
Current Liabilities |
486.658
|
240.484 |
272.520 |
|
|
Net Current Assets |
925.382
|
731.266 |
776.579 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2414.132 |
1531.400 |
1200.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
INCOME
|
2059.951 |
1384.810 |
1243.907 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES
|
1871.676 |
1205.778 |
1084.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
188.275 |
179.032 |
159.476 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
66.348 |
63.154 |
57.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
121.927 |
115.878 |
101.641 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
289.525 |
173.647 |
125.533 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
44.238 |
|
|
|
Dividend |
-- |
-- |
7.940 |
|
|
|
Tax on Dividend |
-- |
-- |
1.349 |
|
|
|
BALANCE CARRIED
TO THE B/S |
411.452 |
289.525 |
173.647 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Contact Receipts |
234.460 |
61.089 |
NA |
|
|
TOTAL EARNINGS |
234.460 |
61.089 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
25.435 |
16.924 |
NA |
|
|
|
Capital Goods |
325.472 |
124.380 |
NA |
|
|
TOTAL IMPORTS |
350.907 |
141.304 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.38 |
7.97 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.92
|
8.37 |
8.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
11.07 |
11.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.17 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.63 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
4.04 |
3.85 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
Yes |
REVIEW
OF OPERATION :
During
the year, the Company has earned of Rs.2060.000 millions from operations. The
net profit for the year has been Rs.121.900 millions as against Rs.115.900
millions during the previous financial year. The Directors are continuously
looking for avenues for future growth of the Company.
Contingent
Liabilities not provided for :
(Rs.
in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Bank Guarantee given by the company_ |
850.049 |
492.706 |
|
Letter of Credit given by the company_ |
45.411 |
90.675 |
|
Corporate Guarantees given by the company on
behalf of subsidiaries |
247.300 |
247.300 |
|
Demand notice of Income Tax on regular assessment
for FY 2006-07 |
2.900 |
0.000 |
|
Penalty for Service Tax for FY 2005-06_" |
21.029 |
21.029 |
|
Demand notice for Sales Tax/Vat and penalty etc
for various years in different states |
54.625 |
54.625 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130GJ1982PTC038664 |
|
Name of the
company |
CORRTECH
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
51 Mahagujarat,
Industrial Estate, Opposite Nova Petrochemicals, Sarkhej-Bavla Highway,
Village Moraiya, Changodor, Ahmedabad – 382213, Gujarat, India E-mail: corrtech.corrtech@gmail.com |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10129267 |
|
Type of charge |
|
|
Particular of
charge holder |
UCO Bank, Mid Corporate Branch, UCO Bhavan, Near Sanyas Ashram, Ashram
Road, Ahmedabad - 380009, Gujarat, India E-mail: uco_ashram@vsnl.net |
|
Nature of
instrument creating charge |
Supplemental
Working Capital Consortium Agreement Dated 22.03.2011 and supplemental Joint
deed of Hypothecation dated 22.03.2011 |
|
Date of
instrument Creating the charge |
22.03.2011 |
|
Amount secured by
the charge |
Rs.2700.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– UCO Bank CC :
Base Rate Plus 3.50% i.e. Presently 13.00% p.a. Axis Bank CC Base Rate plus
3.75% i.e. 12.50% p.a. WCDL : at the time of disbursement and IDBI Bank Base
Rate plus 300 bps i.e.,12.50% p.a Terms of
Repayment - Payable on Demand. Margin – UCO Bank Cash
Credit : Stocks 25 and, Book Debts ( up to 120 days) 30% Bank Guarantee :
10 % in the form of FDR under Bank's Lien ( up to NFB Limit Rs. 500.000
millions) and 15 % ( over and above NFB Limit of 500.000 millions) Letter of
Credit : As per BG Limit Axis Bank CC
Stock 25 and , Book Debts (cover period of 150 days) 25%, Letter of
Credit and BG: 5% IDBI Bank :
CC - Stock 25%, Receivables 25%, WCDL
- Stock 25%, Receivables 25% Extent and
Operation of the charge - Supplemental Working Capital Consortium Agreement
Dated 22.03.2011 to increase the Limits from Existing limit of Rs.2000.000
millions to Rs.2700.000 millions Others - as per joint
deed of hypothecation dated 22.03.2011 with an intention to create joint
security thereon by all the banks namely, UCO Bank , Axis Bank limited and
IDBI Bank Limited ranking paripassu with each other for due re-payment of the
various working capital limits aggregating to Rs. 2700.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that plot of
land admeasuring 4881.54 sq. Mts with super structure standing thereon Forming
part of survey no. 427 paiki sub plot no. 51 (354) at mouje moriya, taluka
sanand Bunglow no. 24 measuring 426 sq. Yd together with cellar measuring 60
sq yds, ground Floor 147 sq. Yd.,first floor 147 sq. Yd, and 2nd floor 36 sq.
Yd at village - ghatlodia, Ahmedabad. Land bearing sub
plot no. 2+3 and old survey no. 94/1, 95 and 109/1 and final plot no. 195+196
of tps no. 19 of Mouje Sheikhpur- Khanpur of city Taluka and unit no.2 on 2nd
floor mea. 2252 sq. Mts All that pieces
or parcels of freehold non agricultural industrial use land bearing Survey
no. 407 paiki admeasuring 16723.50 sq. Mtrs. Mouje moraiya of sanand taluka Land bearing sub
plot no. 2+3 and old survey no. 94/1, 95 and 109/1 and final plot no. 195+196
of tps no. 19 of mouje sheikhpur- khanpur of city taluka and unit no.1 on 3rd
floor mea. 1019 sq. Ft. |
|
Date of
instrument modifying the charge |
23.03.2011 |
|
Particulars of
the present modification |
Supplemental Working
Capital Consortium Agreement Dated 22.03.2011 to increase the Limits from
Existing limit of Rs.2000.000 millions to
Rs.2700.000 millions |
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
·
Office Equipment
·
Know-how
·
Motor Car
·
Scooters and Motor Cycles
·
Cycles
AS PER WEBSITE DETAILS:
PROFILE
The flagship company of the group, Subject,
was established in 1982 and has been engaged in the business of Pipeline Construction,
Cathodic Protection Systems and Horizontal Directional Drilling (HDD) and while
doing so has laid down an enviable track record. With hard work, efficiency and
dedicated service along with professionalism, they have managed to become one
of the leading companies in their business domain.
Last three decades have seen Subject providing
Cathodic Protection services and solutions of diversified nature across lengths
and breadths of the country encompassing thousands of kilometers of cross
country pipelines, tank bottoms, petrochemical plants, refineries, power
plants, fertilizer plants, jetties, nuclear power plants and other off shore
structures.
In Pipeline Construction business, they have
served major Indian clients and till date have successfully completed laying,
testing and commissioning of over 1400 kms of cross-country pipeline projects
of sizes ranging from 4” – 48” diameters. In the space of HDD operations, the
company is experienced and well equipped to carryout most rugged crossings operations
for long distance pipeline projects up to 48” diameter in India and
abroad. The company has a large fleet of
sophisticated and heavy duty pipeline construction equipment and HDD machines.
They, through their 100% subsidiary companies,
are also engaged in the business of Gas Turbine repair and maintenance and
manufacturing of Gas Conditioning Skids.
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.70 |
INFORMATION DETAILS
|
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 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.