MIRA
INFORM REPORT
|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
G.E.T. POWER LIMITED |
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Registered
Office : |
11-A17, 5th |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.09.1987 |
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Com. Reg. No.: |
18-014842 |
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Capital
Investment / Paid-up Capital : |
Rs.63.559 Millions |
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CIN No.: [Company Identification
No.] |
U33111TN1987PLC014842 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG00181G |
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PAN No.: [Permanent Account No.] |
AACG2517M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is in the business of Engineering, Procurement
and Construction (‘EPC’) contracts in transmission and distribution (T and D)
segment, execution of electrical substations, transmission lines, electrical
infrastructure for wind power including power evacuation to substations,
industrial electrification, rural electrification (sub distribution) for
state power utilities, industrial undertakings, energy companies, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 8400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Hythro Power Corporation Limited (HPCL). It
is a well established company having fine track. The company has recorded a better growth in its sales and profits
during 2011. Financial position of the company appears to be sound. Trade relations
are reported as trustworthy. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered good for business dealing 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.
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 |
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 : |
11-A17, 5th Cross Road, SIPCOT IT Park, Siruseri, Chennai
– 603103, Tamilnadu, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch Office : |
Located At · New Delhi · Indore · Hyderabad · Bangalore · Kolkata · Assam ·
Mumbai |
DIRECTORS
As on 22.02.2012
|
Name : |
Mr. Ajay Kumar Bishnoi |
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Designation : |
Director |
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Address : |
77, Gulmohar Avenue Velachery Main Road, Chennai – 600032, Tamilnadu,
India |
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Date of Birth/Age : |
01.06.1957 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00013917 |
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Other
Directorship
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Name : |
Mr. Amul Gabrani |
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Designation : |
Director |
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Address : |
X-28, DLF Phase – II, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
31.12.1959 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00016556 |
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Other
Directorship
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KEY EXECUTIVES
|
Name : |
Mrs. Monika Gupta |
|
Designation : |
Secretary |
|
Address : |
05, Vijay Vihar Uttam Nagar, New Delhi – 110052, India |
|
Date of Birth/Age : |
05.08.1984 |
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Date of Appointment : |
30.09.2011 |
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Pan No.: |
ALLPG1924F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.02.2012
|
Names of Shareholders |
|
No. of Shares |
|
Avigo Trustee Company Private Limited The Avigo Sme Fund |
|
314291 |
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Avigo Venture Investments Limited, Mauritius |
|
2828621 |
|
Metmin Investments Holdings Limited, Mauritius |
|
770416 |
|
Avigo Technologies (India) Private Limited, India |
|
317796 |
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Experienced Hi-Tech Consultancy Services Private Limited, India |
|
317797 |
|
Abag Hi-Tech Education Private Limited, India |
|
192604 |
|
Hythro Power Corporation Limited, India |
|
1614407 |
|
Total |
|
6355932 |
As on 22.02.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Venture capital |
29.34 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
27.28 |
|
Bodies corporate |
43.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of Engineering, Procurement
and Construction (‘EPC’) contracts in transmission and distribution (T and D)
segment, execution of electrical substations, transmission lines, electrical
infrastructure for wind power including power evacuation to substations,
industrial electrification, rural electrification (sub distribution) for
state power utilities, industrial undertakings, energy companies, etc. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
Substation: · Bharat Heavy Electrical Limited · Bihar State Electricity Board · Essar Power Limited · Haryana Vidyut Prasaran Nigam Limited · Karnataka Power Transmission Corporation Limited · Maharashtra State Electricity Transmission Company Limited · Neyveli Lignite Corporation Limited · Power grid Corporation of India Limited · Power Transmission Corporation of Uttarakhand Limited · Rajasthan Rajya Vidyut Prasaran Nigam Limited · Reliance Infrastructure Limited · Uttar Pradesh Power Transmission Corporation Limited Rural
Electrification: · akshin Haryana Bijli Vitran Nigam · Jammu and Kashmir State Power Development Corporation Limited · Maharashtra State Electricity Distribution Company Limited · NHPC Limited · NTPC Electric Supply Company Limited · Uttar Haryana Bijli Vitran Nigam Limited EBOP: · B.M.M Ispat Limited · Bannari Amman Sugars Limited · Dhanalakshmi Srinivasan Sugars Private Limited · Gupta Energy Private Limited · Hemarus Technologies Limited Industrial
Electrification: · Engineers India Limited · Heavy Vehicles Factory · Lafarge India Private Limited · Murudeshwar Ceramics Limited · Venture Lighting India Limited Transmission Lines: · APTRANSCO Limited · Aban Lloyd Chiles Offshore Limited · M.P. Paschim Kshetra Vidyut Vitaran Company Limited · Simhapuri Energy Private Limited · Siruguppa Sugars and Chemicals Limited · Tamil Nadu Petro Products Limited Railway
Electrification: · East coast Railway · Mumbai Railway Vikas Corporation Limited · Rail Vikas Nigam Limited · South Central Railway Wind Energy: · Enercon · Suzlon Energy Limited · Vestas wind Technology India Private Limited · Winwind Power Energy Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank, 19, Rajaji Salai,
Chennai - 600001, Tamilnadu, India ·
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Axis Bank Limited, Corporate Banking Branch, Ground
Floor, Karumuthu Nilayam, 192 Anna Salai, Chennai – 6000002, Tamilnadu,
India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R G Luthra and Company Chartered Accountants |
|
Address : |
E-336 Ground Floor, Nirman Vihar, Vikas Marg, Delhi –
110092, India |
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PAN.: |
AABFR3248N |
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Holding Company : |
Hythro Power Corporation Limited |
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Subsidiaries : |
Voltech Projects Private Limited (up to 24 March 2010 ) |
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|
Voltech Projects
Private Limited (up to 24 March 2010 ) |
ABAG Hi-Tech Education Private Limited |
|
|
|
|
Great Asian
Institute of Management and Technology |
· Tecpro Systems Limited · Avigo Venture Investments Llimited · G.E.T. Energy and Control Automation Private Limited · G.E.T Transmission and Structurals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Millions |
|
25000 |
Optionally Convertible Cumulative Redeemable Preference Shares |
Rs.10000/- each |
Rs.250.000 Millions |
|
22500 |
Compulsorily Convertible Redeemable Preference Shares |
Rs.10000/- each |
Rs.225.000 Millions |
|
250000 |
Compulsorily Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
Total |
|
Rs.562.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6355932 |
Equity Shares |
Rs.10/- each |
Rs.63.559
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 |
63.559 |
484.601 |
484.601 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2049.487 |
820.979 |
590.375 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2113.046 |
1305.580 |
1074.976 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3170.382 |
1280.479 |
717.170 |
|
|
2] Unsecured Loans |
626.146 |
0.000 |
116.152 |
|
|
TOTAL BORROWING |
3796.528 |
1280.479 |
833.322 |
|
|
DEFERRED TAX LIABILITIES |
158.075 |
89.680 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6067.649 |
2675.739 |
1908.298 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
429.579 |
456.141 |
159.102 |
|
|
Capital work-in-progress |
0.000 |
23.016 |
29.219 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.143 |
0.144 |
115.1443 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.158 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
308.307
|
264.677 |
101.001 |
|
|
Sundry Debtors |
5227.353
|
3633.121 |
2679.879 |
|
|
Cash & Bank Balances |
356.683
|
563.403 |
332.426 |
|
|
Other Current Assets |
1381.554
|
28.860 |
0.000 |
|
|
Loans & Advances |
328.923
|
288.947 |
567.891 |
|
Total
Current Assets |
7602.820
|
4779.008 |
3681.197 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1380.233
|
1937.752 |
1932.892 |
|
|
Other Current Liabilities |
569.479
|
640.389 |
92.455 |
|
|
Provisions |
15.181
|
4.429 |
53.174 |
|
Total
Current Liabilities |
1964.893
|
2582.570 |
2078.521 |
|
|
Net Current Assets |
5637.927
|
2196.438 |
1602.676 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6067.649 |
2675.739 |
1908.298 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income / Gross Sales and Services |
8531.406 |
5099.556 |
2882.000 |
|
|
|
Other Income |
45.650 |
50.263 |
NA |
|
|
|
TOTAL (A) |
8577.056 |
5149.819 |
NA |
|
Na |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
5759.912 |
|
|
|
|
|
Contract cost |
709.619 |
364.295 |
|
|
|
|
Employee related expenses |
401.688 |
186.612 |
NA |
|
|
|
Administrative selling other expenses |
582.726 |
294.110 |
|
|
|
|
Exceptional income expense |
0.000 |
(8.415) |
|
|
|
|
TOTAL (B) |
7453.945 |
4565.276 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1123.111 |
584.543 |
438.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
594.275 |
175.703 |
172.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
528.836 |
408.840 |
266.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.020 |
68.534 |
8.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
399.816 |
340.306 |
258.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
92.349 |
80.228 |
96.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
307.467 |
260.078 |
162.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
622.985 |
392.381 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
Balance brought forward pursuant to the scheme of amalgamation |
0.000 |
(29.407) |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.058 |
NA |
|
|
|
Tax on Dividend |
0.000 |
0.009 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
930.452 |
622.985 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.408 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
59.10 |
75.13 |
72.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.58
|
5.05 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.69
|
6.67 |
8.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.98
|
6.50 |
6.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.73
|
2.96 |
2.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.87
|
1.85 |
1.77 |
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from No.153, Developed Plots, Electrical and Electronics Industrial Estate, Perungudi, Chennai - 600 096, Tamilnadu, India to present address w.e.f. 06.06.2012
BACKGROUND
Subject was incorporated on September 09, 1987. The Company is in the business of Engineering, Procurement and Construction (‘EPC’) contracts in transmission and distribution (T and D) segment, execution of electrical substations, transmission lines, electrical infrastructure for wind power including power evacuation to substations, industrial electrification, rural electrification (sub distribution) for state power utilities, industrial undertakings, energy companies, etc.
The Ministry of Corporate Affairs vide its letter dated 28th March 2011 has granted extension of 6 months in the accounting year permitting the Company to prepare accounts for the financial year up to 30th September 2011 u/s 210(4) of the Companies Act, 1956.
Therefore the financial statement has been prepared for eighteen months period starting from 1 April 2010 to 30 September 2011.
BUSINESS OPERATIONS
AND OUTLOOK
During the period under report, the Company has been able to achieve a turnover (net of taxes) of Rs. 8577.056 Millions while the PBT is Rs.399.816 Millions and PAT stood at Rs. 307.467 Millions. Since the current accounting period figures are for eighteen months, the same are not comparable with previous year’s figures.
There is temporary slowdown in T and D sector due to stress on power sector. The T and D segment is witnessing a major transformation towards modernization in the form of up-gradation of existing infrastructure, smart energy meters, SCADA, Smart Grid etc and increase in reach by rural electrification projects. T and D losses in India continue to be among the highest in the world and are the main concern in the development of power sector. T and D losses for the country as a whole are estimated to be in the range of 35%–45%.
The capacity achievement in this segment for XI plan is at 60% of target (March 2011) which means that the investment will continue in to XII Plan as well. Growth in generation capacity, high capacity power transmission lines, and national power grid capacity expansion will drive the growth for the industry. XII plan investment in T and D sector is likely to be around $53billion. PGCIL is likely to invest
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U33111TN1987PLC014842 |
|
Name of the
company |
G.E.T. POWER
LIMITED |
|
Address of the
registered office or of the principal place of business in |
11-A17, 5th Cross Road, SIPCOT IT Park, Siruseri, Chennai – 603103, Tamilnadu, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10263776 |
|
Type of charge |
· Book debts · Movable property (not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, 192 Anna Salai, Chennai – 6000002, Tamilnadu, India |
|
Nature of
instrument creating charge |
Link Document cum
Supplemental Deed |
|
Date of
instrument Creating the charge |
28.02.2012 |
|
Amount secured by
the charge |
Rs.1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Axis Bank base
rate plus 2.75%(Presently 12.75% p.a) Terms of Repayment On demand Margin Cash credit -
25%; bank guarantee - 5%; L/C - 5%: Extent and Operation of the charge 1. First pari
passu hypothecation charge on the entire current assets of the Company. 2. First pari
passu hypothecation charge on the entire movable fixed assets of the Company. Others 1.Cash credit limit
of Rs.200.000 Millions 2.Bank Guarantee
(inland/Foreign) of Rs.1000.000 Millions including one way interchangeability
from cash credit to Bank Guarantee Limit 3.Letter of
Credit (Inland/import) Rs.400.000 Millions (Sublimit within BG) Aggregating to
Rs.1000.000 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari passu
hypothecation charge on the entire current assets of the Company. First pari passu
hypothecation charge on the entire movable fixed assets of the Company. |
|
Particulars of
the present modification |
Second pari-passu
charge on the entire moveable fixed assets of the Company has been changed to
first pari-passu charge under Collateral Security. |
FIXED ASSETS
·
Plant and machinery
·
Office equipment
·
Furniture and fixtures
·
Computers
·
Vehicles
AS PER WEBSITE
PROFILE
Incorporated in 1987 by a team of technocrats, highly skilled and experienced in Project Management, G.E.T. has contributed significantly to the power sector in the country. The Company has outgrown its targeted mission over the years with the unstinted cooperation of its patrons, well wishers and vendors. With the in-house design facilities and the skillful management of the same, Subject takes up projects on a "concept to commissioning" basis and the list of major clientele given here in elsewhere bears testimony to the Company’s capabilities exhibited over the years.
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.