MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAAREE ENERGIES PRIVATE LIMITED (w.e.f. 12.12.2007) |
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Formerly Known
As : |
WAAREE ENERGIES PRIAVE LIMITED (w.e.f. 15.10.2007) WAAREE SOLAR PRIVATE LIMITED (w.e.f. 25.04.2007) ANMOL FLUID CONNECTORS PRIVATE LIMITED |
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Registered
Office : |
602, 6th Floor, Western Edge – I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1990 |
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Com. Reg. No.: |
11-059463 |
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Capital
Investment / Paid-up Capital : |
Rs.250.000
Millions |
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CIN No.: [Company Identification
No.] |
U29248MH1990PTC059463 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09380A |
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PAN No.: [Permanent Account No.] |
AAACA4043J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Solar Panels. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 781000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of ‘Waaree Group of Companies’. It is an established
company having moderate track record. The latest financials of the company
are not made available. As per previous year’s record, there appear some
accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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) |
|
|
A1 |
A1 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
31.07.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
SHORT TERM RATING : CRISIL A4+ |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
31.07.2012 |
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 : |
602, 6th Floor, Western Edge – I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra, India |
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Tel. No.: |
91-22-66444444 |
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Fax No.: |
91-22-66444400 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.231-236, Surat Special Economic Zone, Diamond Park, Sachin,
Surat – 394 230, Gujarat, India |
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Tel. No.: |
91-261-2398661 |
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Branch Office : |
Located at · Delhi · Chennai · Kolkata · Gujarat |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Hitesh Chimanlal Doshi |
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Designation : |
Director |
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Address : |
93/94, Mahagiri CHS, Ashok Nagar, Ashok Chakravarty Road, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
22.02.1967 |
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Date of Appointment : |
16.02.2007 |
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DIN No.: |
00293668 |
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Name : |
Mr. Viren Chimanlal Doshi |
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Designation : |
Director |
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Address : |
93/94, Mahagiri CHS, Ashok Nagar, Ashok Chakravarty Road, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
06.11.1968 |
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Date of Appointment : |
26.11.2007 |
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DIN No.: |
00207121 |
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Name : |
Mr. Modesto Volpe |
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Designation : |
Director |
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Address : |
Corso Mazzini, 61, Lodi, 26900, Italy |
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Date of Birth/Age : |
09.04.1955 |
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Date of Appointment : |
27.04.2010 |
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DIN No.: |
02895190 |
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Name : |
Mr. Hitesh Pranjivan Mehta |
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Designation : |
Director |
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Address : |
F-202, Krishna Residency, Near Dalmia College, Sundar Nagar, Malad (West),
Mumbai – 400 064, Maharashtra, India
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Date of Birth/Age : |
29.06.1965 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
00207506 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
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Chimanlal T. Doshi |
|
754347 |
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Binita H. Doshi |
|
945500 |
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Pankaj C. Doshi HUF Rep. by Karta Pankaj C. Doshi |
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2902436 |
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Chimanlal Doshi HUF Rep. by Karta Chimanlal Doshi |
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1568652 |
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Bindiya K. Doshi |
|
7564298 |
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Kirit C. Doshi |
|
1330755 |
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Viren C. Doshi |
|
2097354 |
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Bina P. Doshi |
|
2135751 |
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Hitesh C. Doshi HUF Rep. by Karta Hitesh C. Doshi |
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1155685 |
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Pankaj C. Doshi |
|
376080 |
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Rasila C. Doshi |
|
7648982 |
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Viren C. Doshi HUF Rep. by Karta Viren C. Doshi |
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2584615 |
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Mahavir Thermoequip Private Limited, India |
|
32446928 |
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Neepa V. Doshi |
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1172687 |
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V. T. Telemetica, Italy |
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2400000 |
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Tejas J. Mehta |
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276500 |
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Kirit C. Doshi HUF Rep. by Karta Kirit C. Doshi |
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1076928 |
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Patan Solar Private Limited, India |
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6562500 |
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Divya Parekh |
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1 |
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Jayesh D. Shah |
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1 |
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Total |
|
75000000 |
As on 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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3.57 |
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Bodies
corporate |
|
52.01 |
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Directors
or relatives of directors |
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44.24 |
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Other
top fifty shareholders |
|
0.18 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Panels. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
(Megawatts)
(Unit
in Lacs MT)
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Particulars |
2010-11 |
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Licensed Capacity |
N.A. |
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Installed Capacity |
30.00 |
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Actual Production |
11.75 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M.N. Sheth and Associates Chartered Accountants |
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Address : |
Office No.28, 2nd Floor, 47, Dr. M.B. Velkar Lane,
Kalbadevi Road, Mumbai – 400 002, Maharashtra, India |
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Tel. No.: |
91-22-22091709 |
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Fax No.: |
91-22-22091709 |
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E-Mail : |
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PAN No.: |
AALPS0461J |
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Related Parties : |
· Surel Solar Private Limited · Aries Waaree Solar Private Limited · Mahavir Thermoequip Private Limited · Nivelco Instruments India Private Limited · Patan Solar Private Limited · Veer Techno Solutions Private Limited · Waaree Infrastructure Agri Tech Private Limited · Waaree Instruments Limited · Waaree Retails Private Limited · Waaree Oils Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
120.000 |
93.269 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(54.774) |
(55.999) |
(29.423) |
|
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NETWORTH |
195.226 |
64.001 |
63.846 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
0.000 |
162.987 |
154.446 |
|
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2] Unsecured Loans |
458.735 |
32.115 |
7.941 |
|
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TOTAL BORROWING |
458.735 |
195.102 |
162.387 |
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DEFERRED TAX LIABILITIES |
11.058 |
8.061 |
5.887 |
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TOTAL |
665.019 |
267.164 |
232.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
176.426 |
178.083 |
187.003 |
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Capital work-in-progress |
1.295 |
4.989 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
198.865
|
47.924
|
50.938
|
|
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Sundry Debtors |
194.424
|
58.873
|
13.189
|
|
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Cash & Bank Balances |
11.760
|
1.358
|
8.362
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
129.282
|
25.858
|
14.229
|
|
Total
Current Assets |
534.331
|
134.013
|
86.718
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.073
|
40.876
|
41.197
|
|
|
Other Current Liabilities |
6.441
|
4.820
|
0.301
|
|
|
Provisions |
4.519
|
4.225
|
0.103
|
|
Total
Current Liabilities |
47.033
|
49.921
|
41.601
|
|
|
Net Current Assets |
487.298
|
84.092
|
45.117
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
665.019 |
267.164 |
232.120 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Net Sales & Income from operation |
1103.877 |
279.009 |
103.633 |
|
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
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Office Expenses |
|
NA |
NA |
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Administrative Expenses |
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|
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Advertising Expenses |
|
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|
|
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TOTAL |
NA |
NA |
NA |
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|
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|
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(14.257) |
(17.907) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
10.145 |
5.039 |
|
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PROFIT / (LOSS)
BEFORE TAX |
NA |
(24.402) |
(22.946) |
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Less |
TAX |
NA |
2.174 |
5.986 |
|
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|
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PROFIT / (LOSS)
AFTER TAX |
1.226 |
(26.576) |
(28.932) |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(55.999) |
(29.423) |
(0.491) |
|
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|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
55.999 |
(29.423) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
370.631 |
75.636 |
NA |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
375.554 |
215.469 |
NA |
|
|
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|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.05 |
(2.21) |
(3.10) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(8.75)
|
(22.14)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(7.82)
|
(8.38)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.38)
|
(0.35)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.35
|
3.05
|
2.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.36
|
2.68
|
2.08
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
DETAILS OF UNSECURED LOANS
|
PARTICULARS |
31.03.2011 (Rs. In Millions) |
31.03.2010 (Rs. In Millions) |
|
Working Capital
Loan from Others |
458.735 |
32.115 |
|
Total |
458.735 |
32.115 |
Note:
The registered office address of the company has been shifted from
36/37, Damji Shyamji Industrial Complex, Mahakali Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra to the present address w.e.f. 01.10.2011.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U29248MH1990PTC059463 |
|
Name of the company |
WAAREE ENERGIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
602, 6th Floor, Western Edge – I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra, India E-mail Id : pratikshah@waaree.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10322772 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others (Stocks, Plant and Machineries and all Current Assets) |
|
Particular of charge holder |
State Bank of India, Industrial Finance Branch, S.V. Road, Malad
(West), Mumbai – 400 064, Maharashtra, India E-mail Id : sbifmd@bom8.vsnl.net.in
|
|
Nature of instrument creating charge |
(1) Supplemental Agreement of Loan Cum Hypothecation dated 03.11.2012;
and (2) Memorandum for Recording Extension of Mortgage by Deposit of Title
Deeds dated 03.11.2012; (3) Letter of Arrangement dated 03.11.2012; (4) Guarantee Agreement dated 03.11.2012. ALL CONSTITUTIG SINGLE CHARGE. |
|
Date of instrument Creating the charge |
03.11.2012 |
|
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 CC /WCDL /BD : 12.75 % LC / BG: 12.75% (Card Rate) and such other rate as agreed with the
bank from time to time. Terms of Repayment Repayable on demand. Margin CC: 25% on RM, 40% on SIP, 33.33% on FG, 40% on receivables, 20% on
LC, 20% on BG. and such other margin as agreed with the bank from time to
time. Extent and Operation of the charge First Charge ranking pari passu on entire Current Assets of company
present and future, Plant and Machinery and Immovable properties as mentioned
in mortgage deed. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Entire Current Assets of the Company Present and Future, Plant and
Machinery of the Company. Equitable Mortgage on Plot No.231-236, Surat SEZ, Diamond Park,
Sachin, Surat 394 230 owned by Company. TDR owned by the Company. Equitable Mortgage on Flat 131, Mahagiri CHSL, A. C. Road, Kandivali
(East), Mumbai 400 101 owned by Pankaj Doshi. Equitable Mortgage on Flat 132, Mahagiri CHSL, A. C. Road, Kandivali
(East), Mumbai 400 101 owned by Bina Doshi. |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company If yes, in whose name it is registered |
Yes Flat 131 Mahagiri CHSL A C Road Kandivali East Mumbai 400 101 owned by
Pankaj Doshi and Flat 132 Mahagiri CHSL A C Road Kandivali East Mumbai 400
101 owned by Bina Doshi. |
|
Date of instrument modifying the charge |
23.11.2011 |
|
Particulars of the present modification |
Total Credit Limit has been Enhanced from Rs.700.000 Millions to
Rs.1000.000 Millions. (Increase in Fund Based Limit by Rs.150.000 Millions and Increase in
Non Fund Based Limit by Rs.150.000 Millions) |
FIXED ASSETS:
- Buildings
- Electrical
Installation
- Computer and
Printers
- Office
Equipment
- Furniture and
Fittings
- Plant and
Machinery
- Motor Car
PRESS RELEASES:
WAAREE EMBARKS ON THE
NEW YEAR BAGGING A 5 MW PROJECT FROM FRIENDS GROUP
JANUARY, 2013
WAAREE Energies, one of India’s leading solar
power developer and turnkey solution expert, has won a major contract of 5 MW
Project from Gujarat based company “Friends Salt works and Allied Industries ”
WAAREE will be setting up the Solar Photovoltaic power plant at Village Bid
Pipalya, Susner, Madhya Pradesh. WAAREE’s scope of the work envisages design,
manufacture, supply, installation, operation and maintenance of the solar power
plant. Significantly, WAAREE is utilizing the all so popular WAAREE Polycrystalline
Solar Panels for this power plant, known for their durability and longevity
manufactured at their avant-garde 110 MW automated production facility at
Surat(SEZ) A very pleased Mr. Hitesh Doshi, Chairman WAAREE Group said “This
project has reinforced our growth momentum as we enter 2013 and strengthened
WAAREE Energies ability to secure and execute mega-scale solar power projects
that provide substantial tax benefits and end-user savings while considerably
lowering carbon footprint. We feel extremely proud to provide such remarkable
economic and environmental benefits to our stakeholders.”
WAAREE Energies Private Limited is one of
India’s most diversified and fastest growing solar power solution company, a
part of the consortium of WAAREE Group established in 1989, India’s premier
multi-diverse technology group having its forte in multifarious verticals such
as Solar Energy, Industrial Valves, Petroleum Equipment’s and Process Control
Instrumentation. A large distribution network spread across the country and a
global presence in 68 countries, WAAREE’s presence is rapidly expanding. Beyond
the financials, WAAREE has a vision to utilize renewable solar energy for a
sustainable future of our planet.
WAAREE BAGS TURNKEY
EPC ORDER OF 5MW SOLAR THINFILM PV PLANT FROM TAXUS INFRASTRUCTURE AND POWER
PROJECTS PRIVATE LIMITED
MUMBAI, September 18, 2012
WAAREE Energies Private Limited, operating in the field of manufacturing solar PV Modules, design engineering, procurement, construction, operation and maintenance of Solar PV Power Plants, has bagged a turnkey project order of 5 MW Solar Thinfilm PV Power Plant from Taxus Infrastructure and Power Projects Private Limited.
"WAAREE will be using 52k plus Solar Thinfilm PV modules for this project. We at WAAREE are committed to the most efficient technology and manpower to execute the projects on time and deliver the best to our customers. Timely execution of most complex projects is the specialty of WAAREE. We are very keen to execute this 5MW Thinfilm project," said Mr. Hitesh Doshi, Chairman of WAAREE Group.
About WAAREE Energies
WAAREE Energies is a fast growing, innovative and dynamic manufacturer of solar PV panels. WAAREE Energies designs, manufactures, erects, commissions and provides technical and maintenance support to wide variety of solar products, systems and EPC. With 100 MW manufacturing capacity per year and a rich experience in the solar industry, the company also owns solar PV plants and has recently diversified in solar thermal too.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.