MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ ENERGY PRIVATE LIMITED (w.e.f. 19.03.2010) |
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Formerly Known
As : |
BAJAJ ECO- CEHM PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Bajaj Bhawan, Jamnalal Bajaj Marg, B-10, Sector 3, Noida – 201301,
Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
27.06.2008 |
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Com. Reg. No.: |
20-046764 |
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Capital
Investment / Paid-up Capital : |
Rs.349.000
Millions |
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CIN No.: [Company Identification
No.] |
U40102UP2008PTC046764 |
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PAN No.: [Permanent Account No.] |
AADCB4998C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in generation of power. |
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No. of Employees
: |
Information declined by the management. |
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 26000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Bajaj Power Ventures Private Limited”. Even though the company was incorporated in the year 2008, it started its
core business activity from second quarter of 2011. In its first year of business operation, the company has recorded huge
loss and has achieved sizable turnover. The external borrowing seems to be
huge. However, the networth of the company appears to be strong. The subject
gets good support from holding company. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB (Long Term Bank Loan) |
|
Rating Explanation |
The default risk is currently low. The payment of financial
commitments is considered adequate. |
|
Date |
October 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.
INFORMATION DENIED
|
Name : |
Mr. S. K. Jain |
|
Designation : |
Accounts Department |
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Contact No.: |
91-120-4045100 |
|
Date : |
16.04.2013 |
LOCATIONS
|
Registered Office : |
Bajaj Bhawan, Jamnalal Bajaj Marg, B-10, Sector 3, Noida – 201301, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-4045100 |
|
Fax No.: |
91-120-2543949 |
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E-Mail : |
DIRECTORS
As on: 26.09.2012
|
Name : |
Mr. Pradeep Sampatmal Parakh |
|
Designation : |
Director |
|
Address : |
2802, 28th Floor Phoenix Tower, B – Wing S. Bapat marg,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Date of Birth/Age : |
25.01.1967 |
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Date of Appointment : |
27.06.2008 |
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DIN No.: |
00008805 |
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Name : |
Mr. Kushagra Shishirkumar Bajaj |
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Designation : |
Director |
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Address : |
100, |
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Date of Birth/Age : |
04.02.1977 |
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PAN No.: |
ACJPB6303J |
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Date of Appointment : |
31.05.2010 |
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DIN No.: |
00017575 |
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|
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Name : |
Mr. Narasinghapuram Krishnaswamy Balasubramanian |
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Designation : |
Director |
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Address : |
A – 022-0DLF Phase – V in the Summit Apartment, Gurgaon – 122009, Haryana,
India |
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Date of Birth/Age : |
15.07.1939 |
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Date of Appointment : |
31.05.2010 |
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DIN No.: |
00049608 |
MAJOR SHAREHOLDERS
As on: 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bajaj Hindusthan Limited, |
|
11099999 |
|
Kushagra Bajaj nominee Bajaj Hindusthan Limited, India |
|
1 |
|
Bajaj Power Ventures Private Limited, India |
|
25800000 |
|
Bajaj Ports Private Limited, India |
|
4275000 |
|
Total |
|
41175000 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in generation of power. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
State Bank of India, Corproate Accounts Branch, 11th Floor, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi - 110001, Delhi, India |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
-- |
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Financial Institutions : |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
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Auditors : |
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Name : |
R. S. Dani and Company Chartered Accountants |
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Address : |
Naya, Bazar, Ajmer-305001, Rajasthan, India |
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PAN No.: |
AAFFR2894E |
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Holding company : |
· Bajaj Power Ventures Private Limited CIN No.: U40101MH2010PTC202895 · Bajaj Hindusthan Limited CIN No.: L15420MH1931PLC001797 |
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Fellow Subsidiary
company : |
· Bajaj Hindusthan Sugar and Industries Limited CIN No.: L15421MH1971PLC167716 · Lalitpur Power Generation Company Limited CIN No.: U40108UP2009PLC038148 · Bajaj Aviation Private Limited CIN No.: U65993MH2005PTC154529 · Bajaj Eco - Tec Products Limited CIN No.: U01110MH2006PLC161344 · Bajaj Internacional Participacoes Limited, Brazil · Bajaj Hindusthan (Singapore) Pte Limited,Singapore |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Bajaj Infrastructure Development Company Limited CIN No.: U45201DL2006PLC223222 · Global World Power Projects Private Limited CIN No.: U40103MH2010PTC209213 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34900000 |
Equity Shares |
Rs.10/- each |
Rs.349.000
Millions |
|
|
|
|
|
As on: 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41175000 |
Equity Shares |
Rs.10/- each |
Rs.411.750
Millions |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
349.000 |
152.941 |
8.100 |
|
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2] Share Application Money |
0.000 |
2921.176 |
0.000 |
|
|
3] Reserves & Surplus |
6323.788 |
2722.998 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.024) |
|
|
NETWORTH |
6672.788 |
5797.115 |
8.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16353.271 |
12849.200 |
0.000 |
|
|
2] Unsecured Loans |
450.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
16803.271 |
12849.200 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
23476.059 |
18646.315 |
8.076 |
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APPLICATION OF FUNDS |
|
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|
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FIXED ASSETS [Net Block] |
15232.476 |
125.849 |
0.000 |
|
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Capital work-in-progress |
9821.629 |
11584.102 |
6.259 |
|
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INVESTMENT |
0.000 |
1000.206 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
205.119
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1134.234
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
81.934
|
2357.855 |
0.482 |
|
|
Other Current Assets |
59.556
|
5.468 |
0.000 |
|
|
Loans & Advances |
624.884
|
3711.783 |
1.000 |
|
Total
Current Assets |
2105.727
|
6075.106 |
1.482 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
384.402
|
0.000 |
0.000 |
|
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Other Current Liabilities |
2688.218
|
136.175 |
0.013 |
|
|
Provisions |
611.153
|
2.773 |
0.011 |
|
Total
Current Liabilities |
3683.773
|
138.948 |
0.024 |
|
|
Net Current Assets |
(1578.046)
|
5936.158 |
1.458 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.359 |
|
|
|
|
|
|
|
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TOTAL |
23476.059 |
18646.313 |
8.076 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
201.400 |
0.000 |
NA |
|
|
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Other Income |
0.100 |
0.000 |
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|
|
|
TOTAL (A) |
201.500 |
0.000 |
NA |
|
|
|
|
|
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|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
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|
NA |
|
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|
Administrative Expenses |
|
|
|
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|
Advertising Expenses |
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|
|
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TOTAL (B) |
253.900 |
1.000 |
NA |
|
|
|
|
|
|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(52.400) |
(1.000) |
NA |
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
47.800 |
0.000 |
NA |
|
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|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(100.200) |
(1.000) |
NA |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.100 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(124.300) |
(1.000) |
NA |
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.000 |
0.000 |
NA |
|
|
|
|
|
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|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(124.300) |
(1.000) |
0.024 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (loss)
Per Share (Rs.) |
(3.56) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(61.69)
|
0.00 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(61.71)
|
0.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.72)
|
(0.02) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.00 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.52
|
2.22 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57
|
43.72 |
61.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS:
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
384.402
|
0.000 |
0.000 |
|
Total |
384.402
|
0.000 |
0.000 |
|
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 two 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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL
PERFORMANCE:
The Company has earned revenue of Rs. 201.400 Millions from sale of power and Rs. 0.100 Million from interest on fixed deposits for the year ended March 31, 2012. Total expenses (including depreciation and amortization and finance costs) incurred during the year was at Rs. 325.700 Millions. The loss after tax was at Rs. 124.300 Millions which was carried to Balance Sheet.
Revenue towards power supplied to UPPCL (under arrangement of Power Purchase Agreement for 100% power generation) is accounted for on the basis of billings to buyers. The Company accounted revenue from power supplied at provisional tariff @ Rs.4/- per unit as approved by the Uttar Pradesh Regulatory Commission (UPERC). Any surplus/ deficit will be adjusted in the year of final approval.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from others |
450.000 |
0.000 |
|
Total |
450.000 |
0.000 |
BUSINESS OPERATIONS:
The Company has set up five Thermal Power Projects of 90 MW each all located in the state of Uttar Pradesh having aggregate capacity of 450 MW. During the year 2011-12, Company had commenced commercial operations at its three locations at Khambarkhera, Maqsoodapur and Barkhera. For other two locations commercial operations commenced in the month of April 2012.
|
Location |
Date of commencement of commercial
operation |
|
Khambarkhera (Distt. Lakhimpur Kheri) |
10th March 2012 |
|
Barkhera (Distt. Pilibhit) |
24th March 2012 |
|
Maqsoodapur (Distt. Shahjahanpur) |
28th March 2012 |
|
Kundarkhi (Distt. Gonda) |
21st April 2012 |
|
Utraula (Distt. Balrampur) |
24th April 2012 |
The Company had envisaged Rs. 27670.000 Millions for completion of 450 MW power projects as against original estimation of Rs.23200.000 Millions mainly due to change in scope of works resulting in increase mainly in civil cost and other inevitable costs. The Company had spent Rs. 25414.000 Millions on these projects till March 31, 2012.
After achieving Commercial operations, the Company has generated 56629 MW units (gross) during the year. The Company has sold 50336 MW units (net of auxiliary consumption to run the plants) to Uttar Pradesh Power Corporation Limited (UPPCL) and generated revenues of Rs 201.400 Millions.
During trial and commissioning period, the Company has generated 371106 M W units (gross) and sold 317888 MW units (net of auxiliary consumption to run the plants) to Uttar Pradesh Power Corporation Limited and generated revenues of Rs.985.600 Millions, which was credited / adjusted to trial run expenses.
INDIAN POWER SECTOR:
Power is an essential and critical element in accelerating India’s socio-economic progress with a direct correlation to the country’s GDP growth. India has the world’s fifth largest power generation capacity, and is the sixth largest consumer, accounting for 3.4% of global consumption.
However, India’s per capita power consumption is still quite low as compared to that of the high-growth developing economies like China, Brazil and Russia. The year 2012 marks the end of the 11th Plan period. By the end of the Plan period, India achieved capacity addition of 68 GW during the plan period, by far the highest addition compared to any other previous years. Moreover, India crossed a landmark figure of 200 GW of installation capacities in April 2012. The power is generated through thermal, hydro, nuclear and other renewable sources, with thermal comprising the major chunk in the overall generation. Nuclear power and other sources are becoming popular, and have a significant potential to improve the power scenario in India and help reduce green-house gas emissions.
The capacity addition in the 11th plan period has witnessed significant improvement due to the participation of the private sector. However, the country’s power sector is facing challenges primarily due to slow reforms in the transmission and distribution segments, dwindling financial health of distribution utilities, issues regarding adequate availability of domestic coal, environmental issues relating to opening of mines, issues related to increase in costs of imported coal and significant depreciation of rupee. These issues are constraining growth of this sector and may adversely impact economic growth.
The Indian power sector provides tremendous opportunity for growth considering the strong underlying economic fundamentals. Though, the sector is presently confronted with challenges, the Government has taken cognizance of the key issues facing the power sector and recently has witnessed steps taken to resolve the issues impacting the sector. Some of the key positive developments are
· The State Electricity Regulatory Commissions (SERC) have been given the authority to raise tariffs on a suo motobasis, if state-owned distribution companies (DISCOMS) do not ask for tariff revision. Several states have opted for tariff revisions and an encouraging aspect has been tariff revisions by DISCOMS with critically high losses.
· Shunglu committee has recommended key reforms to improve the financial health of DISCOMS.
· Steps initiated towards execution of Fuel Supply agreements between developers and Coal India Limited as also to ensure adequate availability of fuel for the power plants.
· Fast tracking of clearances for opening of coal mines.
These proactive measures, once instituted, are expected to provide opportunities for growth within the power sector across generation, transmission and distribution.
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U40102UP2008PTC046764 |
|
Name of the
company |
BAJAJ ENERGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Bajaj Bhawan, Jamnalal Bajaj Marg, B-10, Sector 3, Noida – 201301, Uttar Pradesh, India |
|
This form is for |
Creation of charge |
|
Charge
identification (ID) number of the charge to be modified |
10345012 |
|
Type of charge |
· Immovable property · Any interest in immovable property |
|
Particular of
charge holder |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Nature of
instrument creating charge |
No Instrument executed. The Director (on behalf of Company) has created a first ranking pari passu mortgage by deposit of title deeds over the leasehold immovable properties relating to Lakhimpur Kheri, Pilibhit and Shahjahanpur unit in favour of the Security Trustee acting for the benefit of the Working Capital Lenders (details attached herewith)) by depositing the title deeds (by constructive delivery) with the Security Trustee. A declaration dated March 28, 2013 was signed by the Director. |
|
Date of
instrument Creating the charge |
28.03.2013 |
|
Amount secured by
the charge |
Rs.4710.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest State Bank of India - SBI Base Rate+3.25%, Allahabad Bank- AB Base Rate+2.50%, Corporation Bank- SBI Base Rate + 3.25%; and State Bank of Hyderabad - SBH Base Rate+2.75% Terms of Repayment On demand Margin Coal-25% Coal in Transit - 25% Fuel oil and other stores and spares - 25% Advance to suppliers of coal - 100% Debtors (cover-90 days) - 25% Letter of Credit (Foreign and Inland) - 10% (Cash Margin) Bank Guarantee - 10% (Cash Margin) Extent and
Operation of the charge 1st Pari Passu charge on all those pieces and parcels of land ad. 27.645 acres extending across Gulra Machwapur, Pargana and Tehsil Bisalpur (Dist. Pilibhit), all those pieces and parcels of land ad. 39.87 acres extending across Khambarkhera and Kunwarpur both at Paragana Srinagar (Dis. Lakhimpur Kheri), all those pieces and parcels of land ad. 16.335 extending across Maqsoodapur, Paragana Powayan, Tehsil Powayan (Dist. Shajahanpur) in the State of U.P. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
· All pieces and parcels of land admeasuring 27.645 acres of land extending across Village Gulra Machwapur, Pargana, Tehsil Bisalpur (District Pilibhit),State of U.P. (both present and future) · All pieces and parcels of land admeasuring 39.87 acres of land extending across Villages Khambarkhera and Kunwarpur, Paragana Srinagar (District Lakhimpur Kheri), State of U.P. (both present and future) · All pieces and parcels of land admeasuring 16.335 acres of land extending across Village Maqsoodapur, Paragana Powayan, Tehsil Powayan (District Shajahanpur), State of U.P. (both present and future) |
FIXED ASSETS:
· Land and land improvements
· Furniture fixtures
· Vehicles
· Computer software
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.53.94 |
|
|
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
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.