MIRA INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL SPOT EXCHANGE LIMITED |
|
|
|
|
Registered
Office : |
FT Tower, CTS No. 256 and 257, 4th Floor, Suren Road, Chakala,
Andheri (East), Mumbai-400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153384 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 450.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51100MH2005PLC153384 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN1196R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing wholesale trade services on a fee or contract basis,
financial and related services and real estate services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is jointly promoted by Financial Technologies India Limited
and National Agricultural Co-operative Marketing Federation of India Limited. Subject is a well established and reputed company having satisfactory
track record. The company has successfully wipe out its losses during the
current year. The financial position of the company seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. In view of experience promoter and strong holdings the company can be
considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
FT Tower, CTS No. 256 and 257, 4th Floor, Suren Road,
Chakala, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-67619900 |
|
Fax No.: |
91-22-67619931 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 18.06.2012
|
Name : |
Mr. Jignesh Prakash Shah |
|
Designation : |
Director |
|
Address : |
R-Square, CTS No. 547, Plot No. 29, Jai Hind Society, N S Road, No.12,
JVPD Scheme, Vile Parle (West), Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1967 |
|
Qualification : |
BE |
|
Date of Appointment : |
18.05.2005 |
|
DIN No.: |
00064913 |
|
|
|
|
Name : |
Mr. Joseph Massey |
|
Designation : |
Director |
|
Address : |
702, C Wing, Trans Residency, MIDC, Off Mahakali Caves Road, Andheri
(East), Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1961 |
|
Qualification : |
MBA |
|
Date of Appointment : |
18.05.2005 |
|
DIN No.: |
00043586 |
|
|
|
|
Name : |
Mr. Shankerlal Mohanlal Guru |
|
Designation : |
Director |
|
Address : |
Matru Ashish, C-23, Aryaman Bunglows, Near Thaltej Crossing, Opposite
Anand Nikotan Sch, Thaltej, Ahmedabad-380059, Gujarat, India |
|
Date of Birth/Age : |
01.08.1928 |
|
Qualification : |
Inter Science 1st
LLB |
|
Date of Appointment : |
15.05.2007 |
|
DIN No.: |
00068437 |
|
|
|
|
Name : |
Mr. Bhagwatrao Dhadaji Pawar |
|
Designation : |
Director |
|
Address : |
1 Prasad, Opposite
BMC, C Deccan Gymkhan A, Pune-411004, Maharashtra, India |
|
Date of Birth/Age : |
08.12.1942 |
|
Qualification : |
B Com, M Com, LLB and PHD |
|
Date of Appointment : |
15.05.2007 |
|
DIN No.: |
01711492 |
|
|
|
|
Name : |
Mr. Shreekant Yadav Javalgekar |
|
Designation : |
Director |
|
Address : |
206B, Natasha Nikita CHSL, Amrut Nagar, Ghatkopar (West),
Mumbai-400086, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1955 |
|
Qualification : |
MBA |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
01268817 |
|
|
|
|
Name : |
Ms. Anjani Sinha |
|
Designation : |
Director |
|
Address : |
1405, Panchavati A, Mumbai-400072, Maharashtra, India |
|
Date of Birth/Age : |
14.01.1966 |
|
Qualification : |
CA, LLB, MBA, and Masters Degree in Economics and Commerce |
|
Date of Appointment : |
18.07.2011 |
|
DIN No.: |
01818400 |
|
|
|
|
Name : |
Mr. Ramanathan Devarajan |
|
Designation : |
Director |
|
Address : |
A-603, Gundechan Altura, Opposite St. Xavier School, LBS Marg, Kanjur
Marg, Mumbai-400078, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1954 |
|
Qualification : |
CA |
|
Date of Appointment : |
18.06.2012 |
|
DIN No.: |
02604441 |
KEY EXECUTIVES
|
Name : |
Mr. Nirav Mahendra Pandya |
|
Designation : |
Secretary |
|
Address : |
Block No.3, 1st Floor, 22, Vijay Villa, Bajaj Road,
Vileparle (West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1971 |
|
Date of Appointment : |
14.02.2011 |
|
PAN No.: |
ALPPP2934G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
National Agricultural Cooperative Marketing Federation of India Limited, India |
|
100 |
|
Jignesh Prakash Shah |
|
1 |
|
Arshad Mohmd Khan |
|
1 |
|
Manjay Prakash Shah |
|
1 |
|
V. Hariharan |
|
1 |
|
Joseph Daniel Massey |
|
1 |
|
Financial Technologies (India) Limited, India |
|
44999895 |
|
Total |
|
45000000 |
Equity Share Break up (Percentage of Total Equity)
As on 18.06.2012
|
Category |
Percentage |
|
Government
Companies |
0.01 |
|
Bodies corporate |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing wholesale trade services on a fee or contract basis,
financial and related services and real estate services. |
||||||||
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|
||||||||
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Products / Services: |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
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|
Bankers : |
|
|
|
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V.Ghatalia and Associates Chartered Accountants |
|
Address : |
6th Floor, Express
Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
PAN No.: |
AACFS6921Q |
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|
|
|
Holding Company
: |
v Financial
Technologies (India) Limited, India CIN No.: L29142TN1988PLC015586 |
|
|
|
|
Subsidiary
Company: |
v Indian Bullion
Market Association Limited, India CIN No.: U74900MH2007PLC171717 |
CAPITAL STRUCTURE
As on 18.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
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 |
450.000 |
450.000 |
450.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
160.489 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(95.880) |
(121.953) |
|
|
NETWORTH |
610.489 |
354.120 |
328.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
200.000 |
203.514 |
|
|
TOTAL BORROWING |
0.000 |
200.000 |
203.514 |
|
|
DEFERRED TAX LIABILITIES |
26.021 |
0.000 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
636.510 |
554.120 |
531.561 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
156.828 |
211.252 |
255.880 |
|
|
Capital work-in-progress |
10.130 |
0.000 |
1.988 |
|
|
|
|
|
|
|
|
INVESTMENT |
1705.917 |
238.509 |
10.610 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
130.850
|
896.960 |
12.058 |
|
|
Cash & Bank Balances |
180.902
|
160.463 |
92.976 |
|
|
Other Current Assets |
63.655
|
9.300 |
0.864 |
|
|
Loans & Advances |
2049.307
|
572.035 |
310.180 |
|
Total
Current Assets |
2424.714
|
1638.758 |
416.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.171
|
109.450 |
18.674 |
|
|
Other Current Liabilities |
3616.823
|
1420.785 |
130.495 |
|
|
Provisions |
8.085
|
4.164 |
3.826 |
|
Total
Current Liabilities |
3661.079
|
1534.399 |
152.995 |
|
|
Net Current Assets |
(1236.365)
|
104.359 |
263.083 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
636.510 |
554.120 |
531.561 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
819.444 |
1528.222 |
177.046 |
|
|
|
Other Income |
124.464 |
20.375 |
33.184 |
|
|
|
TOTAL (A) |
943.908 |
1548.597 |
210.230 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
0.000 |
|
223.806 |
|
|
|
Employee benefit expense |
82.063 |
79.939 |
|
|
|
|
Other expenses |
474.187 |
221.991 |
|
|
|
|
TOTAL (B) |
556.250 |
1435.382 |
223.806 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
387.658 |
113.215 |
(13.576) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.632 |
31.776 |
0.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
372.026 |
81.439 |
(13.701) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.002 |
55.366 |
50.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
316.024 |
26.073 |
(64.302) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
59.655 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
256.369 |
26.073 |
(64.302) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(95.880) |
(121.953) |
(57.651) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
160.489 |
(95.880) |
(121.953) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
0.439 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.70 |
0.58 |
(1.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
27.16
|
1.68 |
(30.59) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
38.57
|
1.71 |
(36.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.03
|
1.59 |
(9.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.07 |
(0.20) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.56 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66
|
1.07 |
2.72 |
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 |
No |
|
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 |
No |
|
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: Registered office of the company has been
shifted from 102-A Land Mark, Suren Road,
Chakala Andheri (East), Mumbai – 400093, Maharashtra, India to the present
address w.e.f 21.08.2012
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Rupee term loans from bank |
0.000 |
200.000 |
|
Total |
0.000 |
200.000 |
BUSINESS SEGMENTS:
Company’s business
segments are as under:
Exchange related
services: Includes admission fees, annual subscription fees, processing fee, transaction
fees, and exchange delivery charges.
Warehousing and
storage income: Includes storages of agricultural products, fumigation, quality
certification etc. Procurement Services: Procurement services consists of
private procurement on behalf of various corporate entities acting as an agent
by procuring different commodities like Castor seed, Cotton Wash Oil, sugar
etc. through different sources and locations by rendering added services like
quality testing, grading, sorting, loan syndication and offering other
customized solutions.
Trading Services:
Trading services include purchase of different commodities like cotton wash
oil, sugar, castor seed etc. from different parties and supplying the same to
various customers
RESULTS OF OPERATIONS:
The Financial Year 2011-12 attested a strong all-round performance for the Company with growth across the board. NSEL have established itself as the top most spot commodity market with market share of 99% in the country and also the preferred choice for commodity market participants and investors. Last financial year has been a prolific year for NSEL with the launch of e-Nickel and e-Platinum for the retail investors.
During the year the Company won the Futures and Options World (FOW) Award for Innovation 2011 in the category of Best Innovation by an Exchange in the field of product design for e silver in the South and Southeast Asia and Australasia region.
The Company also won the Golden Peacock Innovative Product/Services Award in commodity exchange segment in Jan. 2012, e-Series product was declared the most innovative product from commodity exchange determined by the satisfaction of investors for long term unexpressed and unarticulated needs.
The Company also conducted events like Zee Business-Mandi live and awareness programme on Investment Products in Commodities in Various cities.
As on 31st March 2012 the Company has 511 active members with 2156 Trading Terminals across the country and operates in 14 states. The total number of commodities traded are 45 (including e-series), with total number of commodities contract 421 (spot) and 59 (Auctions) and 130 delivery locations.
The areas of operations and Product offering by the Company are in Gujarat, Rajasthan, Maharashtra, Karnataka, Tamilnadu, Andhra Pradesh, Madhya Pradesh, Orissa, West Bengal, Bihar, Delhi, Chhattisgarh, Haryana and Kerala. The Company is dealing in various agricultural, non-agricultural (i.e. bullion and steel) including e-series in gold, silver, copper, zinc and lead.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U51100MH2005PLC153384 |
|
Name of the company |
NATIONAL SPOT EXCHANGE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
FT Tower, CTS No. 256 and 257, 4th Floor, Suren Road,
Chakala, Andheri (East), Mumbai-400093, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts |
|
Particular of charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara -
390015, Gujarat, India |
|
Nature of instrument creating charge |
As per Deed of Hypothecation dated March 15, 2013 executed for
creation of exclusive charge on current assets and receivables of the company
for the orders financed by ICICI Bank to secure working capital limit of Rs.
500.000 millions. |
|
Date of instrument Creating the charge |
15.03.2013 |
|
Amount secured by the charge |
Rs.500.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge Exclusive charge by way of hypothecation of stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other
moveables including book-debts, bills whether documentary or clean,
outstanding monies, receivables for the orders financed by ICICI Bank , in a
form and manner satisfactory to the Bank. Others As per sanction terms |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Exclusive charge by way of hypothecation of stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other moveables including
book-debts, bills whether documentary or clean, outstanding monies, Receivables for the orders financed by ICICI Bank, in a form and
manner satisfactory to the Bank. |
FIXED ASSETS
v Tangible Assets
- Leasehold
Premises
- Office
Equipments
- Computer
Hardware
- Furniture and
Fixtures
- Vehicles
- VSAT
v Intangible Assets
- Trade Mark
- Computer
Software
WEBSITE DETAILS
PRESS RELEASES
NSEL SIGNS A STRATEGIC MOU WITH BELRUSIN UNIVERSAL COMMODITY
15 NOVEMBER 2012
National Spot
Exchange Limited (NSEL), India’s largest electronic commodity spot exchange
signed an MoU with Belarusian Universal Commodity Exchange (BUCE), the largest
Commodity Spot Exchange, Republic of Belarus. The MoU was signed on Wednesday,
November 14, 2012 in a function held at Hotel ITC Maurya, New Delhi in the
presence of a delegation from the Republic of Belarus led by His Excellency Dr.
Mikhail Myasnikovich, Hon’ble Prime Minister of the Republic of
Belarus.
The Memorandum of
Understanding was signed by Mr. Anjani Sinha, MD and CEO, National Spot
Exchange, India and Mr. Arkady Salikov, Chairman of the Board, Belarusian
Universal Commodity Exchange.
Signing of this
MoU is of significant importance for developing bilateral deals between India
and Eastern European countries, especially Republic of Belarus, Russia,
Ukraine, Kazakhstan, etc. This will enable Indian producers to explore the
possibility of exporting their produce to Eastern European countries through
BUCE’s network. While BUCE will provide counter party guarantee with respect to
the buyers from Eastern Europe, NSEL will provide similar guarantee in respect
of exporters from India.
Hence, through
the combined network of NSEL and BUCE, it would be feasible for the Indian
exporters and importers to transact with European buyers and sellers in a
transparent manner without any credit risk. Since BUCE has its membership in 56
countries and more than 12000 companies are connected with their network, this
MoU would provide a strong marketing support to Indian exporters and importers.
It is also a fact
that there are very few instances of successful business model of Electronic
Spot Exchanges in the world and NSEL and BUCE are the leading entities in this
area. Hence, the strategic tie up between these two Spot Exchanges will create
a significant synergy for both the Spot Exchanges to learn from each other’s
experience.
NSEL JOINS HANDS WITH KERALS
FARMERS TO PROMOTE WESTERN GHATES AGRO GROWERS LIMITED
28 SEPTEMBER 2012
National Spot Exchange Limited (NSEL), India’s largest electronic commodity
spot exchange, and farmers from Kerala have promoted a joint stock
company called Western Ghats Agro Limited (WGAGL) with an aim to corporatise
farmers, organize and make them equal partners in the agricultural value chain.
WGAG was formally launched today at
Idukki, Kerala by Prof. K. V. Thomas, Honorable Minister of State for Consumer Affairs, Food and Public
Distribution, Government of India.
NSEL, a Financial
Technologies Group enterprise, has taken the lead to organize the farmers and
to provide its financial and managerial support. Given the strength of NSEL and
its promoter, the Financial Technologies Group, WGAGL can easily achieve a
size. This entire initiative owes its origin to the visionary ideas of Late Fr.
Mathew Vadakkemury. He had a meeting with senior officials of NSEL around 10
months back. In that meeting, the seed to promote such company was sown. NSEL
will forever feel indebted to Late Father Mathew, who recently expired in a
road accident, while working on this project. NSEL is also indebted to the
Church, which takes initiatives to organise the people without any
discrimination and stands for them by spreading universal brotherhood. NSEL is
appreciative of the fathers’ endeavors in empowering the farming community of
the high range districts in association with WGAGL.
Inaugurating
WGAGL, Prof. K. V. Thomas, Honorable Minister of State for Consumer Affairs,
Food and Public Distribution,
Government of India,
said,” I congratulate National Spot Exchange and Financial
Technologies Group for
this initiative, which
will foster the
Government’s vision of ensuring inclusive growth and deal with
the farmers’ problems head on.
Mr. Anjani Sinha,
MD and CEO, NSEL, said, “WGAGL is a unique initiative, which is of the farmers,
by the farmers and for the farmers. It will go a long way in making agriculture
more remunerative for the farmers, and thereby, provide significant momentum in
agricultural growth in our country.”
Traditionally,
the role of farmer in the agriculture value chain has been confined to
cultivation of crops and selling the same to local tradersin bulk immediately
after harvesting. In general, price realisation for any commodity is higher
after sorting, grading,
processing, packaging or value addition in any other form. Since the farmers
sell their produce in bulk without any value addition, they are not able to
take home such incremental rice advantage. This is the crux of the issue
impeding agricultural growth in India. This is why farmers are still not better
off, even though prices are going up and even though production is also going
up in quantitative terms. Unless we turn the table and make agriculture more
remunerative for the farmers, it would be difficult to get significant momentum
in agricultural growth in our country.
The right solution
for this issue
is to organize
the farmers and
make them equal
partner in agricultural value chain.
Once the farmers form corporatized entity, they will get the might to fight the
entire world. It is a great movement
towards institutionalizing the farmers.
Such institution promoted by farmers can set up its own grading units,
packaging units and provide such services on a fee based model to all its
farmer members. Such entity can use spot exchange platform to sell produce of
their farmer members to
all domestic buyers
and consumers through
spot exchange network. Gradually,
these companies can develop their own brand to market such produce directly in
overseas markets. Hence, the cost
of intermediation will go down
and farmers will be able to fetch
the maximum pie out of price paid by
the consumer or by the overseas buyer. This is the ideal model
to protect and promote the interests of Indian farmers.
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.54.17 |
|
|
1 |
Rs.82.98 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.