MIRA
INFORM REPORT
|
Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED |
|
|
|
|
Registered
Office : |
NKM International House, 5th Floor, 178
Backbay Reclamation, Behind LIC
Yogakshema Building, Babubhai Chinai Road, Mumbai – 400020, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.09.1988 |
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|
|
|
Com. Reg. No.: |
11-049019 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.151.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L60300MH1988PLC049019 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR15437C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR7637P |
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|
|
Legal Form : |
A Public Limited
Liability Company. The Company's Shares are Listed on the Stock Exchanges |
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Line of Business
: |
The company is mainly engaged in Infrastructure activity. |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9200000 |
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|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Group Company. It is a well established and reputed company have excellent track
record. Financially company performance is good. Fundamental seems healthy
and strong. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for good business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
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 DECLINED
Management Non-cooperative (91-22-44775000)
LOCATIONS
|
Registered Office : |
NKM International House, 5th Floor, 178 Backbay Reclamation, Behind LIC Yogakshema Building, Babubhai Chinai Road, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-44779053 |
|
Fax No.: |
91-22-44779052 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mahesh Kalidas Kamdas |
|
Designation : |
Chairman |
|
Address : |
2201 , Chaitanya Towers , 'C' Wing , App Asaheb Marathe Marg , Prabhadevi , Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1951 |
|
Date of Appointment : |
23.07.1990 |
|
Din No.: |
00013915 |
|
|
|
|
Name : |
Mr. Chandra Raj Mehta |
|
Designation : |
Director |
|
Address : |
A/602, Shilp Near Deepak Cinema, P B Marg, Worli, Mumbai – 400013,
Maharashtra, India |
|
Date of Birth/Age : |
16.03.1939 |
|
Date of Appointment : |
29.08.2006 |
|
Din No.: |
00002011 |
|
|
|
|
Name : |
Mr. Sandeep Hemendra Junnarkar |
|
Designation : |
Director |
|
Address : |
Flat No.1702, Wallace Apartment, Naushir Bharucha Marg, Mumbai –
400007, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1951 |
|
Date of Appointment : |
27.04.1991 |
|
Din No.: |
00003534 |
|
|
|
|
Name : |
Mr. Subhashchandra Anantram Malhotra |
|
Designation : |
Director |
|
Address : |
602, Tulsi Shyam Chs Limited, Highway Junction Road, Thane (West),
Mumbai – 400604, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1940 |
|
Date of Appointment : |
16.12.1989 |
|
Din No.: |
00013967 |
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|
|
|
Name : |
Mr. Dilipkumar Vittaldas Dherai |
|
Designation : |
Executive Director |
|
Address : |
Flat No.504, 5th Floor, Sayadhari Neelkanth Valley,
Ghatkoper (East), Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
09.04.1956 |
|
Date of Appointment : |
01.07.1994 |
|
Din No.: |
00011789 |
KEY EXECUTIVES
|
Name : |
Mr. Shankar Natarajan |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Committee |
·
Mr. Chandra Raj Mehta, Chairman ·
Mr. Mahesh Kalidas Kamdas ·
Mr. Sandeep Hemendra Junnarkar |
|
|
|
|
Remuneration Committee : |
·
Mr. Chandra Raj Mehta, Chairman ·
Mr. Sandeep Hemendra Junnarkar ·
Mr. Subhashchandra Anantram Malhotra |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6860064 |
45.43 |
|
|
6860064 |
45.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6860064 |
45.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
993 |
0.01 |
|
|
23312 |
0.12 |
|
|
87387 |
0.58 |
|
|
111692 |
0.74 |
|
|
|
|
|
|
1328032 |
8.79 |
|
|
|
|
|
|
6314810 |
41.82 |
|
|
283262 |
1.88 |
|
|
202140 |
1.34 |
|
|
144316 |
0.96 |
|
|
56824 |
0.38 |
|
|
1000 |
0.01 |
|
|
8128244 |
53.83 |
|
Total Public shareholding (B) |
8239936 |
54.57 |
|
Total (A)+(B) |
15100000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15100000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is mainly engaged in Infrastructure activity. |
GENERAL INFORMATION
|
No. of Employees : |
110 (Approximately) |
|
|
|
|
Bankers : |
· IDBI Bank Limited, 224-A; Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra, India ·
UTI Bank Limited, Central Office, Maker Towers
'f', 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India · HDFC Bank Limited · ICICI Bank Limited ·
Syndicate Bank |
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|
|
|
Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers 212, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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|
|
|
Solicitors and Advocates : |
Kanga and Company |
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|
|
|
Associates : |
Reliance Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15100000 |
Equity Shares |
Rs.10/- each |
Rs.151.000
Millions |
|
|
|
|
|
The details of
Shareholder holding more than 5% shares :
|
Name of Shareholder |
No. of Shares |
31.03.2012 % held |
|
Reliance Industries Limited |
6860064 |
45.43 |
The reconciliation of
the number of shares outstanding is set out below:
|
Name of Shareholder |
31.03.2013 No. of Shares |
|
Equity Shares at the beginning of the year |
15100000 |
|
Issued during the year |
-- |
|
Equity Shares at the end of the year |
15100000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.000 |
151.000 |
151.000 |
|
(b) Reserves & Surplus |
2168.656 |
1994.503 |
1824.097 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2319.656 |
2145.503 |
1975.097 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
261.917 |
222.805 |
206.435 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
5.505 |
0.516 |
|
Total Non-current Liabilities (3) |
261.917 |
228.310 |
206.951 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
125.503 |
142.376 |
200.275 |
|
(c) Other current
liabilities |
232.081 |
397.613 |
6.291 |
|
(d) Short-term provisions |
78.377 |
68.977 |
82.161 |
|
Total Current Liabilities (4) |
435.961 |
608.966 |
288.727 |
|
|
|
|
|
|
TOTAL |
3017.534 |
2982.779 |
2470.775 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
528.186 |
636.895 |
648.073 |
|
(ii) Intangible Assets |
423.714 |
385.892 |
0.000 |
|
(iii) Capital
work-in-progress |
91.294 |
0.000 |
17.144 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
67.737 |
67.737 |
67.737 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1137.343 |
1196.127 |
1001.517 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2248.274 |
2286.651 |
1734.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
287.500 |
290.000 |
195.000 |
|
(b) Inventories |
11.261 |
7.059 |
7.499 |
|
(c) Trade receivables |
193.972 |
170.889 |
105.792 |
|
(d) Cash and cash
equivalents |
26.949 |
24.284 |
22.483 |
|
(e) Short-term loans and
advances |
249.578 |
203.896 |
405.530 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
769.260 |
696.128 |
736.304 |
|
|
|
|
|
|
TOTAL |
3017.534 |
2982.779 |
2470.775 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
802.651 |
613.429 |
560.204 |
|
|
|
Other Income |
89.538 |
89.057 |
145.777 |
|
|
|
TOTAL |
892.189 |
702.486 |
705.981 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expense |
131.960 |
115.918 |
118.388 |
|
|
|
Other Expenses |
304.802 |
207.832 |
277.411 |
|
|
|
TOTAL |
436.762 |
323.750 |
395.799 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
455.427 |
378.736 |
310.182 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
101.511 |
63.342 |
57.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
353.916 |
315.394 |
253.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
110.112 |
79.274 |
29.294 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
243.804 |
236.120 |
223.841 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
129.075 |
154.379 |
191.962 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
200.000 |
200.000 |
|
|
|
Dividend |
56.625 |
52.850 |
52.850 |
|
|
|
Tax on Dividend |
9.623 |
8.574 |
8.574 |
|
|
BALANCE CARRIED
TO THE B/S |
106.631 |
129.075 |
154.379 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
54.051 |
405.299 |
NA |
|
|
TOTAL IMPORTS |
54.051 |
405.299 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.15 |
15.64 |
14.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
27.33
|
33.61
|
31.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
44.09
|
51.41
|
45.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.38
|
12.01
|
10.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.29
|
2.55 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
FINANCIAL AND
OPERATIONAL REVIEW
The company’s income from operations continues
to be from infrastructure activities including deployment of construction machineries,
product transportation through pipelines and other support services.
The company’s gross income for the year
increased by 27% to Rs.892.189 Millions, as compared to Rs.702.486 Millions for
the previous years.
The profit before depreciation and tax for the year increased by 20% to
Rs.455.427 Millions as against Rs. 378.700 Millions in the previous year. The
Company’s net profit for the year was marginally higher at Rs.243.804 Millions
as compared to Rs. 236.1320 Millions in the previous year.
Depreciation during the year was at Rs.101.511 Millions as compared to
Rs. 63.342 Millions in the previous year.
Return on Capital Employed was at 17.60% as compared to 16.70% in the
previous year.
Earnings per share was Rs.16.15 as compared to Rs. 15.64 in the previous
year.
RESOURCES AND
LIQUIDITY
The Company’s net worth as on 31st March, 2013 stood at Rs.2319.700
Millions, with paid-up capital of Rs.151.000 Millions and accumulated reserves
and surplus of Rs.2168.700 Millions as compared to net worth of Rs. 2145.500
Millions, with paid-up capital of Rs.151.000 Millions and accumulated reserves
and surplus of Rs. 1994.500 Millions as on 31st March, 2012.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Government of Indi realizes the impotence of accelerating the
investments in infrastructure to boost the country’s slowing economy. The
Twelfth plan proposes to increase the share in total investment in
infrastructure to more than 10.50% of india’s GDP by the end of the plan
period. This planned investment, if realized, can propel the country’s economic
growth to a higher trajectory.
SECTOR
OPPORTUNITIES
There is a huge investment target for the infrastructure sector that
needs to be achieved during the current plan period. This target is achievable,
provided prompt actions and active monitoring is carried out. The Twelfth Plan
period has already begun and is expected to be supported by reforms that create
a conducive environment for private sector investments in infrastructure and
faster execution of projects across the infrastructure sectors, thus impacting
infrastructure development in long-run.
OUTLOOK
The Company will continue to keep its focus in the infrastructure sector
and is confident of maintaining its growth rate.
UNAUDITED FINANCIAL
RESULTS FOR THE FIRST QUARTER ENDED 30th JUNE, 2013
Rs. In Millions
|
|
|
Quarter ended |
|
Sr No |
Particulars |
30.06.2013 Unaudited |
|
1 |
Income from Operations |
204.784 |
|
2 |
Expenses : |
|
|
|
a) Employees Cost |
46.371 |
|
|
b) Stores and Spares Consumed |
3.608 |
|
|
c) Operating expenses |
31.621 |
|
|
d) Depreciation |
23.527 |
|
|
e) Other expenditure |
54.213 |
|
|
f) Total Expenditure { Total (a) to (e) } |
159.340 |
|
3 |
Profit from Operations before other income and finance costs (1 - 2) |
45.444 |
|
4 |
Other Income |
24.370 |
|
5 |
Profit from ordinary activities before finance costs (3 + 4) |
69.814 |
|
6 |
Finance Costs |
-- |
|
7 |
Profit from ordinary activities before tax (5 - 6) |
69.814 |
|
8 |
Tax Expense |
|
|
|
a) Provision for Current Tax |
13.029 |
|
|
b) Provision for Deferred Tax |
2.254 |
|
9 |
Net Profit for the period (7 - 8) |
54.531 |
|
10 |
Paid-up Equity Share Capital Equity Shares of Rs. 10/- each |
151.000 |
|
11 |
Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year |
|
|
12 |
Basic and Diluted Earnings per share (Face Value of Rs.10/-) |
3.61 |
|
|
PARTICULARS OF SHAREHOLDING |
|
|
13 |
Public Shareholding : |
|
|
|
a) Number of Shares (in lakh) |
85.40 |
|
|
b) Percentage of shareholding (%) |
54.57% |
|
14 |
Promoters and promoter group Shareholding |
|
|
|
a) Pledged / Encumbered |
Nil |
|
|
b) Non-Encumbered - Number of Shares (in lakh) |
68.60 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
45.43% |
Notes :
1. Figures for the corresponding periods have been restated, wherever necessary, to make them comparable.
2. The Company is mainly engaged in infrastructure activity. All activities of the Company revolve around this main activity of the Company. As such, there are no separate reportable segments as per Accounting Standard on Segment Reporting issued by Company (Accounting Standards) Rules, 2006.
3. The Company had revalued its plant and machinery comprising of transport facility and monitoring system for petrochemical products in earlier years. Consequent to revaluation, there is an additional charge for depreciation of Rs.0.673 Million for the nine months ended 30th June, 2013 which has been withdrawn from Reserves. This has no impact on the profit for the three months ended 30th June, 2013
4. There was no investors' complaint pending as on 1st April, 2013. All the 3 complaints received during the quarter ended 30th June, 2013 were resolved and no complaint was outstanding as on 30th June 2013.
5. The Audit Committee reviewed the above results. The Board of Directors at its Meeting held on 15th January, 2013, approved the above Results and its release. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter ended 30th June, 2013.
FIXED ASSETS
· Building
· Plant and Machinery
· Construction Machinery
· Equipments
· Furniture and Fixtures
· Vehicles
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.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.