MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOSHIBA JSW TURBINE AND GENERATOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S No 74-95, Vaikkadu Village, Andarkuppam, Check Post,
Manali New Town, Chennai - 600 103, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.09.2008 |
|
|
|
|
Com. Reg. No.: |
18-069121 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4330.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31100TN2008FTC069121 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET10709G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCT0151D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and sell turbine and generators and associated auxiliaries. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Toshiba Corporation and JSW Group. It is well established and reputed company having moderate track
record. There appears accumulated loss recorded by the company during 2013. However, trade relations are reported to fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been ranked
83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for companies
in India are among the highest in the world and the number of payments is also
more than the global average putting the country at low, 158th rank
on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time
taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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 : |
S No 74-95, Vaikkadu Village, Andarkuppam, Check Post,
Manali New Town, Chennai - 600 103, Tamilnadu, India |
|
Tel. No.: |
91-44-30666000/60666534 |
|
Fax No.: |
91-44-30666500 / 30666025 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 22.07.2013
|
Name : |
Mr. Nirmal Kumar Jain |
|
Designation : |
Director |
|
Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1946 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No.: |
00019442 |
|
|
|
|
Name : |
Mr. Sattiraju Seshagiri Rao |
|
Designation : |
Director |
|
Address : |
1602, Benhur,32, Narayan Dhabolkar Road, Malabar Hills,,
Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1947 |
|
Date of Appointment : |
02.09.2008 |
|
DIN No.: |
00150816 |
|
|
|
|
Name : |
Mr. Masachika Odawara |
|
Designation : |
Whole-time director |
|
Address : |
23-1, Maruyamal-Chome, Isogo-Ku, Yokohama, 2350011, Japan |
|
Date of Birth/Age : |
01.03.1955 |
|
Qualification : |
Engineering Graduate |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
02187610 |
|
|
|
|
Name : |
Mr. Takayuki Torikai |
|
Designation : |
Director |
|
Address : |
2005, 16-5, Kuji3-Chome, Takatsu-Ku, Kawasaki, 2130032, Japan |
|
Date of Birth/Age : |
12.07.1963 |
|
Date of Appointment : |
02.09.2008 |
|
DIN No.: |
02187590 |
|
|
|
|
Name : |
Mr. Yoshihiro Aburatani |
|
Designation : |
Director |
|
Address : |
1-20-31, Hirado, Totsuka Ward, Yokohama City, Kanagawa Perfecture,
224-0802, Japan |
|
Date of Birth/Age : |
22.05.1956 |
|
Date of Appointment : |
06.08.2010 |
|
DIN No.: |
03262733 |
|
|
|
|
Name : |
Mr. Toshiyuki Harada |
|
Designation : |
Director |
|
Address : |
5-7-1-105, Okurayama, Kouhoku-Ku, Yokohama, 2220037 |
|
Date of Birth/Age : |
01.02.1957 |
|
Date of Appointment : |
29.09.2011 |
|
DIN No.: |
03579559 |
|
|
|
|
Name : |
Mr. Yoshiaki Inayama |
|
Designation : |
Managing director |
|
Address : |
Door No. 1982, 15th Main Road, 'H' Block, Anna
Nagar, Chennai - 600 040, Tamilnadu, India |
|
Date of Birth/Age : |
09.05.1958 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
05159956 |
|
|
|
|
Name : |
Mr. Mitsuaki Nakamura |
|
Designation : |
Director |
|
Address : |
Domain 21# 22-07, Delta Road, Block 23, Singapore - 169814 |
|
Date of Birth/Age : |
20.07.1958 |
|
Date of Appointment : |
09.11.2012 |
|
DIN No.: |
05225370 |
|
|
|
|
Name : |
Mr. Sanjay Sagar |
|
Designation : |
Director |
|
Address : |
A-20/17, DLF City Phase I, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
04.08.1957 |
|
Date of Appointment : |
01.12.2012 |
|
DIN No.: |
00019489 |
|
|
|
|
Name : |
Mr. Masahiro Daigen |
|
Designation : |
Director |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
06599385 |
KEY EXECUTIVES
|
Name : |
Mr. S V Rajesh |
|
Designation : |
Secretary |
|
Date of Appointment : |
17.09.2010 |
|
PAN No.: |
AERPR7560R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Toshiba Corporation, Japan |
|
324750000 |
|
JSW Energy Limited, Mumbai |
|
97250000 |
|
JSW Steel Limited, Mumbai |
|
11000000 |
|
|
|
|
|
Total |
|
433000000 |
Equity Share Break up (Percentage of Total Equity)
As on 22.07.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
75.00 |
|
Bodies corporate |
25.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Selling of Turbine and Generators and
Associated Auxiliaries. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
22, Camac
Street, Block 'C', 3rd floor, Kolkata – 700016, West Bengal, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3421N |
|
|
|
|
Joint Ventures: |
·
Toshiba Corporation, Japan; ·
JSW Energy Limited, India ·
CIN: L74999MH1994PLC07704 ·
JSW Steel Limited, India |
|
|
|
|
Associate: |
·
Toshiba Machine Company Limited, Japan ·
TPSC (India) Private Limited, India ·
CIN: U29219AP1998PTC030591 ·
Toshiba Technical Services International
Corporation, Japan ·
Toshiba India Private Limited, India ·
CIN: U72200DL2001PTC11239 ·
Toshiba Plant System and Services, Japan ·
Enterprise Business Systems Solutions
Corporation, Japan ·
Toshiba Corporation -Keihin Product Operations ·
J Soft Solutions Limited, India ·
CIN: U72200KA2006PLC040034 ·
Toshiba Corporation -Power System Company ·
Toshiba Corporation - Thermal and Hydro Power S
and S Division ·
JSW Investments private Limited, India ·
CIN: U65993MH2005PTC152325 ·
Toshiba (CHINA) Company Limited ·
Toshiba America, INC. ·
Toshiba Corporation - Social Infrastructure
Systems Company ·
Toshiba Elevator India Private Limited, India ·
CIN U29253MH2011FTC215756 ·
Toshiba Industrial Technology Incorporated ·
Toshiba GE Turbine Components Company Limited ·
Toshiba Machine (India) Private Limited, India ·
CIN: U29111DL2006FTC148307 |
|
|
·
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
433000000 |
Equity Shares |
Rs.10/- each |
Rs. 4330.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
433000000 |
Equity Shares |
Rs.10/- each |
Rs. 4330.000
Millions |
|
|
|
|
|
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 |
4330.000 |
3000.000 |
2200.000 |
|
(b) Reserves & Surplus |
(1320.630) |
(732.426) |
(150.315) |
|
(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) |
3009.370 |
2267.574 |
2049.685 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7458.750 |
6540.000 |
4935.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
3491.539 |
2.289 |
45.728 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
10950.289 |
6542.289 |
4981.328 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
199.952 |
28.255 |
16.553 |
|
(c) Other current
liabilities |
676.185 |
633.390 |
257.148 |
|
(d) Short-term provisions |
10.973 |
3.143 |
1.409 |
|
Total Current Liabilities (4) |
887.110 |
664.788 |
275.110 |
|
|
|
|
|
|
TOTAL |
14846.769 |
9474.651 |
7306.123 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7341.523 |
6872.723 |
1598.978 |
|
(ii) Intangible Assets |
79.694 |
91.612 |
4.764 |
|
(iii) Capital
work-in-progress |
1100.242 |
311.041 |
2976.750 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
89.624 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.0000 |
|
(d) Long-term Loan and Advances |
1763.337 |
477.282 |
444.664 |
|
(e) Other Non-current assets |
827.760 |
0.000 |
0.000 |
|
Total Non-Current Assets |
11112.556 |
7752.658 |
5114.780 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
174.398 |
127.982 |
16.010 |
|
(c) Trade receivables |
7.064 |
3.108 |
0.000 |
|
(d) Cash and cash
equivalents |
3476.454 |
1558.742 |
2150.574 |
|
(e) Short-term loans and
advances |
76.297 |
32.161 |
24.759 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3734.213 |
1721.993 |
2191.343 |
|
|
|
|
|
|
TOTAL |
14846.769 |
9474.651 |
7306.123 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1004.570 |
7.700 |
0.000 |
|
|
|
Other Income |
368.090 |
109.020 |
65.440 |
|
|
|
TOTAL |
1372.660 |
116.720 |
65.440 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1551.610 |
452.510 |
154.770 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(178.950) |
(335.790) |
(89.330) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
409.250 |
246.320 |
22.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(588.200) |
(582.110) |
(111.470) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(588.200) |
(582.110) |
(111.470) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.36) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(42.85)
|
(498.72) |
(170.34) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(58.55)
|
(7598.83) |
(170.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.28)
|
(6.35) |
(2.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20)
|
(0.26) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.48
|
2.88 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.21
|
2.59 |
7.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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 |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
INDUSTRY OUTLOOK
Indian power
sector has just crossed the land mark installation capacity addition of 223,625
MW. Thermal power plants continuing to be the major constitute with 68% of the
installed capacity. In 12th Five year plan, the total capacity addition planned
is 88,537 MW. Out of this thermal will be 72,340 MW (81.7% of the total planned
capacity addition). Most of this would be based on Supercritical Technology. It
is expected that in the 13th Five year plan, there will be more focus on Ultra
Super Critical Technology. Coal would continue to be the main fuel for power
generation in the 12th and 13th Five year plans. Coal availability, Environment
Clearance, Land acquisition, Roads and Transportation infrastructure are
continuing to be the main constraints for capacity addition. Despite the above
the power plant developers from all sectors like State Electricity Boards,
Central Utilities and Independent Power Producing Utilities are continuing to
be aggressive and committed in capacity addition. The market for power
equipment is heading for a radical change. With new players in fray and a
comparable duty structure for both domestic and imported equipment, the market
is equally poised. Power producers will have more suppliers to choose from.
BACKGROUND
Subject was
incorporated on September 2, 2008 in the state of Tamil Nadu in India. The
Company is a joint venture between Toshiba Corporation Japan, JSW Energy Limited
and JSW Steel Limited respectively. The Company has been formed principally to
manufacture and sell turbine and generators and associated auxiliaries.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from bank |
480.000 |
0.000 |
|
Foreign currency term loans from banks |
1954.050 |
1831.200 |
|
Foreign currency term loans from others |
5024.700 |
4708.800 |
|
Total |
7458.750 |
6540.000 |
CONTINGENT LIABILITIES (AS ON 31.03.2013):
Bank guarantees
Rs.7881.092 Millions
The Company has
received a Special Valuation Branch (SVB) order whereby the department has contested
that the purchase is not at arm’s length and ordered to add a loading of 46.89%
to the invoice value and also include the service portion of the purchase
orders in computing the assessable value for customs duty. As at March 31,
2013, the Extra duty deposit made by the Company is Rs.10.130 Millions. The
Company has filed an appeal against the order and has not received any further
communication from the department.
FIXED ASSETS
Tangible assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Computer equipment’s
·
Other equipment’s
Intangible assets
·
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.61.87 |
|
|
1 |
Rs.101.87 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
32 |
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.