MIRA INFORM REPORT
|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
WEST BENGAL STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Vidyut Bhavan, Bidhannagar, Block – DJ, Sector – II, Kolkata – 700 091,
West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.04.2007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 11055.200 millions |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CALW00055G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in transmitting electricity from generating sources
to load centers through a transmission network. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 69420000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is wholly owned by Government of West Bengal, is a
professionally managed, a multi – sited Power Transmission Company in Eastern
India. It is a well – established company having a fine track record. The operations are carried out efficiently. Financial position of the
company appears to be sound and healthy. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good for 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1 (Short term debt) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
March 20, 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 BY
|
Name : |
Mr. Anjan Choudhary |
|
Designation : |
Finance Director |
|
Contact No.: |
91-33-23598393 / 23197521 |
|
Date : |
02.02.2013 |
LOCATIONS
|
Registered Office : |
Vidyut Bhavan, Bidhannagar, Block – DJ, Sector – II, Kolkata – 700
091, West Bengal, India |
|
Tel. No.: |
91-33-23582608 |
|
Fax No.: |
91-33-23591952 |
|
Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Amaresh Chandra Sarkar |
|
Designation : |
Managing Director |
|
Date of Appointment : |
14.12.2010 |
|
DIN No.: |
02473276 |
|
|
|
|
Name : |
Mr. Dilip Kumar Dey |
|
Designation : |
Director (Projects) |
|
Date of Appointment : |
08.12.2009 |
|
DIN No.: |
02882249 |
|
|
|
|
Name : |
Mr. Anjan Chowdhuri |
|
Designation : |
Director (Finance & Accounts) |
|
|
|
|
Name : |
Malay Kumar De |
|
Designation : |
Chairman |
|
Qualification : |
IAS |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
00117655 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Ms. Subrata Nag |
|
Designation : |
Director (Operations) |
|
Date of Appointment : |
17.01.2011 |
|
DIN No.: |
03415795 |
|
|
|
|
Name : |
Mr. Hari Krishna Dwivedi |
|
Designation : |
Non-Executive Directors |
|
Qualification : |
IAS |
|
Date of Appointment : |
03.02.2012 |
|
DIN No.: |
01952502 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Sreekumar Majumdar |
|
Designation : |
Non-Executive Directors |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
00004726 |
|
|
|
|
Name : |
Mr. Tapan Kumar Basu |
|
Designation : |
Non-Executive Directors |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
01849330 |
KEY EXECUTIVES
|
Name : |
Mr. Srikumar Chattopadhyay |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in transmitting electricity from generating sources
to load centers through a transmission network. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
|
|
|
|
|
Auditors : |
|
|
Statutory Auditor: |
|
|
Name : |
B. Chhawchharia and Company Chartered Accountants |
|
Address : |
8A and 8B, Satyam Towers, 3 Alipore Road, Kolkata – 700027, West Bengal, India |
|
|
|
|
Cost Auditor: |
|
|
Name : |
Datta, Ghosh, Bhattacharya and
Associates Cost Accountants |
|
Address : |
37, Gobinda Bose Lane, Kolkata - 700 025, West Bengal, India |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1105520000 |
Equity Shares |
Rs. 10/- each |
Rs.
11055.200 millions |
|
|
|
|
|
Notes:
Share Capital Reconciliation
(Rs. in millions)
|
Equity Shares |
31 March 2012 |
|
|
|
Nos. |
Amount |
|
Opening balance Issued during the period |
110,55,20,000 0 |
11055.200 0.00 |
|
Closing Balance |
110,55,20,000 |
11055.200 |
Particulars of Equity Shareholders
holding more than 5% Shares at Balance Sheet
|
|
31 March 2012 |
|
|
Shareholder |
Nos. |
% holding |
|
Governor of West Bengal |
110,54,70,000 |
99.995% |
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 |
11055.200
|
11055.200 |
11055.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6300.642 |
4583.915 |
2787.625 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17355.842 |
15639.115 |
13842.825 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10900.149 |
7569.255 |
7723.494 |
|
|
2] Unsecured Loans |
12380.095 |
13494.030 |
14799.125 |
|
|
3] Liabilities of SLDC-UI Fund |
0.000 |
0.000 |
1304.480 |
|
|
TOTAL BORROWING |
23280.244 |
21063.285 |
23827.099 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40636.086 |
36702.400 |
37669.924 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
32740.967 |
31630.763 |
30410.966 |
|
|
Capital work-in-progress |
8550.128 |
6984.284 |
5527.540 |
|
|
Assets of SLDC-UI Fund |
0.000 |
0.000 |
1304.480 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
877.348
|
1041.106 |
1186.054 |
|
|
Sundry Debtors |
622.154
|
560.703 |
592.530 |
|
|
Cash & Bank Balances |
2190.789
|
802.324 |
710.820 |
|
|
Other Current Assets |
614.103
|
632.437 |
343.388 |
|
|
Loans & Advances |
599.888
|
470.716 |
1173.989 |
|
Total
Current Assets |
4904.282
|
3507.286 |
4006.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
475.053
|
453.823 |
0.000 |
|
|
Other Current Liabilities |
5058.613
|
4898.346 |
1574.824 |
|
|
Provisions |
25.625
|
67.764 |
647.126 |
|
|
Security and Earnest Money Deposits |
0.000
|
0.000 |
1357.893 |
|
Total
Current Liabilities |
5559.291
|
5419.933 |
3579.843 |
|
|
Net Current Assets |
(655.009)
|
(1912.647) |
426.938 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40636.086 |
36702.400 |
37669.924 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7241.137 |
7486.174 |
7212.827 |
|
|
|
Other Income |
277.583 |
169.851 |
82.778 |
|
|
|
TOTAL (A) |
7518.720 |
7656.025 |
7295.605 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
1197.698 |
1150.126 |
|
|
|
|
Other Expenses |
1121.423 |
1136.823 |
|
|
|
|
TOTAL (B) |
2319.121 |
2286.949 |
2091.949 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5199.599 |
5369.076 |
5203.656 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1802.193 |
1828.553 |
1966.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
3397.406 |
3540.523 |
3236.825 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1251.290 |
1200.119 |
1118.928 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
0.000 |
174.767 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Net prior Period
Income/(Expenses) |
0.000 |
0.000 |
30.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
2146.116 |
2165.637 |
2148.293 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
429.389 |
420.747 |
401.533 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
1716.727 |
1744.890 |
1746.760 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.010) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Reserve
for Unforeseen Exigencies |
141.900 |
104.700 |
97.053 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1419.900 |
1594.400 |
1603.957 |
|
|
|
Transfer to Debenture Redemption Reserve |
154.900 |
45.800 |
45.750 |
|
|
BALANCE CARRIED
TO THE B/S |
0.017 |
(0.010) |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
1.55 |
1.58 |
1.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
22.83
|
22.79 |
23.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.63
|
28.93 |
29.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.70
|
6.16 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.34
|
1.35 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.65 |
1.12 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Bonds |
|
|
|
8.50% Pension Trust Bonds |
2700.000 |
2700.000 |
|
12.00% Public Bonds (Against Govt. Guarantee) |
0.000 |
0.000 |
|
From Financial Institutions |
|
|
|
Power Finance Corporation Ltd. (PFCL) |
139.165 |
178.926 |
|
State Government Loan |
9390.930 |
9865.104 |
|
From Banks |
|
|
|
Working Capital Loan from United Bank of India (UBI) |
150.000 |
0.000 |
|
Loans Repayable on demand from Banks |
|
|
|
Working Capital Loan from Corporation Bank |
0.000 |
750.000 |
|
|
|
|
|
Total |
12380.095 |
13494.030 |
OPERATIONAL PERFORMANCE
The Company has developed strong in-house
expertise in various facets of power transmission business. The operational
data have been re-assessed and re-cast during the year. At the end of FY 2011
-12, the Company owns and operates
- 11095.44 circuit kilometer (ckm) of Extra High Voltage
Transmission Lines;
- 103 sub-stations (400 kV to 66 kV);
- with transformation capacity of more than 19236 MVA
spread over the entire State of West Bengal.
The availability of this huge
transmission network was consistently maintained at over 99%, at par with
international standards. Transmission losses were around 3% which is comparable
with the best in the country. This excellent operational efficiency has been
achieved through deployment of state-of-the-art operation and maintenance
techniques.
PROJECT EXECUTION
The Company puts best efforts to
implement transmission projects within stipulated time frame to derive maximum
economic benefits. For timely implementation of projects, the Company takes
pre-emptive measures and pro-active actions on various project linked
activities such as land acquisition, survey and soil investigations, tender
activities, funding tie-up, etc. in parallel with project investment approval
process. Project appraisal and review meetings at regular intervals help to
tone up the implementation process.
In June 2009, WBSETCL took the
challenge to erect river crossing transmission towers over Muri Ganga River to
supply grid power to Sagar Island and adjoining areas to make the dream of
thousands of people come true. The 3.7 km long river crossing project between
Lot 8 and Kachuberia in 24-Parganas (South) was executed for WBSEDCL at a cost
of Rs. 620.000 millions, funded by Government of West Bengal. Out of seven high
rise towers, three were erected within river bed, each tower having a height of
145 meter above normal water level, the highest in the country, weighing 153 MT
and resting on group of pile foundations driven up to 60 meter depth from high
flood level. Execution was carried out in hostile climate conditions prevailing
throughout the year, surmounting daily tidal variations of 4-5 meter height
apart from fortnightly high tides in the estuary, while maintaining highest
degree of safety measures in execution. Grid Power to Sagar Island was fed at
33 kV on 20th October 2011.
MANAGEMENT DISCUSSION AND
ANALYSIS
A robust and responsive power
sector is the backbone of a strong economy and is essential to support GDP
growth in the country. A well designed integrated transmission system and
efficient, adequate and properly coordinated grid management could go a long
way in ensuring optimal utilization of generated energy and its delivery to the
load centres for ultimate consumption bythe myriad users of electricity.
WBSETCL, with its alert and
committed personnel and systems, has delivered another year of excellent
performance in all facets of power transmission business. The Company; one of
the largest Transcos in the country, added 192.138 circuit kilometer (ckm) of
extra high voltage transmission lines, commissioned 3 Extra High Voltage (EHV)
sub-stations with 483 Mega Voltage Ampere (MVA) transformation capacity and
added 535 MVA to the system by augmenting transformer capacities in its
existing sub-stations during the year. The operational data have been
re-assessed and re-cast during the year and as on 31.3.2012, the Company owns
and operates:
- Transmission Network of around 11095.44 ckm of EHV (400
kVto66 kV) transmission lines;
- Transformation capacity of about 19236 MVA, maintaining
availability at over 99% throughout the year;
- 103 sub-stations of various voltages.
Constant focus was given to
improving operational efficiency, asset utilization, reduction of transmission
loss and prudent fund management. Our efforts bore gratifying results. During the
year under review, WBSETCL handled energy flow of 34750.097 million units (MU)
with transmission losses of around 3%, comparable with the best in the country.
The Company's stellar performance
found national recognition, when it was adjudged the 'Best Performing
Transmission Company' in the Power Line Awards 2012 and conferred a National
Award, presented by the then Ministerfor Power, Government of India.
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
Rs. 1.334 millions being 50% of the
decretal amount (i.e. balance after payment of 50% as per directives of the
Hon'ble High Court at Calcutta) towards land acquisition for construction of
Purba Ichapur 132 KV Sub-station on a piece of land ad-measuring 2.46 acre at
Barasat.
UNAUDITED FINANCIAL RESULTS FOR THE
HALF YEAR ENDED 30.09.2012
(Rs. in millions)
|
Particulars |
6 months ended 30.09.2012 Unaudited |
Year to Date of
Figure for current period ended 30.09.2012 Unaudited |
|
1.
(a) Net Sales/Income from Operations |
4519.338 |
4519.338 |
|
(b)
Other Operating Income |
- |
- |
|
2.
Expenditure |
|
|
|
(a)
Increase/decrease in stock in trade and work in progress |
|
|
|
(b)
Consumption of raw materials |
- |
- |
|
©
Purchase of traded goods |
- |
- |
|
(d)
Employees cost |
614.831 |
614.831 |
|
(e)
Depreciation |
647.427 |
647.427 |
|
(f)
Other expenditure |
548.033 |
548.033 |
|
(g)
Total |
1810.291 |
1810.291 |
|
(Any
item exceeding 10% of the total expenditure to be shown separately) |
|
|
|
3. Profit from
Operations before Other Income, Interest and Exceptional Items (1-2) |
2709.047 |
2709.047 |
|
4.
Other Income |
80.351 |
80.351 |
|
5.
Profit before Interest & Exceptional Items (3+4) |
2789.398 |
2789.398 |
|
6.
Interest |
916.928 |
916.928 |
|
7.
Exceptional Items |
- |
- |
|
8. Profit (+)/Loss (-) from ordinary
Activities before tax (5) – (6+7) |
1872.470 |
1872.470 |
|
9.
Tax expense |
374.639 |
374.639 |
|
10.
Net Profit (+)/Loss (-) from Ordinary Activities after tax (8-9) |
1497.831 |
1497.831 |
|
11.
Extraordinary Items(Net of Tax Expense) |
- |
- |
|
12.
Net Profit (+)/Loss (-) for the period (2010-11) |
1497.831 |
1497.831 |
|
13.
Paid-up equity share capital (Face Value of the Share shall be indicated) |
11055.200 |
11055.200 |
|
14.
Paid-up Debt Capital |
- |
- |
NOTES:
- The above
financial results have been reviewed by the Audit Committee and taken on
record by the Board of Directors in its meeting held on 14th November
2012.
- The
un-audited half-yearly results have been subjected to limited review by
the Statutory Auditors of the Company.
- Pending
issuance of tariff order by the Hon'ble West Bengal State Electricity
Rergulatory Commission (the Commission) for the years 2011-12 &
2012-13, Income from Operations on account of transmission charges have
been billed and accounted for on the basis of transmission charges
approved by the Commission for 2010-11. The said income from Operations
and Profit for the Year / Half year (before and after tax) are, therefore,
liable to change on receipt of tariff orders for 2011-12 and 2012-13.
- Income
from Operations during the half year ended 30.09.2012 includes Rs. 727.173
millions on account of additional amount recoverable for the year 2009-10
as per the APR Order of the Commission dated 30.08.2012 on the Company's
APR Petition for that year.
- The
figures of the earlier periods have been regrouped wherever necessary to
make them comparable with the current period.
FIXED ASSETS:
- Land and Land
Development
- Leasehold
Land
- Buildings
- Plant and
Equipment
- Vehicles
- Furniture and
Fixtures
- Office
Equipment
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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
62 |
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.