MIRA
INFORM REPORT
|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
JSW PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
5A, Jindal Mansion, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163924 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1841.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2006PLC163924 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ12925D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ8131F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Power Generation |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7270000 |
|
|
|
|
Status : |
Project under Implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘JSW Investments Private Limited’. Even though
the subject was incorporated during August 2006, it is yet to commence its
commercial activities. The project is under implementation stage and is scheduled to be
commissioned by March 2013 The Net worth of the company appears to be strong and healthy. Payment terms are unknown. In view of strong holding company, the subject can be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long term Bank facility) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
April 9, 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 DECLINED BY
|
Name : |
Mr. Naveen Rawat |
|
Designation : |
Manager Finance |
|
Contact No.: |
91-22-43437674 |
|
Date : |
12.02.2013 |
LOCATIONS
|
Registered Office : |
5A, Jindal Mansion, Dr. G. Deshmukh Marg, Mumbai – 400026,
Maharashtra, India |
|
Tel. No.: |
91-22-23513000 / 43437674 |
|
Fax No.: |
91-22-23515294 / 23534942 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 10.07.2012
|
Name : |
Mr. Balwant Ranka Kumar |
|
Designation : |
Director |
|
Address : |
B2, Kurgaon, Kundan, Panch Marg, Thane-401502, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1966 |
|
Qualification : |
B.E.Mechnical |
|
Date of Appointment : |
10.10.2008 |
|
DIN No.: |
00672052 |
|
|
|
|
Name : |
Mr. Sriram Kavassery Subbaram Narayanaswamy |
|
Designation : |
Director |
|
Address : |
Flat No.1, Padmalaya Intercity CHS, Plot No.5, Sector 16A, Vashi, Navi
Mumbai - 400705, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1969 |
|
Qualification : |
CA |
|
Date of Appointment : |
10.10.2008 |
|
DIN No.: |
00023208 |
|
|
|
|
Name : |
Mr. Kanwal Sarover |
|
Designation : |
Whole-time director |
|
Address : |
10 Bunglow, 10 JSW Township, Inspection Bunglow, Vidyanagar. Bellary-583275,
Karnataka, India |
|
Date of Birth/Age : |
15.11.1953 |
|
Qualification : |
B.E.Mechnical |
|
Experience : |
34 Years |
|
Date of Appointment : |
28.03.2011 |
|
PAN No.: |
AHWPS7101H |
|
DIN No.: |
03498756 |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Kumar Rawat |
|
Designation : |
Secretary |
|
Address : |
A2, 603, Shri Dharmendra CHSL, Holyx Road, IC Colony, Borivali (West),
Mumbai-400103, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1982 |
|
Date of Appointment : |
20.01.2011 |
|
PAN No.: |
AGTPR0040C |
|
|
|
|
Name : |
Mr. Naveen Rawat |
|
Designation : |
Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sangita Jindal |
|
49400 |
|
Kantilal N Patel |
|
100 |
|
JSW Investments Private Limited, India |
|
217050000 |
|
Sapphire Technologies Limited |
|
100 |
|
Maharashtra Sponge Iron Limited, India |
|
100 |
|
Balwantkumar Ranka |
|
100 |
|
Sriram K.S.N. |
|
100 |
|
Deepak Yashwant Bhat |
|
100 |
|
Total |
|
217100000 |
Allottee as on 27.08.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1000000 |
|
Total |
|
1000000 |
Allottee as on 29.08.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
Allottee as on 06.09.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
5000000 |
|
Total |
|
5000000 |
Allottee as on 21.09.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
10000000 |
|
Total |
|
10000000 |
Allottee as on 01.10.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
4500000 |
|
Total |
|
4500000 |
Allottee as on 15.10.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1000000 |
|
Total |
|
1000000 |
Allottee as on 23.11.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2500000 |
|
Total |
|
2500000 |
Allottee as on 04.12.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1500000 |
|
Total |
|
1500000 |
Allottee as on 03.12.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
4500000 |
|
Total |
|
4500000 |
Allottee as on 01.12.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
3000000 |
|
Total |
|
3000000 |
Allottee as on 18.12.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
3500000 |
|
Total |
|
3500000 |
Allottee as on 31.12.2012
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
Allottee as on 03.01.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
3500000 |
|
Total |
|
3500000 |
Allottee as on 07.01.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
5000000 |
|
Total |
|
5000000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.07.2012
|
Category |
Percentage |
|
Bodies corporate |
99.98 |
|
Others |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
Axis Trustee
Services Limited Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai -
400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay
Mutual Building, 2nd Floor, Dr. D.N Road, Fort, Mumbai -400001,
Maharashtra, India |
|
PAN No.: |
AAAFS7702F |
|
|
|
|
Holding Company: |
·
JSW Investments Private Limited CIN No.: U65993MH2005PTC152325 PAN No.: AAJCS2498G |
|
|
|
|
Fellow Subsidiary : |
·
JSW Cement Limited, India CIN No.:
U26957MH2006PLC160839 PAN No.:
AABCJ6731B ·
JSW Techno Projects Management Limited, India CIN No.: U74900MH2010PLC202725 ·
South-West Mining Limited, India CIN No.: U85110KA1996PLC021242 PAN No.: AAFCS9792M |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
JSW Steel Limited, India CIN No.: L27102MH1994PLC152925 PAN No.: AAACJ4323N ·
JSoft Solutions Limited, India CIN No.: U72200KA2006PLC040034 PAN No.: AABCJ7274P |
CAPITAL STRUCTURE
After 10.07.2012
Authorised Capital : Rs. 3000.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 2890.000 millions
As on 10.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.10/- each |
Rs. 2400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
217100000 |
Equity Shares |
Rs.10/- each |
Rs. 2171.000 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215000000 |
Equity Shares |
Rs.10/- each |
Rs. 2150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184150000 |
Equity Shares |
Rs.10/- each |
Rs. 1841.500 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 |
1841.500 |
108.800 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(22.602) |
(2.111) |
(0.065) |
|
|
NETWORTH |
1818.898 |
106.689 |
0.435 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2128.424 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2128.424 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3947.322 |
106.689 |
0.435 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.447 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
6334.145 |
96.712 |
0.000 |
|
|
Intangible assets under development or work-in-progress |
0.000 |
3.126 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.283 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
155.003
|
1.193
|
0.416 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.025 |
|
|
Loans & Advances |
1276.899
|
10.584
|
0.000 |
|
Total
Current Assets |
1431.902
|
11.777
|
0.441 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000
|
0.006 |
|
|
Other Current Liabilities |
3827.688
|
4.926
|
0.000 |
|
|
Provisions |
20.767
|
0.000
|
0.000 |
|
Total
Current Liabilities |
3848.455
|
4.926
|
0.006 |
|
|
Net Current Assets |
(2416.553)
|
6.851
|
0.435 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3947.322 |
106.689 |
0.435 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
3.359 |
0.000 |
0.012 |
|
|
|
Other expenses |
16.325 |
2.045 |
|
|
|
|
TOTAL (B) |
19.684 |
2.045 |
0.012 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
(19.684) |
(2.045) |
(0.012) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.182 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(19.866) |
(2.045) |
(0.012) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.625 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(20.491) |
(2.045) |
(0.012) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(20.491) |
(2.045) |
(0.012) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.110) |
(0.065) |
(0.053) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(22.601) |
(2.110) |
(0.065) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.16) |
(0.38) |
(0.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.43)
|
(17.36)
|
(2.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.02)
|
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.17
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37
|
2.39
|
73.50 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors due others |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
Total |
0.000
|
0.000 |
0.006 |
|
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL RESULTS
The Company’s
project is under implementation stage and the commercial production has not yet
commenced. During the year the Company has incurred the loss of Rs. 20.491
millions
PROJECTS UNDER PROGRESS
The Company is
implementing the CDQ Plant of 3.42 MTPA, DRI Plant of 1.2 MTPA and Captive
Power Plant of 76MW at location adjacent to the integrated steel plant of JSW
Steel Limited (JSWSL) at Vijaynagar, District Bellary in the state of Karnataka.All
necessary approvals relating to projects are in place.
The company has
completed the security creation process for Term Loan of Rs.18000.000 millions.
The company has also got sanction from ICICI-Hongkong for ECB facilities of USD
43.00 millions (Sub limit of Rupee Term Loan of Rs.18000.000 millions) in
respect of CDQ Project. The Company has received Rs.1841.500 millions as a
Promoter Contribution till date.
The projects are running as per schedule and progress is satisfactory.
Disclosures relating
to dividends
Since the Company
has not commenced commercial operations during the year, The Directors have not
recommended any dividend for the year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U74999MH2006PLC163924 |
|
Name of the company |
JSW PROJECTS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
5A, Jindal Mansion, Dr. G. Deshmukh Marg, Mumbai – 400026,
Maharashtra, India Email: naveen.rawat@jsw.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10285782 |
|
Type of charge |
·
Immovable property ·
Any interest in immovable property |
|
Particular of charge holder |
Axis Trustee
Services Limited Axis House, 2nd Floor, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India |
|
Nature of instrument creating charge |
Mortgage by Deposit of Title Deeds by execution of a Memorandum of
Entry dated 20 March 2012 |
|
Date of instrument Creating the charge |
20.03.2012 |
|
Amount secured by the charge |
Rs. 18000.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest rate for RTL Facility as per letter attached herewith 6 Months
LIBOR plus Margin of 3.55% for ECB facilities
0.60% commission for LC facilities Terms of Repayment RTL- Repayable in 24 equal quarterly installments as described in
RTLFA dated May 06,2011 LC Facilities-Repayment of LC facilities in accordance with Master
Facility Agreement dated October 25,2011 ECB- Repayment of drawn down amount
in 12 semi annual installments as described in ECB FA dated December 29,2011 Extent and Operation of the charge security by way of first ranking pari passu mortgage by deposit of all
Title Deeds (in respect of the including all lease deeds and/or licenses and
and/or other agreements providing the Company the right to use,possess and/or
enjoy the benefit of immovable property) of additional immovable lease hold
property of the Company at JVSL Ancillary Industrial Estate, at Totranagallu
Village. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
additional immovable lease hold property of the Company at JVSL
Ancillary Industrial Estate, at Totranagallu Village. |
|
Date of instrument modifying the charge |
13/01/2012 |
|
Particulars of the present modification |
Additional security by way of first ranking pari passu mortgage by deposit
of all Title Deeds of lease hold property of the Company situated at JVSL
Ancillary Industrial Estate, at Totranagallu Village including all buildings
and structures ,plant and machinery ,attached to earth |
FIXED ASSETS
·
Buildings
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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
43 |
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.