MIRA
INFORM REPORT
|
Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARSHIYA SUPPLY CHAIN MANAGEMENT PRIVATE LIMITED (w.e.f. 29.07.2009) |
|
|
|
|
Formerly Known
As : |
GENCO (INDIA) PRIVATE LIMITED(w.e.f. 25.10.2007) BDP GENCO (INDIA) PRIVATE LIMITED |
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|
Registered
Office : |
6th Floor, 'C' Wing, Twin Arcade, Military Road, Marol Maroshi,
Andheri (East), Mumbai-400059, Maharashtra |
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Country : |
India |
|
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.11.2006 |
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Com. Reg. No.: |
11-165506 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.000 millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U63013MH2006PTC165506 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB16845D |
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PAN No.: [Permanent Account No.] |
AADCB0001C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of providing end-to-end supply and demand
chain solutions. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Anshiya Internation Limited”. The Group
company is facing allegation of financial irregularities. It is an established company having moderate track record. The company
has been successful in wipping off the accumulated losses of the previous
year. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a secured 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 |
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 : |
6th Floor, 'C' Wing, Twin Arcade, Military Road, Marol Maroshi,
Andheri (East), Mumbai-400059, Maharashtra |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 17.09.2012
|
Name : |
Mr. Bishwat Bijonendu Chakravaty |
|
Designation : |
Director |
|
Address : |
Flat No.4, Nishant Cottage, Plot 20, Sector-28, Vashi, Navi
Mumbai-400703, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1955 |
|
Qualification : |
Master Mariner |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
01962386 |
|
|
|
|
Name : |
Mr. Nitin Vijay Adarkar |
|
Designation : |
Director |
|
Address : |
35-B, Vikram Apartments,
Gokhale Road, Near Bombay Film Labs, Dadar, Mumbai- 400028, Maharashtra,
India |
|
Date of Birth/Age : |
05.05.1958 |
|
Date of Appointment : |
15.03.2012 |
|
DIN No.: |
01935293 |
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|
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|
Name : |
Ms. Archana Ajay Mittal |
|
Designation : |
Managing director |
|
Address : |
Mittal Bhavan, 62-A, Peddar Road, Mumbai- 400059, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1967 |
|
Date of Appointment : |
15.04.2012 |
|
DIN No.: |
00703208 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Arshiya International Limited, |
|
1599900 |
|
Archana Ajay Mittal |
|
100 |
|
Total |
|
1600000 |
Equity Share Break up (Percentage of Total Equity)
As on 17.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing end-to-end supply and
demand chain solutions. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
Term
Loan from Non Banking Financial Company (NBFC) was taken during the financial
year 2011-12, and carries interest rate of 15.5%. The loan is repayable over
5 years, with a moratorium period of 2 years. The loan is secured by: 1.
Exclusive charge on all receivables and cash flow of Arshiya Supply Chain
Management Private Limited, as limited to Panvel FTWZ business. 2.
Corporate Guarantee of Arshiya International Limited for the facility
extended to Arshiya Supply Chain Management Private Limited. |
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Banking
Relations : |
-- |
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|
|
Financial Institution : |
Future Capital
Holdings Limited, 15th Floor, Tower -2, Indiabulls Finance Centre,
Senapati Bapat Marg, Elphinstone, Mumbai - 400013, Maharashtra, India |
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|
|
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Auditors : |
|
|
Name : |
M. A. Parikh and Company Chartered Accountants |
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Address : |
B-1809 Samarth,
Deep Indra, Darshan, Complex III, Andheri(West), Mumbai 400053, India |
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PAN No.: |
AAAFM1433H |
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Holding
Company : |
§
Arshiya International Limited |
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|
Fellow
Subsidiaries : |
§
Arshiya Rail Infrastructure Limited §
Arshiya International Singapore Pte
Limited §
Arshiya Hong Kong Limited §
Arshiya Rail Siding and
Infrastructure Limited §
Arshiya Logistics LLC Dubai
(formerly known as BDP (Dubai) LLC ) §
Arshiya Transport & Handling
Limited §
Cyberlog Technologies International
Pte Limited Singapore §
Arshiya Technologies (India) Pvt.
Limited §
Cyberlog Technologies Hong Kong
Limited §
Cyberlog Technologies (UAE) FZE §
Arshiya Domestic Distripark Limited §
Arshiya Northern Domestic Distripark
Limited §
Arshiya Southern Domestic
Distripark Limited (Till 29th March, 2012) §
Arshiya Western Domestic Distripark
Limited (Till 29th March, 2012) §
Arshiya Central Domestic Distripark
Limited (Till 29th March, 2012) §
Arshiya Eastern Domestic Distripark
Limited (Till 29th March, 2012) §
Arshiya FTWZ Limited §
Arshiya Western FTWZ Limited (Till
29th March, 2012) §
Arshiya Exim Trading Limited (Till
29th March, 2012) §
Arshiya Central FTWZ Limited §
Arshiya Northern FTWZ Limited §
Arshiya Eastern FTWZ (Till 29th
March, 2012) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.10/- Each |
Rs.16.000
millions |
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|
|
|
|
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 |
16.000 |
16.000 |
16.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
603.828 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(13.913) |
(15.267) |
|
|
NETWORTH |
619.828 |
2.087 |
0.733 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
800.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
55.490 |
26.601 |
|
|
TOTAL BORROWING |
800.000 |
55.490 |
26.601 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1419.828 |
57.577 |
27.334 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.025 |
8.388 |
6.288 |
|
|
Capital work-in-progress |
3.780 |
0.649 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
4.745 |
5.914 |
6.967 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
1.281 |
0.000 |
|
|
Sundry Debtors |
959.741
|
230.062 |
9.144 |
|
|
Cash & Bank Balances |
43.256
|
5.003 |
1.837 |
|
|
Other Current Assets |
149.607
|
5.328 |
0.000 |
|
|
Loans & Advances |
702.128
|
0.278 |
9.810 |
|
Total
Current Assets |
1854.732
|
241.952 |
20.791 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
368.625
|
168.122 |
2.935 |
|
|
Other Current Liabilities |
17.150
|
24.156 |
2.641 |
|
|
Provisions |
63.679
|
7.048 |
1.136 |
|
Total
Current Liabilities |
449.454
|
199.326 |
6.712 |
|
|
Net Current Assets |
1405.278
|
42.626 |
14.079 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1419.828 |
57.577 |
27.334 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
336.157 |
42.739 |
|
|
|
Other Income |
|
2.439 |
0.429 |
|
|
|
TOTAL (A) |
1805.900 |
338.596 |
43.168 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
336.190 |
41.977 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1185.300 |
336.190 |
41.977 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAXATION AND PRIOR PERIOD ITEMS |
-- |
-- |
0.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
618.900 |
2.405 |
1.023 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.200 |
1.052 |
0.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
617.700 |
1.353 |
0.466 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(13.913) |
(15.266) |
(15.732) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
603.787 |
(13.913) |
(15.266) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from FTWZ and related services |
1685.758 |
255.231 |
NA |
|
|
TOTAL EARNINGS |
1685.758 |
255.231 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
386.09 |
0.85 |
0.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
34.20
|
0.40 |
1.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.72 |
2.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.26
|
0.96 |
3.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.00
|
1.15 |
1.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.29
|
26.59 |
36.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13
|
1.21 |
3.10 |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The registered office of the company has been shifted from 3rd
Floor, Plot No.61, Road No.13, MIDC, Andheri (East), Mumbai-400 093,
Maharashtra, India to the present address w.e.f. 25.01.2013
BUSINESS AND OPERATIONS
Subject provides
end-to-end supply and demand chain solutions and is committed to evolving
end-to-end strategic and innovative solutions across supply chain management.
These solutions are then executed, managed and monitored with extreme precision
to achieve considerable savings. The savings accrued are borne from the
efficiencies of the enhanced system and help boost profitability by lowering
costs.
The company has
successfully offered customised solutions to various clients enabling better
control of their supply chain operations and thus bringing down costs
drastically.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
From Holding Company (Repayable on demand) |
0.000 |
55.490 |
|
Total |
0.000 |
55.490 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U63013MH2006PTC165506 |
|
Name of the
company |
ARSHIYA SUPPLY
CHAIN MANAGEMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Plot No.61, Road No.13, MIDC, Andheri (East),
Mumbai-400 093, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Others (Receivables, Cash flows and
other income etc.) |
|
Particular of
charge holder |
Future Capital Holdings Limited, 15th Floor, Tower -2, Indiabulls
Finance Centre, Senapati Bapat Marg, Elphinstone, Mumbai - 400013,
Maharashtra, India Email: fch.legal@futurecapital.in
|
|
Nature of
instrument creating charge |
Memorandum of Hypothecation(MOH)dated
21/03/12 to create first exclusive charge on(i)present and future book debts,
Receivables, outstanding moneys, claims, dues, demands, bills, under or in
respect of Panvel FTWZ(ii)accounts receivable,operating cash-flows, and any other
revenues arising,past,present and future in respect of Panvel FTWZ(iii)all
monies standing to the credit of the Company in the Debt Service Account and
FC account as defined in schedule of MOH for providing loan of Rs 85 Cr.to
ASCM |
|
Date of instrument
Creating the charge |
21.03.2012 |
|
Amount secured by
the charge |
Rs. 850.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.50% p.a.
payable monthly in arrears as per terms of Facility Agreement dated
21.03.2012. Terms of
Repayment 24 months
moratorium and repayment in 36 equal monthly instalments commencing from the
25th month from date of first drawdown. Margin Not applicable Extent and
Operation of the charge First exclusive
charge on present and future book debts, Receivables, outstanding moneys,
claims, dues, demands, bills, under or in respect of Panvel FTWZ and all
rights, title, interests, benefits, claims, demand w.r.t. above; receivables,
operating cash-flows and any other revenues arising, past, present and future
in respect of Panvel FTWZ; all monies standing to the credit of the Company
in the Debt Service Account and FC account as defined in schedule of MOH for
providing loan of Rs. 850.000 millions to ASCM. Others Disbursement of
loan shall be subject to compliance with prudential norms prescribed by the
Reserve Bank of India. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Present and
future book debts, Receivables, outstanding moneys, claims, dues, demands,
bills, under or in respect of Panvel FTWZ and all rights, title,
interests,benefits,claims,demand w.r.t. above. Accounts
receivable, operating cash-flows and any other revenues of whatsoever nature
and wherever arising past, present and
future in respect of Panvel FTWZ. All monies
standing to the credit of the Company in the Debt Service Account and FC
account. Debt Service
Account, All insurance Policies, Project Documents, authorizations,
contracts, right, title and interest in respect of Panvel FTWZ |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Corporate Guarantee given to Future Capital Holdings
Limited (NBFC) on behalf of Arshiya International Limited (the Holding Company) |
1150.000 |
FIXED ASSETS
v
Tangible
Assets
§
Furniture and fixtures
§
Equipment
§
Computer
v
Intangible
Assets
§
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PRESS RELEASE
MERRILL LYNCH SELLS 4.43 LK SHARES OF ARSHIYA
INTERNATIONAL
MON, JAN 28, 2013
On January 25,
2013 Merrill Lynch Capital Markets Espana S.A. SVB sold 443,000 shares of
Arshiya International at Rs 40.12 on the NSE.
In the previous trading session, the share closed at Rs 38.70, down Rs 1.20, or 3.01%. It has touched a 52-week low of Rs 37.95.
The company's trailing 12-month (TTM) EPS was at Rs 4.29 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 9.02. The latest book value of the company is Rs 89.40 per share. At current value, the price-to-book value of the company was 0.43. The dividend yield of the company was 3.62%.
|
Client |
Deal Type |
Qty |
Deal Price |
|
CREDIT SUISSE (SINGAPORE) LIMITED A/C
CREDIT SUISSE (SINGAP |
BUY |
320,000 |
38.94 |
|
CROSSEAS CAPITAL SERVICES PRIVATE LIMITED |
BUY |
450,240 |
39.94 |
|
CROSSEAS CAPITAL SERVICES PRIVATE LIMITED |
SELL |
450,240 |
39.64 |
|
CROSSEAS CAPITAL SERVICES PVT. LTD. |
SELL |
448,685 |
40.05 |
|
CROSSEAS CAPITAL SERVICES PVT. LTD. |
BUY |
448,685 |
39.64 |
|
GAJANAN ENTERPRISES |
BUY |
999,830 |
38.17 |
|
GAJANAN ENTERPRISES |
SELL |
984,836 |
38.28 |
|
GAJANAN ENTERPRISES |
BUY |
719,078 |
38.14 |
|
GAJANAN ENTERPRISES |
SELL |
717,510 |
38.29 |
|
HANDELSBANKENS TILLVAXTMARKNADSFOND |
SELL |
578,760 |
38.14 |
|
MERRILL LYNCH CAPITAL MARKETS ESPANA S.A.
SVB |
SELL |
443,000 |
40.12 |
|
RAHUL DOSHI |
SELL |
317,028 |
37.96 |
|
RAHUL DOSHI |
BUY |
317,028 |
37.94 |
|
SECURITIES TRADIING CORPORATION OF INDIA
LIMITED |
SELL |
600,000 |
38.65 |
|
SUNIL CAPITAL CAPITAL and SECURITIES PVT
LTD |
BUY |
1,188,222 |
38.32 |
ARSHIYA INTERNATIONAL IN TALKS WITH BANKS TO RECAST
DEBT: SOURCES
JANUARY 18, 2013
Logistics and warehousing service provider Arshiya International, which is facing allegations of financial irregularities and has terminated the services of about 20 per cent of its workforce, is now in talks with its lenders to restructure about Rs. 25000.000 millions in gross debt, including working capital loans, banking sources told NDTV Profit.
The company may also consider approaching the corporate debt restructuring cell
for the recast, the sources added.
SBI Caps has prepared a preliminary restructuring proposal for about Rs. 10400.000 millions worth of loans, involving 12 bankers,
after a joint lenders' meeting last week with the company's top management. The
company also has four other NBFCs as non-CDR parties to the proposal, sources
said.
Punjab National Bank, State Bank of India, UCO Bank, Oriental Bank of Commerce
and Axis Bank are among the lenders to the company.
"We are evaluating several options and cannot comment on whether we will
go for CDR," Ajay Mittal, managing director and founder of the company,
told NDTV Profit. "We are currently meeting our bankers to address all
issues and reassure them of all incorrect allegations recently made in the
media against the company. We are also planning to revoke pledged shares worth
about Rs. 990.000 millions -- we have already made a
payment of Rs. 300.000 millions and will make the
balance payment in the next 10 days."
Mr Mittal has pledged nearly two-thirds of his 44.6 per cent stake in the
company to borrow Rs. 990.000 millions.
The decision to raise more money comes nearly three days after Mr Mittal
decided to infuse an additional Rs. 420.000 millions
as part payment towards warrants issued to him.
According to a filing with the Bombay Stock Exchange, the company's board is
slated to meet on January 19 to discuss the financial affairs and initiatives
to address these concerns. The board will also seek the appointment of
chartered accountants to independently investigate and submit a report on the
recent allegations.
Arshiya International may sack workers amid strike
Wed, Jan 09 2013
Logistics firm says its assets are ‘operationally strong’; stock declines 19.97% to Rs.97.40
Mumbai: Logistics firm Arshiya International Ltd said it may sack employees amid a strike at the company.
The company also sought to clarify media recent reports in a statement released on Wednesday.
These are “misleading and not true,” it said. “Arshiya International Limited has real assets that it has created in the west and north of India, including pan-India rail assets. All of these assets created by the company are operational and continue to remain operationally strong.”
The Mumbai-based company has sacked several senior employees since Saturday on shrinking orders, according to some newspaper reports.
“At least 200 employees in Panvel (near Mumbai) and 25 in Khurja (Uttar Pradesh) are on strike,” said a senior official of the company, who didn’t want to be identified.
The stock fell 19.97% to Rs.97.40 on BSE on Wednesday, while the benchmark Sensex lost 0.38%, or 75.93 points, to 19,666.59.
The Arshiya statement didn’t elaborate on the number of jobs that would be terminated or mention the strike.
CMT REPORT (Corruption, Money Laundering and 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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
16 |
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 and 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.