MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
AKER POWERGAS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Powergas House I Think Techno Campus, Kanjur Village, Taluka Kurla Kanjurmarg
East, Mumbai – 400042, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
17.01.1973 |
|
|
|
|
Com. Reg. No.: |
11-016253 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.350 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH1973PTC016253 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA25994D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD1981E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Engineering Consultants and Construction Services for
Technology Products and Integrated Solutions. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 17000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Aker Group Word wide. It is a well established
company having fine track. Available information indicates high financial
responsibility of the company. Trade relation
are reported as fair. Payments are reported to be usually correct and
as per commitments. 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) |
|
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
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 : |
Powergas House I Think Techno Campus, Kanjur Village, Taluka Kurla
Kanjurmarg East, Mumbai – 400042, Maharashtra, India |
|
Tel. No.: |
91-22-66915901 |
|
Fax No.: |
91-22-66915937 / 34 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Powergas House, Baner Survey No.75/213, |
|
Tel No : |
91-20-27290226 |
|
Fax No.: |
91-20-27290825 |
DIRECTORS
As on 19.06.2012
|
Name : |
Mr. Sanjay Vithalrao Joshi |
|
Designation : |
Managing Director |
|
Address : |
405, Santoor, Lokpuram, Thane – 400 610 |
|
Date of Birth/Age : |
20.04.1959 |
|
Date of Appointment : |
05.04.2010 |
|
DIN : |
01656787 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Managing
director |
05/04/2010 |
01/09/2007 |
- |
Active |
NO |
|
2 |
U74990MH2010PTC210736 |
AKER
POWERGAS SUBSEA PRIVATE LIMITED |
Director |
07/12/2010 |
07/12/2010 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Valborg Lundegaard |
|
Designation : |
Director |
|
Address : |
Hestehagen 18, 1394 Nesbru, Norway |
|
Date of Birth/Age : |
08.05.1960 |
|
Date of Appointment : |
19.12.2011 |
|
DIN : |
02589211 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Director |
19/12/2011 |
17/03/2009 |
- |
Active |
NO |
|
|
||||||||
|
Name : |
Mr. Henning Ostvig |
|
Designation : |
Nominee Director |
|
Address : |
Seterhoyveien 18E, 1176 Oslo, Norway |
|
Date of Birth/Age : |
03.09.1961 |
|
Date of Appointment : |
19.12.2011 |
|
DIN : |
02845817 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Director |
19/12/2011 |
17/03/2009 |
- |
Active |
NO |
|
|
||||||||
|
Name : |
Mr. Per Herald Kongelf |
|
Designation : |
Director |
|
Address : |
Vestila 42050, Jesshiem, Norway |
|
Date of Birth/Age : |
07.11.1959 |
|
Date of Appointment : |
09.06.2011 |
|
DIN : |
03477044 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Director |
09/06/2011 |
17/03/2011 |
- |
Active |
NO |
|
Name : |
Mr. Siv Grethe Hansen |
|
Designation : |
Director |
|
Address : |
Per Spelemannsvei 3, 4019 Stavanger, Stavanger , Norway |
|
Date of Birth/Age : |
16.04.1963 |
|
Date of Appointment : |
19.06.2012 |
|
DIN : |
05183403 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Director |
19/06/2012 |
01/02/2012 |
- |
Active |
NO |
|
Name : |
Mr. Tarje Steingrimsen |
|
Designation : |
Director |
|
Address : |
Nygardskogen 29, 3408, Tranby, Norway, |
|
Date of Birth/Age : |
07.08.1957 |
|
Date of Appointment : |
19.06.2012 |
|
DIN : |
05203506 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1973PTC016253 |
Aker
Powergas Private Limited |
Director |
19/06/2012 |
22/03/2012 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mrs. Smriti Rekha Vijay |
|
Designation : |
Company secretary |
|
Address : |
A – 1001, Lakeside, Raheja Vihar, Powai, Mumbai – 400072, Maharashtra
India |
|
Date of Birth/Age : |
06.05.1959 |
|
Date of Appointment : |
01.05.2010 |
|
|
|
MAJOR SHAREHOLDERS
As on 19.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Aker Solutions (Mauritius) Limited, Mauritius |
|
160066 |
|
Trustees – DGP Staff Education Benefit Trust |
|
16466 |
|
Trustees – DGP Staff General Benefit Trust |
|
16932 |
|
Trustees – DGP Staff Medical Benefit Trust |
|
16470 |
|
Trustees – DGP Staff Recreation Benefit Trust |
|
17066 |
|
|
|
8000 |
|
Total |
|
235000 |
Equity Share Break up (Percentage of Total Equity)
As on 19.06.2012
|
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 |
68.11 |
|
Other top fifty shareholders |
31.89 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering Consultants and Construction Services for Technology
Products and Integrated Solutions |
GENERAL INFORMATION
|
|
|
|
Customer: |
Domestic:- ·
Johnson Matthey ·
Leighton Contractors India ·
BG Exploration and Production India ·
IG Petrochemicals ·
Southern Cogen ·
J K Papers Limited Export:- ·
Aker Engg and Technology ·
Aker Engg and Technology ·
Jacobs EandC Australis Pty Ld ·
Aker Offshore Partners, Norway ·
Swiber ·
Air Products ·
Petrofac International |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Financial
Institution : |
Housing Development Finance Corporation Limited, Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
212/C Plot No.31 Manish Chaitali C.H.S.Limited J.P.Road, Manish Nagar Andheri (W) Mumbai
400053, Maharashtra India |
|
Tel. No.: |
91-22-29896000 |
|
Fax No.: |
91-22-39896000 |
|
PAN No.: |
AAIFB4734C |
|
|
|
|
Holding Company : |
Aker Solutions (Mauritius) Limited, Mauritius |
|
|
|
|
Ultimate Holding
Company : |
Aker Solutions A.S. Norway |
|
|
|
|
Subsidiaries Company: |
Aker Powergas Subsea Private Limited, India |
|
|
|
|
Fellow Subsidiaries Company: |
· Aker Business Services AS, Norway · Aker Engineering and Technology AS, Norway · Aker Subsea AS, Norway · Aker Subsea Limited, UK · Aker Offshore Partner AS, Norway · Aker Solutions Asia Pacific SDN BHD, Malaysia · Aker Engineering SDN BHD, Malaysia · Aker Solutions, Malaysia · Aker Maritime Hydraulics AS, Norway · Aker MH India Private Limited, India · Aker Process Limited, UK ·
Aker Process System AS, Norway |
|
|
|
|
Associates: |
Xytel India Private Limited |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000 |
Equity Shares |
Rs.10/- each |
Rs.2.350 Millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.350 |
2.350 |
2.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4325.955 |
3798.717 |
2538.264 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4328.305 |
3801.067 |
2571.9349 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
45.494 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
45.494 |
|
|
DEFERRED TAX LIABILITIES |
201.144 |
139.635 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4529.449 |
3940.702 |
2586.108 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2257.199 |
2093.818 |
2271.304 |
|
|
Capital work-in-progress |
12.816 |
8.136 |
2.032 |
|
|
|
|
|
|
|
|
INVESTMENT |
1699.557 |
1518.242 |
101.674 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
25.894 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
66.483
|
0.048 |
0.918
|
|
|
Sundry Debtors |
879.423
|
470.725 |
520.417
|
|
|
Cash & Bank Balances |
149.780
|
177.484 |
67.675
|
|
|
Other Current Assets |
545.479
|
359.019 |
192.557
|
|
|
Loans & Advances |
264.397
|
215.630 |
413.047
|
|
Total
Current Assets |
1905.562
|
1222.906 |
1194.614 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
136.385
|
60.921 |
112.055
|
|
|
Other Current Liabilities |
678.533
|
544.966 |
570.634
|
|
|
Provisions |
530.767
|
296.513 |
326.721
|
|
Total
Current Liabilities |
1345.685
|
902.400 |
1009.410 |
|
|
Net Current Assets |
559.877
|
320.506 |
185.204
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4529.449 |
3940.702 |
2586.108 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Contracts |
3640.000 |
2873.000 |
2078.000 |
|
|
|
Revenue from Other Operations |
75.000 |
0.000 |
0.000 |
|
|
|
Profit on Sale of Fixed Assets |
1.000 |
1320.000 |
88.000 |
|
|
|
Other Income |
310.000 |
205.000 |
100.000 |
|
|
|
TOTAL (A) |
4026.000 |
4398.000 |
2266.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2674.000 |
2239.000 |
1594.000 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (A-B) (C) |
1352.000 |
2159.000 |
672.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (D) |
332.000 |
543.000 |
225.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(C-D) (E) |
1020.000 |
1616.000 |
448.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3335.000 |
2238.000 |
1783.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
102.000 |
162.000 |
0.000 |
|
|
|
Dividend |
330.000 |
306.000 |
0.000 |
|
|
|
Tax on Dividend |
53.000 |
51.000 |
0.000 |
|
Add |
Transferred from
foreign project reserve |
0.000 |
0.000 |
7.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3870.000 |
3335.000 |
2237.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Engineering and Consultation fees |
NA |
1807.646 |
1071.112 |
|
|
|
Recovery of Expenses billed |
NA |
37.033 |
25.559 |
|
|
|
Other Earnings |
NA |
19.261 |
61.044 |
|
|
TOTAL EARNINGS |
NA |
1863.940 |
1157.715 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1.907 |
59.158 |
|
|
|
Capital Goods |
NA |
29.975 |
57.550 |
|
|
TOTAL IMPORTS |
NA |
31.882 |
116.708 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
25.33
|
36.74 |
19.73
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.14
|
75.15 |
32.34
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.48
|
65.09 |
19.39
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.57 |
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.24 |
0.42
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.35 |
1.18
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74210MH1973PTC016253 |
|
Name of the
company |
AKER KVAERNER
POWERGAS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Powergas House
177 – Vidyanagari Marg, Mumbai – 400 098, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
80012205 |
|
Type of charge |
Book debts |
|
Particular of
charge holder |
Standard
Chartered Bank, 90, M E-Mail: reenabang@rediffmail.com |
|
Nature of
instrument creating charge |
Suplementary
Hypothecation Agreement of Book Debts |
|
Date of
instrument Creating the charge |
07.07.2010 |
|
Amount secured by
the charge |
Rs.660.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest /
Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to
time. Margin As applicable, if
any. Extent and Operation of the charge First charge on the
security offered by the Company. Continuing security for the due repayment by
the Company to the bank at time on its first demand of all the moneys then or
at any time and from time to time. Save and except as enlarged and modified
by these presents, the terms, conditions and provisions of the said Principal
Agreements of Hypothecation as amended by the said Supplemental Agreements/s
of Hypothecation shall remain unchanged. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
Hypothecation
of all present and future book debts, outstanding moneys receivables, claims
and bills. ·
The
Company hereby agrees, undertakes and confirms to the bank that the security
of first hypothecation charge/*(first hypothecation pari -passu charge)
created by the Company in favour of the Bank ·
over
the said Book-Debts, shall from the date hereof, constitute security to the
Bank not only for the said Credit facility/ies but also for the enhanced
credit facility/ies of Rs. 660.000 millions |
|
Date of
instrument modifying the charge |
04.04.2008 |
|
Particulars of
the present modification |
By present
modification, Bank at the request of the Company has enhanced the credit facilities
from Rs.46.00 Crores to Rs.660.000 Millions |
FIXED ASSETS
·
Building
·
Computer
·
Electric Installation
·
Office Equipment
·
Furniture Fitting
·
Motor Vehicle
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 records 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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.