MIRA
INFORM REPORT
|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, N M Marg, Mumbai – 400001, |
|
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Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.07.2009 |
|
|
|
|
Com. Reg. No.: |
11-193699 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4500.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH2009PTC193699 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel,
Stainless Steel, Rod and Sheets. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Larsen and Toubro Limited and
Nuclear Power Corporation of India Limited, a company owned by Government of
India. Even though the company was incorporated during 2009, it has started
its business activities from 2012. The ratings take into consideration the strong financial support from
its promoter and adequate operation capacities and heavy demand in the
overseas market. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
CRISIL |
|
Rating |
A+(Long Term Rating) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
May 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
Management non co-operative
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, N M Marg, Mumbai – 400001, |
|
Tel. No.: |
91-22-67525656/ 67525617 |
|
Fax No.: |
91-22-55525858/ 67525893 |
|
E-Mail : |
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|
Website : |
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|
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|
|
Factory : |
Hazira Manufacturing Complex, Post : Bhatha, District Surat – 394510,
Gujarat, India |
|
Tel. No.: |
91-261-2805000 |
|
Fax No.: |
91-261-2805050 |
DIRECTORS
AS ON 27.08.2012
|
Name : |
Mr. Madhukar Vinayak Kotwal |
|
Designation : |
Director |
|
Address : |
Flat No. 803, Odyssey – 2, |
|
Date of Birth/Age : |
10.10.1948 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00001744 |
|
|
|
|
Name : |
Mr. Vijay Chander Bedi |
|
Designation : |
Director |
|
Address : |
402, |
|
Date of Birth/Age : |
27.08.1946 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
02005709 |
|
|
|
|
Name : |
Mr. Mandayam Kannapan Kannan |
|
Designation : |
Director |
|
Address : |
K-504, |
|
Date of Birth/Age : |
04.11.1950 |
|
Date of Appointment : |
05.01.2010 |
|
DIN No.: |
02908661 |
|
|
|
|
Name : |
Mr. Jayant Damodar Patil |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
2702, |
|
Date of Birth/Age : |
16.12.1954 |
|
Date of Appointment : |
01.12.2010 |
|
DIN No.: |
01252184 |
|
|
|
|
Name : |
Mr. Satish Achyut Gune |
|
Designation : |
Director |
|
Address : |
302, B Wing, Siddhivinayak, V P Varde Marg, Behind Copper Chimney,
Bandra, Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1953 |
|
Date of Appointment : |
09.02.2012 |
|
DIN No.: |
00274097 |
|
|
|
|
Name : |
Mr. Preman Dinaraj |
|
Designation : |
Director |
|
Address : |
Flat No2-B, Zerlina Building, Dae Quarters, Malabar Hills, Smt. Khodua
Shatfi Tyabji Marg No.1, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1957 |
|
Date of Appointment : |
09.02.2012 |
|
DIN No.: |
05190963 |
KEY EXECUTIVES
|
Name : |
Mr. Ram Ganesh Kulkarni |
|
Designation : |
Manager |
|
Address : |
A 902, Surya Enclave, |
|
Date of Birth/Age : |
02.07.1954 |
|
Date of Appointment : |
05.01.2010 |
|
Pan No.: |
AAEPK5667R |
|
|
|
|
Name : |
Mr. Deepak Sankhla |
|
Designation : |
Company Secretary |
|
Address : |
Flat 1, First Floor, B Building, “Ratna Jyoti” Apartments, Magdalla
Road, Surat-394504, |
|
Date of Birth/Age : |
24.10.1968 |
|
Date of Appointment : |
23.04.2010 |
|
Pan No.: |
AVHPS0479D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2012
|
Names of Shareholders |
No. of Shares |
|
Larsen and Toubro Limited, |
333000000 |
|
Nuclear Power Corporation of India Limited, |
117000000 |
|
|
|
|
TOTAL
|
450000000 |
AS ON 27.08.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Government
companies |
26.00 |
|
Bodies corporate |
74.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel,
Stainless Steel, Rod and Sheets. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||
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Bankers : |
·
Bank of Baroda ·
Canara Bank ·
Axis Bank ·
State Bank of Hyderabad |
|||||||||||||||
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|||||||||||||||
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Facilities : |
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|
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Banking Relations
: |
-- |
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|
Financial Institute: |
Axis Trustee Services Limited, 2nd Floor, “E”, Axis House,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
M.P. Chitale and
Company Chartered
Accountants |
|
Address : |
1st
Floor, Hamam House, Ambalal Doshi Marg, Fort, Mumbai, Maharashtra, Indai |
|
PAN No.: |
AAAFM2282Q |
|
|
|
|
Holding Company : |
·
Larsen and Toubro Limited CIN No.:
L99999MH1946PLC004768 |
|
|
|
|
Associates/Subsidiaries : |
·
L and T Infrastructure Finance Company Limited CIN No.: U67190TN2006PLC059527 ·
L and T-MHI Boilers Private Limited CIN No.: U29119MH2006PTC165102 ·
L and T - MHI Turbine Generators Private Limited CIN No.: U31101MH2006PTC166541 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
575000000 |
Equity Shares |
Rs.10/- each |
Rs.5750.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs.5000.000
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.10/- each |
Rs.4500.000
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 |
4500.000 |
3000.000 |
1500.000 |
|
|
2] Share Application Money |
200.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
[9.534] |
|
|
4] (Accumulated Losses) |
(190.663) |
(71.478) |
(46.548) |
|
|
NETWORTH |
4509.337 |
2928.522 |
1443.918 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9572.102 |
4591.911 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
9572.102 |
4591.911 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14081.439 |
7520.433 |
1443.918 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
346.152 |
38.842 |
11.831 |
|
|
Capital work-in-progress |
12592.468 |
6030.345 |
948.661 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
1032.882 |
541.916 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
319.977
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.178
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
887.623
|
41.632 |
28.592 |
|
|
Other Current Assets |
722.860
|
348.079 |
1.600 |
|
|
Loans & Advances |
318.276
|
973.699 |
30.746 |
|
Total
Current Assets |
2248.914
|
1363.410 |
60.938 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
194.145
|
0.000 |
115.210 |
|
|
Other Current Liabilities |
894.163
|
941.875 |
3.636 |
|
|
Provisions |
17.787
|
3.171 |
0.582 |
|
Total
Current Liabilities |
1106.095
|
945.046 |
119.428 |
|
|
Net Current Assets |
1142.819
|
418.364 |
(58.490) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14081.439 |
7520.433 |
1443.918 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
1.824 |
|
|
|
Other Income |
0.000 |
4.552 |
7.084 |
|
|
|
TOTAL (A) |
0.000 |
4.552 |
8.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Staff Expenses |
|
9.349 |
0.000 |
|
|
|
Pre-Operative Expenses |
|
39.951 |
27.719 |
|
|
|
Preliminary Expenses |
|
0.000 |
26.514 |
|
|
|
TOTAL (B) |
112.786 [Including
Financial Expenses and Depreciation] |
49.300 |
54.233 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(44.748) |
(45.325) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.140 |
0.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(44.888) |
(45.406) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.832 |
0.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(112.786) |
(47.720) |
(45.965) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.144 |
0.000 |
0.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(114.930) |
(47.720) |
(46.547) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(47.720) |
(46.547) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.25) |
(0.30) |
(0.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.00
|
(1048.33) |
(522.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
(2520.01) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.35)
|
(9.95) |
(63.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
(0.02) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
1.89 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
0.47 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
194.145
|
0.000 |
115.210 |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
CAPITAL EXPENDITURE:
During the period,
the Company has taken hot trials for Steel Melting Facility and Forgings and
related facilities. Cumulative Expenditure incurred up to March 31, 2012 (including
other operational capital expenditure) is Rs. 13140.009 Millions (Previous year
Rs. 6995.014 Millions).
SHARE CAPITAL AND
FINANCE:
During the year,
the Company has allotted 150000000 shares of Rs.10/- each aggregating Rs.
1500.000 Millions. Further, the Company has received Rs. 200.0000 Millions as
application money from one of the shareholders. During the year the Company has
availed further disbursement of secured loan of Rs. 2750.000 Millions from a
consortium of Indian banks and external commercial borrowing of Rs.19.991
Millions (USD 40 million) from a foreign bank.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10272218 |
|
Corporate identity
number of the company |
U27109MH2009PTC193699 |
|
Name of the
company |
L AND T SPECIAL
STEELS AND HEAVY FORGINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House, Ballard Estate, N M Marg, Mumbai – 400001, |
|
Type of charge |
·
Uncalled Share Capital ·
Immovable Property ·
Any Interest in Immovable Property ·
Book Debts ·
Movable Property ·
Floating Charge ·
Others ·
Calls Made but not paid ·
Goodwill ·
Patent, License under a patent ·
Trademark ·
Copyright or license under a copyright |
|
Particular of
charge holder |
Axis Trustee Services Limited, 2nd Floor, “E”, Axis House,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
First Amendment
Agreement dated 28th March 2012 to the Indenture of Mortgage dated 31st
January 2011, executed by the Company in favour of Axis Trustees Services
Ltd. acting as the Security Trustee on behalf and for the benefit of the
Secured parties. |
|
Date of
instrument Creating the charge |
28.03.2012 |
|
Amount secured by
the charge |
Rs.10000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable
interest rate for Rupee Loan is Base Rate + Agreed Margin till the date
actual commercial operations of the project commenced and LIBOR+2.50% for ECB
and 11.75% p.a. for Working Capital Terms of Repayment Rupee loan and
ECB loan are payable in 24 structured quarterly Installments 6 months after
Project completion and Working Capital Loan is repayable on demand. Margin 25% on Stocks and
Book Debts Extent and Operation of the charge The charge
operates as security, inter alia, for the due repayment by the Company of the
Loans and the Guarantee Facility together with payment of all interest,
additional interest in case of non creation of security, liquidated damages,
premium on prepayment, reimbursement of all costs, charges and expenses and
all other obligations payable by the Company. Others Present
modification covers borrowing limit increased from Rs.8500.000 Millions and
Rs.10000.000 Millions which include INR loan of Rs.8000.000 core (ECB of $50
million within this limit of INR Loan). Guarantee Facility of Rs.500.000
Millions and working capital facility of Rs.1500.000 Millions. The security
created under the Indenture of Mortgage is to be a continuing security. |
|
Short particulars
of the property charged |
First Mortgaged
Properties - 3 BHK Flat No 1005/1006 located at 10th Floor of B Wing Building No-9
"Whispering Palms XX Clusives" CHS Limited Lokhandwala Complex,
Akurli Road ,Kandivali (E) , Mumbai-101 Second Mortgaged
Properties - All other immovable properties including all buildings,
erections etc of every description present and to be erected in future,
erected or standing on Borrower's land Third Mortgaged
Properties - all fixed moveable and tangible assets in relation to the
project Fourth Mortgaged
Properties - a) all moveable and tangible assets ( other than "Third
Mortgaged Properties" and b) all intangible assets of the borrower Fifth Mortgaged
Properties - all rights, title, interest, benefits, claims and demands in
respect of a) Project documents b) Clearances c) any letter of credit ,
Guarantee and Performance Bond Sixth Mortgaged
Properties - all rights, title, interest, benefits, claims and demands in
respect of Insurance Contracts relating to the Project Seventh Mortgaged Properties - all rights, title,
interest, benefits, claims and demands in respect of bank accounts including
Trust and Retention Accounts other than Debt Service Reserve Account Eighth Mortgaged
Properties - all rights, title, interest, benefits, claims and demands in
respect of Debt Service Reserve Account Ninth Mortgaged
Properties- all rights, title, interest, benefits, claims and demands in
respect of ( excluding book debts) all receivables, revenues, receipts in
relation to the Project All the Current
Assets of the Borrower other than specifically mortgaged properties both
present and future. |
|
Particulars of
the present modification |
The charge has
been increased from Rs.8500.000 Millions to Rs.10000.000 Millions to include
ECB Facility and Working Capital Facility of Rs.1500.000 Millions |
FIXED ASSETS:
- Air Conditioner Refrigerator
- Office Equipments
- Computers
- Furniture and Fixtures
- Vehicles
- Building
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.