MIRA
INFORM REPORT
|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN MAXSTEEL LIMITED (w.e.f. 01.07.2009) |
|
|
|
|
Formerly Known
As : |
VIKRAM SPONGE IRON LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.06.2008 |
|
|
|
|
Com. Reg. No.: |
04-064145 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.1300.824 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100GJ2008PLC064145 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sponge Iron. |
|
|
|
|
No. of
Employees: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Welspun Corp Limited. It is an established company having a moderate track record. The
profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active.
Payments are slow but correct. The company can be considered for business dealings with some caution. |
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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
|
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Web Site: |
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|
Location: |
Owned |
|
|
|
|
Corporate Office : |
B-Wing, Trade World, 9th Floor, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66136000/24908000 |
|
Fax No.: |
91-22-24908020/24908021 |
|
|
|
|
Plant Office : |
Village Salav, P.O.Welspun Baug, District Raigad -402202, |
|
Tel. No.: |
91-2144 – 260110 to 260119 |
|
Fax No.: |
91-2144-260122 |
|
|
|
|
Regional Office : |
No.1, C-310, Blue Cross Chambers, Bangalore – 560001, Karnataka, India
|
|
E-Mail : |
DIRECTORS
As on 14.09.2012
|
Name : |
Mr. Balkrishan Gopiram Goenka |
|
Designation : |
Director |
|
Address : |
Rocky Isle 46-C, |
|
Date of Birth/Age : |
15.08.1966 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
22.05.2009 |
|
Din No.: |
00270175 |
|
|
|
|
Name : |
Mr. Mintoo Bhandari |
|
Designation : |
Nominee Director |
|
Address : |
35, |
|
Date of Birth/Age : |
19.08.1965 |
|
Qualification: |
Mechanical Engineering from MIT (S.B. ’87) and the |
|
Date of Appointment : |
18.08.2011 |
|
Din No.: |
00054831 |
|
|
|
|
Name : |
Mr. Utsav Baijal |
|
Designation : |
Nominee Director |
|
Address : |
561 ATS Greens, Sector 93A, Expressway Noida 201301 |
|
Date of Birth/Age : |
11.12.1976 |
|
Date of Appointment : |
17.12.2011 |
|
Din No.: |
02592194 |
|
|
|
|
Name : |
Mr. Vijay Singh Bapna |
|
Designation : |
Whole Time Director |
|
Address : |
5th Floor, Room No. 503, Purna, 68-A, Sir Pochkhanwala
Road, Worli, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1948 |
|
Qualification: |
M.COM, FCA |
|
Experience : |
39 Years |
|
Date of Appointment : |
22.05.2009 |
|
Din No.: |
02599024 |
|
|
|
|
Name : |
Mr. Madhav Vasant Phadke |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 3, Bldg No. 4B, Pereira Nagar CHS Limited,
Khopat, Behind ST Work Shop Thane- 400601 |
|
Date of Birth/Age : |
19.06.1961 |
|
Qualification: |
BA(Eco), LLM, MLL and LW, Master Degree In Personnel Management, Post Graduate Diploma in Banking |
|
Date of Appointment : |
18.03.2011 |
|
Din No.: |
03432453 |
|
|
|
|
Name : |
Mr. Rajesh Rameshkumar Mandawewala |
|
Designation : |
Additional Director |
|
Address : |
161/171-B, |
|
Date of Birth/Age : |
05.05.1962 |
|
Date of Appointment : |
31.01.2012 |
|
Din No.: |
00007179 |
|
|
|
|
Name : |
Mr. Ram Gopal Sharma |
|
Designation : |
Additional Director |
|
Address : |
E 707 Lok Sarita, Military Road, Marol, Andheri(E) Mumbai -
400059Maharashtra |
|
Date of Birth/Age : |
11.09.1940 |
|
Qualification: |
Commerce Graduate with a Master Degree in Economics |
|
Date of Appointment : |
31.01.2012 |
|
Din No.: |
00026514 |
|
|
|
|
Name : |
Mr. Ashok tandon |
|
Designation : |
Director |
|
Date of Birth: |
13.10.1958 |
|
Qualification: |
B.E. (Mechanical) |
|
Experience: |
32 Years |
|
Date of Appointment : |
01.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Jigar Shah |
|
Designation : |
Secretary |
|
Address : |
16, Kirti Kunj, |
|
Date of Birth/Age : |
21.04.1987 |
|
Date of Appointment : |
12.10.2011 |
|
PAN No.: |
BMLPS6577G |
|
|
|
|
Name : |
B L Biyani |
|
Designation : |
President |
|
Date of Birth: |
18.06.1959 |
|
Qualification: |
AICWA, B. Com. |
|
Experience: |
34 Years |
|
Date of Appointment : |
16.01.2010 |
|
|
|
|
Name : |
Mr. P S.Ghose |
|
Designation : |
President and Unit Head |
|
Date of Birth: |
28.01.1952 |
|
Qualification: |
M. Tech |
|
Experience: |
36 Years |
|
Date of Appointment : |
26.10.2009 |
|
|
|
|
Name : |
Mr. Prakash Tatla |
|
Designation : |
President (marketing) |
|
|
|
|
Name : |
Mr. Pradeep Gokhroo |
|
Designation : |
President (Finance and Commerce) |
|
|
|
|
Name : |
Mr. Dilip singh |
|
Designation : |
Senior Vice President (Technical) |
|
|
|
|
Name : |
Mr. Narendra Bhandari |
|
Designation : |
Senior Vice President (Finance ) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Welspun Corp Limited, |
|
113622058 |
|
Insight Solutions Limited, |
|
16260294 |
|
Grasim Industries Limited, India |
|
198800 |
|
Dwarka Dass Rathi,
|
|
200 |
|
Sanjeev Bafna |
|
200 |
|
Pavan Kumar Jain |
|
200 |
|
Ashok Malu |
|
200 |
|
Hemant Kadel |
|
200 |
|
Ravindra Kastia |
|
200 |
|
Total
|
|
130082352 |
As on 14.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.50 |
|
Bodies corporate |
|
87.50 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sponge Iron. |
||||
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|
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||||
|
Product: |
|
PRODUCTION STATUS As on 31.03.2012
|
Particulars |
Unit |
31.03.2012 |
|
Installed Capacity |
MT |
450000 |
|
Actual Production |
MT |
264215 |
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
·
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe
Parade, Mumbai -400005, Maharashtra, India ·
State Bank of ·
Canara Bank, 85, Maker Tower, F Wing, 20th
Floor, Cuff Parade, Mumbai – 400005, Maharashtra, India ·
Union Bank of India Limited, Union Bank Bhavan,
238, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Financial Institutions: |
IDBI Trusteeship Services Limited, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MGB and Company Chartered Accountants |
|
Address : |
Jolly Bhavan No 2, 1st Floor, 7, Opposite Nirmala Niketan
7, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India |
|
Pan No.: |
AAAFM5742R |
|
|
|
|
Holding Company : |
Welspun Corp
Limited CIN No.: L27100GJ1995PLC025609 |
|
|
|
|
Fellow Subsidiaries : |
· Welspun Pipes Limited · Welspun Natural Resources Private Limited · Welspun Pipe Inc · Welspun Tradings Limited · Welspun Infratech Limited · Welspun Mauritius Holdings Limited · Welspun Middle East Pipe Company LLC · Welspun Middle East Pipe Coating Company LLC · Welspun Middle East DMCC · Welspun Tubular LLC, · Welspun Global Trade LLC · Welspun Plastics Private Limited · Welspun Projects Limited · Welspun Road Projects Private Limited · Welspun Infra Projects Private Limited · Anjar Road Private Limited · Welspun BOT projects Private Limited · MSK Projects (Himmatnagar Bypass) Private Limited · MSK Projects (Kim Mandavi Corridor) Private Limited · Welspun Energy Transportation Private Limited · Welspun Water Infrastructure Private Limited · ARSS Bus Terminal Private Limited |
|
|
|
|
Related Parties : |
· Remi Metals Gujarat Limited CIN No.:L27100GJ1993PLC020358 · Welspun India Limited CIN No.:L17110GJ1985PLC033271 · Welspun Projects Limited CIN No.:L45201GJ1994PLC023920 · Welspun Logistics Limited CIN No.:U63012MH2006PLC165280 · Welspun Infratech Limited CIN No.:U45400MH2007PLC170350 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
272000000 |
Equity Share |
Rs.10/- each |
Rs.2720.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130082352 |
Equity Share |
Rs.10/- each |
Rs.1300.824
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (6
Months) |
30.09.2011 (18
Months) |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1300.824 |
1300.824 |
1300.824 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1137.262 |
1841.355 |
1565.392 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2438.086 |
3142.179 |
2866.216 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8878.214 |
9096.186 |
6069.083 |
|
|
2] Unsecured Loans |
549.780 |
466.654 |
0.000 |
|
|
TOTAL BORROWING |
9427.994 |
9562.840 |
6069.083 |
|
|
DEFERRED TAX LIABILITIES |
301.865 |
301.865 |
103.225 |
|
|
|
|
|
|
|
|
TOTAL |
12167.945 |
13006.884 |
9038.524 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6399.825 |
5780.573 |
5160.351 |
|
|
Capital work-in-progress |
2093.245 |
1749.523 |
2998.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
29.906 |
1324.479 |
29.906 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2368.616
|
3753.958
|
1753.218 |
|
|
Sundry Debtors |
1472.360
|
2342.962
|
1261.755 |
|
|
Cash & Bank Balances |
511.254
|
335.654
|
80.093 |
|
|
Other Current Assets |
21.531
|
114.164
|
0.000 |
|
|
Loans & Advances |
2308.994
|
3101.053
|
424.873 |
|
Total
Current Assets |
6682.755
|
9647.791
|
3519.939 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2543.328
|
5120.101
|
867.403 |
|
|
Other Current Liabilities |
426.095
|
326.210
|
1747.804 |
|
|
Provisions |
68.363
|
49.171
|
54.865 |
|
Total
Current Liabilities |
3037.786
|
5495.482
|
2670.072 |
|
|
Net Current Assets |
3644.969
|
4152.309
|
849.867 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12167.945 |
13006.884 |
9038.524 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (6
Months) |
30.09.2011 (18
Months) |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7212.370 |
24237.009 |
10850.337 |
|
|
|
Other Income |
318.049 |
386.015 |
106.266 |
|
|
|
TOTAL (A) |
7530.419 |
24623.024 |
10956.603 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6362.932 |
20831.881 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
332.967 |
784.878 |
|
|
|
|
Employee benefit expense |
149.058 |
437.548 |
|
|
|
|
Other Expenses |
849.812 |
|
|
|
|
|
TOTAL (B) |
7694.769 |
22507.948 |
9780.459 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(164.350) |
2155.076 |
1176.144 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
357.097 |
1167.103 |
730.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(521.447) |
947.973 |
445.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
180.980 |
424.679 |
236.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
(702.427) |
523.294 |
208.975 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.666 |
247.332 |
103.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
(704.093) |
275.962 |
105.750 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
381.712 |
105.750 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(322.381) |
381.712 |
105.750 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
755.776 |
3294.751 |
506.693 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1084.251 |
7475.201 |
2115.225 |
|
|
|
Capital Goods |
49.449 |
136.582 |
113.520 |
|
|
|
Stores & Spares |
2.767 |
76.475 |
113.520 |
|
|
TOTAL IMPORTS |
1136.467 |
7688.258 |
2342.265 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.41) |
2.12 |
2.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (6
Months) |
30.09.2011 (18
Months) |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.35)
|
1.12
|
0.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.74)
|
2.16
|
1.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.37)
|
3.39
|
2.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.29)
|
0.17
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.11
|
4.79
|
3.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
1.76
|
1.31 |
LOCAL AGENCY FURTHER INFORMATION
UNSECURED LOANS
DETAILS
(Rs.
In Millions)
|
UNSECURED LOAN |
31.03.2012 (6
Months) |
30.09.2011 (18
Months) |
|
|
|
|
|
Deferred sales tax loan |
549.780 |
466.654 |
|
Total |
549.780 |
466.654 |
|
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 |
Yes |
|
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 |
PERFORMANCE REVIEW
During the period the capacity utilization remained at 59%.
The capacity utilization was lower mainly due to extreme low supply of APM Gas and uneconomic price of RLNG. During the there was process problem in the plant for few days and subsequently switching over of plant operations from Cold Reactor to Hot Reactor, the plant was under shutdown for about 2 weeks in totality which has impacted production.
The restriction in supply of APM gas almost by 50% of normal supply, high cost of RLNG and drastic increase in the Raw Material cost has significantly impacted the cost of manufacture. The improved product realization has been neutralized by increased cost of manufacture, therefore the profitability of the company has been severely impacted.
FORM 8
|
Corporate identity number of the company |
U27100MP2008PLC020834 |
|
Name of the company |
WELSPUN MAXSTEEL LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Welspun City, Village Versamedi, Taluka NAjar, Kutuch, Anjar Gujarat – 370110, India Email: rashmi_mamtura@welspun.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others (entire current assets) |
|
Particular of charge holder |
Canara Bank, 85, Maker Tower, F Wing, 20th Floor, Cuff Parade, Mumbai – 400005, Maharashtra, India E- Mail Id : vidyaanand@canarabank.com |
|
Nature of instrument creating charge |
Common hypothecation agreement dated 28th December 2012 |
|
Date of instrument Creating the charge |
28.12.2012 |
|
Amount secured by the charge |
Rs.2000.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest on the RSTCL will be at 11.00 % p.a (Base Rate + 0.50%) till 30.09.2014 and to be revised at 13.75% p.a. (Base rate + 3.25%) from 01.10.2014 Margin NIL. Extent and Operation of the charge First pari-passu charge on the entire immovable and movable fixed assets of the Company and second pari-passu charge by way of Hypothecation of the entire current assets of the company, both present and future |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
First pari-passu charge on the entire immovable and movable fixed assets of the Company second pari-passu charge by way of Hypothecation of the entire current assets of the company, both present and future |
CONTINGENT LIABILITY
Rs.In Millions
|
Particulars |
31.03.2012 |
30.09.2011 |
|
Bank Guarantees |
651.344 |
401.202 |
|
Claims against the Company not acknowledged as debts |
79.236 |
28.852 |
|
Disputed service tax / excise duty and custom duty liabilities.# (Include dispute dues
of Rs.53.623 Millions (Rs.53.622.000 Millions) for which bank guarantee
issued) |
459.135 |
453.037 |
|
Bills discounted with Banks |
886.736 |
315.131 |
|
Unexpired Letters of Credit (Net of liability provided) |
620.020 |
471.373 |
FIXED ASSETS
Tangible Assets
- Land Freehold
- Buildings
- Factory Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Motor Vehicles
- Vehicles
In Tangible Assets
- Goodwill
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.54.64 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.