MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
IRCON INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
C-4, District Centre, Saket, New Delhi – 110017 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
28.04.1976 |
|
|
|
|
Com. Reg. No.: |
55-008171 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 99.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203DL1976GOI008171 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0684H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject engaged in Turnkey Construction. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 550000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track record. Latest
financials i.e. 2011-12 are missing from the government department. From the
previous year record. It seems that the company performance capability is
good. Financial position of the company appear to be sound. Fundamentals of
the company are strong and healthy. Trade relations are fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered good 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.
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 : |
C-4, District Centre, Saket, New Delhi – 110017, India |
|
Tel. No.: |
91-11-29565666 26530456 |
|
Fax No.: |
91-11-26522000 / 2685400 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 20.09.2011
|
Name : |
Mr. Aditya Prakash Mishra |
|
Designation : |
Nominee Director |
|
Address : |
RB-5, Moti Bagh, New Delhi – 100021, India |
|
Date of Birth/Age : |
03.01.1953 |
|
Qualification : |
Graduation in Civil Engineering |
|
Pan No.: |
AASPM4536F |
|
Date of Appointment : |
27.10.2010 |
|
DIN No.: |
Nominee director |
|
|
|
|
Name : |
Mr. Mohan Tiwari |
|
Designation : |
Managing Director |
|
Address : |
808, Nikka Singh Block, Asiad Village, New Delhi – 110049, India |
|
Date of Birth/Age : |
01.10.1956 |
|
Qualification : |
B.E. (Civil) Hons., M.Tech (Structures), and Post Graduate Diploma in Management |
|
Pan No.: |
ACWPT2135M |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00191363 |
|
|
|
|
Name : |
Mr. Krishan Kumar Garg |
|
Designation : |
Whole-Time Director |
|
Address : |
556, Sachin Nag Block, Asiad Village, New Delhi - 110049, India |
|
Date of Birth/Age : |
15.04.1956 |
|
Qualification : |
B.Com., and Fellow member of ICAI |
|
Pan No.: |
AFGP5617L |
|
Date of Appointment : |
03.11.2009 |
|
DIN No.: |
01495050 |
|
|
|
|
Name : |
Mr. Deepak Sabhlok |
|
Designation : |
Whole-Time Director |
|
Address : |
B-262, Asiad Village, New Delhi - 110049, India |
|
Date of Birth/Age : |
31.10.1959 |
|
Qualification : |
B . E . (Civil)(Hons.) |
|
Pan No.: |
AREPS9124L |
|
Date of Appointment : |
16.04.2010 |
|
DIN No.: |
03056457 |
|
|
|
|
Name : |
Mr. Hitesh Khanna |
|
Designation : |
Whole-Time Director |
|
Address : |
B-3, Ranjit Singh Block, Asiad Village, New Delhi - 110049, India |
|
Date of Birth/Age : |
07.10.1959 |
|
Qualification : |
B.Sc. (Civil Engineering) (Hons.) |
|
Pan No.: |
AAAPK1634J |
|
Date of Appointment : |
07.03.2011 |
|
DIN No.: |
02789681 |
|
|
|
|
Name : |
Mr. Rajasekhar Bandakodigehalli Narasappa |
|
Designation : |
Nominee Director |
|
Address : |
211, Rail Niwas, Delhi – 110055, India |
|
Date of Birth/Age : |
09.08.1953 |
|
Qualification : |
B.E. (Mech.), M.E. |
|
Pan No.: |
ACCPR4328J |
|
Date of Appointment : |
25.10.2010 |
|
DIN No.: |
03344575 |
|
|
|
|
Name : |
Mr. Guda Venkatappa Rao |
|
Designation : |
Director |
|
Address : |
12-11-170/79P, Hanuman Nagar, Jaipuri Colony, Nagole, Hyderabad –
500068, Andhra Pradesh, India |
|
Date of Birth/Age : |
18.05.1945 |
|
Qualification : |
B.Sc., B.E. (Civil), M.E., Ph.D. |
|
Pan No.: |
ACPPV4241F |
|
Date of Appointment : |
08.10.2010 |
|
DIN No.: |
03312023 |
|
|
|
|
Name : |
Mr. Subhrangsu Shekhar Chatterji |
|
Designation : |
Director |
|
Address : |
146 B. Swinhoe Lane, P.O. Kasba, Kolkata – 700042, West Bengal, India |
|
Date of Birth/Age : |
15.07.1955 |
|
Qualification : |
M.Com.; GDCA; and Fellow member of the Institute of Cost
and Works Accountant of India (ICWAI), Institute of Public Accountants
(Australia), and Institute of Certified Management Accountants of Sri Lanka |
|
Pan No.: |
ACHPC3197M |
|
Date of Appointment : |
16.09.2011 |
|
DIN No.: |
03546195 |
|
|
|
|
Name : |
Mr. Brijmohan Mahadeoprasad Sharma |
|
Designation : |
Director |
|
Address : |
C-17, Shivshakti Co-Operative Housing Society, Mayur Colony, Kothrud, Pune
– 411038, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1964 |
|
Pan No.: |
ADXPS50719 |
|
Date of Appointment : |
19.09.2011 |
|
DIN No.: |
00779026 |
KEY EXECUTIVES
|
Name : |
Mrs. Lalitha Gupta |
|
Designation : |
Secretary |
|
Address : |
560, Sachin Nag Block, Asiad Village, New Delhi - 110049, India |
|
Date of Birth/Age : |
04.11.1954 |
|
Date of Appointment : |
08.12.1988 |
|
Pan No.: |
ACQPG0294C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
President of India |
|
9869200 |
|
Bank of India |
|
2400 |
|
India Railway Finance Corporation Limited, India |
|
24400 |
|
Singh Kumar Vinay |
|
200 |
|
Handa Sanjiv |
|
200 |
|
Mishra Prakash Aditya |
|
200 |
|
Rajasekhar Bandakodigehalli Narasappa |
|
200 |
|
Mittal Vinay |
|
200 |
|
Mittal Vinay |
|
200 |
|
Babbar Pompa |
|
200 |
|
Vohra Kumar Arvind |
|
200 |
|
Bhushan Kul |
|
200 |
|
Khanna Kumar Abhay |
|
200 |
|
Total |
|
9898000 |
As on 20.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Government [Central and State] |
99.73 |
|
Government companies |
0.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject engaged in Turnkey Construction. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Wahi and Gupta Chartered Accountants |
|
Address : |
Hotel Rex Building, (OBC Building), 5, Netaji Subhash Marg, Darya Ganj, New Delhi – 110002, India |
|
Tel. No.: |
91-23269921 / 23252597 |
|
PAN.: |
AAAFW1086A |
|
|
|
|
Wholly Owned
Subsidiary : |
Ircon Infrastructure and Services Limited |
CAPITAL STRUCTURE
After 20.09.2011
Authorised Capital : Rs.250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.197.960 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9898000 |
Equity Shares |
Rs.10/- each |
Rs.98.980
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
99.000 |
99.000 |
98.980 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13724.100 |
11894.600 |
10648.440 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13823.100 |
11993.600 |
10747.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
52.900 |
33.030 |
|
|
TOTAL BORROWING |
0.000 |
52.900 |
33.030 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13823.100 |
12046.500 |
10780.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2404.300 |
2273.900 |
2570.270 |
|
|
Capital work-in-progress |
17.700 |
68.400 |
6.560 |
|
|
|
|
|
|
|
|
INVESTMENT |
1853.700 |
1299.300 |
2344.980 |
|
|
DEFERREX TAX ASSETS |
1310.600 |
873.900 |
612.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3004.600
|
3733.600 |
4305.200 |
|
|
Sundry Debtors |
8762.100
|
4707.200 |
3864.7500 |
|
|
Cash & Bank Balances |
20362.400
|
13137.000 |
9838.670 |
|
|
Other Current Assets |
783.900
|
708.100 |
708.150 |
|
|
Loans & Advances |
11253.300
|
9250.900 |
7584.890 |
|
|
Proportionate Interest in Joint Controlled Entity’s |
0.000
|
0.000 |
540.150 |
|
Total
Current Assets |
44166.300
|
31536.800 |
26841.810 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4603.000
|
5089.100 |
13792.070 |
|
|
Other Current Liabilities |
21334.700
|
12960.000 |
3237.950 |
|
|
Provisions |
10009.800
|
5976.300 |
4193.030 |
|
|
Proportionate portion in Joint Controlled Entity’s |
0.000
|
0.000 |
396.370 |
|
Total
Current Liabilities |
35947.500
|
24025.400 |
21619.420 |
|
|
Net Current Assets |
8218.800
|
7511.400 |
5222.390 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Other Assets |
18.000 |
19.600 |
23.650 |
|
|
|
|
|
|
|
|
TOTAL |
13823.100 |
12046.500 |
10780.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
31753.300 |
31528.900 |
26543.120 |
|
|
|
Other Income |
788.200 |
640.200 |
851.530 |
|
|
|
TOTAL (A) |
32541.500 |
32169.100 |
27394.650 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
5145.400 |
6566.700 |
|
|
|
|
Contract cost |
21002.100 |
20674.500 |
|
|
|
|
Employee related expenses |
1661.900 |
1617.300 |
25076.120 |
|
|
|
Administrative selling other expenses |
329.000 |
286.600 |
|
|
|
|
Prior period |
21.500 |
(28.700) |
|
|
|
|
TOTAL (B) |
28159.900 |
29116.400 |
25076.120 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4381.600 |
3052.700 |
2318.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4381.600 |
3052.700 |
2318.530 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
369.100 |
412.700 |
441.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
4012.500 |
2640.000 |
1876.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1607.400 |
818.200 |
474.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2405.100 |
1821.800 |
1401.820 |
|
|
|
|
|
|
|
|
|
Add |
Amounts transferred
reserves |
77.000 |
251.500 |
30.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
NA |
NA |
200.930 |
|
|
|
Tax on Dividend |
NA |
NA |
34.150 |
|
|
|
Proposed Final Dividend |
NA |
NA |
96.010 |
|
|
|
Tax on proposed Final Dividend |
NA |
NA |
16.320 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1084.410 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
242.99 |
184.06 |
141.630 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.39
|
5.66 |
5.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.64
|
8.37 |
7.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.62
|
7.81 |
6.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.22 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
2.01 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.31 |
1.24 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PERFORMANCE
HIGHLIGHTS
The Company has achieved its highest ever turnover of Rs. 32540.000 Millions. Further, the Company has been able to achieve a quantum jump of more than 51% in profit before tax from Rs. 2640.000 Millions in 2009-10 to Rs. 4012.500 Millions in 2010-11. The profit after tax has also increased by 32%.
AWARDS
The Company received a “Silver Trophy” under ‘India Pride Awards’ instituted by Dainik Bhaskar and Daily News and Analysis (DNA) for Excellence in Central PSUs in Transport for 2010. The award was presented by Mr. Pranab Mukherjee, Finance Minister, to Mr. Mohan Tiwari, Managing Director, Ircon, at a function held in New Delhi on 13th September 2010.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
AN OVERVIEW
The Company has a long standing reputation as a consistent sectoral leader amongst the public sector construction companies in the Country with specialization in Railway and Highway constructions on turnkey basis and otherwise. It has been earning profits every year right from the second year of its incorporation. It has been one of the few construction companies in the public sector to have earned substantial foreign exchange for the Country and paid dividend without fail every year to the Government. After commencing business as a railway construction company it diversified progressively since 1985 to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as to metro works.
The Company has executed many land mark construction projects in the last 35 years both in the Country and abroad. In India, in particular, it is known for undertaking projects even in difficult terrains and disturbed regions.
FINANCIAL PERFORMANCE
In the year 2010-11, the Company has registered an all time high total income of Rs. 32541.500 Millions, as compared to the total income of Rs.32169.100 Millions achieved in 2009-10. Nearly 98% of the total income (amounting to Rs. 31753.300 Millions) has arisen from construction operations, out of which nearly 50% (Rs. 15770.000 Millions) has been contributed by foreign projects as compared to 38% contribution from foreign projects (Rs.11960.000 Millions) towards operating income of Rs. 31530.000 Millions during 2009-10. In absolute terms operating income from foreign projects has increased by nearly 32% in the last one year. Profit before tax also increased by 51% from Rs. 2640.000 Millions in 2009-10 to Rs. 4010.000 Millions in 2010-11. Net Worth has increased by 15.26% and Gross Margin has increased by 44% during the year. Earning per share has increased by 32% from Rs. 184.06 in 2009-10 to Rs. 242.99 in 2010-11. The Company earned creditable net foreign exchange in 2010-11 to the tune of Rs. 4276.100 Millions which has been a quantum jump of 62% from Rs. 2640.000 Millions earned in 2009-10.
The Board of Directors has recommended a dividend @ Rs. 24 per share (240% on the paid-up share capital) for consideration and declaration by the shareholders. The Company has already paid an interim dividend @ Rs. 26 per share (260%) in February 2011. The dividend of Rs. 237.600 Millions payable after declaration at the Annual General Meeting together with the interim dividend already paid (Rs.257.300 Millions) would take the total dividend pay-out for the year 2010-11 to Rs. 494.900 Millions, which is 500% of the paid-up share capital of the Company.
OPERATIONAL
PERFORMANCE
Railways and Highways continued to be the primary sectors of interest. During 2010-11, Railways accounted for 64% of operating income, Highways accounted for 29%, and the balance 7% resulted from buildings, electrical sub-stations etc. A sector-wise comparative position is given below. The table below shows that proportion of railway works vis-à-vis highway works has progressively increased in the last three years. The proportion of operating income from railway construction works has increased from 55% in 2008-09 to 64% in 2010-11, whereas the proportion of income from highway sector has gone down from 35% in 2008-09 to 29% in 2010-11. The share of income from electrical projects and sub-stations (which form part of “Others”) has also decreased by about 55% as compared to last year.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Other debt unsecured |
0.000 |
52.900 |
|
Total |
0.000 |
52.900 |
FIXED ASSETS
- Building
- Plant machinery
- Equipments
- Computer equipments
- Other equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.26 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
66 |
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.