MIRA
INFORM REPORT
|
Report Date : |
31.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPECTRUM COAL AND POWER LIMITED (w.e.f. 10.10.2006) |
|
|
|
|
Formerly Known
As : |
ST – CLI COAL WASHERIES LIMITED (w.e.f. 22.10.2003) ST – BSES COAL WASHERIES LIMITED |
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|
Registered
Office : |
Flat No. 203, MCH No. 6-3-1089/1/1, Park Avenue, Somajiguda, Raj
Bhavan Road, Hyderabad – 500082, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
01-054238 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 416.781 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U10100AP1996PLC054238 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS9860J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in coal beneficiation business. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘ACB India Limited’. It is a well-established
and a reputed company having a fine track record. The performance capability of the company appears to be good. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
21.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very Strong degree of safety and lowest credit |
|
Date |
21.09.2012 |
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.
LOCATIONS
|
Registered Office : |
Flat No. 203, MCH No. 6-3-1089/1/1, Park Avenue, Somajiguda, Raj
Bhavan Road, Hyderabad – 500082, Andhra Pradesh |
|
Tel. No.: |
91-40-23370069 |
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Fax No.: |
91-40-23370079 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sainik Aryan Group, 7th Floor Office Tower, Ambience Mall,
NH-8, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-2719000 |
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E-Mail : |
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Korba Office : |
D-24, Urja Nagar, Behind SECL Guest House, P.O. Gevra Project, Korba – 495452, Chhattisgarh, India |
|
Tel. No.: |
91-7815-274447 |
|
Fax No.: |
91-7815-274447 |
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Talcher Office: |
Near Balaram OCP, MCL, P.O. N.S. Nagar Bharathpur, Post
Box-5, Talcher, Angul- 759148 Orissa,
India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Narendra Prakash Bhati |
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|
Designation : |
Managing Director |
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|
Address : |
204/B, Baji Prabhu Nagar, Ram Nagar, Nagpur – 440033, Maharashtra,
India |
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|
Date of Birth/Age : |
01.06.1943 |
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Date of Appointment : |
01.12.2010 |
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DIN No.: |
01722813 |
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Other
Directorship
|
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|
Name : |
Mr. Sanjay Hasija |
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Designation : |
Director |
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Address : |
E-29F, MIG Flats, Mayapuri, New Delhi – 110064, India |
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Date of Birth/Age : |
18.12.1966 |
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Date of Appointment : |
27.08.2005 |
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DIN No.: |
00090672 |
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|||||||||||||||||||||||||||
|
Name : |
Mr. Ajay Mrig |
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Designation : |
Managing Director |
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|
Address : |
898, Sector-14, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
01.06.1962 |
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Date of Appointment : |
10.12.2011 |
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DIN No.: |
00026593 |
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|||||||||||||||||||||||||||
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Name : |
Mr. Dev Suman Sindhu |
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Designation : |
Managing Director |
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Address : |
25, Rajdoot Marg, Chanakyapuri, New Delhi – 110021, India |
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Date of Birth/Age : |
24.08.1976 |
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Date of Appointment : |
23.12.2011 |
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DIN No.: |
00033514 |
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Name : |
Mr. Harish Ahuja |
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Designation : |
Director |
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Address : |
22, Amrita Shergill Marg, New Delhi – 110003, India |
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Date of Birth/Age : |
10.09.1955 |
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Date of Appointment : |
26.05.2011 |
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DIN No.: |
00047548 |
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Name : |
Mr. Dhani Ram Gupta |
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Designation : |
Director |
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Address : |
A 502, Loverly Home Co-Operative Group Hosing Society, Dearka, New
Delhi – 110075, India. |
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Date of Birth/Age : |
01.06.1940 |
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Date of Appointment : |
11.08.2010 |
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DIN No.: |
03222150 |
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KEY EXECUTIVES
|
Name : |
Mr. Ratesh Malhotra |
|
Designation : |
Secretary |
|
Address : |
B-7, 2nd Floor, Saraswati Garden, New Delhi – 110015, India
|
|
Date of Birth/Age : |
30.04.1974 |
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Date of Appointment : |
01.06.2011 |
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Pan No. : |
AJFPM6527L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
ACB (India) Limited, India |
|
41678083 |
|
Mrig Chandra Ganesh |
|
01 |
|
Sindhu Sen Vir |
|
01 |
|
Sindhu Suman Dev |
|
01 |
|
Sindhu Pal Vrit |
|
01 |
|
Sindu Sen Rudra |
|
01 |
|
Solanki Singh kuldeep |
|
01 |
|
Total |
|
41678089 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in coal beneficiation business. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda, 3, Walchand Hirachand Marg, 1st Floor, Ballard Pier, Mumbai - 400001, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India ·
ICICI
Bank Limited, 9-A, Phelps Building, Connaught Place, New Delhi – 110001,
India Tel. No.: 91-11-66310410 |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No. 10, Eight Floor, Tower B, DLF Cyber City, Phase-2, Gurgaon, Haryana, India |
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PAN.: |
AAIFB0630K |
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Holding Company : |
ACB (India) Limited CIN No.: U10102DL1997PLC085837 |
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Fellow Subsidiary
Company : |
· Aryan Clean Coal Technologies Private Limited CIN No.: U29199DL2003PTC122193 · ACB (India) Power Limited CIN No.: U40101DL2010PLC206025 · Aryan Energy Private Limited CIN No.: U40102DL2001PTC134230 |
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|
|
|
Enterprises over
which holding company / key management personnel exercises significant
influence (others): |
· Global Coal And Mining Private Limited CIN No. : U10102DL1998PTC094328 · Sainik Finance and Industries Limited CIN No.: L26912DL1991PLC045449 · Sainik Mining and Allied Services Limited CIN No.: U34102DL1989PLC034982 · Sindhu Trade Links Limited CIN No.: L67120DL1992PLC121695 · Sindhu Realtors Limited CIN No.: U45201DL2002PLC117866 · Sindhu Holdings Limited CIN No.: U65993DL1992PLC047493 · General Automobiles · Indus Automobiles · Sindhu Trade Links Private Limited · V.V. Transport · Hasdeo Coal Carriers · Hari Bhoomi Communications Private Limited ·
Nagar Goel and Chawla |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41678089 |
Equity Shares |
Rs.10/- each |
Rs.416.781
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 |
416.781 |
416.781 |
416.781 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3497.734 |
2553.343 |
1926.323 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3914.515 |
2970.124 |
2343.104 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3808.983 |
3854.727 |
1429.419 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3808.983 |
3854.727 |
1429.419 |
|
|
DEFERRED TAX LIABILITIES |
40.190 |
47.608 |
60.710 |
|
|
|
|
|
|
|
|
TOTAL |
7763.688 |
6872.459 |
3833.233 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1140.518 |
1235.001 |
1364.332 |
|
|
Capital work-in-progress |
3597.070 |
2278.002 |
816.388 |
|
|
|
|
|
|
|
|
INVESTMENT |
1821.500 |
910.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Other Non-Current Assets |
12.032 |
10.442 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
205.949
|
262.396 |
280.943 |
|
|
Sundry Debtors |
568.893
|
365.540 |
304.047 |
|
|
Cash & Bank Balances |
199.069
|
1349.575 |
1079.000 |
|
|
Other Current Assets |
0.374
|
28.555 |
21.417 |
|
|
Loans & Advances |
1335.438
|
941.410 |
236.074 |
|
Total
Current Assets |
2309.723
|
2947.476 |
1921.481 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
181.023
|
208.969 |
151.693 |
|
|
Other Current Liabilities |
615.318
|
217.609 |
85.386 |
|
|
Provisions |
320.814
|
81.884 |
31.889 |
|
Total
Current Liabilities |
1117.155
|
508.462 |
268.968 |
|
|
Net Current Assets |
1192.568
|
2439.014 |
1652.513 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7763.688 |
6872.459 |
3833.233 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total revenue from operations |
3818.615 |
2903.036 |
2286.113 |
|
|
|
Other Income |
33.778 |
30.250 |
39.185 |
|
|
|
TOTAL (A) |
3852.393 |
2933.286 |
2325.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12.148 |
|
|
|
|
|
Purchases of stock-in-trade |
736.691 |
787.346 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
43.223 |
4.300 |
1239.781 |
|
|
|
Employee benefit expense |
104.190 |
79.849 |
|
|
|
|
Other expenses |
863.531 |
746.687 |
|
|
|
|
TOTAL (B) |
1759.783 |
1623.862 |
1239.781 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2092.610 |
1309.424 |
1085.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
301.230 |
123.433 |
87.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1791.380 |
1185.991 |
998.431 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
177.443 |
203.758 |
240.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1613.937 |
982.233 |
757.541 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
533.916 |
355.213 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1080.021 |
627.020 |
757.541 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.533 |
745.331 |
NA |
|
|
TOTAL IMPORTS |
43.533 |
745.331 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.91 |
15.04 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
28.04
|
21.38 |
23.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.26
|
33.83 |
33.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
46.78
|
23.48 |
23.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.33 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.97
|
1.30 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
5.80 |
7.14 |
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 |
Yes |
Note:
The registered office of the company has been shifted from
202, Cyber Heights, Road No.2, Banjara Hills, Hyderabad – 500033, Andhra
Pradesh, India
to present address w.e.f. 15.06.2009
BACKGROUND
Subject was incorporated on 1 January 1996. The Company is primarily engaged in coal beneficiation business. The Company is currently operating a coal washery plant at Ratija, Chattisgarh. Pursuant to an agreement entered into with Andhra Pradesh Power Generation Corporation Limited (APGENCO), the Company is in the process of setting up a 11 MTPA coal washery at Talcher, Orissa on land provided by APGENCO out of which the first phase of 7 MTPA has been completed. Further, the Company is also in the process of setting up a 50 MW thermal power plant at Ratija, Chhattisgarh
REVIEW OF OPERATIONS:
During the year, the Company’s gross income from Operations was Rs. 3880.656 Millions (Previous year Rs.2933.286 Millions). The gross income for the financial year 2011-12 has increase 32.3 % from last year gross income. The profit before tax reported by the Company for the financial year 2011-12 was Rs. 1660.809 Millions (Previous year Rs. 983.011 Millions). The profit before tax for the financial year 2011-12 has increase 69.08 % from last year profit before tax.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U10100AP1996PLC054238 |
|
Name of the
company |
SPECTRUM COAL AND
POWER LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No. 203, MCH No. 6-3-1089/1/1, Park Avenue, Somajiguda, Raj
Bhavan Road, Hyderabad – 500082, Andhra Pradesh, India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Immovable property ·
Movable property (not being pledge) |
|
Particular of
charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
|
Nature of
instrument creating charge |
Deed of Hypothecation (For Rupee Loan) |
|
Date of
instrument Creating the charge |
30.06.2011 |
|
Amount secured by
the charge |
Rs.800.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Sum of I- Base and
spread per annum plus applicable interest tax or other statutory levy if any
on principal mount outstanding. As on date the I- base is 9.50% and spread is
3.75%. Terms of Repayment Repayment of
Principal will be made in 20 equal quarterly installments with first
repayment being at the end of 5th quarter form date of first drawdown. Extent and Operation of the charge Aggregate rupee
term loan facility of up to a maximum of Rs. 800.000 millions (''Facility
Amount") for incurring Capital Expenditure to be incurred in FY 2012
including reimbursement of capital expenditure incurred for a period not
exceeding six months starting from January 1, 2011. Others As per Deed of
Hypothecation |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1. pari passu charge by way of hypothecation charge on Plant and Machinery and other moveable fixed Assets both present and future of the · Coal Washery plant located at Ratija in Chhattisgarh. · Coal Washery plant located at Talcher in Orissa. 2. Charge over any land / Property |
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Other equipments
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.53.57 |
|
|
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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.