MIRA INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH STEELS AND POWER PRIVATE LIMITED (w.e.f.07.04.2008) |
|
|
|
|
Formerly Known
As : |
TOPWORTH STEELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Raheja Centre, Off No. 4214, Free Press Journal Marg, Nariman Point,
Mumbai – 400021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-146381 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.807.469 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2004PTC146381 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT11594C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT0878L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sponge Iron, Steel and Power Generation |
|
|
|
|
No. of Employees
: |
Information Denied by 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 19000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are decent. Business is active. Payment terms are
usually correct and as per commitment. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
January, 2013 |
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
Management Non Co-operative (91-22-22841414)
LOCATIONS
|
Registered Office : |
Raheja Centre, Off No. 4214, Free Press Journal Marg, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22841414 |
|
Fax No.: |
91-22-22840211/22880141 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
308, 3rd Floor, Ceejay House, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24812000 |
|
Fax No.: |
91-22-24812122 |
|
|
|
|
Works /
Marketing Department : |
Borai Industrial Growth Centre, Village Rasmada, District Durg -
491001, Chattisgarh, India |
|
Tel. No.: |
91-788-2617357/2617362/2617363/2617364/2617210 |
|
Fax No.: |
91-788-2617358 |
|
E-Mail : |
|
|
|
|
|
Domestic Office : |
Located At · Khopoli ·
Mumbai |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Chairman |
|
Address : |
602, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1971 |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
AAKPL7249L |
|
DIN No.: |
00052194 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Additional Director |
|
Address : |
603, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Appointment : |
10.05.2010 |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Nitin Golchha |
|
Designation : |
Director |
|
Address : |
SM 59, Ward – 43, Padmanbhpur, Durg – 491001, Chhattisgarh, India |
|
Date of Birth/Age : |
13.09.1978 |
|
Date of Appointment : |
02.01.2006 |
|
PAN No.: |
AGFPG5147D |
|
DIN No.: |
01669634 |
|
|
|
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
Narayandevi Shopping Complex, Pushpalata Bendale Chowk, Jalgaon - 425001, Maharashtra, India |
|
Date of Appointment : |
10.05.2010 |
|
DIN No.: |
00044782 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Abhay Narendra Lodha |
|
1 |
|
Crest Steel and Power Private Limited, India |
|
80746922 |
|
Total |
|
80746923 |
As on 31.12.2013
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Crest Steel and Power Private Limited, India |
|
1250000 |
|
Total |
|
1250000 |
As on 25.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sponge Iron, Steel and Power Generation |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sponge Iron |
MT |
165,000 |
143250.430 |
|
MS Billets |
MT |
144,000 |
131165.700 |
|
MS Structure |
MT |
144,000 |
82995.532 |
|
Power |
Units |
144000000 |
159522655 |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied by Management |
|||||||||||||||
|
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|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59 Gaya Building, 4th Floor, Yusuf Mehar Ali Road, Masjid Bunder, Mumbai - 400003, Maharashtra, India |
|
Tel. No.: |
91-9320278797 |
|
E-Mail : |
|
|
PAN No.: |
AADFJ9495M |
|
|
|
|
Holding Company : |
Crest Steel and Power Private Limited |
|
|
|
|
Associate : |
· Akshata Mercantile Private Limited · Topworth Urja and Metals Limited · Satyarth Steel and Power Private Limited · Topworth Pipes and Tubes Private Limited · Champalal Motilal Steel Company Private Limited |
|
|
|
|
Subsidiaries : |
· Topworth Energy Private Limited · Topworth Energy Mozambique Limitada · Topworth Metals (South Africa) Proprietary Limited Johansberg ·
Topworth Steels and Power Singapore PTE
Limited, Singapore |
CAPITAL STRUCTURE
After 25.09.2012
Authorised Capital : Rs.1000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.904.585 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82000000 |
Equity Shares |
Rs.10/- each |
Rs.820.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80746923 |
Equity Shares |
Rs.10/- each |
Rs.807.469
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
807.469 |
469.088 |
|
(b) Reserves & Surplus |
|
4064.637 |
1929.863 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
89.000 |
999.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4961.106 |
3397.951 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2763.879 |
2870.453 |
|
(b) Deferred tax liabilities (Net) |
|
431.824 |
327.512 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
3195.703 |
3197.965 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
2043.818 |
1908.347 |
|
(b) Trade payables |
|
4642.897 |
5105.831 |
|
(c) Other current
liabilities |
|
203.248 |
173.520 |
|
(d) Short-term provisions |
|
290.141 |
202.204 |
|
Total Current Liabilities (4) |
|
7180.104 |
7389.902 |
|
|
|
|
|
|
TOTAL |
|
15336.913 |
13985.818 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4158.690 |
2940.115 |
|
(ii) Intangible Assets |
|
3.226 |
0.000 |
|
(iii) Capital work-in-progress |
|
104.057 |
382.385 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1587.826 |
1434.958 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
17.034 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
5870.833 |
4757.458 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
636.405 |
447.911 |
|
(b) Inventories |
|
3169.623 |
4123.631 |
|
(c) Trade receivables |
|
3809.167 |
3216.004 |
|
(d) Cash and cash
equivalents |
|
27.782 |
24.271 |
|
(e) Short-term loans
and advances |
|
1423.166 |
1144.565 |
|
(f) Other current
assets |
|
399.937 |
271.978 |
|
Total Current Assets |
|
9466.080 |
9228.360 |
|
|
|
|
|
|
TOTAL |
|
15336.913 |
13985.818 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
428.350 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1211.632 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1639.982 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1647.026 |
|
|
2] Unsecured Loans |
|
|
1669.705 |
|
|
TOTAL BORROWING |
|
|
3316.731 |
|
|
DEFERRED TAX LIABILITIES |
|
|
281.673 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5238.386 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2930.107 |
|
|
Capital work-in-progress |
|
|
159.087 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
184.101 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2114.250 |
|
|
Sundry Debtors |
|
|
2720.128 |
|
|
Cash & Bank Balances |
|
|
15.721 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1521.117 |
|
Total
Current Assets |
|
|
6371.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4181.551 |
|
|
Other Current Liabilities |
|
|
91.447 |
|
|
Provisions |
|
|
134.753 |
|
Total
Current Liabilities |
|
|
4407.751 |
|
|
Net Current Assets |
|
|
1963.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.626 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5238.386 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Income from Operations |
6621.204 |
5035.148 |
9626.093 (Including
Excise Duty) |
|
|
|
Income from Trading Sales |
11431.178 |
7837.200 |
0.000 |
|
|
|
Other Income |
83.442 |
63.985 |
35.309 |
|
|
|
TOTAL
(A) |
18135.824 |
12936.333 |
9661.402 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
2047.110 |
|
|
|
Stores & Spares Consumed |
|
|
72.406 |
|
|
|
Purchase of Finished Goods - Trading |
|
|
5742.884 |
|
|
|
Manufacturing Expenses |
16907.766 |
11652.052 |
528.716 |
|
|
|
Excise Duty & Taxes |
|
|
322.884 |
|
|
|
Employees Cost & Benefits |
|
|
95.536 |
|
|
|
Selling & Administrative Expenses |
|
|
70.958 |
|
|
|
Preliminary Expenses Written off |
|
|
0.292 |
|
|
|
Increase / (Decrease) in Stock |
|
|
(58.321) |
|
|
|
TOTAL (B) |
16907.766 |
11652.052 |
8822.465 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1228.058 |
1284.281 |
838.937 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
580.145 |
650.476 |
378.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
647.913 |
633.805 |
460.169 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
175.378 |
161.025 |
138.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
472.535 |
472.780 |
321.481 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.855 |
(21.390) |
187.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
273.680 |
494.170 |
133.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.39 |
9.32 |
3.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51
|
3.82 |
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.62
|
3.67 |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.46
|
3.89 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.97
|
1.41 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.25 |
1.45 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
REVIEW OF OPERATIONS
During the year, the Company’s Net Income from operations stood at Rs. 6621.204 Millions as compared to Rs. 5035.148 Millions in the previous year, Profit before finance cost and taxation for the year stood at Rs. 17960.446 Millions against Rs. 12775.308 Millions in the previous year and Profit after Tax declined from Rs. 472.780 Millions in previous year to Rs. 472.535 Millions in the year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Loans repayable on demand from others |
1258.896 |
1774.608 |
|
Other loans and advances |
316.572 |
833.760 |
|
Short-term borrowings |
|
|
|
Rupee term loans from banks |
1503.518 |
1039.183 |
|
Rupee term loans from others |
365.164 |
730.328 |
|
Loans and advances from others |
175.136 |
138.836 |
|
Total |
3619.286 |
4516.715 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51420MH2004PTC146381 |
|
Name of the
company |
TOPWORTH STEELS
AND POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Raheja Centre, Off No. 4214, Free Press Journal Marg, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Book debts · Movable property (not being pledge) ·
Others (Current Assets I.E. Raw Material Etc.) |
|
Particular of
charge holder |
State Bank of Patiala, Commercial Branch, Atlanta, 1st Floor,
Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Assets dated 21st May 2013 executed to
secure Corporate Loan of Rs. 250.000 Millions sanction by the bank to the
Company. |
|
Date of
instrument Creating the charge |
21.05.2013 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 3.90% above Base
Rate i.e, 14.15% Terms of Repayment The Corporate
Loan is to be repaid in 66 monthly installments including moratorium period
of 20 months starting from October 2014 to March 2020. Extent and Operation of the charge First Pari passu
charge by way of hypothecation has been created on the entire current assets,
entire stock, book debts and other current assets available at the company's
factory, godwn and the goods in transit and Moveable Fixed Assets for
Securing Corporate Loan facilities of Rs. 250.000 Millions sanctioned by the
Bank. Others Personal
Guarantee of Mr. Abhay Lodha, Mr. Nitin Golchha, Mr. Ashwin Lodha, Mr.
Surendra Lodha and Mrs. Sharmishtha Lodha. Corporate
Guarantee of Akshata Realtors Private Limited, Topworth Energy Private
Limited and Bhilai Cement Company Private Limited |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
First Pari passu charge by way of hypothecation has been created on the entire current assets , entire stock, book debts and other current assets available at the company's factory, godwn and the goods in transit and Moveable Fixed Assets |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
MS Roll
·
EOT Crane
·
Electric Trolley
·
DG Set
·
Electrical Installation
·
Pollution Control
Equipments
·
Welding Machine
·
Weigh Bridge
·
Air Conditioner
·
Office Equipments
·
Fire Fighting Equipments
·
Lab Equipments
·
Computer
·
Furniture and Fixtures
·
Tools and Tackles
·
Hand Cart
·
Cycle
·
Motor Cars
·
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.