MIRA INFORM REPORT

 

 

Report Date :

01.03.2013

 

IDENTIFICATION DETAILS

 

Name :

IOT INFRASTRUCTURE AND ENERGY SERVICES LIMITED (w.e.f. 01.12.2008)

 

 

Formerly Known As :

INDIAN OILTANKING LIMITED

 

 

Registered Office :

103, Spectra, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012 (Profit & Loss A/c)

 

 

Date of Incorporation :

28.08.1996

 

 

Com. Reg. No.:

11-102222

 

 

Capital Investment / Paid-up Capital :

Rs.2327.891 Millions

 

 

CIN No.:

[Company Identification No.]

U23200MH1996PLC02222

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMI02683C

 

 

PAN No.:

[Permanent Account No.]

AAACI6794E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is mainly engaged in the business of Engineering, Procurement and Construction in the field of Refineries, Petrochemicals, Power Plants, etc., Seismic services and Terminalling services including Operation and maintenance contracts.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 23334000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between Indian Oil Corporation Limited, and Oiltanking GmbH.

 

It is a well established company having a good track record. Financially company seems to be strong.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered for normal 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

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

CRISIL IPO Grade 4/5

Rating Explanation

This rating indicates that the fundamentals of the IPO are above average.

Date

December, 2010

 

 

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/ Corporate Office :

103, Spectra, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India 

Tel. No.:

91-22-66772700

Fax No.:

91-22-25706854/ 66919599

E-Mail :

girish.shrivastava@oiltanking.com

info@oiltalking.com

Website :

http://www.iotinfraenergy.com

 

 

IOT Office (EPC) :

Plot No. Y2, Near Nahur Railway Station, Off CEAT Tyre Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India

Tel. No.:

91-22-61524500/ 600

Fax No.:

91-22-61524700/ 800

 

 

Regional Office :

Located at:

 

·         Delhi

·         Kolkata

·         Chennai

·         Guwahati

·         Goa

 

 

DIRECTORS

 

As on 13.09.2012

 

Name :

Mr. Jayanta Bhuyan

Designation :

Managing Director

Address :

902, Sovereign, Hiranandani Gardens, Powai, Mumbai, Maharashtra, India

Date of Birth/Age :

29.01.1951

Qualification :

MBA

Date of Appointment :

01.10.1996

DIN No :

00190051

 

 

Name :

Mr. Ranbir Singh Butola

Designation :

Director

Address :

B-2/2277, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

05.05.1954

Date of Appointment :

11.03.2011

DIN No :

00145895

 

 

Name :

Mr. Samir Kumar Barua

Designation :

Director

Address :

House No.421, Indian Institute of Management, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

23.09.1951

Qualification :

MBA

Date of Appointment :

01.09.2010

DIN No :

00211077

 

 

Name :

August Frans Irma Spaepen

Designation :

Director

Address :

Steenweg Withef 27, 82960 Brecht, Belgium

Date of Birth/Age :

13.11.1962

Date of Appointment :

26.03.2012

DIN No :

00551840

 

 

Name :

Murugappan Alagappan

Designation :

Director

Address :

UTI Capital Private Limited, UTI Tower, GN Block, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051, Maharashtra, India

Date of Birth/Age :

16.09.1967

Date of Appointment :

27.02.2012

DIN No :

01016498

 

 

Name :

Rutger Cornelis Van Thiel

Designation :

Nominee Director

Address :

Neuer Wall, 48, 20354, Hamburg, Germany

Date of Birth/Age :

03.01.1964

Date of Appointment :

01.09.2010

DIN No :

03199912

 

 

Name :

Padmanabhan Sugavanam

Designation :

Director

Address :

119, Block-A, Vinay Cascades, Thimmarayappa Garden, 3rd Main, 11th Cross, Sivanand Nagar, Bangalore – 560 075, Karnataka, India

Date of Birth/Age :

03.06.1945

Qualification :

CA

Date of Appointment :

01.09.2010

DIN No :

03229120

 

 

Name :

Mr. Sudhir Bhalla

Designation :

Nominee Director

Address :

56, Manu Apartment, Mayur Vihar, Phase-1, New Delhi – 110 091, India

Date of Birth/Age :

03.09.1956

Date of Appointment :

27.09.2011

DIN No :

03284103

 

 

Name :

Franz Christian Wolfgong Flach

Designation :

Director

Address :

Wischhoff 17, Sereetz - 23611

Date of Birth/Age :

09.01.1968

Date of Appointment :

31.03.2011

DIN No :

03377640

 

 

Name :

Mr. Vijay Kumar Gupta

Designation :

Nominee Director

Address :

V-33, Green Park, Delhi – 110 016, India

Date of Birth/Age :

04.06.1954

Date of Appointment :

27.09.2011

DIN No :

03613222

 

 

KEY EXECUTIVES

 

Name :

Mr. Jatin Jamnadas Mavani

Designation :

Secretary 

Address :

B-602, Cottage Land, Sector -19A, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

22.09.1958

Date of Appointment :

11.04.1997

PAN No :

AAHPM7153R

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 13.09.2012

 

Note:

Shareholding details file attached.

 

As on 13.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Government companies

 

47.91

Venture capital

 

3.84

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

47.91

Directors or relatives of directors

 

0.10

Other top fifty shareholders

 

0.24

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is mainly engaged in the business of Engineering, Procurement and Construction in the field of Refineries, Petrochemicals, Power Plants, etc., Seismic services and Terminalling services including Operation and maintenance contracts.

 

 

Products/ Services :

Item Code No. (ITC Code)

74199910

Product Description

Terminalling and

Engineering, Procurement

Services (EPC)

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         State Bank of India, Corporate Accounts Group, Neville House, Ballard Estate, Mumbai – 400 001, Maharashtra, India

·         Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

·         Bank of Maharashtra, Industrial Finance Branch, Apeejay House, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400 023, Maharashtra, India

 

 

Facilities :

Secured Loan

 

31.03.2011

(Rs. In Millions)

31.03.2010

(Rs. In Millions)

Rupee term loans banks secured

1616.401

1924.488

Foreign currency loans banks secured

20.508

55.219

Working capital loans others secured

43.081

1100.002

Total

1679.990

3079.709

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lodha and Company

Chartered Accountants 

Address :

6, Karim Chambers, 40-A, Doshi Marg, Hamam Street, Mumbai – 400 001, Maharashtra, India

PAN No.:

AADFL1894Q

 

 

Associates (As on 31.03.2011) :

·         Indian Oil Corporation Limited, India (CIN No.: L23201MH1959GOI011388)

·         Oiltanking GmbH, Germany

 

 

Joint Ventures (As on 31.03.2011) :

·         Zuari Indian Oiltanking Limited (ZIOTL)

·         IndianOil Skytanking Limited, (IOSL)

·         IOT Mabagas Limited

 

 

Subsidiaries (As on 31.03.2011) :

·         Stewarts and Lloyds of India Limited

·         IOT Engineering and Construction Services Pte Limited

·         IOT Engineering and Projects Limited

·         Indian Oiltanking Engineering and Construction Services LLC

·         IOT Design and Engineering Limited

·         IOT Anwesha Engineering and Construction Limited

·         IOT Canada Limited

·         IOT Utkal Energy Services Limited

·         Newsco Directional and Horizontal Drilling Services (Asia) Inc.

·         IOT Anwesha Engineering and Construction LLC

·         IOT Infrastructures Private Limited

 

 

CAPITAL STRUCTURE

 

As on 13.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000000

Equity Shares

Rs.10/- each

Rs.5000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

242442138

Equity Shares

Rs.10/- each

Rs.2424.421 Millions

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000000

Equity Shares

Rs.10/- each

Rs.5000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

232789155

Equity Shares

Rs.10/- each

Rs.2327.891 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET 

 

SOURCES OF FUNDS

 

 

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

2327.891

2323.832

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

3505.506

2397.161

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

5833.397

4720.993

LOAN FUNDS

 

 

 

1] Secured Loans

 

1679.990

3079.709

2] Unsecured Loans

 

625.319

917.025

TOTAL BORROWING

 

2305.309

3996.734

DEFERRED TAX LIABILITIES

 

323.206

371.002

 

 

 

 

TOTAL

 

8461.912

9088.729

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2974.278

2946.667

Capital work-in-progress

 

389.957

274.583

 

 

 

 

INVESTMENT

 

3480.658

1464.389

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
74.951
89.859

 

Sundry Debtors
 
1136.679
936.017

 

Cash & Bank Balances
 
253.067
10.878

 

Other Current Assets
 
5676.016
7312.497

 

Loans & Advances
 
793.113
477.482

Total Current Assets
 
7933.826

8826.733

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 
4897.954
3744.264

 

Other Current Liabilities
 
1251.971
561.908

 

Provisions
 
166.882
117.471

Total Current Liabilities
 
6316.807

4423.643

Net Current Assets
 
1617.019
4403.090

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

8461.912

9088.729

 

Note: Balance Sheet for the year 2012 is not available only Profit & Loss A/c is available.

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from operations

15930.123

11927.564

9700.416

 

 

Other Income

700.158

837.401

493.476

 

 

TOTAL                                     (A)

16630.281

12764.965

10193.892

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

13573.484

9907.789

8904.939

 

 

Employee benefit expense

363.829

246.601

 

 

 

Other expenses

482.837

434.528

 

 

 

TOTAL                                     (B)

14420.150

10588.918

8904.939

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2210.131

2176.047

1288.953

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

350.305

269.096

345.553

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1859.826

1906.951

943.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

270.053

238.132

227.179

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1589.773

1668.819

716.221

 

 

 

 

 

Less

TAX                                                                  (H)

474.189

562.503

240.674

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1115.584

1106.316

475.547

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2825.847

1719.531

1243.984

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

NA

2825.847

1719.531

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Construction and engineering services

NA

NA

177.771

 

TOTAL EARNINGS

NA

NA

177.771

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

NA

NA

4.551

 

 

Construction Materials and Related Expenses

NA

NA

874.458

 

TOTAL IMPORTS

NA

NA

879.009

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.75

4.76

2.05

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

6.71
8.67
4.67

 

 

 
 
 

Net Profit Margin

(PBT/Sales)

(%)

9.98
13.99
7.38

 

 

 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)

NA
15.30
6.08

 

 

 
 
 

Return on Investment (ROI)

(PBT/Networth)

 

NA
0.29
0.15

 

 

 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 

NA
0.40
0.85

 

 

 
 
 

Current Ratio

(Current Asset/Current Liability)

 

NA
1.26
2.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

Yes

 

 


Note:

The registered office address of the company has been shifted from Navghar Dronagirinode, NH-4B, Navi Mumbai – 400 707, Maharashtra, India to present w.e.f. 31.10.2007.

 

Unsecured Loan

 

31.03.2011

(Rs. In Millions)

31.03.2010

(Rs. In Millions)

Rupee term loans banks unsecured

0.000

550.000

Foreign currency loans banks unsecured

625.319

367.025

Total

625.319

917.025

 

FIXED ASSETS:

 

  • Land and Land Improvements
  • Building and Building Improvements
  • Plant and Machinery
  • Office Equipments
  • Factory Equipments
  • Computer Equipments
  • Furniture and Fixtures
  • Vehicles
  • Railway Sidings
  • Computer Software

 

WEBSITE DETAILS:

 

PRESS ARTICLES/ NEWS:

 

IOC VENTURE GETS RS.1000.000 MILLIONS INVESTMENT FROM IIDF

 

Mumbai, January 24:  

IOT Infrastructure and Energy Services Limited (IOT) announced on Monday that Rs.1000.000 millions have been invested in the company by India Infrastructure Development Fund (IIDF), a private equity fund managed by UTI Capital.

 

IOT is a joint venture between Indian Oil Corporation (IOC) and Oiltanking GmbH of Germany.

 

The fresh investment will help IOT meet its capital requirements for various projects including the over 1.4 million kilolitre petroleum product facility at IOC Paradip refinery and the proposed 1.92 lakh kilolitre capacity common user terminal at Raipur in Chhattisgarh.

 

Mr. Jayanta Bhuyan, Managing Director of IOT, in a press release said that “In 2010, we decided to raise equity through a public offer for our projects in India, but eventually opted for private equity funding due to unfavourable market conditions for an IPO. IIDF's investment has placed our valuation higher than what was envisaged during the planned IPO,” he said.

 

He said that the company finds PE investments to be a viable route for funding its proposed expansion plans. The company has a CAGR of over 40 per cent in revenue and profit in the last five years, which has also attracted the new investment.

 

Over 80 per cent of IOT's revenue is generated from its engineering, procurement and construction (EPC) services and the remaining from its petroleum products storage and upstream services businesses.

 

MDP AND PARTNERS REPRESENTED IOT INFRASTRUCTURE AND ENERGY SERVICES LIMITED

 

MDP and Partners, Advocates and Solicitors, through Mr. Nishit Dhruva- Managing Partner and Ms. Jaisry Mani ,Associate represented IOT Infrastructure and Energy Services Limited (IOT UTKAL ENERGY SERVICES LIMITED) in Arbitration proceedings filed by IBRCL in the Bombay High Court, the Bombay High Court, in an Order passed on 10th January, 2013 by Hon’ble Mr. Justice R.D. Dhanuka has observed that since the Bank Guaranteed by IBRCL are unconditional and irrevocable nature, the Court cannot get into the merits of the Contract which is independent of the Guarantee.

 

IVRCL Limited filed an Appeal against the Order of 10th January, 2013, the Appeals came up for Admission before the Hon’ble Chief Justice and Mr. Justice Anoop V. Mohta, of the Bombay High Court on 16th January, 2013 when it was pleaded on behalf of MDP AND PARTNERS through Senior Counsel Mr. S.U. Kamdar that the said Guarantees were unconditional and independent of the Contract, several Supreme Court Judgements were cited to show that Unconditional Bank Guarantees cannot be interfered with. 

 

The Court accepted the said submissions partially and in a slight deviation from the various Supreme Court Orders, permitted partial invocation of the Bank Guarantees to the extent of approx. Rs.400.000 millions and restrain IOT from invoking the Bank Guarantees to the extent of Rs.230.000 millions on the grounds that since the Petitioner was a shareholder of IOT to the extent of 37.5% their rights are to be protected. The petitioners were represented through senior counsel MR Dinayar Madan.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.53.77

UK Pound

1

Rs.81.57

Euro

1

Rs.70.68 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

 

53

 

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

-

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.