MIRA INFORM REPORT
|
Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR OFFSHORE SUBSEA LIMITED |
|
|
|
|
Registered
Office : |
Essar House, 11, K. K. Marg, Mahalaxmi, Mumbai – 400034, |
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.02.2008 |
|
|
|
|
Com. Reg. No.: |
11-179089 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.168.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U11101MH2008PLC179089 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing engineering, procurement, construction,
installation and commissioning services in oil and gas sector. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a wholly – owned subsidiary of Essar Project ( It is a well established and reputed company having a satisfactory
track record. There appears a dip in the profitability of the company during
the year 2012. However, the company receives good support from its group
companies. Trader relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like situation
appears to have arisen as inflation jumped to an eight month high of 6.46 % for
the month of September. It is up from 6.10 % in August. Growth continues to be
muted with factory output plunging to 0.6 % in August. Onion prices have
risen nearly 300 % from last September. Vegetables cost nearly 90 % more than
they did last year. Wake up to the economic contribution of slum dwellers. They
contribute more than 7.5 % to the country’s gross domestic product, according
to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of India
has approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: A- (SO) |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
12 February 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A2 (SO) |
|
Rating Explanation |
Strong degree of safety and carry low credit risk. |
|
Date |
12 February 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 – Cooperative (91-22-66601100)
LOCATIONS
|
Registered Office : |
Essar House, 11, K. K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra |
|
Tel. No.: |
91-22-66601100 |
|
Fax No.: |
91-22-23524324 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 14.09.2012
|
Name : |
Mr. Padinhar Chira Balakrishnan Nair |
|
Designation : |
Managing director |
|
Address : |
B- 20/21, Tower-B, Viceroy Park, Thakur Village, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1938 |
|
Qualification: |
MSc ( Defence Science) |
|
Date of Appointment : |
19.02.2008 |
|
PAN No.: |
ABOPN4824E |
|
DIN No.: |
00153133 |
|
|
|
|
Name : |
Mr. Vishnoo Narayan Paradkar |
|
Designation : |
Director |
|
Address : |
#1302, Rose Regency Garden, Sector - 6, Kharghar, Navi Mumbai –
410210, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1948 |
|
Date of Appointment : |
19.02.2008 |
|
DIN No.: |
00078728 |
|
|
|
|
Name : |
Mr. Tapash Bhattacharya |
|
Designation : |
Director |
|
Address : |
Planet Godrej, Tower-3, 21St Floor, 030, K.K Marg, Sant
Gadge Maharaj Chowk, Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1959 |
|
Date of Appointment : |
11.12.2008 |
|
DIN No.: |
02339966 |
|
|
|
|
Name : |
Mr. Alwyn Keith Bowden |
|
Designation : |
Additional director |
|
Address : |
Casa Grande Tower No – 1, Flat No1803, 18th Floor, Lower Parel,
Mumbai - 400013, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1957 |
|
Date of Appointment : |
18.10.2011 |
|
DIN No.: |
01349295 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Essar Projects (India) Limited, India |
|
16874994 |
|
Prasad D.V |
|
1 |
|
Shah Manmohan Brijesh |
|
1 |
|
Manral Mohan |
|
1 |
|
Savlam Vasant |
|
1 |
|
Ghosh P.K. Amitabh |
|
1 |
|
Pareek Ramniwas Gulabchand |
|
1 |
|
|
|
|
|
Total |
|
16875000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing engineering, procurement, construction,
installation and commissioning services in oil and gas sector |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai -
400 018, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD2337G |
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Ultimate Holding Company: |
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|
Holding Company of Parent: |
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|
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Holding Company: |
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|
|
Other related parties commonly controlled or influenced by major
shareholders / directors of the Company, where there have been transactions: |
CIN: U63040MH1990PLC056592
CIN: U72200MH1992PLC064816
CIN: U99999MH1976PLC034721
CIN: U74200MH2007PLC172280
CIN: U63000MH2004PLC149214
CIN: U65991TN1993PLC024773
CIN: U99999MH1992PLC064767
CIN: U13100GJ2004PLC043477
CIN: U27100GJ1976FLC013787
CIN: U64202MH1995PLC087774
CIN: U51900MH2006PLC160647 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16875000 |
Equity Shares |
Rs.10/- each |
Rs. 168.750
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 |
|
168.750 |
168.750 |
|
(b) Reserves & Surplus |
|
1982.428 |
1455.411 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2151.178 |
1624.161 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
78.600 |
161.000 |
|
(b) Deferred tax liabilities (Net) |
|
82.291 |
20.147 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
5.689 |
4.441 |
|
Total Non-current
Liabilities (3) |
|
166.580 |
185.588 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
3468.767 |
415.435 |
|
(b) Trade
payables |
|
1808.143 |
934.520 |
|
(c) Other
current liabilities |
|
264.321 |
858.851 |
|
(d) Short-term
provisions |
|
2.057 |
6.121 |
|
Total Current
Liabilities (4) |
|
5543.288 |
2214.927 |
|
|
|
|
|
|
TOTAL |
|
7861.046 |
4024.676 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2512.323 |
290.632 |
|
(ii)
Intangible Assets |
|
0.000 |
0.263 |
|
(iii)
Capital work-in-progress |
|
5.384 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
65.725 |
60.113 |
|
(e) Other
Non-current assets |
|
0.000 |
58.467 |
|
Total Non-Current
Assets |
|
2583.432 |
409.475 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3009.890 |
746.785 |
|
(c) Trade
receivables |
|
730.380 |
564.882 |
|
(d) Cash
and cash equivalents |
|
274.517 |
1075.746 |
|
(e)
Short-term loans and advances |
|
1253.648 |
1213.230 |
|
(f) Other
current assets |
|
9.179 |
14.558 |
|
Total
Current Assets |
|
5277.614 |
3615.201 |
|
|
|
|
|
|
TOTAL |
|
7861.046 |
4024.676 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
168.750 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
522.647 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
691.397 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
988.068 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
988.068 |
|
|
DEFERRED TAX LIABILITIES |
|
|
11.432 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1690.897 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
312.786 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
20.280
|
|
|
Sundry Debtors |
|
|
192.103
|
|
|
Cash & Bank Balances |
|
|
792.259
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1288.238
|
|
Total
Current Assets |
|
|
2292.880
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
532.225
|
|
|
Other Current Liabilities |
|
|
376.864
|
|
|
Provisions |
|
|
5.680
|
|
Total
Current Liabilities |
|
|
914.769
|
|
|
Net Current Assets |
|
|
1378.111
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1690.897 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9220.332 |
7600.127 |
2696.306 |
|
|
|
Other Income |
99.555 |
82.218 |
40.992 |
|
|
|
TOTAL (A) |
9319.887 |
7682.345 |
2737.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2075.652 |
3272.513 |
|
|
|
|
Employee benefit expense |
208.601 |
178.111 |
|
|
|
|
Other expenses |
6030.146 |
2580.902 |
|
|
|
|
TOTAL (B) |
8314.399 |
6031.526 |
2290.042 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1005.488 |
1650.819 |
447.256 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
174.145 |
211.925 |
80.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
831.343 |
1438.894 |
366.642 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
44.182 |
23.835 |
12.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
787.161 |
1415.059 |
353.980 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
260.144 |
482.295 |
122.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
527.017 |
932.764 |
231.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1175.661 |
242.897 |
11.762 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1702.678 |
1175.661 |
242.897 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.23 |
55.27 |
13.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.65
|
12.14 |
8.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.54
|
18.62 |
13.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.01
|
35.16 |
13.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.87 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.65
|
0.35 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
1.63 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
82.400 |
20.400 |
NA
|
|
|
|
|
|
|
Total |
82.400 |
20.400 |
NA
|
|
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 has continued to achieve the growth
trajectory on account of execution of Offshore Projects for Oil and Natural Gas
Corporation Limited (ONGC). The Company’s turnover has increased from INR
7682.300 Millions in the previous year to Rs. 9319.900 Millions thereby
registering a growth of 21% in terms of its revenue.
Despite the increase in turnover, the profitability during the year was
lower due to the mix of the project being executed by the Company. The EBITDA
of the Company stood at INR 1005.500 Millions as compared to INR 1650.800
Millions.
The Profit before Tax of the Company stood at INR 787.200 Millions
(Previous Year INR 1415.000 Millions) and Profit After tax works out to INR
527.000 Millions (Previous Year INR 932.800 Millions)
BUSINESS OUTLOOK
Considering the size and future of the offshore market and opportunities
available thereon, the Company is aggressively bidding for projects both in
India and Overseas. Towards this direction, that Company has been forming a consortium
arrangement with renowned overseas offshore companies for participating in
offshore Pipeline Tenders and other offshore Projects.
However, the business development efforts of the Company received a
temporary set back due to a ban imposed by one of the key client Oil and
Natural Gas Corporation Limited (ONGC) due to a legal dispute ONGC has with
another Essar group company. They have contested this ban and are confident
that this will be set aside very soon.
With increase in strengthened capabilities to provide a wide range of
marine constructions solutions to Customer in different markets, the Company is
ready to expand its geographical footprint to global market including Middle
East Countries and South East Asia.
CORPORATE
INFORMATION
Subject a fully owned subsidiary of Essar Projects (India) Limited, was
incorporated on 19th February, 2008. The Company is engaged in providing
engineering, procurement, construction, installation and commissioning services
in oil and gas sector. The Company is primarily engaged in two types of
business activities:
1 Vessel hiring - chartering of barges, tugs and other marine spreads
owned by the Company
2 Contracting - marine construction in shallow and deep waters.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
3468.767 |
415.435 |
|
|
|
|
|
Total |
3468.767 |
415.435 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10437550 |
15/07/2013 |
2,500,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, |
B79923603 |
|
2 |
10378515 |
15/09/2012 |
2,500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B58910191 |
|
3 |
10202770 |
29/12/2009 |
205,200,000.00 |
UNION BANK OF INDIA |
UNION BANK
BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A79367157 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Guarantees given to Assistant Commissioner
of Customs given by the Company to import the vessels on re-export basis |
5.226 |
FIXED ASSETS
Tangible assets
- Vehicles
- Ships vessels
- Office
equipment
- Computer
equipments
Intangible assets
- Computer
software
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.61.92 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.83.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
48 |
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.