MIRA INFORM REPORT
|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PODDAR DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
Unit 3-5 Neeru Silk Mills, Mathuradas Mill Compound, 126 NM Joshi
Marg, Lower Parel (West), Mumbai 400 013, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
28.06.1982 |
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|
Com. Reg. No.: |
11-143066 |
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Capital
Investment / Paid-up Capital : |
Rs. 52.045 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L51909MH1982PLC143066 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20553B |
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PAN No.: [Permanent Account No.] |
AAACM0180C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Real Estate Development. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of THE PODDAR GROUP. It is an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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.
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.
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 (66164444)
LOCATIONS
|
Registered Office : |
Unit 3-5 Neeru Silk Mills, Mathuradas Mill Compound, 126 NM Joshi Marg, Lower Parel (West), Mumbai 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-6616 4444 (30 Lines) |
|
Fax No.: |
91-22-66164409 |
|
E-Mail : |
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|
Website : |
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|
Sales Office : |
Unit # 4-6, Vastu Shilp Co-operative Hsg. Society, Near - The Kalyan Janata Sahakari Bank, Ram Baug Lane # 4, Kalyan {West} – 421301,
Thane, Maharashtra, India |
|
Tel. No.: |
91-251-6520179 / 161 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Dipak Kumar Poddar |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Dilip J. Thakkar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Shrikant Tembey |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Brian Brown |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Ramakant Nayak |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rohitashwa Poddar |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Agarwal (Up to January 04, 2013) |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Chandrakant Sharma (From April 1, 2013) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1077653 |
20.71 |
|
|
2775115 |
53.32 |
|
|
3852768 |
74.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3852768 |
74.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
50 |
0.00 |
|
|
135442 |
2.60 |
|
|
135492 |
2.60 |
|
|
|
|
|
|
129811 |
2.49 |
|
|
|
|
|
|
487976 |
9.38 |
|
|
532623 |
10.23 |
|
|
65830 |
1.26 |
|
|
65830 |
1.26 |
|
|
1216240 |
23.37 |
|
Total Public shareholding (B) |
1351732 |
25.97 |
|
Total (A)+(B) |
5204500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5204500 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
1 |
Brite Merchants Limited |
1,87,547 |
3.60 |
|
2 |
Dipak Kumar Poddar |
1,12,000 |
2.15 |
|
3 |
Janpriya Traders Limited |
53,328 |
1.02 |
|
4 |
Rashmi Poddar |
1,21,800 |
2.34 |
|
5 |
Rohit Poddar |
3,66,690 |
7.05 |
|
6 |
Rohitashwa Dipakkumar Poddar |
46,670 |
0.90 |
|
7 |
Sandhini Poddar |
4,30,493 |
8.27 |
|
8 |
Poddar Amalgamated Holdings Private Limited |
18,57,700 |
35.69 |
|
9 |
Suvijay Exports Limited |
6,76,540 |
13.00 |
|
|
Total |
38,52,768 |
74.03 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
Baman K Mehta |
65000 |
1.25 |
|
2 |
Darashaw K Mehta |
214706 |
4.13 |
|
3 |
Hypnos Fund Limited |
135442 |
2.60 |
|
4 |
Tihunaz Keki Mehta |
55705 |
1.07 |
|
|
Total |
470853 |
9.05 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations : |
--- |
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Auditors : |
|
|
Name : |
R. S. Shah and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Subsidiaries : |
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Partnership Firms (Associates |
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Enterprises over
which Key Management personnel/Relatives have significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5204500 |
Equity Shares |
Rs.10/- each |
Rs.52.045 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
52.045 |
52.045 |
52.045 |
|
(b) Reserves & Surplus |
525.429 |
443.240 |
441.329 |
|
I Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
577.474 |
495.285 |
493.374 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
107.257 |
7.449 |
5.325 |
|
(b) Deferred tax liabilities (Net) |
0.794 |
2.049 |
2.458 |
|
I Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
7.871 |
4.204 |
1.232 |
|
Total Non-current
Liabilities (3) |
115.922 |
13.702 |
9.015 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
225.000 |
137.818 |
0.000 |
|
(b) Trade payables |
36.468 |
37.181 |
28.915 |
|
I Other
current liabilities |
980.831 |
581.810 |
253.886 |
|
(d) Short-term
provisions |
20.793 |
11.505 |
12.097 |
|
Total Current
Liabilities (4) |
1263.092 |
768.314 |
294.898 |
|
|
|
|
|
|
TOTAL |
1956.488 |
1277.301 |
797.287 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
47.146 |
48.820 |
31.289 |
|
(ii)
Intangible Assets |
0.402 |
0.500 |
0.226 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.668 |
21.110 |
43.240 |
|
I Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
442.080 |
153.232 |
107.904 |
|
I Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
505.296 |
223.662 |
182.659 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
76.187 |
73.614 |
|
(b)
Inventories |
1113.508 |
679.802 |
431.497 |
|
I Trade
receivables |
10.547 |
9.137 |
7.366 |
|
(d) Cash
and cash equivalents |
274.803 |
225.141 |
94.084 |
|
I
Short-term loans and advances |
52.334 |
63.372 |
8.067 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1451.192 |
1053.639 |
614.628 |
|
|
|
|
|
|
TOTAL |
1956.488 |
1277.301 |
797.287 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
269.508 |
159.811 |
64.234 |
|
|
|
Other Income |
40.138 |
39.526 |
14.372 |
|
|
|
TOTAL (A) |
309.646 |
199.337 |
78.606 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of construction |
589.276 |
488.239 |
38.050 |
|
|
|
Cost of Materials consumed |
0.000 |
0.000 |
0.655 |
|
|
|
Purchase for Resale |
0.000 |
0.000 |
7.951 |
|
|
|
(Increase)/Decrease in stock |
(406.847) |
(354.552) |
1.856 |
|
|
|
Employee benefit expenses |
21.446 |
2.600 |
2.354 |
|
|
|
Other expenses |
22.821 |
14.057 |
13.845 |
|
|
|
Exceptional items |
(53.959) |
24.020 |
0.000 |
|
|
|
TOTAL (B) |
172.737 |
174.364 |
64.711 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
136.909 |
24.973 |
13.895 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.544 |
0.604 |
0.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
136.365 |
24.369 |
13.488 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.966 |
7.543 |
2.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
127.399 |
16.826 |
11.343 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.041 |
7.191 |
1.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
90.358 |
9.635 |
10.073 |
|
|
|
|
|
|
|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports – Garments |
0.000 |
0.000 |
1.134 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1.134 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
17.36 |
1.85 |
1.94 |
|
|
|
Diluted |
17.36 |
1.85 |
1.94SS |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
29.18
|
4.83 |
12.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
47.27
|
10.53 |
17.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.56
|
1.34 |
1.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58
|
0.29 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.37 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
3.625 |
4.768 |
3.561 |
|
|
|
|
|
|
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 |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
No |
PERFORMANCE DURING
THE YEAR
The year under consideration has been very eventful for the Company
In the Bhivpuri Project, the Company as on March 2013 has given possession of 64 buildings consisting of 1024 flats as on March 2013. The possession of the remaining 15 building would be completed by June 2013.
In the Badlapur Project, Phase I has been sold out and construction of all the 32 buildings has almost been completed on March 2013 and possession is expected to be completed on June 2013. The booking of the Second Phase of 39 buildings is in full swing and almost 50% of the construction work has been completed.
The Company has through its 100% subsidiary Poddar Habitat Private Limited. launched in April 2013 a new Affordable Housing Project “Poddar Navjeevan” at Atgaon near Kasara. The First Phase of 36 buildings consisting 1 RK and BHK Flats. The response for this Project has also been very encouraging.
The Company achieved a Consolidated Turnover and Other Income of Rs.307.500 Millions as against Rs.187.900 Millions during the previous year. The Company has earned Net Profit of Rs.76.600 Millions for the year ended after providing depreciation and Tax as against a profit of Rs.8.200 Millions during the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian economy faced a slow down during the current year and the Real Estate sector too has been affected by this. However demand for affordable Housing continues to be good especially in the non metro cities.
The real estate sector in India has come a long way by becoming one of the fastest growing markets in the world. It has not only successfully attracted domestic real estate developers, but foreign investors as well. The growth of the industry is attributed mainly to the large population base, rising income level and rapid urbanization.
The Union Budget 2013 is looking forward to improving the sector sentiment further and at the same time re-stimulate its growth. Real estate plays an important role in the Indian economy, as it is the second largest employer after agriculture. The size of the Indian real estate market is expected to touch 180 billion USD by 2020.
Through the Budget 2012-13, the Government aimed at increasing the investment in infrastructure because the real estate sector is seen as a major industry contributing to the overall economic growth of the country. The 12th 5 year plan of the Government focuses on increasing infrastructure so the scope is open for construction companies as far as the Governmental support is concerned. Given the increasing affluence of the Indian families, consequential rise in urbanization and shift of focus from renting to owning a property, the future of the Real Estate Sector looks bright.
OUTLOOK
The scope of Affordable Housing in India is simply unlimited. A Number of real estate companies now have access to organized financing through primary and secondary markets, financial institutions and alternative financing routes such as private equity. Favorable property market and real estate boom has made property investment in India look safe. This is also proved by the fact that Indian Government has liberalized its foreign direct policy to attract higher foreign investment.
After a long wait, the industry is expecting an optimistic future in the real estate segment with the government’s favorable policies and plan to give realty sector an industry status. Towards the end of 2012, the Government had initiated certain policies favoring the Real Estate sector and the current year will witness many of such favorable government policies being implemented.
Looking at the response of the public, the Affordable Housing Projects of the company has proved to be successful. The Company desires in creating a geographical footprints around Mumbai with its Affordable Housing Projects. Since the Company is into construction of Low Cost Affordable housing it expects to further mark its presence in the industry as renowned developer.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435951 |
21/05/2013 |
220,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. |
B79234142 |
|
2 |
10425742 |
21/03/2013 |
400,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B75141713 |
|
3 |
10363897 |
25/05/2012 |
250,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. |
B42952366 |
* Date of charge modification
FIXED ASSETS
- Building
- Construction Equipments
- Furniture and Fixtures
- Vehicles
- Data Processing Machines
- Office 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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.