|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SASAN POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai-400710, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-190557 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.564.040
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102MH2006PLC190557 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS67758F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS0723M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Power Generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 228400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Reliance Power Limited. It is a well established company having satisfactory track record. The
company consist of 6 Units each with a capacity of 660 MW out of which Unit No.
1 of the project has commenced its commercial operation. All other units are under implementation stage. However, business is
active. Payments are reported to be slow but 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.
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 |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic product.
High imports of gold and oil led to a worsening of the trade deficit, resulting
in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in
the corresponding quarter of the previous financial year. The government aims
to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Long Term] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
September 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 [Short Term] |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386600/ 30386838 |
|
Fax No.: |
91-22-30385169/ 30386999 |
|
E-Mail : |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Rajivkumar Nandswaroop Saxena |
|
Designation : |
Director |
|
Address : |
B-186, Janta Colony, Jaipur-302004, Rajasthan, India |
|
Date of Birth/Age : |
05.08.1963 |
|
Date of Appointment : |
17.03.2011 |
|
Din No.: |
03466982 |
|
|
|
|
Name : |
Mr. Narelda Venugopala Narelda Venkatarao Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 301, Plot No. 58, APSEB Colony, Bhaskara Enclave,
Buchirajupalem, Visakhapatnam-530027, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
26.05.2011 |
|
Din No.: |
03143364 |
|
|
|
|
Name : |
Mr. Rambachan Bhagwan Pathak |
|
Designation : |
Director |
|
Address : |
439 K, Baidhan, Vaidhan, Tehsil Singarouli-486889, Madhya Pradesh,
India |
|
Date of Birth/Age : |
02.01.1952 |
|
Date of Appointment : |
26.05.2011 |
|
Din No.: |
03171629 |
|
|
|
|
Name : |
Mr. Shrikant Digambar Kulkarni |
|
Designation : |
Director |
|
Address : |
Flat No. C/43, Building No. 3, Kalpataru Estate, J V Link Road,
Andheri, Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1964 |
|
Date of Appointment : |
12.03.2012 |
|
Din No.: |
05136399 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Subraya Mooteri |
|
Designation : |
Company Secretary |
|
Address : |
34/301, Seawoods Estate, NRI Complex, Palm Beach Road, Nerul, Navi Mumbai-400706,
Maharashtra, India |
|
Date of Birth/Age : |
07.12.1952 |
|
Date of Appointment : |
20.08.2010 |
|
Pan No.: |
AAAPU7847F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Reliance Power Limited, India |
18813698 |
18764200 |
|
Ramaswami Kalidas Jointly with Reliance Power Limited, India |
1 |
-- |
|
Narelda Venugopala Narelda Venkatarao Rao Jointly with Reliance Power
Limited, India |
1 |
-- |
|
Arunachalam Venkitachalam Jointly with Reliance Power Limited, India |
1 |
-- |
|
Nimish Chitalia Jointly with Reliance Power Limited, India |
1 |
-- |
|
Paresh Rathod Jointly with Reliance Power Limited, India |
1 |
-- |
|
Balasubramanian Natarajan Jointly with Reliance Power Limited, India |
1 |
-- |
|
Suresh Nagarajan Jointly with Reliance Power Limited, India |
1 |
-- |
|
|
|
|
|
TOTAL
|
18813705 |
18764200 |
AS ON 24.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
SBICAP Trustee Company Limited, 202, Maker Tower,
‘E’ Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India ·
Power Finance Corporation Limited, Chandralok
Building, 36, Janpath, New Delhi-110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding Company : |
Reliance Power Limited (R Power) |
|
|
|
|
Fellow Subsidiaries / Step Down Subsidiaries of Holding Company : |
·
Reliance Coal Resources Private Limited (RCRL) ·
Rosa Power Supply Company Limited (RPSL) ·
Vidarbha Industries Power Limited (VIPL) ·
Rajasthan Sun Technique Energy Private Limited
(RSTEPL) ·
Tata Hydro Power Private Limited (THPPL) ·
Samalkot Power Limited (SMPL) ·
Jharkhand Integrated Power Limited (JIPL) ·
Coastal Andhra Power Limited (CAPL) |
|
|
|
|
Other Related Parties : |
·
Reliance General Insurance Company Limited (RGIL) ·
Reliance Communications Limited (R Com) ·
Reliance Infrastructure Limited (R Infra) ·
AAA Project Ventures Private Limited (APVPL)
(Upto December 19, 2012) |
CAPITAL STRUCTURE
AS ON 24.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
1000000000 |
Preferences Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
TOTAL
|
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18813705 |
Equity Shares |
Rs.10/- each
|
Rs.188.137
Millions |
|
18764200 |
Preferences Shares |
Rs.10/- each |
Rs.187.642
Millions |
|
|
TOTAL |
|
Rs.375.779 Millions |
AS ON 31.03.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
1000000000 |
Preferences Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
TOTAL
|
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28226755 |
Equity Shares |
Rs.10/- each
|
Rs.282.267
Millions |
|
28177250 |
Preferences Shares |
Rs.10/- each |
Rs.281.773
Millions |
|
|
TOTAL |
|
Rs.564.040 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 |
564.040 |
359.859 |
325.759 |
|
(b) Reserves & Surplus |
56558.516 |
36309.553 |
32302.977 |
|
(c) 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) |
57122.556 |
36669.412 |
32628.736 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
137374.175 |
56633.077 |
14809.572 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
15466.591 |
9655.712 |
1069.449 |
|
(d) long-term
provisions |
281.827 |
11.026 |
3.357 |
|
Total Non-current
Liabilities (3) |
153122.593 |
66299.815 |
15882.378 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
0.000 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
9157.236 |
14648.392 |
1954.957 |
|
(d) Short-term
provisions |
4.226 |
7.115 |
0.504 |
|
Total Current
Liabilities (4) |
9161.462 |
14655.507 |
1955.461 |
|
|
|
|
|
|
TOTAL |
219406.611 |
117624.734 |
50466.575 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
17873.429 |
5862.067 |
1892.653 |
|
(ii)
Intangible Assets |
333.025 |
345.031 |
0.746 |
|
(iii)
Capital work-in-progress |
161926.054 |
98794.431 |
14267.865 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.266 |
|
(d) Long-term Loan and Advances |
13009.732 |
10864.435 |
18483.458 |
|
(e) Other
Non-current assets |
225.132 |
4.695 |
4.305 |
|
Total Non-Current
Assets |
193367.372 |
115870.659 |
34649.293 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
1200.000 |
15313.793 |
|
(b)
Inventories |
1288.830 |
0.000 |
0.000 |
|
(c)
Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
23850.426 |
313.064 |
446.650 |
|
(e)
Short-term loans and advances |
846.080 |
201.167 |
56.839 |
|
(f)
Other current assets |
53.903 |
39.844 |
0.000 |
|
Total
Current Assets |
26039.239 |
1754.075 |
15817.282 |
|
|
|
|
|
|
TOTAL |
219406.611 |
117624.734 |
50466.575 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
38.651 |
694.494 |
162.831 |
|
|
|
TOTAL |
38.651 |
694.494 |
162.831 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
0.980 |
57.018 |
37.044 |
|
|
|
TOTAL |
0.980 |
57.018 |
37.044 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
37.671 |
637.476 |
125.787 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.628 |
6.801 |
0.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
35.043 |
630.675 |
125.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
39625.470 |
41832.220 |
2678.548 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.86 |
37.60 |
9.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
90.67
|
90.81 |
76.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
3.39 |
0.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.40
|
1.54 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
0.12 |
8.09 |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10224515 |
27/06/2013 * |
7,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79299384 |
|
2 |
10172003 |
27/06/2013 * |
145,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79298675 |
GENERAL INFORMATION:
Subject a wholly owned subsidiary of Reliance Power Limited, has been set
up to develop an Ultra Mega Power Project of 3960 MW (6X660 MW) at Sasan,
Madhya Pradesh. A power purchase agreement (PPA) has been executed with 14
procurers comprising 7 states, based on which the power generated would be sold
to them. The project has been allotted three captive coal blocks to meet it
fuel requirements.
STATUS OF THE PROJECT:
The Company is
implementing India's first integrated Ultra Mega Power Project of 3,960 MW
(6X660MW) capacity at Sasan, District Singrauli, Madhya Pradesh ('tile Project'). The project is
based on supercritical technology, which is more efficient and environment
friendly. The Project also involves development of captive coal blocks viz.
Moher, Moher-Amlohri extension and Chhatrasal which have been allotted for the Project.
The Project will
supply power to Procurers (power distribution companies) in 7 states across
western and northern India. The Company has already entered into Power Purchase
Agreements with the Procurers.
The Company has achieved
financial closure and tied up long-term loan facilities with Indian as well as
foreign banks / financial
institutions to finance the project on limited recourse basis.
The first unit of
660 MW of the Project has achieved commercial operation towards the end of
March 2013 ahead of the Scheduled time line for its completion. This was a
tremendous achievement against heavy odds and the entire Team at the Plant
deserves to be congratulated for their unstinted efforts and dedication in
achieving the above significant milestone.
Members are aware
that the Sasan UMPP is an integrated unit and some of the facilities are common
to all the six units of the Project. In addition, Members may note that the
tariff as per the Power Purchase Agreements (PPA) entered into by the Company
with the procurers is uniform across the entire project contracted capacity of
3,960 MW, being a tariff based on competitive bidding. Hence, instead of
treating each Unit as a Unit of Measurement for capitalization, the entire Power
Plant as a whole should be considered as a unit of measurement.
In view of the
above, the Board has taken a considered view that notwithstanding that one of
the six Units has commenced operations, it would be appropriate to capitalize
the cost of fixed Assets put to use/to be used in all the six Units only upon
completion of the setting up of the operations in the entire power plant of
3,960 MW culminating in the commencement of operations in all the six units.
The above view of the Board has been corroborated by opinions which the Company
has received from eminent firms of consultants/legal advisors. The policy
adopted by the Company on this is in line with the provisions of Accounting
Standards 10 (AS-10) which deals with Accounting for fixed assets.
Having regard to
the foregoing, the costs and revenues in respect of the one unit which is in
operation have been accounted for as part of capital work in progress.
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Mining Properties
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipment
·
Computers
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.62.62 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.