|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKS POWER GENERATION (CHHATTISGARH) LIMITED |
|
|
|
|
Registered
Office : |
501/B, Elegant Business Park, Andheri Kurla Road, J.B. Nagar, Andheri
East, Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-180231 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2182.035 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40103MH2008PLC180231 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS63348F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS4282R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Setting up the thermal power plant. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11220000 |
|
|
|
|
Status : |
Project under implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is promoted by SKS Group and is a 51% subsidiary of SKS Ispat
and Power Limited. SKS Power Generation Chhattisgarh Limited (SPGCL) is a 1200MW mine
mouth coal fired power project in the state of Chhattisgarh, India. Management remains non-cooperative and denied to disclose any
information about the subject. The rating takes into consideration project implementation delay and
over overruns, pending debt tie-up from lenders for project cost overrun and
uncertainties associated with extension of Commercial Operation Date by the
lenders to enable elongated tenure of debt
repayments. Payments are reported to be unknown. The subject can be considered for business dealings with some caution.
|
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 |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
September 25, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Bank Facilities) |
|
Rating Explanation |
Have minimal degree of safety. Carry very
high credit risk. |
|
Date |
September 25, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
BB (Non Convertible Debenture) |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
September 25, 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 DENIED
Management Non-Cooperative (91-22-30807000)
LOCATIONS
|
Registered Office/ Corporate Office : |
501/B, Elegant Business Park, Andheri Kurla Road, J.B. Nagar, Andheri East,
Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-30807000/ 63 |
|
Fax No.: |
91-22-30807070/ 7080 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 13.09.2013
|
Name : |
Mr. Anil Mahabir Gupta |
|
Designation : |
Director |
|
Address : |
4th Floor, Nirmal Prabhu, Road No, 7, JVPD, Vileparle (West),
Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1968 |
|
Date of Appointment : |
18.03.2008 |
|
DIN No.: |
00046213 |
|
|
|
|
Name : |
Mr. Deepak Gupta |
|
Designation : |
Director |
|
Address : |
Beside of Central Bank of India, Civil Line, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
09.01.1974 |
|
Date of Appointment : |
16.04.2008 |
|
DIN No.: |
00645211 |
|
|
|
|
Name : |
Mr. Thomas Joseph Deleo |
|
Designation : |
Nominee Director |
|
Address : |
22 Carlyle Place, Hartsdale New York 10530 |
|
Date of Birth/Age : |
06.04.1957 |
|
Date of Appointment : |
09.08.2011 |
|
DIN No.: |
03580338 |
|
|
|
|
Name : |
Mr. Mahabirprasad Maujiram Gupta |
|
Designation : |
Director |
|
Address : |
B 29, DDA D/S Tenements, Vishal Exclave Rajouri Garden, New Delhi –
110027, India |
|
Date of Birth/Age : |
16.06.1943 |
|
Date of Appointment : |
11.01.2013 |
|
DIN No.: |
00552534 |
|
|
|
|
Name : |
Mr. Rajachandra Shekhar Rao |
|
Designation : |
Whole-Time Director |
|
Address : |
Door No. 3-29-89, Ramanuja Kutem, Krishna Nagar, 1st Line, Guntur – 522006, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.08.1967 |
|
Qualification : |
B. Tech (Civil) |
|
Date of Appointment : |
15.03.20013 |
|
DIN No.: |
06527573 |
|
|
|
|
Name : |
Mr. Brian Howard Kubeck |
|
Designation : |
Director |
|
Address : |
229, Ashland Road, Summit, NJ 07901 |
|
Date of Birth/Age : |
27.06.1972 |
|
Date of Appointment : |
13.09.2013 |
|
DIN No.: |
06588832 |
KEY EXECUTIVES
|
Name : |
Mrs. Seema Jagdish Achrekar |
|
Designation : |
Secretary |
|
Address : |
B-4, Vaibhav Society, Share Pipeline Road, Andheri (East), Mumbai –
400099, Maharashtra, India |
|
Date of Birth/Age : |
15.10.1985 |
|
Date of Appointment : |
12.07.2013 |
|
PAN No.: |
ARMPA4453C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 13.09.2013
|
Names of Shareholders |
|
No. of Equity
Shares |
|
SKS Ispat and Power Limited, India |
|
76786994 |
|
Anil Gupta as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Ravindranath Ratho as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Nandkishor Ambade as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Nalikant Dash as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Ramesh Kuppast as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Hitesh Gandhi as a nominee of SKS Ispat and Power Limited, India |
|
1 |
|
Asia Power FDI Limited, Mauritius |
|
60203506 |
|
|
|
|
|
Total |
|
136990506 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
SKS Ispat and Power Limited, India |
|
812130 |
|
|
|
|
|
Total |
|
812130 |
Equity Share Break up (Percentage of Total Equity)
As on: 13.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
43.95 |
|
Bodies corporate |
|
56.05 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Setting up the thermal power plant. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
State Bank of India as Co- trustee for SBI CAPS Trustee Company Limited, Commercial Branch, 2nd Floor, Pujari Chambers, Pachpedi Naka, Raipur - 492001, Chhattisgarh, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-27582542/ 27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Holding Company : |
SKS Ispat and Power Limited (SKSIPL) |
|
|
|
|
Venture in respect of which the company is an associates : |
Asia Power FDI Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1750000000 |
Equity Shares |
Rs.10/- each |
Rs.17500.000 Millions |
|
50000 |
Preference Shares |
Rs.10/- each |
Rs.0.500 Million |
|
7499500 |
Preference Shares |
Rs.1000/- each |
Rs.7499.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.25000.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
136990506 |
Equity Shares |
Rs.10/- each |
Rs.1369.905 Millions |
|
812130 |
Preference Shares |
Rs.1000/- each |
Rs.812.130 |
|
|
|
|
|
|
|
Total |
|
Rs.2182.035 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2182.035 |
2182.035 |
0.500 |
|
(b) Reserves & Surplus |
623.236 |
632.102 |
(1.531) |
|
(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) |
2805.271 |
2814.137 |
(1.031) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10952.954 |
5599.098 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
536.506 |
52.881 |
1.609 |
|
(d) long-term provisions |
3.093 |
1.671 |
0.000 |
|
Total Non-current
Liabilities (3) |
11492.553 |
5653.650 |
1.609 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1510.542 |
|
(b) Trade payables |
8.204 |
4.407 |
0.438 |
|
(c) Other current liabilities |
1944.835 |
431.332 |
11.070 |
|
(d) Short-term provisions |
0.278 |
0.193 |
0.000 |
|
Total Current
Liabilities (4) |
1953.317 |
435.932 |
1522.050 |
|
|
|
|
|
|
TOTAL |
16251.141 |
8903.719 |
1522.628 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
527.365 |
506.965 |
452.054 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
8006.342 |
1477.752 |
306.774 |
|
(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 |
0.000 |
|
(d) Long-term Loan and Advances |
6799.859 |
5703.729 |
627.517 |
|
(e) Other Non-current assets |
360.908 |
228.385 |
122.346 |
|
Total Non-Current
Assets |
15694.474 |
7916.831 |
1508.691 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
443.466 |
890.780 |
0.776 |
|
(e) Short-term loans and advances |
111.774 |
80.375 |
13.161 |
|
(f) Other current assets |
1.427 |
15.733 |
0.000 |
|
Total Current
Assets |
556.667 |
986.888 |
13.937 |
|
|
|
|
|
|
TOTAL |
16251.141 |
8903.719 |
1522.628 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23.773 |
6.322 |
6.431 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
23.773 |
6.322 |
6.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
12.255 |
8.338 |
0.000 |
|
|
|
Other Expenses |
20.383 |
15.156 |
3.548 |
|
|
|
TOTAL (B) |
32.638 |
23.494 |
3.548 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(8.865) |
(17.172) |
2.883 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
4.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(8.865) |
(17.172) |
(1.405) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(8.865) |
(17.172) |
(1.405) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(8.865) |
(17.172) |
(1.405) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.06) |
(0.36) |
(28.11) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(37.29) |
(271.62) |
(21.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(37.29) |
(271.62) |
(21.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.12) |
(0.23) |
(0.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.01) |
1.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.90 |
1.99 |
(1465.12) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.28 |
2.26 |
0.01 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Debentures |
2799.098 |
699.098 |
|
|
|
|
|
Total |
2799.098 |
699.098 |
CORPORATE INFORMATION
Subject, promoted by SKS Ispat and Power Limited (SKSIPLI Promoter), the holding company, was incorporated on March 18,2008.
The Company is setting up a 4 x 300 MW coal based thermal power plant (the Project) at Raigarh District in the State of Chhattisgarh in two Phases each comprise of 2 units of 300 MW each.
The Company has entered into a Share Subscription and Shareholders' Agreement dated March 10, 2011(as amended by Amendment Agreement dated August 02, 2011) with SKS Power Holdings Limited, SKSIPL, Anil Gupta and Asia Power FDI Limited ("Investor"), an affiliate of the Blackstone Group (SSHA), which will ensure the requisite equity for the Project.
A Deed of Adherence ("the Deed") has been entered into on 28th August 2012 between the Investor and Asia Power FVCI Limited (APFVCIL) in terms of which the Investor's Unfunded Commitment as on the date of the Deed has been transferred to APFVCIL. Accordingly, APFVCIL will subscribe to equity shares and Investor Compulsorily Convertible Debentures (Investor CCDs) for an aggregate consideration not exceeding the Investor's Unfunded Commitment referred to above.
The Company has tied up for debt funds required for the Project.
The Scheduled Commercial Operation Date (SCOD) for Phase-I (2x300MW) of the Project is July 01, 2014, however based on the current status of the Phase-I of the Project, the commercial operation is expected to commence by end of the year 2014. The expected cost overrun resulting fi-om delay in commencement of commercial operation will be funded by the Investors and Promoter as specified in the SSHA.
On August 30, 2013, the Company, the Promoters and Investors have signed an Amended and Restated Agreement (AM) to amend and restate the SSHA. The ARA will become effective from the date of the Project Lender Approval, which shall be obtained on or before the ARA Long Stop Date (i.e September 30, 2013 or such other extended date as may be agreed to in writing between the Inventors and the Promoters). Till such time that the Project Lender Approval is obtained the SSHA shall continue to be in full force and effect. If the Project Lender Approval is not obtained on or before the ARA Long Stop date the ARA shall terminate and the SSHA shall continue to remain in full force and effect. Pending Project Lender Approval of the ARA, the provisions of the SSHA have been considered in the financial statements.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10342478 |
04/01/2013 * |
29,900,000,000.00 |
State Bank of India as Co- trustee for SBI CAPS Trustee Company Limited |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B66728379 |
|
2 |
10323754 |
21/01/2013 * |
29,900,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66961913 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer
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.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.