MIRA INFORM REPORT
|
Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f 29.04.2011) |
|
|
|
|
Formerly Known
As : |
LEIGHTON CONTRACTORS ( |
|
|
|
|
Registered Office
: |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
11-117187 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1533.798
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1998FTC117187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML03930D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3338D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 19170000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Leighton International Limited”. Subject is an established company having good track record. There
appears sharp dip in sales and profit of the company. However, liquidity position of the company appears to be strong. Rating also take into consideration support from Leighton Holdings
Limited. Trade relation are fair. Business is active. Payment terms are
regular. The company can be considered for business dealing at usual trade
terms and condition. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A+” |
|
Rating Explanation |
Adequate credit quality and average credit risk. |
|
Date |
19.06.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
19.06.2013 |
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 (Tel. No.: 91-22-67190000)
LOCATIONS
|
Registered Office : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-67190000 |
|
Fax No.: |
91-22-67190199 |
|
E-Mail : |
gangaprasad.kurmi@leighton.co.in kailsh.didwania@leighton.co.in |
|
Website : |
|
|
|
|
|
Branch Office 1 : |
8/F, Vatika City Point, M.G. Road, Opposite First India Place, Gurgaon
– 122002, Haryana, India |
|
Tel. No.: |
91-124-4958200 |
|
Fax No.: |
91-124-4958201 |
|
|
|
|
Branch Office 2 : |
Ramanujan IT City, Taramani, Rajiv Gandhi Salai (OMR), Chennai – 600113, Tamilnadu,
India |
|
Tel. No.: |
91-44-66674100 |
|
Fax No.: |
91-44-66674108 |
DIRECTORS
As on 19.06.2013
|
Name : |
Mr. Sandeep Shyamlal Garg |
|
Designation : |
Director |
|
Address : |
D-173, Narmada Appartment, Alknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
25.05.1960 |
|
Date of Appointment : |
06.10.2012 |
|
DIN No. : |
00036419 |
|
|
|
|
Name : |
Mr. James Mackinnon Salmon |
|
Designation : |
Managing Director |
|
Address : |
Flat No.802, Building No.7, Orchard Residency, LBS Marg, Ghatkopar
(West), Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1960 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No. : |
02344553 |
|
|
|
|
Name : |
Mr. Peter Allan Gregg |
|
Designation : |
Director |
|
Address : |
351/3, Darling Island Road, Pyrmont, NSW, Australia 2009 |
|
Date of Birth/Age : |
24.02.1955 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
03423620 |
|
|
|
|
Name : |
Mr. Peter Geoffrey Pollard |
|
Designation : |
Director |
|
Address : |
Houe No.2, 74 Mount Kellett Road, Hong Kong |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
09.05.2012 |
|
DIN No.: |
05246605 |
|
|
|
|
Name : |
Ian Leslie Edwards |
|
Designation : |
Director |
|
Address : |
DD 230 Lot 331 7A Siu Hang Hau Village New Territories Hongkong |
|
Date of Birth/Age : |
14.06.1962 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
05253949 |
|
|
|
|
Name : |
Malcolm Ashcroft Robert |
|
Designation : |
Alternate director |
|
Address : |
Seachange on Crown, 28-32, Crown Road, Queenscliff, NWS, Australia
2096 |
|
Date of Birth/Age : |
15.10.1973 |
|
Date of Appointment : |
16.05.2013 |
|
DIN No.: |
06585499 |
KEY EXECUTIVES
|
Name : |
Mr. Gangaprasad Kurmi |
|
Designation : |
Secretary |
|
Address : |
C-37, 202, Devpooja Chambers, Sector – 3, Miraroad, Thane – 401107, |
|
Date of Birth/Age : |
20.06.1976 |
|
Date of Appointment : |
28.07.2011 |
|
Pan No.: |
AKYPK9874G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Leighton International Limited, Cayaman Islands |
|
92219601 |
|
Leighton Offshore Pte Limited, |
|
1 |
|
Welspun Infra Projects Private Limited, |
|
49656709 |
|
Welspun Projects Limited, India |
|
11503485 |
|
TOTAL |
|
153379796 |
As on 19.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
60.12 |
|
Bodies corporate |
39.88 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services. |
||||
|
|
|
||||
|
Products / Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Hongkong and Shanghai Banking Corporation Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· GE Money Financial Services Private Limited, 401 402, 4th Floor, Aggarwal Millenium Tower, E1 2 3, Netaji Subhash Place, Pitampura, Delhi - 110034, India Axis Trustee Services Limited, Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai -
400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Holding Company : |
Leighton International Limited, Cayman Islands |
|
|
|
|
Ultimate
Holding company : |
Leighton Holdings Limited, Australia |
|
|
|
|
Associate : |
Welspun Corp Limited, India CIN No.: L27100GJ1995PLC025609 |
|
|
|
|
Joint
Venture : |
· Leighton OSE, India [(unincorporated JV) 50.00%] Leighton Infra 13, India [(unincorporated JV)
50.00%] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153500000 |
Equity Shares |
Rs.10/- each |
Rs.1535.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153379796 |
Equity Shares |
Rs.10/- each |
Rs.1533.798 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 |
1533.800 |
1418.800 |
1418.800 |
|
(b) Reserves & Surplus |
3258.800 |
2063.100 |
1185.600 |
|
(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) |
4792.600 |
3481.900 |
2604.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
410.400 |
1496.400 |
855.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1690.600 |
|
(d) long-term
provisions |
88.500 |
96.200 |
146.800 |
|
Total Non-current
Liabilities (3) |
498.900 |
1592.600 |
2693.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
304.900 |
750.600 |
852.500 |
|
(b) Trade
payables |
6710.300 |
4781.000 |
5874.200 |
|
(c) Other
current liabilities |
2540.800 |
2035.700 |
1377.800 |
|
(d) Short-term
provisions |
315.100 |
95.100 |
719.300 |
|
Total Current
Liabilities (4) |
9871.100 |
7662.400 |
8823.800 |
|
|
|
|
|
|
TOTAL |
15162.600 |
12736.900 |
14121.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1613.900 |
1888.500 |
937.900 |
|
(ii)
Intangible Assets |
1090.000 |
7.600 |
5.800 |
|
(iii)
Capital work-in-progress |
64.600 |
44.800 |
35.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
71.200 |
39.400 |
14.500 |
|
(c) Deferred tax assets (net) |
221.400 |
188.500 |
206.300 |
|
(d) Long-term Loan and Advances |
1341.900 |
477.200 |
1118.700 |
|
(e) Other
Non-current assets |
731.500 |
731.500 |
631.500 |
|
Total Non-Current
Assets |
5134.500 |
3377.500 |
2950.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
2852.200 |
2443.300 |
1908.200 |
|
(d) Cash
and cash equivalents |
569.600 |
2525.300 |
4575.000 |
|
(e)
Short-term loans and advances |
1393.800 |
1759.800 |
1015.000 |
|
(f) Other
current assets |
5212.500 |
2631.000 |
3673.100 |
|
Total
Current Assets |
10028.100 |
9359.400 |
11171.300 |
|
|
|
|
|
|
TOTAL |
15162.600 |
12736.900 |
14121.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
16215.000 |
17814.000 |
18488.480 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
15895.300 (Including
Depreciation) |
16548.200 (Including
Depreciation) |
15822.810 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
2665.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
309.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
319.700 |
1265.800 |
2356.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
191.100 |
413.200 |
1142.190 |
|
|
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT
FROM JV |
31.800 |
24.900 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
160.400 |
877.500 |
1214.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1941.700 |
1064.200 |
1349.410 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
121.420 |
|
|
|
Interim Dividend Paid |
-- |
-- |
1378.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2102.100 |
1941.700 |
1064.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Operating Revenue |
4884.200 |
8991.700 |
NA |
|
|
|
Insurance Claim |
385.800 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
5270.000 |
8991.700 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.05 |
6.18 |
8.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.99
|
4.93
|
6.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
10.16
|
17.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.36
|
0.90
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.65
|
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.21
|
1.27
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
981.700 |
0.000 |
|
|
|
|
|
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10446777 |
05/09/2013 |
750,000,000.00 |
GE MONEY FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH FLOOR, AGGARWAL MILLENIUM TOWER, E1 2 3, NETAJI SUBHASH PLACE, PITAMPURA, DELHI - 110034, INDIA |
B83884502 |
|
2 |
10313261 |
16/07/2013 * |
18,915,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B80262462 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment Indian sources |
67.900 |
50.100 |
|
Deposits |
16.100 |
30.800 |
|
Loans and advances from related parties (First Charge on Current Assets and second charge on movable assets) |
326.400 |
1415.500 |
|
Total |
410.400 |
1496.400 |
NOTE
The registered office of the company has been shifted from 302-303, Windsor Building, 3rd Floor, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra to the present address.
GENERAL INFORMATION
ABOUT COMPANY
Subject was formerly Leighton Contractors (India) Private Limited (the Company) was incorporated on 20 November 1998. The Company is a subsidiary of Leighton International Limited a company incorporated under the laws of Cayman Islands, which is a subsidiary of Leighton Holdings Limited, Australia. On 29 April 2011, the existing shareholder Leighton International Limited transferred by way of sale 49,656,709 equity shares having face value of Rs. 10 each equivalent to 35% of total shares of Leighton Contractors (India) Private Limited to Welspun Infra Projects Private Limited. By virtue of the said share purchase deal, w.e.f 29 April 2011 the name of the Company has been changed from Leighton Contractors (India) Private Limited to Leighton Welspun Contractors Private Limited. On 28 March 2013, the Company has issued and allotted 11,503,485 equity shares of Rs 10 each equivalent to 7.5% of total shares of the Company to Welspun Projects Limited (WPL) for acquisition of EPC division of Water business of WPL and right to execute an identified EPC contract vide agreement dated 5 March 2013 between the Company, Leighton International Limited (LIL), Welspun Infra Projects Private Lmited (WIPL) and Welspun Projects Lmited (WPL). The Company is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services.
FINANCE
During the year, the Company managed its finances well and has the required funded and non-funded working capital facilities from the banks. The Company also repaid the foreign currency loan availed from HSBC. These facilities have been rated by CRISIL as A + and A1 respectively.
AWARDS AND RECOGNITIONS:
Their Company is recognized by various institutions for its excellence performance. During the year, the Company has received International RoSPA Gold Awards for occupational Health and Safety. The Company has recently received a letter of appreciation from CAIRN India wherein the client acknowledged their efforts and appreciated LWINs approach towards HSE culture. Various projects have shown continued improvement in HSE and secured internal milestones of Silver, Gold and Platinum awards. Their Company is recognized for its contribution to the Oil and Gas industry, thought leadership and commitment to deliver quality projects. The advisory board of the 19th IORS summit acknowledged Leighton Welspuns contribution in the field, and awarded LWIN the Outstanding Achievement Award 2012.
BUSINESS PROSPECTS AND CHALLENGES:
The International Monetary Fund has said India needs to address 'bottlenecks' in its power and infrastructure sectors which are mainly to be blamed for a dramatic slowdown in the country's economic growth over the past year or so. India's economic growth is at its weakest in a decade following weak demand for its exports in developed markets and slow investments. Infrastructure development is impacted due to lack of clear-cut policies on land acquisition and a multiplicity of authorities and bureaucratic hurdles often lead to delays in the implementation of industrial and infrastructure projects in India, creating an obstacle to economic growth. The Country also faces challenges of high inflation and wide fiscal and current account deficits. The Company is able to secure repeat orders from all the existing clients based on its successful and timely completion of the earlier projects with reliance on Safety and Quality. The order book position has improved from Rs. 28837.000 millions to Rs. 30296.600 millions as of 31st March, 2013.
FIXED ASSETS
Ø
Tangible
assets
Buildings
Office
Building
Plant
and Equipment
Factory
Equipments
Furniture
and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Ø Intangible assets
Goodwill
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 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.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.