1. Summary Information
|
Country |
INDIA |
||
|
Company Name |
TERACOM LIMITED |
Principal Name 1 |
MR. MUKESH ARORA |
|
Status |
MODERATE |
Principal Name 2 |
MR. RAM LAKHAN DUDE |
|
Registration # |
24-002950 |
||
|
Street Address |
PLOT NO.250, KUNDAIM INDUSTRIAL ESTATE, KUNDAIM, GOA – 403 115 |
||
|
Established Date |
09.02.2001 |
SIC Code |
-- |
|
Telephone# |
91-832-3208260/ 3206879 |
Business Style 1 |
MANUFACTURING
|
|
Fax # |
91-832-2396165 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
TELECOM
PRODUCTS |
|
|
# of employees |
NOT DIVULGED |
Product Name 2 |
OPTICAL
FIBRE CABLE |
|
Paid up capital |
RS.124,796,500/- |
Product Name 3 |
-- |
|
Shareholders |
FOREIGN HOLDINGS BODIES
CORPORATE DIRECTORS
OR RELATIVES OF DIRECTORS OTHER
TOP FIFTY SHAREHOLDERS |
Banking |
PUNJAB NATIONAL BANK |
|
Public Limited Corp. |
NO |
Business Period |
13 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ca (15) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARY COMPANIES |
INDIA |
NEXTERA TELECOM PRIVATE LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.09.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,615,456,000
|
Current Liabilities |
3,538,335,000 |
|
Inventories |
1,098,518,000 |
Long-term Liabilities |
3,639,815,000 |
|
Fixed Assets |
1,940,329,000 |
Other Liabilities |
14,628,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
7,192,778,000 |
|
Invest& other Assets |
88,171,000 |
Retained Earnings |
1,422,541,000 |
|
|
|
Net Worth |
1,549,696,000 |
|
Total Assets |
8,742,474,000 |
Total Liab. & Equity |
8,742,474,000 |
|
Total Assets (Previous Year) |
9,626,648,000 |
|
|
|
P/L Statement as of |
30.09.2012 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
5,816,651,000 |
Net Profit |
(993,133,000) |
|
Sales(Previous yr)/ Total Income |
8,405,955,000 |
Net Profit(Prev.yr) |
265,142,000 |
MIRA INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TERACOM LIMITED (w.e.f. 29.05.2006) |
|
|
|
|
Formerly Known
As : |
TERACOM
PRIVATE LIMITED (w.e.f. 15.03.2002) TOP CHOICE DETERGENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.250, Kundaim Industrial Estate, Kundaim, Goa – 403 115 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
09.02.2001 |
|
|
|
|
Com. Reg. No.: |
24-002950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.124.797
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241GA2001PLC002950 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT5254B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in
manufacturing of telecom products, optical fibre cable, power cable and
conductors and executing turkey contracts and providing services relating
thereto. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management of the company has changed its financial year from 12
months to 18 months ranging from 1st April 2011 to 30th
September 2012. The company has incurred a heavy loss in 2012. The rating also take into consideration the delays by Telecom Group in
meeting its debt obligations. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever bond
offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: D |
|
Rating Explanation |
The company is in default or expected to be in default soon. |
|
Date |
June 24, 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.: 91-832-3208260)
LOCATIONS
|
Registered Office/ Factory 1: |
Plot No.250, Kundaim Industrial Estate, Kundaim, Goa – 403 115, India |
|
Tel. No.: |
91-832-3208260/ 3206879 |
|
Fax No.: |
91-832-2396165 |
|
E-Mail : |
Telecom Enquiries: sales@teracom.in
Tablets, 3G
Datacard and ADSL2+Modems: sales@teracom.in This e-mail address is being protected from spambots. You
need JavaScript enabled to view it. Telecom Turnkey
Solution: info@teracomturnkey.in Security
Surveillance Solutions: info@teracom.in Power Cables: mkanakrajan@teracom.in
Power Conductors: myadav@terexel.com
Power Turnkey
Solutions: salespp@teracom.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
“Teracom House”, B-84, Sector-60, Noida – 201 301, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-3290587/ 3290672/ 3021003/ 3021004 |
|
Fax No.: |
91-120-2585422/ 2582053 |
|
|
|
|
Factory 2 : |
Plot No.17 to 19 and 52 to 54, Sector-5, Integrated Industrial Estate,
Pant Nagar – 263 145, Uttaranchal, India |
|
Tel. No.: |
91-5944-250338 |
|
Fax No.: |
91-5944-250194 |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
102, 170, 249 and 251, Kundaim Industrial Estate, Kundaim, Goa – 403
115, India |
|
|
|
|
Overseas Office : |
C1-905, Ajman Free Zone - 40062, Dubai, United Arab Emirates |
|
|
|
|
Sales Office : |
Located at: ·
Chennai ·
Mumbai ·
Kolkata |
DIRECTORS
AS ON 30.11.2012
|
Name : |
Mr. Mukesh Arora |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B-26, Sector-36, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.05.1966 |
|
Qualification : |
MIT |
|
Date of Appointment : |
30.03.2003 |
|
DIN No.: |
01072375 |
|
Election ID Card No.: |
FJF3810959 |
|
PAN No.: |
AEFPA6200D |
|
|
|
|
Name : |
Mr. Ram Lakhan Dude |
|
Designation : |
Director |
|
Address : |
Flat 2, Sri Ram Arya Apartments, Pashan Sus Road, Pashan, Pune – 411
008, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1947 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
11.07.2007 |
|
DIN No.: |
00059675 |
|
|
|
|
Name : |
Mr. Rajeev Venkatraman |
|
Designation : |
Whole-time Director |
|
Address : |
F-59, Medha Apartments, Mayur Vihar, Phase-I, Delhi – 110 091, India |
|
Date of Birth/Age : |
26.06.1970 |
|
Qualification : |
B.
Tech, MBA |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
01039823 |
|
Election ID Card No.: |
KND0047481 |
|
PAN No.: |
AAHPV0183A |
|
|
|
|
Name : |
Mr. Sukhdev Raj Sharma |
|
Designation : |
Nominee Director |
|
Address : |
308, R.C.S. Society, Sector 48-A, Chandigarh – 160 046, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
06.11.2012 |
|
DIN No.: |
02135083 |
|
|
|
|
Name : |
Mr. Anand Kumar Shukla |
|
Designation : |
Director |
|
Address : |
I-80, SDector-27, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
16.08.1973 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
02122041 |
|
|
|
|
Name : |
Mr. Anuj Kumar Giri |
|
Designation : |
Director |
|
Address : |
S-197, Pandav Nagar, Near Rajendra Ashram, Delhi – 110 092, India |
|
Date of Birth/Age : |
17.01.1980 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
02263333 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
B-139, Sector-30, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
26.05.1959 |
|
Date of Appointment : |
15.07.2011 |
|
PAN No. : |
ACPAA4782H |
|
|
|
|
Name : |
Mr. Uday Shankar Prasad |
|
Designation : |
Company Secretary |
|
Address : |
A-13, Archana Enclave, Khoda Colony, Noida – 201 301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
02.12.1982 |
|
Date of Appointment : |
24.05.2013 |
|
PAN No. : |
BDHPP5129A |
|
E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.11.2012
Note:
Shareholding details file attached.
AS ON 30.11.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
14.56 |
|
Bodies
corporate |
|
5.39 |
|
Directors
or relatives of directors |
|
58.82 |
|
Other
top fifty shareholders |
|
21.23 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in
manufacturing of telecom products, optical fibre cable, power cable and conductors
and executing turkey contracts and providing services relating thereto. |
|||||||||||||
|
|
|
|||||||||||||
|
Products/ Services : |
·
Multi-Tube
Armored/Dielectric Cable ·
Uni-Tube
Armored/Dielectric Cable ·
FRP Rods · Aluminium Wire Rods |
|||||||||||||
PRODUCTION STATUS AS ON (31.03.2011):
|
Particulars |
Unit |
Licenced Capacity |
Installed
Capacity |
Actual
Production |
|
Optical Fibre Cable |
Kms. Unitube |
N.A. |
34272 |
28219.515 |
|
FRP Rods |
Kms |
N.A. |
200000 |
126596.440 |
|
Customer Premise and other Telecom equipments |
Nos. |
N.A. |
200000 |
517279 |
|
Transmission Equipments |
Nos. |
N.A. |
2500 |
547 |
|
Power Cable |
CKms |
N.A. |
30000 |
3745.837 |
|
House Wire |
CKms |
N.A. |
41400 |
1256.884 |
|
Conductor |
MT |
N.A. |
15000 |
14340.910 |
|
Ariel Bunched Cable |
CKms |
N.A. |
10000 |
1502.919 |
|
Aluminium Wire Rod |
MT |
N.A. |
12000 |
594.272 |
Notes:
· As none of the company’s products are covered under licensing requirements of the new Industrial policy the licensed capacity is being treated and disclosed as ‘N.A’ i.e. Not Applicable. Installed capacity is taken as certified by the management being a technical matter.
· The installed capacity of optical fibre cable is based on number of fibre in the cable and is calculated on 12 Fibre Unitube Cable.
· The installed capacity of Power Cable and Ariel Bunched cable is on the basis of Core Kms.
· FRP Rods 36797.248 Kms has been captivity consumed out of the total production.
· Aluminum Wire Rod 54.062 MT has been captivity consumed out of the total production.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Footnotes (A) 1) Corporate Loan from Punjab National Bank is secured by way of First Charge on Land, Building and Plant and Machinery situated at Plot No.249,Kundaim Industrial Estate, Goa and on second charge basis on all current assets, fixed assets for OFC and CDMA units at 250,Kundaim Industrial Estate, Goa, Block assets at Pantnagar, Uttarkhand, and 170,Kundaim Industrial Estate, Village Bhoma, Goa and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors of the Company. 2) External Commercial Borrowings from Standard Chartered Bank are secured by way of First Charge on immovable property situated at plot no.250 A (adjacent to Plot No.250), Kundaim Industrial Estate, Kundaim, Goa and specified movable fixed assets purchased out of the ECB facility and by way of second pari passu charge over company’s immovable properties situated at 170 and 250, Kundaim Industrial Estate, Kundaim, Goa and plot no.17 to 19 & 52 to 54, Sector 5 Pant Nagar, Industrial Estate, Uttaranchal present and future current assets of the Company and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors of the Company. 3) Borrowing from Tata Capital Limited is secured by hypothecation by way of subservient charge of all fixed and current assets of the company and mortgage of Company’s immovable property situated at 01 B, Sector 126, Noida and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors of the Company. 4) Loan from ICICI is secured by hypothecation and mortgage of Company’s immovable property situated at Plot No.102, Kundaim Industrial Estate, Kundaim, Goa and assets acquired for SMT line at Plot No.170, Kundaim industrial estate, Goa and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors of the Company. B- A) Working capital facilities including non fund based limits are secured by way of first pari passu charge over current assets, first pari passu charge over the immovable properties and other fixed assets of the company situated at plot no.250,Kundaim Industrial Estate, Goa, plot no.170, Kundaim Industrial Estate, Goa and plot no.17 to 19 and 52 to 54, Sector 5 Pant Nagar, Industrial Estate, Uttaranchal and also by way of second pari passu charge over the other fixed assets of the Company situated at plot no249 and 250 A,(adjacent to Plot No.250) Kundaim Industrial Estate, Goa and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors of the Company. B) Working capital facilities including non fund based limits from Bank of India are secured by way of first pari passu charge over current assets and plant and machinery of Scantec division of the company and further secured by way of personal guarantees of Mr. Mukesh Arora and Mr. Rajeev Venkatraman directors alongwith corporate guarantee of the Company. (C) Vehicle loans are secured against hypothecation of respective vehicles |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
3rd Floor, 52-B,
Okhla Industrial Area, Phase III, New Delhi – 110 020, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
AS ON 30.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43500000 |
Equity Shares |
Rs.10/- each |
Rs.435.000 millions |
|
1000000 |
Preference
shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
Total |
|
Rs.535.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12479650 |
Equity Shares |
Rs.10/- each |
Rs.124.797
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
30.09.2012 (18 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
124.797 |
|
(b) Reserves & Surplus |
|
|
1422.541 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
(3) Deferred government
grants |
|
|
2.358 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1549.696 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
2706.127 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
811.049 |
|
(d)
Long-term provisions |
|
|
10.117 |
|
Total
Non-current Liabilities (3) |
|
|
3527.293 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
933.688 |
|
(b)
Trade payables |
|
|
2329.147 |
|
(c)
Other current liabilities |
|
|
398.139 |
|
(d)
Short-term provisions |
|
|
4.511 |
|
Total
Current Liabilities (4) |
|
|
3665.485 |
|
|
|
|
|
|
TOTAL |
|
|
8742.474 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1931.776 |
|
(ii)
Intangible Assets |
|
|
8.553 |
|
(iii)
Capital work-in-progress |
|
|
87.301 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.870 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
144.096 |
|
(e)
Other Non-current assets |
|
|
1947.216 |
|
Total
Non-Current Assets |
|
|
4119.812 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
1098.518 |
|
(c)
Trade receivables |
|
|
2780.002 |
|
(d)
Cash and cash equivalents |
|
|
85.609 |
|
(e)
Short-term loans and advances |
|
|
589.900 |
|
(f)
Other current assets |
|
|
68.633 |
|
Total
Current Assets |
|
|
4622.662 |
|
|
|
|
|
|
TOTAL |
|
|
8742.474 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 (12 Months) |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
124.797 |
123.177 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2420.050 |
2116.488 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2544.847 |
2239.665 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2327.781 |
1646.485 |
|
|
2] Unsecured Loans |
|
167.843 |
290.000 |
|
|
TOTAL BORROWING |
|
2495.624 |
1936.485 |
|
|
DEFERRED TAX LIABILITIES |
|
54.322 |
22.905 |
|
|
|
|
|
|
|
|
TOTAL |
|
5094.793 |
4199.055 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1638.533 |
1303.310 |
|
|
Capital work-in-progress |
|
432.002 |
428.636 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.870 |
19.181 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1049.295
|
538.820 |
|
|
Sundry Debtors |
|
5375.030
|
4589.310 |
|
|
Cash & Bank Balances |
|
281.668
|
356.936 |
|
|
Other Current Assets |
|
205.290
|
186.277 |
|
|
Loans & Advances |
|
643.960
|
309.070 |
|
Total
Current Assets |
|
7555.243
|
5980.413 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
4177.607
|
3267.383 |
|
|
Other Current Liabilities |
|
312.105
|
256.953 |
|
|
Provisions |
|
42.143
|
8.149 |
|
Total
Current Liabilities |
|
4531.855
|
3532.485 |
|
|
Net Current Assets |
|
3023.388
|
2447.928 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5094.793 |
4199.055 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 (18 Months) |
31.03.2011 (12 Months) |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
5816.651 |
8405.955 |
7919.533 |
|
|
|
Other Income |
93.305 |
38.130 |
84.373 |
|
|
|
TOTAL (A) |
5909.956 |
8444.085 |
8003.906 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of materials consumed |
3924.008 |
-- |
-- |
|
|
|
Purchases
of stock-in-trade |
1278.376 |
-- |
-- |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
161.415 |
-- |
-- |
|
|
|
Employee
benefit expense |
245.297 |
200.559 |
172.237 |
|
|
|
Other
expenses |
553.252 |
-- |
-- |
|
|
|
Extraordinary
items |
(139.482) |
-- |
-- |
|
|
|
Consumption materials changes inventories |
-- |
6692.818 |
6165.492 |
|
|
|
Manufacturing service costs |
-- |
430.851 |
468.348 |
|
|
|
Contract cost |
-- |
239.608 |
323.838 |
|
|
|
Administrative selling other expenses |
-- |
63.429 |
154.197 |
|
|
|
Prior period items |
0.000 |
2.513 |
0.000 |
|
|
|
TOTAL (B) |
6022.866 |
7629.778 |
7284.112 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(112.910) |
814.307 |
719.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
804.155 |
415.904 |
342.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(917.065) |
398.403 |
377.723 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.390 |
93.849 |
83.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1047.455) |
304.554 |
294.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(54.322) |
39.412 |
9.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(993.133) |
265.142 |
284.912 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
814.200 |
521.700 |
436.800 |
|
|
|
|
|
|
|
|
|
|
Profit taken over on
merger of Scantec (India) Private Limited |
0.000 |
27.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(178.900) |
814.200 |
521.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
389.000 |
186.948 |
73.213 |
|
|
TOTAL EARNINGS |
389.000 |
186.948 |
73.213 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1313.000 |
2180.400 |
2375.800 |
|
|
|
Capital Goods |
2.200 |
98.100 |
214.300 |
|
|
TOTAL IMPORTS |
1315.200 |
2278.500 |
2590.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(79.58) |
21.25 |
23.11 |
|
|
|
- Diluted |
(79.58) |
21.23 |
23.07 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 (18 Months) |
31.03.2011 (12 Months) |
31.03.2010 |
|
PAT / Total Income |
(%) |
(16.80)
|
3.14
|
3.56
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.01)
|
3.62
|
3.72
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.10)
|
3.31
|
4.04
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.68)
|
0.12
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.35
|
0.84
|
0.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.67
|
1.69
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
30.09.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
7919.533 |
8405.955 |
5816.651 |
|
|
|
6.142 |
(30.803) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
30.09.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
7919.533 |
8405.955 |
5816.651 |
|
Profit |
284.912 |
265.142 |
(993.133) |
|
|
3.60% |
3.15% |
(17.07%) |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
This Case is updated on : 13 November 2013 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10235382 |
11/12/2012 * |
228,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B65666349 |
|
2 |
10234681 |
19/10/2010 * |
250,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A97103162 |
|
3 |
10203649 |
06/02/2010 |
150,000,000.00 |
BANK OF INDIA |
NOIDA BRANCH, E-52/B,
SECTOR-9, NOIDA, UTTAR PRADESH - 201301, INDIA |
A79605820 |
|
4 |
10176717 |
09/03/2010 * |
57,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORRATE BRANCH,
TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B69419620 |
|
5 |
10152783 |
31/03/2011 * |
251,550,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT
SCB, SINGAPOR), CRC, NARAIN MANZIL, 23, BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
B09943390 |
|
6 |
10152355 |
08/09/2009 * |
275,000,000.00 |
STANDARD CHARTERED BANK
ACTING AS A SECURITY AGENT |
OF STANDARD CHARTERED BANK,
SINGAPORE, CRC, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
A70566724 |
|
7 |
10133093 |
05/01/2010 * |
6,525,000,000.00 |
PUNJAB NATIONAL BANK(LEAD
BANK) |
B O : LARGE CORPORATE BRANCH,
TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A76552942 |
|
8 |
10106543 |
04/01/2013 * |
6,867,500,000.00 |
PUNJAB NATIONAL BANK
(LEAD BANK) |
BO: LARGE CORPORATE BRANCH,
TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B69425890 |
|
9 |
10087700 |
17/06/2008 * |
1,385,049,581.62 |
SOJITZ CORPORATION |
1-20, AKASAKA, 6-CHOME,
MINATO-KU, TOKYO, - 1078655, JAPAN |
A42076588 |
|
10 |
10042682 |
25/06/2009 * |
6,000,000,000.00 |
PUNJAB NATIONAL BANK(LEAD
BANK) |
B.O.: LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A64770514 |
|
11 |
10042679 |
05/01/2010 * |
6,525,000,000.00 |
PUNJAB NATIONAL BANK |
B O LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A76552280 |
|
12 |
10025534 |
03/10/2006 |
195,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A06484026 |
|
13 |
80035399 |
31/01/2006 |
90,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A
9 CONNAUGHT PLACE, DELHI, DELHI - 110001, INDIA |
- |
|
14 |
80035398 |
13/10/2005 |
30,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A
9 CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
30.09.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
Rupee term loans from banks |
321.175 |
|
Other
loans and advances |
35.000 |
|
SHORT-TERM
BORROWINGS |
|
|
Loans
repayable on demand from banks |
0.000 |
|
Loans
repayable on demand from others |
0.000 |
|
Total
|
356.175 |
|
Unsecured Loan |
31.03.2011 (Rs.
in Millions) |
|
Rupee term loans banks unsecured |
150.000 |
|
Loans subsidiaries unsecured |
17.843 |
|
Total |
167.843 |
MANAGEMENT DISCUSSIONS AND ANALYSIS
Financial Review
The year (period of
eighteen months) 2011-12 was a challenging year for the Company. While the year
started on an optimistic note and even the financial results and operations
were growing in line with the projections, the situation started turning
adverse by the end of first quarter and the Company reported a net loss for the
period of eighteen months (year 2011-12).The downturn was attributable to
various Government Policy factors in Telecom and Power Sectors in India. The
global economic downturn in general and unprecedent weakening of Indian Rupee
in particular resulted in unprecedent Forex losses. The delay in receipt of
payments from customers in Telecom and Power sectors resulted in delays in
payments to Creditors. Based on this feedback from Creditors CRISIL downgraded
its ratings on Company’s bank facilities to ‘CRISIL D/CRISIL D’ from ‘CRISIL BBB+/CRISIL
A2’. As a consequence, the Company could not get fresh financing/long term
funding facilities from the banks which resulted in severe liquidity crunch for
the Company.
Consequently, the Company had
requested the lenders being Punjab National Bank Working Capital Consortium and
the Term Lenders i.e. Punjab National Bank and ICICI Bank Limited for debt
restructuring. At the request of the Company and in consideration of the
Company’s commitment to improve its operations, the Company was referred to the
Corporate Debt Restructuring Forum, a non-statutory voluntary mechanism set up
under the aegis of the Reserve Bank of India, for the efficient restructuring
of corporate debt (hereinafter referred to as the ‘CDR’). Pursuant thereto, the
CDR Empowered Group at their meeting held on May 7, 2012 had approved a
restructuring package for restructuring of the existing loans and for extending
concessions to the Company as set out in the Letter of Approval dated June 08,
2012 and subsequent modifications (if any) (hereinafter referred to as ‘LOA’)
issued by Corporate Debt Restructuring Cell to the CDR Lenders and Company
(hereinafter referred to as the ‘CDR Package’). The CDR Package has been
approved and accepted by the CDR Lenders, in terms of the CDR Package and LOA
and accordingly a Master Restructuring Agreement dated June 29, 2012
(hereinafter referred to as ‘MRA’) is executed between the Company and majority
of Lenders along with other Restructuring Documents and the remaining CDR
lenders and other non CDR lenders (since sanctioned their respective
restructuring proposal) will also execute the supplementary restructuring
documents shortly.
During the year (period of
18 months) 2011-12 the sales and other incomes was at Rs.6082.200 millions
against Rs.8444.100 millions during the year (period of 12 months) 2010-11, the
dip in the top line was attributable mainly due to company’s conscious decision
to remain slow on turnkey projects both in Telecom and power Sectors, due to
drying up of funds and uncertainties prevailed in these sectors, and to remain
focused on its core manufacturing business. The loss was Rs.993.100 millions as
against profit of Rs.265.100 millions during the previous year, which was attributable
to loss on account of unprecedented foreign exchange fluctuation to the extent
of Rs.179.600 millions, and due to low operation and capacity utilization
(below even breakeven level) in all the business verticals of the company
mainly due to the delayed implementation of CDR package.
INDUSTRY STRUCTURE AND DEVELOPMENTS
Telecom Sector
The
Indian Telecommunication network with over 886 million connections is the third
largest in the world and second largest among the emerging economies of Asia.
The Department of Telecommunication (DOT) has set a target of rural
Tele-density from the current level of around 35% to 60% by the year 2017 and
to 100% by the year 2020 as envisaged in National Telecom Policy 2011-2012.
Indian Telecom sector is
one of the fastest growing sectors in India. Within a period of 10 years,
Mobile Telecommunication system in India become second largest world wireless
network as Indian mobile subscriber base increased to 846.32 million during
this year.
Tele-density in the country
has been steadily increasing. The growth in average Tele-density is driven
mostly by increase in wireless subscriber base. The overall Tele-density has
increased to 70.89% during this year.
The growth in number of
broadband connections in India has accelerated since 2006. Number of Broadband
subscribers increased to 11.89 million at the end of this year, registering a
year on year growth of 35.49%. The issuance of new 3G and 4G licenses will
further boost the Broadband growth in India.
The uncertainty over
Telecom policy and huge cash outflow of Telecom License fee and subsequently
cancellation of the licenses granted to the Telecom operators has temporarily
halted the network expansion.
New opportunities in Telecom Sector
Broadband Telecom Equipments
What Banking is to economy,
Telecom infrastructure is to Telecom services. Adequate infrastructure becomes
the bedrock for reliable telecom services. Data services such as video calling,
mobile banking and mobile entertainment are expected to take off in a major way
after the prevailing un-certainties on the policy issues are over. Mobile
operators, device makers, application developers and equipment vendors are all
gearing up towards making the entire ecosystem ready to meet consumer
expectations from the third generation (3G) and BWA technologies. Several
countries are pledging investment in the new telecom infrastructure. In the US
for example, the economic stimulus supported Broadband Technology Opportunities
Program allocates a major share of its budget to fund broadband-related
projects in hitherto un addressed areas, including for the requisite
infrastructure.
Growth of broadband
services has so far been through variants of ADSL technology on copper network,
3G dongles on 3G wireless Networks and GEPON on Optical Fiber Networks. Future
growth is expected through wireless technologies and on fibre. The sharing of
copper loop through unbundling or bit stream sharing which was at one time
considered important for increasing broadband penetration has lost relevance
especially for rural areas. It is now increasingly becoming evident that in the
short wireless broadband technologies would be key to growth of broadband while
in the longer term fibre based technologies would be right option.
The
main thrust of the National Broadband Plan is to create a robust fibre based
broadband infrastructure for proliferation of broadband related services in
urban and rural areas. The National Broadband Plan envisages provision of 75
million broadband connections (17 million DSL, 30 million cables and 28 million
wireless broadband) by the year 2012 and 160 million broadband connections (22
million DSL, 78 million cables and 60 million wireless broadband) by the year
2014. The plan involves setting up of an open access fibre optic network
connecting all Gram Panchayats by the year 2012 and all habitations with
population of 500 and above by the year 2013. The Network will provide easy
access to high speed data and information to citizens, promoting thereby the
efforts in the field of education, health etc. This will also boost demand for
optic fibre cables and Customer Premise Equipments (CPEs).
Power Sector
The Growth in power
Generation and distribution is directly linked to GDP Growth of the country. Unfortunately
the Power sector in India is presently passing through a very difficult
situation with many Power Generation and Distribution companies going for
financial restructuring.
Severe liquidity crunch
experienced by most of power Generation and distribution companies resulted in
cutting down of fresh capital expenditure in power transmission and
distribution. The result is massive underinvestment that chokes off economic
growth. Currently, 11% of power demand is unmet and this causes crippling grid
failures like the ones that plunged most of the country into darkness in July
2012.
Recently in Month of
September 2012, the Union Cabinet has approved a plan to bail out cash-strapped
power distributors. The implementation of this special package will revive the
demand for capital goods in Power sector in the times to come.
OUTLOOK:
The Telecom and Power
sectors are both evergreen and ever growing sectors and the setbacks of the
recent past are of only temporary nature. Since Significant investment of the
company is into these sectors, the outlook for the Company seems to be good and
shall largely depends upon the spending from government on development of
infrastructure in the field of telecom and power. The performance shall largely
depend upon the resolution of ongoing external and internal causes/problems in
these sectors. Suitable economic policies will determine the pace of
development in these sectors which will create the healthy economic atmosphere
which will lead to further investment from private sectors and from the FDI.
The existing line of products and services are being continuously developed.
The focus of the Company will remain on supply of Company’s product, equipment
and services with increased attention on the business module where financial
investment is less, margins are better and cash flow is faster and receivables
are secured.
AWARD AND RECOGNITION:
ISA
Technovation Award 2011- For 3G USB data card as best product of the year-
Consumer Electronics.
AMALGAMATION:
The Hon’ble High Court at
Delhi and Goa vide order dated 19.11.2010 and 16.12.2010 respectively,
sanctioned the Scheme of Amalgamation of Scantec (India) Private Limited
(Scantec), the subsidiary with the Company. As per the Scheme of Amalgamation
the appointed date is April 1, 2009. The amalgamation has been effectuated by
filing the certified copy of said orders with the Registrar of Companies, Delhi
and Goa on 27.12.2010 and Scantec stands merged with the Company and the legal
entity of Scantec stands dissolved without winding up. Further effective April
1, 2009 the entire business and undertaking of Scantec gets transferred and
vested in the Company and a sum of Rs.13.999 millions arises towards
Amalgamation Reserve.
FIXED ASSETS:
Tangible Assets:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Computer and Printer
·
Furniture and Fixtures
Intangible Assets:
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIV |
|
|
|
|
Analysis Done by
: |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
15 |
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.